IRS Tax Planning Ideas, Tips & News

The IRS continues to audit and deny tax deductions to taxpayers who fail to FULLY satisfy the required charitable contribution reporting requirements. David and Veronda Durden had made contributions … [Read more...] about CHARITABLE CONTRIBUTIONS DENIED BY IRS

The IRS announced on March 7, 2012, IR 2012-31, a major expansion of its “Fresh Start” Initiative to help struggling taxpayers by providing penalty relief to the unemployed. A six-month grace period … [Read more...] about IRS Offers New Penalty Relief

If you are an employee and incur work-related expenses on behalf of your employer, and such expenses are not reimbursed by your employer, you may be able to deduct those unreimbursed employee expenses … [Read more...] about Unreimbursed Employee Expenses

The IRS has identified identify (ID) theft as one of the biggest challenges facing it today. If you go to www.irs.gov and type in “identify theft” in the IRS search engine, there is much useful … [Read more...] about Identity Theft

Rental real estate offers tremendous tax advantages and opportunity for tax planning. Taxpayers can deduct interest on borrowed capital, exchange rather than sell properties to defer tax on gains, use … [Read more...] about Rental Real Estate Tax Planning

Effective January 1, 2013, a new 3.8% Medicare tax is being imposed on certain transactions. This new tax is the courtesy of Sec. 1411 of the Patient Protection and Affordable Care Act, P.L. 111-148 … [Read more...] about MEDICARE’S NEW 3.8% INVESTMENT TAX