If you don’t meet IRS substantiation requirements, your charitable deductions could be denied. To comply, generally you must obtain a contemporaneous written acknowledgment from the charity stating the amount of [...]
If you start a business, one key to success is to know about your federal tax obligations. You may need to know not only about income taxes but also about [...]
Information courtesy of IRS.gov For 2015, the Internal Revenue Service announced the annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. [...]
Information courtesy of IRS.gov Gathering documents and maintaining well-organized records make it easier to prepare a tax return. They can also help provide answers if the IRS needs to [...]
The manufacturers’ deduction, also called the “Section 199” or “domestic production activities” deduction, is 9% of the lesser of qualified production activities income or taxable income. The deduction is also [...]
Information courtesy of IRS There are many reasons the IRS sends taxpayers letters and notices. Many of these have a simple solution. Below is a list of reasons you may [...]
You probably know that miles driven for business purposes can be deductible. But did you know that you might also be able to deduct miles driven for other purposes? The [...]
Information from IRS.gov Using the correct filing status when you file your tax return is key. The status can affect the amount of tax you owe for the year and [...]
If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline is just a few weeks — or perhaps even just [...]
Information courtesy of IRS.gov Many people pay to have their income taxes prepared by someone. Be careful when you choose a preparer to do your taxes- you are legally responsible for all [...]
Information courtesy of IRS The IRS offers the following tips as ways to protect you from becoming a victim of identity theft: Don’t carry your Social Security card or any [...]
An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year [...]
Do you know how much you’re paying in taxes? You may have a sense of what you spend on income taxes, but have you also considered the taxes you pay [...]
Don't be taken in by phone IRS requests. The phone rings and the caller says they are from the Internal Revenue Service and they claim you owe taxes and must [...]
The Tax Increase Prevention Act of 2014 (TIPA) extended through Dec. 31, 2014, a wide variety of tax breaks, including many tax credits — which are particularly valuable because they [...]