For many filing your tax return and determining how to spend your refund is all think that is involved in tax preparation.  But tax preparation really begins with tax planning.  This is a year round activity.  Your tax liability can be significantly lower or higher depending on if you plan. If you are about to [...]

With April 15th fast approaching you may find yourself unable to complete your tax return for filing or unable to pay the tax due.  If you are unable to file your tax return, you can file an extension.  This allows you delay filing your tax return up until October 15th.  This does not delay the [...]

Many of you have completed the filing of your 2010 tax return.  Now is an ideal time to begin preparing for your 2011 tax return.  If you got a large refund or owed a large amount, consider changing your withholdings from your paycheck. If you got a large refund, you can put more money into [...]

Looking for ways to save on taxes?  The type of investing you choose can cause you to pay more or less taxes, either now or in the future.  Taxable, tax deferred and tax free all have different tax liabilities attached to them. A taxable investment you currently pay taxes on.  If you invest in stocks [...]

With many in the position of not having enough income from employment or being unemployed we see more individuals starting their own small businesses to generate income.  This can be a great way to create income if it is done properly.  You need to be sure you are aware of what you are getting into [...]

For those taxpayers who became unemployed during 2010 you need to be aware there are several tax benefits potentially available to you. First –if you are able to itemize your deductions, you can claim job hunting expenses as a miscellaneous deduction on Schedule A.  You can include the costs of printing resumes and sending out [...]

I hear it all the time.  What can I claim for charitable contributions?  What percentage does the IRS give me?  Aren’t I limited to $500? While IRS has gotten tougher on charitable contributions you are entitled to claim what you actually gave.  There is no percentage that the IRS gives you.  There is no percentage [...]

Did you do your Roth conversion in 2010 when the special rules were in existence for the 2010 year?  If you did a Roth conversion last year you can elect to pay the tax all on your 2010 tax return or you can delay and pay the taxes when you file your 2011 and 2012 [...]

The residential energy tax credit is back. This credit is 30% of cost up to a maximum of $1500.  It is $1500 for the two years combined not each year.  If you took the full amount in 2009 you have nothing available to claim in 2010.  There are no income limitations so anyone can qualify [...]

Rental property Owners have expanded 1099 rules starting this year Business owners and rental property owners have expanded filing requirements – it starts in the 2011 tax year for rental property owners and in 2012 for business owners. So for rental property owners this year if you pay a business – whether they are incorporated [...]