Are you moving? What to do about taxes …

You can change your address on file with the IRS in several ways: Correct the address legibly on the mailing label that comes with your tax package; Write the new address in the appropriate boxes on your tax return; Use

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Posted in Moving Expenses

Retirement Savings Contribution Credit

If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for the Retirement Savings Contributions Credit: Income Limits The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies

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Posted in Retirement, Tax Credit

Filing for Net Operating Loss Carrybacks

Relief provided under the Worker, Homeownership, and Business Assistance Act of 2009 (WHBAA) allows taxpayers to elect to carry back a net operating loss (NOL) for a period of three, four or five years, or a loss from operations for

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Posted in Net Operating Loss, NOL

Business Start-Up and Organizational Costs

Business start-up and organizational costs are generally capital expenditures. However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced by the

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Posted in Organizational Costs, Self Employ, Small Business, Sole Proprietor, Start up costs

Gambling Winnings Are Taxable Income

Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes – but is not limited to – winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value

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Posted in Gamble

State Taxation of Marijuana

Robert Mikos (Vanderbilt) has posted Why Crime Doesn't Pay: Thoughts on State Taxation of Marijuana Distribution and Other Federal Crimes on SSRN. Here is the abstract: The financial crisis has breathed new life into proposals to reform marijuana law. Commentators

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Posted in Sales Tax, Uncategorized

Capital Gains/Losses – Facts

The IRS wants you to know these ten facts about gains and losses and how they could affect your tax situation. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell

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Posted in Capital Gain, Capital Loss

Olympic Athletes tax treatment

Every two years, a topic of conversation among tax folks is the tax treatment of Olympic athletes. The United States Olympic Committee pays athletes for winning Gold ($25,000), Silver ($15,000), and Bronze ($10,000) medals under its Operation Gold program --

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Posted in Tax Court, Taxable Income

Early Distributions from Retirement plans

Some taxpayers may have needed to take an early distribution from their retirement plan last year. There can be a tax impact to tapping your retirement fund. Here are ten facts about early distributions. Payments you receive from your Individual

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Posted in IRA, Retirement

Social Security Benefit – facts

If you received Social Security benefits in 2009, you need to know whether or not these benefits are taxable. Here are facts about Social Security benefits so you can determine whether or not they are taxable to you. How much

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Posted in Social Security
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