Settle Your Tax Debt for Pennies on the Dollar – If It Sounds Too Good To Be True, It’s Probably a Scam!

In Uncategorized by Daniel Friedel

FTC Shuts Down American Tax Relief Scam New York Times, FTC Says Company Promised Tax Relief but Failed to Deliver: Who wouldn’t like to settle with the IRS for pennies on the dollar? In recent years, some 20,000 people have turned to American Tax Relief of Beverly Hills, Calif., to do just that after seeing the company’s advertisements on television, …

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 …

Asbestos, Acutane, Vioxx, Paxil Settlement? You may need a Tax Attorney!

In Tax Planning by Daniel Friedel

We have all seen the ads for asbestos exposure and “bad” prescription drugs… “have you or someone you know taken the drug Acutane… if so, you may be entitled to cash compensation… call 1800-bad-drug…” So what are the tax consequences of receiving compensation for your damages? Well, it depends… Some damages and settlement proceeds are tax exempt under IRC § …

Throw Momma From Her Private Jet–Not From The Train

In Estate Planning, Tax Planning by Daniel Friedel

New York Times columnist Paul Krugman famously  dubbed the Bush 2001 tax cuts the “Throw Momma From The Train Act”, because the estate tax was eliminated for just one year—2010. But as 2010 grinds on without a federal estate levy, it’s becoming clear that Krugman got it wrong.  Any Momma who would ride the rails (even the pricey Acela) probably …

Free at Last…Cost of Goverment Day 2010

In Tax Planning by Daniel Friedel

With the rising deficit and a substantial economic strain on our Government, it is not terribly surprising that our Government’s financial woes tickle down, resulting in a larger financial burden on Americans. August 19th marked the “Cost of Government Day” for 2010.  This is the day the average American has earned enough gross income to pay off his or her …

Bush Tax Cuts Expire in 2010…Will You Pay Higher Taxes?

In Estate Planning, Tax Planning by Daniel Friedel

No one wants to be taken by surprise with a super high tax bill for 2011.  With only four months remaining until the expiration of Bush’s tax cuts enacted in the 2001 EGTRRA Bill, a lot of Taxpayers are holding their breath while they scramble to plan for a wide range of alternatives. We are likely to see one of …