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Tax News
Making Tax Season Pain-Free: Organize
Filing electronically can be an effective and headache-free means of getting your return to the government on time. But it’s not foolproof, as 200,000 customers found last year after a database problem the evening of the tax deadline caused their returns to be delayed. How can you make... [Read More] |  | | Making Taxes... Less Taxing
While there is no escaping filing taxes, you can choose how you prepare your return. Hiring a tax professional to prepare your taxes could save you money in the long run on deductions you might have missed. Filing out the forms yourself will spare you tax preparation fees, but it is more... [Read More] | | | Why Fed Rate Cuts Do Not Equal Lower Mortgage Rates
So the Federal Reserve cut rates again! Many people are calling their mortgage lender to purchase or re-finance their home and are expecting a lower interest rate. These people are puzzled as to why mortgage rates have not moves lower during the recent 5 Fed rate... [Read More] | | | Tax News
Taking write-offs too far. The taxpayer was an S corp and also a partner in a partnership. The S corp was solely owned by Dr. V.R. DeAngelis, MD, who formed a welfare benefits trust and made contributions to it. The trust used the contributions to purchase whole... [Read More] | | | Get Ready to Prove that those Independent Contractors (ICs) really are ICs.
Dear AIPB Member: Get ready to prove that those independent contractors (ICs) really are ICs. The IRS has figured out a much faster, more efficient way to cast its net for employers who misclassify employees to ICs to save on... [Read More] | | | 2007 Home Business Writeoffs
The IRS applies 9 standards to see if a business is really the taxpayer's hobby. [Treasury Regs §1.183-2] If the business truly is a business and the portion of the home used for business qualifies as a home office, the IRS allows certain expense deductions. To qualify as a deduction, the... [Read More] | | | You incurred that expense, but lost the check --
You know that your company, or you, incurred and paid the expense, but you have no way to prove it because the canceled check was lost. Or, you paid cash and the receipt is lost. What can you do? The following solution is from the AIPB's "Better Bookkeeping in 15 Minutes--25... [Read More] | | | Helping Your Tax Preparer Help You
Tax season will be here before you know it. Have you made your tax return preparation appointment yet? Though an accountant is preparing your return, there is something you can do that will cut down on the time required to complete the return. The important step is making sure you have all the... [Read More] | |
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