01/31/2015 People fear and dread the Internal Revenue Service. Legends (and some are true) abound about what the IRS can do to you – including impounding your money and your stuff and throwing you in jail. Yes, the IRS has a lot of power to make your life miserable, but in my nearly 30 years… Continue Reading
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Author Archives: Kathy Zaffore
IDENTITY THEFT – IT IS TAX SEASON…BE ALERT
Sadly, identity theft related to tax returns is a thriving and growing criminal business. The IRS has prosecuted a number of perpetrators, but…thieves continue to plague the system. The IRS recently reported that it is currently investigating more than 450,000 identity theft cases, and the Treasury Inspector General for Tax Administration said that identity- theft-… Continue Reading
DO YOU KNOW WHAT IS IN YOUR WILL?
9/3/2012 John and I are redoing our wills – it has been ten years since the last rendition, so it was time. Which of course reminds me to tell YOU–that you should do the same. Tax laws change, estate laws change, Congress malingers – and all affects what will happen when someone near and dear… Continue Reading
How to Deduct Your Kid’s Activities—Pay Them Wages and Let Them Pay for Their Activities
06.16.2012 You heard that right — you may be able to get a deduction for your teenager’s football training or your middle schooler’s electric guitar lessons. We teased our clients with this notion at the beginning of tax season and it sure got their attention. My own daughter chose to ride horses competitively during high… Continue Reading
HOW TO CHOOSE A CPA (OR TAX PREPARER) – ELEVEN QUESTIONS TO ASK
1/22/2012 Here we are at the beginning of tax season. By now you are starting to receive W-2s, 1099s, and other tidbits of data needed to prepare your tax return. You can try it on your own (and should, if your return is basic and straight forward!) but if beads of sweat are already forming… Continue Reading
BASIC FACTS ON SIMPLEs AND SEPs
1/19/2012 Here is a brief overview of requirements for SIMPLEs and SEPs. Great checklist from IRS for SIMPLEs. SIMPLE IRA . http://www.irs.gov/pub/irs-tege/simple__checklist.pdf a. Corp cannot maintain another retirement plan (so NO to SEP if there is a SIMPLE) b. Must be offered to all employees who have earned at least $5,000 from employer in any… Continue Reading
A FEW NEW FORMS FOR 2011
1/15/2012 Do you file your own tax return without the aid and assistance and crying shoulder of a tax professional? Brave soul. I agree with you– it should not be difficult for Americans to file their own returns. Well, no one is listening apparently. Here are three new forms for you to tackle this year… Continue Reading
2011 COUNTDOWN: MORE TAX BENEFITS EXTENDED THROUGH 2012
12/21/2011 We started a list yesterday of tax breaks. Here is a laundry list of CREDITS extended through 2012. A *deduction* (tax break) reduces your taxable income, and thus reduces your tax. A *credit* is real money with which to pay your tax. Some credits are *refundable* meaning money in the bank…the credit pays your… Continue Reading
2011 COUNTDOWN: A FEW TAX BREAKS STILL IN EFFECT FOR AT LEAST ANOTHER YEAR
12/20/2011 Remember the unpronounceable TRUIRJCA of 2010 (see blogs from the past few days—The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010)? While some tax breaks vanish at the end of 2011, many of the Bush-era tax cuts remain for another year as part of the deal struck by Congress last December. … Continue Reading
COUNTDOWN 2011: JUST THE FACTS – MILEAGE, BENEFIT PLANS AND MORE
12/19/2011 STANDARD DEDUCTIONS: 2011 $11,600 2012 $11,900 PERSONAL EXEMPTIONS: 2011 $3,700 2012 $3,800 AUTO STANDARD MILEAGE ALLOWANCES Business 2011 .51 changing to .555 after 6/30/2011 2012 .555 Charitable 2011 .14 2012 .14 Moving/Medical 2011 .19 changing to .235 after 6/30/2011 2012 .23 (down a tad – this is correct) IRA CONTRIBUTION… Continue Reading