In America we know him as Crocodile Dundee, however Paul Hogan has become known for something else in his native Australia. According to the Australian Taxation Office(ATO), Hogan is the subject of a tax fraud investigation. The battle between Hogan and the tax authorities in Australia is not a new one, in fact this dispute has ... Read More
Tax Blog
Basic Guide for Taxes on Vacation Homes
Having a vacation home is an expense few families can afford. Understand the various tax breaks and possibility of making your vacation home pay for itself by renting it out to vacationers when you're not using it yourself, and the door of owning a vacation home is suddenly opened for a much larger population. Here's what you ... Read More
September Tax Review: Factors to Look at to Maximize Deductions
Here we are, more than half way through the year (where does the time go?!) and the time has come for a September 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, ... Read More
Be Cognizant of the Hobby Loss Rule in this Economy
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. Business or Pleasure? The hobby loss rule relates to business expenses used ... Read More
Guide to Keeping Financial Documents for Tax Purposes
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 ... Read More
2010 is the Year to Die: Understanding Changes to the Estate Tax
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 that the estate tax has lapsed. When owner ... Read More
Top 5 Democrats Who Have Had Back Tax Trouble
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 ... Read More
Is Khloe Kardashian Dashing Her Tax Bill?
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 ... Read More
Tax Preparers Must Be Registered in 2011
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 two competency ... Read More
Chris Tucker Owes the IRS…Again
Just about a 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 ... Read More
