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Tax Articles

Are you eligible for tax credits?

A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are refundable – taxes could be reduced to the point that a taxpayer would receive a refund rather than owing any taxes. Taxpayers should consider their eligibility for the credits listed below: The Earned Income Tax Credit is a refundable credit for low-income working…

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The easist way for investment ‘traders’ to report transaction gains and losses to the IRS

According to the instructions for Schedule D (page 6), instead of entering the details of each transaction separately on Schedule D or D-1, you can attach a statement containing all of the same information as Schedules D and D-1 as long as it is in a similar format. The combined totals are entered on lines…

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IRS and States to Share Employment Tax Examination Results

Officials from the Internal Revenue Service and more than two dozen state workforce agencies announced they have entered into agreements to share the results of employment tax examinations. The agreements, part of the Questionable Employment Tax Practice (QETP) initiative, provide a centralized, uniform means for the IRS and state employment officials to exchange data, thereby…

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Offer in Compromise – Check Carefully

The Internal Revenue Service issued a consumer alert advising taxpayers to beware of promoters’ claims that tax debts can be settled for “pennies on the dollar” through the Offer in Compromise Program. Some promoters are inappropriately advising indebted taxpayers to file an Offer in Compromise (OIC) application with the IRS. This bad advice costs taxpayers…

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Selling your home: Ownership Test vs. Use Test

Generally, you have made a profit if the selling price of your home is greater than the price you paid to purchase the home. That profit, considered a capital gain, is subject to income tax. However, under certain circumstances the law allows you to exclude all or part of that gain from your income –…

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