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Expired Tax Breaks Renewed

At long last, Congress granted a reprieve for most of the expired tax provisions that had remained in limbo this year, but the late-breaking tax relief is only temporary. The new legislation – the Tax Increase Prevention Act of 2014 – restores these tax breaks retroactive to January 1, 2014. However the provisions expire again […]

IRS Urges Taxpayers to Choose a Tax Preparer Wisely

More than half of taxpayers hire a professional when it’s time to file a tax return. Even if you don’t prepare your own Form 1040, you’re still legally responsible for what is on it. A tax return preparer is trusted with your most personal information. They know about your marriage, your income, your children and […]

EA vs. CPA: Which is Right for You?

By Kayleigh Kulp Published March 26, 2012 FOXBusiness When trying to find a professional tax preparer, consumers face an alphabet soup of choices. Most people turn to the two well-known groups of licensed tax professionals: certified public accountants (CPA) and enrolled agents (EA). No matter the acronym after their name, the first step in your […]

Alimony in the Spotlight

Alimony is deductible by the person making the payments.  The receiving ex-spouse must report alimony as income on his or her tax return. Unfortunately, in a recent Treasury Department audit of tax returns, 47% of those that claimed to pay alimony did not have a matching tax return from someone that added the payment back […]

You May Now Need to File

With new tax laws beginning in 2014, a number of taxpayers who were not traditionally required to file a tax return may now need to do so.  Here are three new situations in 2014 that may require you to file a tax return. You have no medical insurance.  Beginning in 2014, if you are not […]

The Top 10 Reasons to Contact Your EA

Minimizing your taxes requires a year round effort. The following events will have an impact on your tax liability. In most cases, proper tax planning can minimize any negative tax consequences. Whenever a situation on this list occurs, call your EA.   Buying, selling or exchanging any real property (land or building), including converting your […]

Mid-Year Tax Planning – 2014

Tax Season 2014 has come and gone and now it’s time to think about tax planning for tax year 2014. Items which could impact your 2014 taxes include certain life events and expired tax provisions. Certain Life Events Have you recently had a birth, adoption or death in your family? Have you gotten married, divorced, […]

Time to Start Organizing Your Deductions

A deduction is an expenditure that will reduce your taxable income. There are two kinds of deductions: adjustments to income and itemized deductions. The adjustments to income are the better of the two, as they reduce adjusted gross income, or “AGI.” Itemized deductions reduce your taxable income. First, we will look at some adjustments to […]

Five Easy Ways to Spot a Scam Phone Call

The IRS continues to warn the public to be alert for telephone scams and offers five tell-tale warning signs to tip you off if you get such a call. These callers claim to be with the IRS. The scammers often demand money to pay taxes. Some may try to con you by saying that you’re […]

A new way to make payments to the IRS

Here is a link that allows you to make a payment on an IRS tax bill or estimated tax payments against a future liability that does not require you to register or pay a fee.  This is a great step for the IRS who had previously used a third party provider that cost the taxpayer […]