News - John R. Dundon II, Enrolled Agent
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News

March 8, 2010

Did you pay someone to care for a child, spouse, or dependent last year? If so, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are the top 10 things the IRS wants you to...

March 8, 2010

The Child Tax Credit is a valuable credit that can significantly reduce your tax liability. Here are 10 important facts from the IRS about this credit and how it may benefit your family. Amount - With the Child Tax Credit, you may be able to reduce...

March 4, 2010

If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt...

March 4, 2010

In July 2000, the IRS, in conjunction with the Department of the Treasury, Financial Management Service (FMS), started the Federal Payment Levy Program (FPLP) which is authorized by Internal Revenue Code Section 6331 (h), as prescribed by the Taxpayer Relief Act of 1997 Section 1024....

March 4, 2010

The IRS has uncovered a number of schemes that claim to allow deductions for personal living expenses. Taxpayers should consider these points before investing in a possible abusive scheme: Any investment scheme or promotion that claims to allow a federal income tax deduction for normal personal...

March 3, 2010

When a house is foreclosed upon by the bank, the owners typically receive Form 1099-A from the lender showing several pieces of relevant information. The information on Form 1099-A will likely be needed to report the foreclosure properly on your tax return. A foreclosure is...

March 3, 2010

New York Times editorial, Render Unto C Street: It is not unusual for members of Congress to arrange group rentals in Washington to share housing costs and, for some, underline their continuing “outsider” status. What is highly unusual, and unjustifiable, is the tax-exempt status as a...

March 1, 2010

ACK: Kiplinger 1. A sex-change operation. A man who felt he was a woman trapped in a male body was diagnosed with gender-identity disorder. This transgender taxpayer wanted to deduct almost $22,000 in out-of-pocket medical costs for multiple surgeries, including hormone therapy, sexual-reassignment surgeries and breast...

February 26, 2010

The First Circuit Court has summarily affirmed the decision of the Tax Court (Magdalin v. Commissioner, T.C. Memo. 2008-293 (Dec. 23, 2008)) denying a sperm donor's claimed medical expense deduction, even though the Internal Revenue Service allows the expenses of egg donation as deductible medical...

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