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Category: Tax Tips

Natural Disasters Equal ‘Miscellaneous Deductions’

January 20th, 2012 | No Comments | Posted in Tax Tips

If you’re like most people, you’ve looked over the list of deductible expenses listed as Miscellaneous Deductions for your Schedule A Itemized Deductions and seen the casualty and loss item, but have never actually had a loss that fit within those guidelines. That is actually something to be thankful for. The enormous losses that can come from a natural disaster is one of the items that can fit into those guidelines. Losses that you incur as a result of the natural disaster and are not reimbursed by insurance or other means can be used in the calculation of the allowable miscellaneous deduction. Read More »

10 Tax Saving Money Moves to Consider

January 4th, 2012 | No Comments | Posted in Tax Tips

As another year end approaches, it is time to look at your financial position both in the business and personal realms. December 31st is the magical deadline for most tax saving transactions to be completed. Here’s a basic checklist of possible tax saving money moves that you might want to consider if you haven’t already taken advantage of them during this calendar year. Read More »

7 Tax Benefits Expiring in 2011-Take Advantage While You Can

December 28th, 2011 | No Comments | Posted in Tax Tips

There are several tax benefits for individuals that are currently available that will be expiring at the end of the 2011 tax year. Not only will you want to make the most of these opportunities while they are still available, but you will want to factor these changes into your tax planning for 2012. Read More »

The IRS Voluntary Classification Settlement Program (VCSP), 2011

November 30th, 2011 | No Comments | Posted in Tax Tips

Misclassifying an employee as an independent contractor can have serious consequences for a business. If discovered during an IRS audit or investigation by a state employment agency, the misclassification of employees as independent contractors would mean the employer having to back-pay taxes for those workers, which would include any charges and penalties that apply. For a small business, with long term employees who meet the criteria, the amount of taxes owed is potentially crippling. Read More »

Mortgage Debt Forgiveness: Taxable Income or Not?

November 18th, 2011 | No Comments | Posted in Tax Tips

Debt forgiveness has been traditionally considered taxable income. Since you didn’t have to pay the debt which you owed, the IRS has treated it similar to a gift. Your creditor has given you the funds to pay off the debt, by paying it off themselves and forgiving the amount owed. Read More »

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