2015 Tax Extenders   On December 15th Congress extended certain tax bills that had expired on January 1st 2015 and made them retroactive to January 1st. Some of the extenders were made permanent and some were made temporary. What follows is a summary of the more important tax extenders that will affect the 2015 tax […]

                                              5 Quick Tax Perks: Put Spouse on Payroll Does your business need trustworthy and reliable employees? You may not have to look any farther than across your dinner table.   Strategy: Hire your spouse to work as an official employee. Why put your spouse on the payroll? Because you can gain five tax benefits: […]

                    Cancellation of Debt Income   The past few years have been a financial struggle for many taxpayers. With the financial meltdown of 2008 came a wave of bankruptcies, foreclosures, short sales, and other types of discharged debt. These forms of cancelled debt also brought about tax consequences that many taxpayers were not aware of. […]

    Dirty Dozen Tax Scams   The IRS recently released its annual list of “Dirty Dozen tax scams”. Please review the following twelve scams and beware they are on the rise.   Telephone scams: Over the past few years there has been a rash of bogus phone calls by people impersonating IRS personnel. These people threaten […]

Mid Year Tax Planning   This is a time of the year where tax planning may be warranted. For many taxpayers tax planning is not needed but for certain taxpayers it is a requirement. These taxpayers would include businesses, high income taxpayers, and taxpayers with different forms of income and deductions. The purpose of tax […]

 Education Tax Benefits   The tax code is filled with many different types of tax benefits relating to education. These tax benefits are in the form of deductions, credits, and excludable income. These tax benefits are related to paying for higher education or in some cases paying for continuing education. There are many types of […]

 Know ‘when to hold’ and ‘when to fold’ Are you holding stocks that have appreciated in value? You’ll likely owe a sizable tax if you cash in all of your chips. Strategy: Sell stocks after they qualify for long-term capital gain treatment. At the same time, hold onto stocks that would produce highly taxed short-term […]

Tax Benefits of Home Ownership It is springtime. The birds are chirping, the sun is shining, and tax season is over. It also a time of the year where many people are looking to buy a home. There are many benefits to buying a home. Owning a home can provide long term stability, can be […]

After Tax Season List   So tax season is now behind you. What do you do now? Well depending on your tax situation you are either lamenting the fact that you owe another year of income taxes with your tax return or you are happy that you are receiving a refund and will have more […]

  Amended Tax Returns If you make a mistake or an error on your tax return you may amend the return. Any type of mistake may be corrected as long as it corrected within a certain time frame. Normal three years statute of limitation For the majority of amended tax returns you can go back […]