10 Common Misconceptions About Tax ReturnsAlthough all CPA's have had tax training not all of them go into tax prep, or keep up on tax laws, and since the regulations are constantly changing this is critical to preparing a return properly. Before you hire a CPA to prepare your taxes make sure that they have ample experience. more
Tax return preparers will have to pay attention to an amendment added in the Senate version of the Worker, Homeownership, and Business Assistance Act of 2009, which extended the First Time Homeowner Credit and unemployment benefits, because beginning in 2010, this amendment will require tax return preparers to file any individual tax return electronically unless the preparer expects to file fewer than 10 returns in a calendar year. This means...more
The AMT items that were talked about in Part 1 of this wrap-up generally were the bigger ones that can, depending on a taxpayers situation, present immediate year-end Alternative Minimum Tax savings opportunities. But the other items that were discussed in this 10-week series also are important in making sure the least amount of AMT is paid. Here is a brief recap of these other items, with references to the amtblog.com articles in which each appeared. Investments: Private Activity Bonds an individual investing in tax-exempt municipal bonds can receive an unpleasant surprise when he discovers that AMT has to be paid on the interest income from a certain type of municipal bond. See the December 18th article posted on amtblog.com.Miscellaneous Itemized Deductions - business or investment-related expenses may be deductible under the Regular Tax, but they are not for the AMT. Several planning ideas on how to minimize this impact are presented. See the November 14th article posted on amtblog.com.Limitation on Itemized Deductions: AMT Adjustment - when a taxpayer is in the AMT, the limitations that apply to itemized deductions are calculated differently from the limitations that...more
Every year as the financial year comes to a close, many tax payers in the country can opt for the tax refund help even if the income tax incurred by him is zero. If you are shocked to hear that, then let me assure you that it is absolutely a true fact. The reason for getting the refunds is the calculation and the deduction of the tax credit that is...more
With election year in full swing, there will be a lot of talk in the coming months about taxes. Who should pay them? Should the wealthy be paying more? What about individuals, who intentionally keep their true income low to keep from paying anything at all? Millions of Americans everywhere are divided on the tax issue, but with unemployment as high...more
According to UBS AG (UBSN) and Deutsche Bank AG (DBK), taxes over a 2003 compensation plan are not owed by them, which UK authorities argue that it was designed for avoiding millions of pounds in taxes and national insurance contribution on bonuses of employees. The appeal of these two banks is that separate rulings, in which they were found legally responsible for income and payroll taxes for bonuses which were paid to bankers in shares via an offshore trust in a dispute with UK revenue official four years ago. According to the documents which were revealed on 12th March after the petition of a news agency in court for their release, 49.6 million are owed by UBS on total bonus payments of 92 million pounds into the scheme.Swift and decisive action to handle the tax avoidance is being taken by the UK government, as told by Chancellor of the Exchequer George Osborne to parliament this month. It was told after authorities closed two tax loopholes which had been used by Barclays Plc (BARC). A harder approach is being sought by legislators for companies which hire lawyers and accountants for the purpose of cutting tax bills. It was declined by the banks and HMR that they will provide...more
Are you true to yourself? Have you been paying your taxes at regular intervals? Well, if you are worried about the fact that the tax year is approaching and you still havent been able to proceed any further with your tax payment process then, contact...more
If you want to save some money by filing your own taxes this year rather than paying a professional to do it you need to have a few things in order first. You can't file until you have everything in order. This includes waiting until the end of...more
When I speak at industry events, timeshare owners will often ask me to explain how selling or renting a timeshare condo needs to be reported on both state and federal income taxes. I always provide them with the same scripted answer- Discuss it with...more
Even if someone is self employed, there are just so many tax implications which he will need to consider so that he stays on the correct side of the law. To be safe, it is more convenient to get a tax accountant to do all the calculations and...more
Take the stress out of tax time with a few simple tips! Does the thought of preparing for tax time fill you with dread? Tax time can make anyone stressed out - but there's hope! By using a few easy organizing techniques, you can sail through...more
According to the U.S. Bureau of Labor Statistics, the demand for truckers is increasing and is expected to continue to increase 10% over the next 10 years. The heavy vehicle use tax or HVUT is a fee assessed annually on these heavy vehicles operating...more