The Dreaded IRS Audit: Will Your 2010 Tax Return Get Flagged for an Audit?

In Tax Planning by Daniel Friedel

With “Tax Day” right around the corner, most people are scrambling to put together and file their 2010 tax return before April 18, 2011 (yes, the IRS has graciously provided us a few extra days this year).   Accordingly, I have put together some information and pointers to help you decrease your chances of having the IRS audit your return. “Red …

Tax Relief or Grief? A Breakdown of Obama’s Tax Cuts

In Tax Planning, Uncategorized by Daniel Friedel

With just a few weeks remaining in 2010 (marking the expiration of the Bush-era tax cuts), President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. With tax season quickly approaching, a lot of Taxpayers are left wondering, what kind of “relief” can I expect from this Tax Act?  In essence, the Tax …

Last Chance for 2010 Retirement Investment Planning

In Estate Planning by Daniel Friedel

There are still a few weeks left to take advantage of tax-saving opportunities for 2010 retirement planning.  2010 is a great year to implement or    modify your retirement investments.  The expanded availability of Roth IRAs, coupled with preferential income recognition opportunities for rollovers and other changes making regular IRAs more attractive, provide a savings incentive for retirement planning.   Below is …

November Elections and Your Taxes…The Possibilities are on the Table

In Florida Tax Issues, Tax Planning by Daniel Friedel

With the results of the November elections still looming, taxpayers are left with an uncertain tax future as Bush’s tax cuts remain in a state of uncertainty.  Although legislative action to extend or modify the Bush-era taxes seem non-existent, the President still refuses to throw tax reform out the window. With a month and a half left before our tax …

Florida Tax Issues for Voters – November 2010 Elections

In Florida Tax Issues, Tax Planning by Daniel Friedel

With just over a week left before Election Day, I encourage voters to become more acquainted with the candidates and issues they will be confronted with on the ballot.  Because most ballot initiatives are written in what resembles either a foreign language or horrific grammatical capabilities, I’ve compiled a brief synopsis of the tax issues that will be presented to …

Cuba…The Next Overseas Tax Haven?

In Tax Planning by Daniel Friedel

Cuba Announces New ‘Small Business Friendly’ Tax Code Cuba yesterday announced a new tax code that it claimed was friendlier for small business, as thegovernment struggles to build a larger private sector within the state-run economy. Hmmm…maybe Castro is trying to capitalize on US’s uncertain tax future…

Will You Pay Higher Taxes in 2011?

In Tax Planning by Daniel Friedel

Lack of congressional action on 2011 income taxes may force the Treasury Department to make unprecedented moves to prevent U.S. workers from seeing large tax increases in their January paychecks. The issue: 2011 tax-withholding tables. Treasury officials usually release the tables, which determine the take-home pay of millions of wage-earners, by mid-November because it takes payroll processors weeks to adjust …

2010 Capital Gain Rates – 4 Months Left to Cash in on the Lower Rates!

In Tax Planning by Daniel Friedel

For tax years 2009 and 2010, long-term capital gains taxes are eliminated for some low- and moderate-income individuals. This zero-tax break will end Jan. 1, 2011, when all capital gains rates revert to pre-2003 levels, unless Congress extends the current law. Ordinary income tax bracket Long-term capital gains rate by tax year 2007 2008, 2009 and 2010 2011 10 percent …

Estates May be Given Choice Between 2009 & 2010 Estate Tax Law

In Estate Planning, Tax Planning by Daniel Friedel

Wall Street Journal, Estate Tax Choice May Be In Works For 2010 — Treasury Official, by Martin Vaughan: The estates of those who died this year might be allowed to be taxed as if they died in 2009, in order to resolve a problem created by the repeal of the estate tax, a Treasury Department official said. Allowing those estates to …

IRS Incorrectly Records 73,000+ Purchase Dates for Taxpayers Claiming the First-Time Homebuyer Credit

In Tax Planning by Daniel Friedel

Those of you lucky enough to take advantage of the First-Time Hombuyer Tax Credit might be getting a not-so-lucky tax assessment.  Somehow the IRS managed to record the wrong purchase date for 73,000+ homebuyers cashing in on the credit. This IRS screw-up could be costly for the unfortunate taxpayers affected.  When the First-Time Homebuyer’s Tax Credit appeared in 2008, it …