A frequent question from taxpayers is: how long does the IRS have to question and assess additional tax on my tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them. This period is termed the statute of limitations. But wait [...]
There has been a great deal of media coverage related to the US Supreme Court upholding the Affordable Care Act, also known as the Health Care Law. The media coverage was generally political and failed to explain the details of how the law will impact individuals. If you are interested in political rhetoric as to [...]
The Small Business Jobs Act of 2010 (2010 Jobs Act) requires information reporting for rental property expense payments of $600 or more that are made after December 31, 2010. This reporting requirement is one of several revenue-raising provisions that are included to offset the $12 billion cost of tax relief provided by the legislation, and [...]
An Inheritance is the result of a will or estate planning of a loved one and could be helpful to family members left behind. Those who are looking to leave an inheritance may look to firms similar to estate planning spokane who can help with the division of assets. If you have received an inheritance [...]
The distinction between a business activity and a hobby is not a black-and-white issue but instead comes in various shades of grey, which makes it a frequent topic in tax court. What is at stake? - At issue with the business or hobby determination is the treatment of the activity's expenses. A for-profit business is [...]
If you're like most taxpayers, you find yourself with an ominous stack of "homework" around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax money you save! When you arrive at your appointment fully [...]
We have compiled a checklist of actions based on current tax rules that may help you save tax dollars if you act before year-end. Regardless of what Congress does late this year or early next, solid tax savings can be realized by taking advantage of tax breaks that are on the books for 2011. For [...]
Unless Congress acts, enhanced capital gains and dividends tax rates and certain business tax incentives under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) and later legislation are scheduled to end "sunset" after December 31, 2010.The lower rates that taxpayers experienced under this legislation will therefore be replaced by rates, deductions and [...]
When looking for deductions to add to your taxes, don’t overlook your meal and entertainment expenses. These types of expenses must be “ordinary” and “necessary” to your business or trade and must be “directly related to” or “associated with” the active conduct of business. In order for the IRS to allow these deductions, documentation is [...]
If you are looking for cash for a specific purpose, your retirement piggy bank may be a tempting source. Especially if you were planning on putting a down payment on a beautiful assisted living lincoln ne facility for your retirement. However, if you are under age 59½ and plan to withdraw money from your Traditional [...]
