May 9, 2012 – In IRS Revenue Procedure 2012-26, the IRS has announced the new inflation-adjusted increases for Health Savings Account (HSA) contributions and high-deductible health plan (HDHP) deductibles. To qualify for an HSA, you must have a high deductible health insurance plan and no other health insurance. Linda Wallace, CPA, CEBS, senior manager at [...]
Harvey Silverglate’s new bookThree Felonies a Day argues that a combination of vague laws and changing technologies has led the average American to unwittingly break the law daily. That got me to thinking of an analog in the tax world: Most of us, I fear, mess up tax issues every day. No, these mistakes aren’t felonies. [...]
No one likes organizing records. If you just finished your tax return filings the last thing you want to do is look at them again. But now is the perfect time and it pays dividends. Here’s why. If you’ve ever tried to tell the IRS “I lost my receipt” you don’t want to do it [...]
The tax deadline may have just passed but planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time, money and headaches in 2013. Here are eight things you can do now to make next April 15 easier. Adjust your withholding Why wait another year for a [...]
President Obama and the First Lady managed to do something that many taxpayers haven’t yet done: they have filed their federal income tax returns for the 2011 tax year(downloads as a pdf). Like most married couples, President Obama and the First Lady file as married filing jointly. They also itemized their deductions, something that about [...]
Audit risk is a worrisome topic. See More IRS Audits Coming Your Way. This tax filing season you have a precious few more hours to file, until the end of April 17. SeeDon’t Put Off Taxes Despite Leap Year and Emancipation. Even though it’s a DC holiday that prompted the one day reprieve this year, many [...]
Who panics when being audited by the IRS? Apparently, even the professionals. Just ask Brad F., a former CPA and current tax attorney whose 30 years experience means he’s no stranger to the tax man. Still, when the IRS notified him of an audit of his 2009 personal income taxes, he admits to feeling more [...]
It’s T minus 13 days until Tax Day and tax pros everywhere are scrambling to get returns prepared on time. It’s easy to get carried away since everyone is in a hurry. But slow down and think… Here are the top eleven things your tax pro doesn’t want to hear from you this month: Wow, [...]
Sometimes your tax preparer is to blame for an audit. If a preparer promises unusually high refunds without asking to see proper documentation for deductions and credits, don’t be fooled, said Vincenzo Villamena, CPA and managing partner at accounting firm Online Taxman. You have a sketchy tax preparer You’re legally responsible for the information on [...]
NEW YORK (CNNMoney) — The dreaded process of getting an audit could soon take place over a computer screen in the comfort of your living room. In what could be an indication of things to come, the IRS launched a pilot program at the end of last year that allows taxpayers to use two-way video [...]
Nothing lasts forever, but you wouldn’t believe it by looking at some people’s record-keeping systems. Prolific pack rats insist on keeping every scrap of paper, just in case. And when it comes to tax paperwork, folks are even more adamant. These documents will save me, they argue, if an Internal Revenue Service auditor comes visiting. [...]
Micah Andrews opened his first notice from the IRS a week before Christmas in 2010. He was standing in the kitchen of the house in the Atlanta suburbs that he and his wife had bought to make space for their new baby. Two years earlier, when the couple had purchased the home, they had considered [...]
(Reuters) – The odds are stacked against corporations whose disputes with the tax-collecting Internal Revenue Service go all the way to the Supreme Court, a new study found. Titled Corporate Shams¸ the study by two tax scholars at U.S. universities, found the government prevailed more than six times out of 10 in high court cases [...]
If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but the IRS offers the following eight tips about gifts and the gift tax. Most gifts are not subject to the gift tax. For example, there is usually no [...]
 |
|
|
 |
 |
Copyright © Mytaxfiler |