Many taxpayers lose out on advantageous tax breaks because they are unaware that many things they own qualify for lower capital gain tax rates. Almost everything you own and use for personal or investment purposes is considered a “capital asset.” Some examples of things you may own that are capital assets are: 1. stocks and bonds held as investments; 2. …
Free Tax Return Help!
Need Help Filing Your Return, but Can’t Afford a Tax Prep Service? You May Qualify for FREE Tax Prep Assistance! If you need help filing your income tax returns, but think you cannot afford a tax preparer service, beware! Some tax preparation providers may offer you a lower fee or offer to take a percentage of your return amount – …
Tax Q & A – I Currently Can’t Pay the IRS because of an Economic Hardship
QUESTION: What happens if I owe the IRS money but after paying my living expenses/bills, I currently can’t afford to pay my tax liability? ANSWER: Depending on your particular situation, there are several options. If you are going through a financial hardship, the IRS may be willing to suspend collection activity to allow you the opportunity to get back on …
Tax Day Countdown Q & A
QUESTION: I Know My Tax Return is Due, but I Cannot Pay the Taxes…Should I Still File on Time? ANSWER: YES, YES, and YES! Even though you will not be able to pay the full amount of your taxes when you file your Income Tax Return, you should still file on time to prevent the 5% per month Late Filing …
Common IRS Letters and Notices
IRS Letter 525: General 30 Day Letter. This is a notice from the IRS informing you of potential mistakes concerning items on your tax return. These errors may be mathematical or clerical errors in preparing your tax return. This letter is accompanied by a report including the computations of their proposed adjustments. If you agree with the proposed adjustments, then …
IRS Audits and Letters…AUGH, what does this mean?!
If you just received a letter from the IRS, you may be freaking out and envisioning the IRS breaking down your door – swat team in tow – to raid your house for valuables to satisfy your tax debt. Before you shred the letter in hopes it will magically disappear forever, take a moment to educate yourself on what’s going …
Last Chance for 2010 Retirement Investment Planning
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
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
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?
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…
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