The New York Times reported today that State tax revenues are declining as a result of the slowdown in real estate home sales. This lowers real estate transfer tax revenues as well as income taxes. The article stated:New home sales nationally fell in February to...
The AMT will continue to hit tens of thousands of unsuspecting taxpayers on their 2006 tax returns, which are due on April 17 this year. And, as one court case illustrates, you generally can't wriggle out of the AMT at tax return time.Click Here for...
The clock is ticking down to the tax filing deadline. The good news: There may still be an opportunity to save on your tax bill. If you qualify, you can make a deductible contributionto a traditional IRA right up until the April 17, 2007 filing...
If your C corporation is thinking about electing S corp status, make sure you plan ahead or you may wind up owing a substantial tax on unrealized profits for the 10 years following the conversion.The built-in gains (BIG) tax, which can be quite onerous, equals...
College tuition deduction.You might be able to deduct qualified higher education expenses of up to $2,000 or $4,000 (depending on your income) paid on behalf of yourself, your spouse, or a dependent. The write-off is taken as an adjustment to income, which means taxpayers can...
The US Supreme Court denied converting a Bankruptcy when a man hid an Asset Protection Trust in his Bankruptcy. Be careful when trying asset protection. Click Here for the full article about the Marrama case.see: http://www.TaxEsq.com...
How much of a tax break or hike would you see under the proposal?Figure out the difference between the total cost of your healthcare plan and the federal cap on your health tax benefit ($7,500 for single coverage; $15,000 for family coverage). Then multiply that...
Democrats push for more IRS Audits!January 17, 2007 -House Democrats are holding hearings on whether federal tax collectors are too quick to close audits of large companies, potentially leaving billions of dollars in taxes uncollected. Reps. Richard Neal, D-Mass., and Rahm Emanuel, D-Ill., said they...
IRS to Target Schedule C FilersIn a recent telephone conference, IRS commissioner Mark Everson said that they will be conducting more audits on individuals running unincorporated businesses (i.e. self-employed individuals).While Schedule C filers have long been audit targets for the IRS, they are now stepping...
Wide-Ranging Tax Gifts For Businesses and Individuals Before heading home for the holidays, Congress passed a long-awaited bill that retroactively extends several valuable tax breaks that expired last year. The law also includes a new deduction for certain taxpayers buying homes in 2007, and it...