News - John R. Dundon II, Enrolled Agent
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News

February 2, 2011

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 between the name shown on...

February 1, 2011

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 amount by which your total medical...

January 31, 2011

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 the EITC eligibility rules to...

January 28, 2011

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 to take this credit on...

January 24, 2011

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 self-employment income unless you receive it...

January 21, 2011

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 to maintain the documents needed...

January 21, 2011

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 - Being able to give up to...

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