Archives for Filing

Tax Season – Time to Get Organized and Start Filing

If you didn’t begin creating year-end tax plans before last December 31, it could be worth your while now to start gathering together all your documentation and get organized. The Internal Revenue Service started accepting tax returns as of Tuesday, January 19, though you could have prepared a return on paper or with tax software and submitted it earlier. The IRS wouldn’t accept such returns until the 19th however. Filing early helps to lower any
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2015 Strategic Tax Planning for Businesses

YEAR-END BUSINESS PLANNING As with prior years, business tax planning is unsure due to the expiration of many popular but temporary tax breaks that have been of an “extenders” package of legislation. Another factor leading to uncertainty is the far-reaching Affordable Care Act. Additional changes to the tax law in 2015 made by new regulations and other IRS guidance also need to be weighed when evaluating year-end strategies. Code Sec. 179 Expensing Code Sec. 179
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2015 Strategic Tax Planning for Individuals

YEAR-END INDIVIDUAL PLANNING As in years past, there may be value in the customary year-end methods of shifting income. Taking stock of income and expenses to determine whether measures to defer or accelerate one or the other, before the close of the current tax year, should be considered as applicable at year-end 2015 as it has been in the past. As markets continue to adjust and fluctuate, it makes sense to evaluate current gains and
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IRS debt – Ways to consolidate your back taxes

People who have dealt with the Internal Revenue Service (IRS) before know how much of a herculean task it is come out of their grip unscathed. This federal tax collection body is entrusted as the guardian of the nation’s tax code. However, if the ground realities are to be considered, then people are bound to face financial crisis at any moment that may force them stop making tax payments and spend those money on more
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Buy or Lease a Car

I’ve been getting many questions on to buy or lease a car/truck/SUV. Last year, the question was clear, if you used your car for business, it was better to buy, you got an additional 11K in depreciation (2009).  For SUV or trucks over 6,000 lbs , if used 50 percent for business, you can take an additional $25,000 in depeciation + bonus depreciation (take another 50% off the cost basis for depreciation) in 2009.  SO BUY was
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Hiring a tax professional

I get this question quite a bit at various meetings with people.  The statistics say that 70% of people here in the US utilize a tax professional.  It used to be 99% before Turbotax.  I have reviewed many returns from Turbotax, I have found only one or two that I would consider utilized the full power of the software.  Most people do not have a clue about  taxes and Turbotax won’t make you a tax
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