Tag: IRS


  • Tax Tip of the Week: Avoid Common Errors

    The countdown is on! If you haven’t yet file your 2008 tax return (or an extension), now’s the time to get busy. If you make a mistake in your rush to beat April 15th, the processing of your return could be delayed, which means you won’t recieve that refund as soon as you could have. […]

  • Tax Tip of the Week: Barter Income is Taxable Income

    Ever give your friend a haircut in exchange for a free meal at her restaurant? Ever trade painting a wall for a month’s worth of dog walking? If so, you’ve generated reportable income – for both parties in the barter transaction. The IRS says you must include the fair market value of the goods and/or […]

  • Tax Tip of the Week: Consider the Home Office Deduction

    A lot more of us are working from home these days, but does that mean you can (or should) take advantage of the home office deduction? Maybe. Read on to find out. The Threshold to Claim the Home Office Deduction is High You in fact may do a lot of business in your home office. […]

  • Tax Tip of the Week: 5 Ways to Avoid IRS Penalties

    If you’re like me you’re just now starting to feel the pressure from the taxman looming overhead. My documents are due to the accountants today. So far I’ve gotten to the pulled-the-folder-out-of-the-cabinet stage. I look forward to a taxing evening. (Sorry, couldn’t help myself.) But I will meet my deadline. Why? Because if I don’t, I’ll […]

  • Tax Tip of the Week: Understanding Retirement Distributions

    Did you tap into your 401(k) or IRA in 2008? Naughty, naughty taxpayer. If you took an early distribution from your retirement plan, you should know you’ll probably be punished. Early Distributions From Retirement Accounts Are Hit With 10% Penalty Payments out of retirement accounts prior to age 59 ½ are generally considered early or […]

  • Tax Tip of the Week: Shift Income to Your Kids

    What do wealthy parents know that you don’t? For starters, they’re well aware that children’s investment income is often taxed at a much lower rate than their parents’. This can include interest, dividends, capital gains and other unearned income. By gifting income-producing assets to children, the income avoids tax or reduces the amount owed. What […]

  • Tax Tip of the Week: Buy a House

    Homeowners know that mortgage interest provides a valuable tax deduction, but this year the IRS has sweetened the pot for first time home buyers. The First-Time Homebuyer Credit provides incentive for those who haven’t owned a home in the past three years to buy one before July 1, 2009. How to Take Advantage of the […]

  • How to Avoid a Tax Audit

    Michael Rozbruch is a leading expert on resolving individual and small business problems with the IRS. He says tax audits are on the rise and worse – as a small-business owner, you are among the largest source of uncollected taxes. That makes you a target. According to Rozbruch, the growing federal deficit, proposed government bailout plans, […]

  • Nicholas Cage Needs Better Tax Advice

    Okay, one more tax related post and then I’ll shut up. Promise. Huffington Post, Forbes.com, and others reported earlier this year that actor Nicholas Cage is being accused by the IRS of improperly using his production company, Saturn, to write off $3.3 million in personal expenses. This supposedly included limos, meals, gifts, and personal jet […]