Sep 23, 2016 | Tax Planning and Preparation
Having a loss year is never a good thing, and a large loss year is even worse. With a little planning, though, the lemons of those losses can be made into lemonade. The federal tax law acknowledges that due to the effects of each tax year being a separate period, a...
Aug 15, 2016 | Helpful Articles, Tax Planning and Preparation
It is becoming more and more common to work from home these days. As such, many people wonder if they are eligible for any tax breaks. If you qualify, the home office deduction can substantially reduce your tax. How to Qualify In order to be eligible for the home...
Apr 9, 2016 | Helpful Articles, Tax Planning and Preparation
This question is asked on a regular basis. The answer to the question, of course, varies based on the circumstances of each individual tax return. But, in general, you have about a 1-in-104 chance of your tax return being selected for audit. Before you start...
Mar 9, 2016 | Tax Planning and Preparation
The answer is: It depends! Currently the IRS has three different options that taxpayers can take advantage of to off-set the cost of college education expenses. The three options are: The American Opportunity Credit The Lifetime Learning Credit Tuition and Fees...
Feb 9, 2016 | Tax Planning and Preparation
Each year there is a report filed with Congress by the National Taxpayer Advocate, in which they identify items that will be addressed in the upcoming year and they give some background on if the previous tax filing season was successful or not. Many people have...
Feb 9, 2016 | Helpful Articles, Tax Planning and Preparation
Many clients have expressed frustration in trying to call the IRS and not getting through to a live person. Like most Federal agencies, the IRS has seen their budget get cut in recent years. In response, the IRS decided to cut their customer service due to these...