Archive for the Taxes Category

IRS Issues its Annual Dirty Dozen Tax Schemes 2012

Categories: Taxes

The Internal Revenue Service recently issued its annual “Dirty Dozen” ranking of tax scams to remind taxpayers to use caution during tax season Identity Theft. The IRS is seeing more identity thieves using legitimate taxpayer’s identity and personal information to file a tax return to claim a fraudulent refund. If you receive an IRS notice… Read More »

New Tax on Unearned Income Coming in 2013

You may have received a chain email about a new real estate sales tax of 3.8% in the President’s health care bill. Is this true, you may be wondering?  Kind of, the tax is on unearned income, and is part of ObamaCare to help generate revenues for the Medicare Trust Fund, but it only applies to a limited number of people.  Starting in… Read More »

5 Little-Known Tax Deductions

Categories: Taxes

Excellent article at Smart Money about these 5 Little-Known Tax Deductions is worth checking out: Medicare Insurance and Long-Term Care Premiums Medical Expenses Paid by Someone Else Real Estate Taxes Paid by Someone Else Home Mortgage Points Paid by Someone Else Fees to Charge Taxes to Your Credit Card

The Tax Implications of Foreclosure

The current economic turmoil has seen many good people having to go through foreclosure. For those that have the unfortunate experience of this, they might want to read the article in the Wall Street Journal regarding the tax implications of foreclosure

9 Common Overlooked Tax Areas

 The Ernst and Young Tax Guide for 2012 listed 50 of the most easily overlooked deductions. You may want to purchase this large book or look at what is listed on their website.  Also see IRS.gov for a list of highlights and Whats Hot. My list will touch on a few of them that I… Read More »

8 General Tax & Accounting Tips

Categories: Taxes

A very important part of personal financial planning is tax planning. As you prepare for tax season, here some general things to consider:  Be aware of the different types of taxes: Many people are not aware of the different types of tax systems that we have. The following are the most common systems that may affect you…. Read More »

Tax Cut Deal Agreed to

Categories: News, Taxes

The House plans to vote on a new version of the Senate-passed bill to extend the payroll tax cut that was set to expire January 1st. What this means immediately to your personal finances is that your net take home pay decrease remains at least for a couple more months, by not reverting to the 6.2% regular… Read More »

Tax Strategy Patents

Categories: Giving, News, Taxes

Some providers of financial products and services, think that they have found or created a unique tax strategy and will submit that strategy for patent protection. Some believe that owning such a strategy provides them with market protection and potential income when others what to license their strategy. President Obama recently signed the America Invents Act (Public… Read More »

Tax Breaks for Special Education

Categories: Taxes

The article Tax Report: Hidden Tax Deductions for Special Education, in the 11/13/11 Wall Street Journal highlights several tax breaks for students who fall into the “Special Needs Category.”  This article is worth reading if you have special needs children in your family, or you do financial planning or tax preparation for those that do.

Student Tax Breaks

Categories: College, Taxes

Most articles about college education planning provide valuable information for parents who are saving and investing for their children’s education, as well as various options for financial aid and student loans. However, what options are there for students that don’t qualify for aid and want to minimize student loans? This article in the Wall Street… Read More »