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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Posted in Earned Income Tax Credit

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

Colorado Now Assessing Sales Tax of 1.4% on Prepaid Wireless Telecommunication Services

Hmmm..... Leave it to Colorado to slide this tax in ....... It is common knowledge that for the most part people purchasing prepaid wireless services tend to be socioeconomically challenged to begin with, so lets keep taxing them, keep kicking

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Posted in Colorado Department of Revenue, Use Tax

Forgiven Debt Exempt From Income Requires Tax Attribute Consideration IRS Form 982

If you are forgiven debt and that forgiven debt is not considered income then you should prepare and file IRS Form 982 - Reduction of Tax Attributes Due to Discharge of Indebtedness. Generally, the amount by which you benefit from the discharge of indebtedness

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Posted in Cancelled Debt, Debt

How to Report Net Operating Loss (NOL) Carry Forward on an IRS Form 1040

If you carry forward your NOL to a tax year after the NOL year, list your NOL deduction as a negative figure on the Other income line of Form 1040 or Form 1040NR (line 21 for 2009). Estates and trusts

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Posted in Net Operating Loss, NOL

What is Self Employment Income

Some kinds of income may or may not be self-employment income. The source of your income and your involvement in the activity from which your income is received will determine whether it is self-employment income. INTEREST - Interest is not

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Posted in Self Employ

IRS Examination Techniques for Cash based business

Since many businesses in industry are cash oriented, have weak internal controls, lack an audit trail, and have inadequate books and records, the examiner’s audit should focus on probing for unreported income.  It is the responsibility of the business owner

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Posted in IRS Appeal, IRS Audit, IRS Collections, IRS Examination, IRS Penalties

Estate Tax Planning Opportunities

Being able to make transfers of up to $5 million ($10 million per couple) without having to pay gift taxes allows for planning opportunities that, combined with leveraging strategies, can transfer huge amounts of wealth. These include: Simple Gifts -

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Posted in Estate Tax
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