News - John R. Dundon II, Enrolled Agent
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News

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...

January 19, 2011

Two federal tax credits available to help you offset the costs of higher education for yourself or your dependents.  To qualify for either credit, you must pay postsecondary tuition and fees for yourself, your spouse or your dependent.  The credit may be claimed by the...

January 18, 2011

For 2011 and 2012, the gift, estate and GST tax exemptions are unified again, with the exemption set at $5 million and the tax rate at 35%. The $5 million exclusion is indexed for inflation beginning in 2012.  Remember these changes are effective only for the next...

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