Here we are, about half way through the year (where does the time go?!) and the time has come for a mid-year tax checkup.  If you’re like most people, you’ve put last year’s tax filing behind you by now, and the last thing you want to do is bring up bad memories by looking at the current year’s tax situation!  The thing is, if you spent some time reviewing your financial and tax situation now, you could make filing your taxes as the end of this year so much easier and less stressful
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Since the recession began, a number of new businesses started to supplement or substitute incomes during situations of job loss. It is important for these small businesses and their owners to be cognizant of the hobby loss rule instituted by the IRS.

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Part of being a diligent taxpayer includes keeping proper documentation. One rule to good organization is keeping up with your tax related documents as soon as you are done with them. There are some documents that need to be kept for years and other that can be tossed away as soon as you have finished using them. Acting immediately can help cut down on the clutter and the disorganizations. By filing away paperwork as you handle it and digitizing documents if necessary, you will be more likely to be able to find exactly what you are looking for at the time that you need it. One in particular time of importance is tax time. Without the proper documentation to back up your figures, you cannot get the maximum deductions and tax credits on your income tax return.

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If you got a lot of cash, this may be your year to kick the bucket. 2010 is a year in which Congress has permitted the estate tax to slip which means heirs to a fortune will be receiving their inheritance without having to pay the government. This is the first time in nearly 100 years the estate tax has lapsed.

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Taxes have been the bane of many American’s existence since way back. With the current state of the economy and budgetary concerns of state governments, tax relief is not in the cards any time soon on a large scale but there may be some highlights on a smaller scale.

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With the Bush tax cuts set to expire and a Democratic led congress at work, America could potentially see a tax increase of $115 billion for the next year- a scenario of minute desirability to anyone, especially when juxtaposed with the present economic climate. From higher income taxes and individual state taxes, to halved child care tax credits and expired IRA conversion rules, congress seems notably out for a change.  While democrats remain firm that higher taxes could actually help the economy, contribute to public works and decrease the deficit to lead to a “balanced” budget (realistic?), some of the most notable and influential of their leaders appear to be a bit hypocritical. How so? Let’s take a look: Read more »

The US Government has been charged with the task of setting the American people back to work after the devastating effects of the financial crisis. The Government recognizes that massive unemployment only exacerbates the situation and so it has tried to come up with initiatives to stimulate employers to hire additional staff or to retain existing ones. The HIRE Act and the Payroll Tax Exemption are two such initiatives and the following questions provide answers to several consistently gray areas.

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Between her two reality TV shows, clothing store DASH, and LA Laker husband Lamar Odom,  Khloe Kardashian has still somehow managed to score herself a tax lien. Last time I checked, reality TV, luxury retail, and basketball all pay pretty well, but apparently just not well enough. Either that, or Khloe is just another celebrity who thinks messing around with the IRS is no big deal.

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Beginning in 2011, the Internal Revenue Service will be changing the rules for tax preparers who are paid to complete and file an individual or a business tax return. The IRS will require all paid tax preparers to register with the agency and take tests of competency and pass successfully. The only caveat is that 2 competency exams do not need to be passed until December 31st, 2013. This new regulation is a national measure meant to raise the standards of companies that provide tax preparation and filing services. The move is the largest change to ever affect the industry.

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Just about one year ago, we reported on funny guy Chris Tucker owing over 3 million in back taxes. You’d think that his reported $20 million ‘Rush Hour 2’ and $25 million ‘Rush Hour 3’ paychecks would have had him more than able to pay off the bill, but apparently his taxing situation has only gotten worse. Recent reports have appeared, and Tucker allegedly now owes over $11.5 million in back taxes to the IRS from years 2001, 2002, 2004, 2005 and 2006. Of course, the IRS has had enough, and clearly consider Tucker’s actions regarding his taxes to be far from funny.  Filing a tax lien against him on July 27^th in L.A., these guys are not messing around.

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