Tuesday March
- 2013
- 26
Refund Statute Expiring: Don't Miss Out!
by Lee Reams in 1040 & Personal Finance
If you have not yet filed your 2009 tax return and have a refund coming, time is running out! The IRS estimates that there are more than 1 million taxpayers who have not filed their 2009 tax return and that there are approximately $1 billion of unclaimed refunds available for those taxpayers. If you fall in this category, you need to act quickly because the return must be filed by April 15, 2013 to claim a refund for 2009. Otherwise, the money becomes the property of the U.S. Treasury. Read More
Thursday March
- 2013
- 21
Eldercare Can Be a Medical Deduction
by Lee Reams in 1040 & Personal Finance
With people living longer, many find themselves becoming the care provider for elderly parents, spouses and others who can no longer live independently. When this happens, questions always come up regarding the tax ramifications associated with the cost of nursing homes or in-home care. Read More
Tuesday March
- 2013
- 19
Most businesses are made up of different types of assets, and those assets get different treatment for tax purposes. How those items are identified at the time of the sale/purchase can have a significant tax impact on both the buyer and the seller. A seller will, of course, want to designate items into classes that will yield a long-term capital gain on sale and thus provide the best tax result from the sale, whereas the buyer will generally want to designate the purchased items into classes that provide the biggest up-front write-offs. Read More
Thursday March
- 2013
- 14
Beware of Bogus IRS Emails
by Lee Reams in 1040 & Personal Finance
Every tax-filing season, the scammers and ID thieves try to sucker people into providing personal and financial information through the use of phony e-mails. Read More
Thursday March
- 2013
- 7
Plan Your Taxable IRA Withdrawals
by Lee Reams in 1040 & Personal Finance
Your age at the time that you make a taxable withdrawal from your Traditional IRA account can make a big difference in the amount of tax that you will pay. Generally, there are three periods within your lifetime where different tax rules apply: Read More
Tuesday March
- 2013
- 5
Charitable Away-From-Home Travel
by Lee Reams in 1040 & Personal Finance
Charitable deductions are allowed only for travel expenses (including meals and lodging) by volunteers who do charitable work for their organization while they are away from home on the charity's behalf. Unlike other areas of taxes, meals are not subject to the 50% limitation. Read More
Thursday February
- 2013
- 28
Now that Congress has passed the American Taxpayer Relief Act of 2012 (ATRA) and avoided the so-called “fiscal cliff,” higher-income taxpayers need to brace for higher taxes. There are numerous provisions in the ATRA that don't provide the higher-income taxpayer any relief, and when these are combined with the provisions of the 2010 Affordable Health Care Act, higher-income taxpayers will feel a significant increase in taxes for which they need to prepare. Read More
Tuesday February
- 2013
- 26
Energy Costs Rise as Tax Incentives Fade
by Lee Reams in 1040 & Personal Finance
With energy costs skyrocketing, you would think that the federal government would come up with some tax incentives aimed at curbing the consumption of energy. However, on the consumer end of taxes, the incentives are actually fading away. Apparently, federal lawmakers and administrators believe the high cost of energy itself is incentive enough to reduce consumption. Read More
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