Application of Asset Classification Rules When Determining Cost Segregation Depreciation

Okay this is pretty huge in regards to some of the IRS Examination Appeals work I have been doing lately.  The bottom line is that you need to follow the asset classification rules if you are going to engage in

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Posted in Cost Segregation, Depreciation

W-2 Missing or Not Received – What to do? … If needed file IRS form 4852, Substitute Wage and Tax Statement

You should have received a Form W-2, Wage and Tax Statement, from each of your employers by January 31, 2011. If you haven’t received your W-2 yet you should contact your employer(s) or previous employer(s) to inquire if and when

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Posted in Paying Taxes, Payroll Tax Problems

Breast Pumps and Supplies to Assist Lactation Are Now, Finally, Considered Tax Deductible Medical Expenses by the IRS – Announcement 2011-14

The Internal Revenue Service has concluded that breast pumps and supplies that assist lactation are medical care under § 213(d) of the Internal Revenue Code because, like obstetric care, they are for the purpose of affecting a structure or function of the body

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Posted in Medical Expenses

Estate Tax Planning Tips for 2011

The 2010 Tax Act extends to December 31, 2012, the income, estate, gift and generation-skipping tax provisions enacted during the administration of President George W. Bush ("EGTRRA"). For the two-year period beginning January 1, 2011, it reinstates the unified federal

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How to Determine if Your Social Security Benefits are Taxable

If you received Social Security benefits or payments in 2010, some of that money may be taxable. You should receive a Form SSA1099 which will show the total amount of your benefits. How much of your Social Security benefits are

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Identity Theft Manifesting Itself Through Surprise Arrival of IRS Form 1099-C from Collection Agencies Reporting Cancelled Debt as Income

I've been asked 3 times in the last 24 hours or so about how and why an IRS 1099-C form was received when one was not expected because no debts were cancelled. The IRS 1099-C form is used by qualified

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Impact on Your Taxes of Changing Your Name

If you changed your name as a result of a recent marriage or divorce you’ll want to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration. A mismatch

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Posted in Marriage

Medical and Dental Expenses

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2010 for medical care – including dental – for yourself, your spouse, and your dependents. You may deduct only the

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Posted in Medical Expenses

Earned Income Tax Credit (EITC)

The Earned Income Tax Credit (EITC) is for workers earning $48,362 or less a year. Four of five eligible taxpayers filed for and received their EITC last year.   As your financial, marital or parental situations change, you should review

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Tax Benefits for Parents

1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information. 2. Child Tax Credit You may be able

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Posted in Dependent, Family, Marriage
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