Tax Tip of the Week

To qualify, the funds must be contributed directly by the IRA trustee to the eligible charity. Transferred amounts are counted in determining whether the owner has met the IRA’s required minimum distribution rules. If you had considered making a donation …

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 provides 100% depreciation bonus for certain machinery and equipment placed in service after 9/8/2010 through 1/1/2012. For equipment placed in service after 12/31/2011 and through 12/31/2012, the bill …

The IRS recently announced that certain parts of Montana and North Dakota have been designated federal disaster areas as a result of severe storms and flooding. Taxpayers in the federally-designated areas are granted relief from penalties associated with various return …

Article posted from WSJ.com –

To save money last year, Anthony Fasano tried preparing his new business’s first tax return on his own. Then reality sank in.

“I realized I really had no understanding of the tax laws from a …

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for …

Taxpayers who take energy saving steps this year may get bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes has been increased as part of the American Recovery and …

Whether paying with a timely filed tax return, or filing late and paying late after receiving a bill from the IRS (and the bill is correct), taxpayers are encouraged to pay the taxes they owe in full.

If taxes are …

Just a reminder, The Homebuyer Assistance & Improvement Act of 2010 extended the closing deadline from June 30, 2010, to September 30, 2010, for any eligible homebuyer who entered into a binding purchase contract on or before April 30, 2010. …

Do low interest rates have you considering a refinance on your home loan? Remember, when you buy a house, you can deduct points paid to obtain your mortgage in one lump sum. When you refinance a mortgage, however, the points …

Did you know the IRS is in the process of redesigning and revising its correspondence with taxpayers for clarity, effectiveness, and efficiency? Generally, the IRS will send a notice if it believes you owe additional tax, are due a larger …