Secrets to Surviving a Tax Audit
Being audited? You need help! The most important help I can give you is to adjust your mental state. Then maybe, just maybe, you can listen to some good advice about not just surviving, but enjoying and possibly flourishing in a tax audit. That’s right, enjoy it as it should be a learning (read on...)
A Tax Enquiry Could Cost a Client Their Business
When I started in the profession 20 years ago, things were very different. A letter was received suggesting all is not as it might be with a set of accounts. The senior manager in the office would call the inspector at the local office and talk it over. The matter would probably be resolved by (read on...)
A History of Taxes – Part 2
Taxes and Romans Finally moving away from the Greeks, we now come to the Romans. Scholars often refer to Roman taxation as “more or less organized robbery” and Roman tax men as “a band of robbers.” But Roman taxation was not always bad. There was a two hundred year period (read on...)
A History of Taxes – Part 1
Taxes and Ancient Egypt Ancient Egypt was not a land of cruel taskmasters and oppressed slaves – that’s the impression we get from the story of Moses – which came at a time of unrest in Egypt. Modern translations of hieroglyphics indicate that life in ancient Egypt was usually (read on...)
Deducting 529 Plan Losses
Thanks to their beneficial tax treatment, qualified tuition programs (QTPs – commonly referred to as 529 plans) have become the plan of choice for many taxpayers trying to save enough money to cover the ever-escalating costs of getting their child or grandchild through college. Over the (read on...)
Business Benefits of the Stimulus Act
As you have probably heard, the recently enacted Economic Stimulus Act of 2008 (Stimulus Act) provided tax rebates for millions of individuals. The Stimulus Act also provides some generous tax breaks for businesses, particularly small and medium size businesses. These business provisions are (read on...)
Congress Extends Numerous Tax Breaks
The recent Tax Extenders and AMT Relief Act of 2008 (Extenders Act) provides extensions for several popular tax breaks and the addition of several new relief provisions, including disaster-area tax relief. Following is an overview of some of the key provisions for individuals and business owners (read on...)
Changes to the Home Sale Gain Exclusion
Many taxpayers bought a second home, such as a vacation home, with the intention of later converting the second home into their principal residence. Under pre-2008 Housing Act law, those taxpayers could have excluded up to $250,000 ($500,000 for certain joint filers) upon a later sale of that (read on...)
How You Cheat Yourself on Taxes
Tax time rolls around and what do you do? You complain about the amount of tax you pay to the federal and state government. This is a time honored tradition among Americans, but you might be surprised to learn that some of the fault is your own. The tax code is big and complex. This goes without (read on...)
Finding the Right Tax Advisor at the Right Price
Where to Find a Tax Professional There are several ways to find a good tax professional. Asking the IRS is not one of them. What works? Personal referrals. This is frequently the best source. Ask friends, relatives, and acquaintances whose judgment you trust for the names of tax professionals who (read on...)