‘SAVER’S CREDIT’ for Retirement Savings Contribution

One way for low and moderate income Americans to save on taxes is by saving for retirement. If you make voluntary contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be able to take a

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Offset Education Costs with Tax Credits and Deductions

It is Back-to-School time. Whether you are paying for a college education or a teacher buying items for your classroom, education credits and deductions can help lower your tax bill. The Hope Credit, Lifetime Learning Credit or the Tuition and

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Posted in Education Expense, Tax Credit

How Long Should Records be Kept

The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period

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Posted in Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Business or Hobby? Tax Implications

Rowing, X-C skiing, Biking, Running, Mountain Climbing, Guitar Playing, Fishing, Gardening, Golf, Sewing, Woodworking, Horsemanship, Scrap Booking, Stamp and Coin Collecting, etc. The IRS isn’t trying to spoil your fun but if your favorite activity makes a profit every year

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Posted in Business Expense, Hobby

Do you owe money to the IRS?

The vast majority of Americans get a tax refund from the IRS each spring, but what do you do if you are one of those who have received a tax bill? What do you do if you owe money to

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Posted in Appeals & Audit Resolution, Installment Agreement, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Non-filed Tax Returns, Partial Payment Installment Agreement, Paying Taxes, Statutory Notice of Deficiency, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Taxpayer Advocate

What kind of records should you keep.

You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the

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Posted in Business Expense, Tax Guidance & Preparation

Tax Return Preparer Fraud – choose you tax advisor wisely

Tax return preparer fraud generally involves the preparation and filing of false income tax returns by preparers who claim inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions on returns prepared for their clients. This includes inflated

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Business Expenses: IRS Publication 535

The mysterious “other.” Some tax deductions are not mentioned by name on a tax form but can still be quite valuable to a taxpayer. If you own a trade or business, you can deduct a number of expenses under the

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Keeping Good Tax Records: IRS Publication 583

In a tax emergency, would you be ready? Well–organized records not only help you prepare your tax return. They also help you answer questions if your return is selected for examination or prepare a response if you are billed for

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Posted in Business Expense, Cash Transaction, FBAR, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, Paying Taxes, Tax Deductible Expenses, Tax Guidance & Preparation

Negotiating an IRS dispute – here’s a checklist of items the IRS may request

To expedite the resolution of your account with the IRS, expect to be prepared to provide the following information: Valid F2848 covering all tax periods Explain in detail why the taxpayer is not able to full pay or borrow to

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Posted in IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement
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