IRS Tax Planning Ideas, Tips & News

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

If you dislike having to input your IRS tax financial information on a FAFSA application (Free Application for Federal Student Aid), this task has become considerably easier. There is an IRS Retrieval … [Read more...] about FAFSA – IRS DATA RETRIEVAL TOOL

Regardless of the legal entity a business uses for reporting its income taxes, business owners eventually ask their CPA the following question: “Can I deduct my golf club dues as a federal income tax … [Read more...] about Country Club Dues

There are many perceived benefits that come from being your own boss. If you work for yourself, as an independent contractor, or you carry on a trade or business as a sole proprietor, you are … [Read more...] about Tax Tips for the Self-Employed

Successful tax planning includes a review of your available deductions and the impact of your filing status on your option to itemize. It is important that all of the technical requirements for your … [Read more...] about 2012 Tax Planning – Maximizing Itemized Deductions