Laura Sanders of the Wall Street Journal gives a rundown of some of the important tax changes for 2010 in Taxes – April 18 (Yes, that’s right) Is Coming Up: Here are [some major] changes affecting 2010 returns. First-time homebuyer tax credit: There have been several versions of this credit, but most taxpayers who claimed it for [...]
Tags: Individual Taxation · Tax Tips
CPA tax blogger Joe Kristan has written a rejoinder to Wandering Tax Pro Robert Flach, our favorite non-CPA, non-Enrolled Agent, non-lawyer, non-anything-that-requires-licensing-testing-and-accountability tax preparer: Robert D. Flach has put up another one of his occasional posts where he beats up on my profession: Don’t assume that because a person has the initials “CPA” after his name he [...]
Tags: Business advice · Individual Taxation · Regulation of Tax Preparers
One of the more talked about provisions of the tax bill signed into law yesterday by President Obama is the temporary payroll tax reduction. WebCPA reports that the IRS has already issued guidance on the relief measure: Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation [...]
Tags: Employer Issues · Individual Taxation · IRS procedure
The Associated Press reports that the IRS is intensifying and expanding its tax return audit program: The IRS is making it a bit riskier to cheat on your taxes. The tax agency increased the number of returns it audited by nearly 11 percent this year, statistics released Wednesday show. Wealthy taxpayers and big businesses were most likely to [...]
Tags: Individual Taxation · IRS Audits · IRS Penalties · IRS procedure · Tax Crimes
I got unduly excited when I read the following headline in the Journal of Accountancy: IRS Rules That Mortgages Over $1 Million Can Be Deductible Great, I thought. Now my heart surgeon client with a $2 million dollar home mortgage can deduct all of his interest. The taxosphere seems to have shared my excitement. See James Maule’s [...]
Tags: Court Cases · Deductible Expenses · Individual Taxation · IRS procedure · News
Kay Bell takes a look at who pays federal income taxes in Where Does Your Taxable Income Rank: Kiplinger took 2007 tax data (the most complete available) from the IRS and created an online calculator to show you where your income ranks compared to the rest of U.S. taxpayers. I ran some various incomes through [...]
Tags: Individual Taxation · Politics of Taxes · Tax Policy
From Paul Caron, here is yet another study that shows that the rich pay a highly disproportionate share of federal taxes. Of course, we shouldn’t expect this study to change the minds of the soak-the-rich crowd when the 50 studies preceding it that said the same thing were insufficient to do the trick. Instead, the pro-tax crowd will attempt to diminish the sincerity and [...]
Tags: Individual Taxation · Politics of Taxes
