IRS Burns Kirk Herbstreit's Donation of Home to Fire Department

IRS Burns Kirk Herbstreit’s Donation of Home to Fire Department It is increasingly common for wealthy people to buy an existing home in a desirable neighborhood and immediately tear it down and build a larger “McMansion” on the property.  But did you know that it may be possible to get a tax deduction for the value […]

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Homebuyer tax credit might be extended today — maybe

By Holden Lewis · Bankrate.com Wednesday, June 30 Posted: 11 am ET An extension of the homebuyer tax credit could be passed and signed into law today. It’s not a sure thing, because now the ball is in the court of a dysfunctional Senate. Yesterday, the House passed a three-month extension of the deadline to […]

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The IRS to go into health insurance enforcement business in 2014

By Sandra Block, USA TODAY The IRS processed more than 230 million tax returns last year, paid 127 million refunds and received about 68 million phone calls. The agency is responsible for enforcing a tax code that, at 71,000 pages, makes Anna Karenina look like a comic book.Starting in 2014, the agency will have another […]

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Four Facts Every Parent Should Know about Their Child’s Investment Income

The IRS wants parents to be aware of the tax rules that affect their children’s investment income. The following four facts will help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate. 1. Investment Income Children with investment income may have part or all of this […]

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Four Steps to Follow If You Are Missing a W-2

Getting ready to file your tax return?  Make sure you have all your documents before you start. You should receive a Form W-2, Wage and Tax Statement from each of your employers.  Employers have until February 1, 2010 to send you a 2009 Form W-2 earnings statement. If you haven’t received your W-2, follow these […]

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Let's Talk About Fees

How much do you charge for tax returns? This is the one of the most asked questions at the beginning of each tax season – and often one of the hardest to answer on an individual basis – the reason is that it all depends on time spent. Our answer is that we charge based […]

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Ten Facts About Claiming Donations Made to Haiti

Ten Facts About Claiming Donations Made to Haiti If you are donating to charities providing earthquake relief in Haiti, you may be able to claim those donations on your 2009 tax return. Here are 10 important facts the Internal Revenue Service wants you to know about this special provision. A new law allows you to […]

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Homebuyer Tax Credit

New Homebuyer Credit Form Released; Taxpayers Reminded to Attach Settlement Statement and Other Key Documents For these and other videos: YouTube/IRSVideos WASHINGTON — The Internal Revenue Service today released the new form that eligible homebuyers need to claim the first-time homebuyer credit this tax season and announced processing of those tax returns will begin in […]

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