News - John R. Dundon II, Enrolled Agent
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News

If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office. The notice you receive covers...

If you forgot to include some income or to take a deduction on your tax return – you can correct it by amending your tax return. In some cases, you do not need to amend your tax return. The Internal Revenue Service usually corrects math...

The Internal Revenue Service may have money for you. Was your income below the limit that requires you to file a tax return? If so, you may still be due a refund. If you have not filed a prior year tax return and are due...

Taxpayers need to be careful to protect their personal information. Identity thieves use many methods to steal personal information and then they use the information to file a tax return and get a refund. Here are 10 things the IRS wants you to...

Sam Freeman worked as an independent contractor for Parts Distribution Xpress during tax years 1999 and 2000. His wife Wanda was in a covenant not to compete from her former employer and was obligated not to work for a parts distribution company. However,...

For income tax depreciation purposes there are two major types of assets: Sec. 1250 real property and Sec. 1245 personal property. When owners acquire commercial property or tenants invest in leasehold improvements, many only allocate the purchase price between land (non-depreciable) and building (depreciated as...

Moving Expenses- If you are a member of the Armed Forces on active duty and you move because of a permanent change of station, you can deduct the reasonable unreimbursed expenses of moving you and members of your household. Combat Pay- If you serve in a...

Start with the cost basis of each asset along with a fair market value (FMV) of each asset both before and after the disaster.  Be prepared to substantiate.  The next piece of data needed is the amount of reimbursement you will receive from your insurer. ...

Losses incurred because of a casualty, disaster, or theft may be tax-deductible. Casualty and theft losses are reported on Form 4684 and Form 1040 Schedule A. Casualty Loss A casualty is the loss of property (including damage and destruction) because of a sudden event. The event must...

Affordable Care Act was enacted on March 23, 2010. It contains some tax provisions that take effect this year and more that will be implemented during the next several years. The following is a list of provisions now in effect; Therapeutic Discovery Project Program This program is...