Just to show how big of a dork I am, I wanted to share a spreadsheet that I made in Excel originally, then realized it was simple enough to even be used as a Google Document. It’s set up to put in the asset information you have, then figure the MACRS depreciation based on the [...]
Expecting an income tax refund? You can find your IRS refund here. Have your social security number, filing status, and refund amount ready. You can find your Nebraska refund here. Have your social security number and refund amount ready. You can find your Iowa refund here. Have the tax year, social security number, and refund [...]
A lot of people are getting fired up talking about significant income tax reform. Everyday there is someone posting on Twitter about income tax being unconstitutional or that the founders would be rolling in their graves about it. While that may be a fair point, no one seems to offer a viable solution. It would [...]
The IRS, under a one-time relief program, will allow small tax exempt organizations that have not filed returns for 2007, 2008, and 2009 to keep their tax-exempt status if they file a return by October 15, 2010. They have also published a list of organizations that they expected to hear from, but have not heard [...]
U6NT3EMF5GSU Diana Coury (a self-employed insurance broker) found herself on the wrong side of the tax law when she deducted 100% of the expenses associated with the apartment she lived in as business expenses as well as 100% of her automobile expenses. However, considering her lack of documentation and testimony, it seems the IRS was [...]
Beginning in 2012 businesses will be required to report all payments in excess of $600 for services or merchandise to the IRS on form 1099, even payments to corporations. This was slipped into health care reform and is expected to raise $17 billion over the next 10 years (helping health care reform appear more revenue [...]
I have seen this exact error twice in the past two weeks when reviewing the prior year tax returns for new clients. Divorced parents swapping “claiming the kids” as part of the divorce settlement, trading 8332′s granting the exemption to the noncustodial parent. The prior year tax preparer totally left the second child off of [...]
Taxpayers who don’t itemize will benefit from an enhanced standard deduction if they have real estate taxes paid or sales tax paid on the purchase of a new vehicle. However, this enhancement does require a new piece of paperwork, Schedule L, to figure your standard deduction. It walks you through a series of questions to [...]
A report from the Straights Times indicates that President Obama has signed the relief for Haiti tax bill into law. While it was anticipated that he would sign it (making this not a great newsworthy event for my new blog), it’s nice to finally have this latest twist in the 2009 tax season settled and [...]
