Moving Pension Funds

When individuals change jobs, they generally move their 401(k) plan to their new employer’s plan or transfer them into an IRA account. The law allows you take a distribution and then redeposit the funds into the new account or to make a trustee-to-trustee...

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What to Do if You Haven’t Filed a Prior Year’s Return

The failure to file a federal tax return can be costly — whether you end up owing more or missing out on a refund. There are several reasons taxpayers don’t file their taxes. Perhaps you didn’t know you were required to file. Maybe,...

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Tips for Recently Married or Divorced Taxpayers

Newlyweds and the recently divorced taxpayers should ensure the name on their tax return matches the name registered with the Social Security Administration (SSA). A mismatch could unexpectedly delay a tax refund. • For recently married taxpayers,...

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It's Important to Pay Taxes in Full

As the April 15 deadline approaches, we begin to receive calls from taxpayers who do not have the ready cash needed to pay their tax liability. There are significant penalties for failing to pay your tax liability by the April 15 due date. Whether paying...

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Read This Before Tossing Old Tax Records

Now that you have your taxes completed for 2009, you are probably wondering what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. It would be helpful to understand why the...

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IRS Touts Higher Audit Levels

As reported in a statement issued by IRS, it has continued to make strong progress in a number of key enforcement areas. IRS enforcement efforts increased in fiscal year 2007; overall, enforcement revenue reached $59.2 billion, up from $48.7 billion in...

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Deducting Prepaid Business Expenses

A question that often arises is whether prepaid business expenses can be deducted in the year it is paid. Unfortunately, they cannot. Generally, where an expense relates to a period covering more than 12 months, the IRS and most courts agree that the...

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Are You Required to File a Gift Tax Return?

If you gave any one person gifts in 2009 that are valued at more than $13,000, you must report the total gifts to the Internal Revenue Service even if you have not exceeded the $1 million gift tax exemption. The gift tax return is used to track the nontaxable...

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Life After the Real Estate Bubble Burst

With lenders becoming more conservative, money tightening up, and the real estate market in decline, many homeowners and speculators find themselves faced with some unpleasant choices. One strategy is to wait until home prices rebound, but that could...

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The Earned Income Tax Credit

The EITC is for people who work, but have lower incomes. If you qualify, it could be worth up to $5,666 for 2010. So, you could pay less federal tax or even get a refund. The credit is a refundable credit, so you can receive the benefits of the credit...

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How to Get a Copy of Your Tax Return Information

We can generally provide you with copies of tax returns prepared by the office for current and three prior calendar years. There may be a nominal reproduction charge. Please keep in mind, that due to privacy laws, we can only provide the copy to you and...

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Avoiding the IRS Audit Net

The IRS has been stepping up their tax return audits after several years of heavy reliance on correspondence audits. Their mission is to help fill the tax gap. The areas of increased audits include Schedule Cs (sole proprietor businesses) where the Treasury...

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