Archive for the ‘Personal Tax’ Category

Did You Win at March Madness? Remember to Pay Uncle Sam

Tuesday, April 12th, 2011

If your NCAA college basketball bracket brought you some winnings, remember that your earnings count as taxable income, and you’ll need to report it when you file your 2011 taxes. (more…)

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Should I Pay Taxes Now or Later for My Roth IRA?

Wednesday, March 30th, 2011

If you took advantage of last year’s law change allowing you to convert your IRA to a Roth IRA, you face a big all-or-nothing tax payment decision on April 18: pay the taxes on your pretax contributions and gains in 2010, or split the tax bill between 2011 and 2012. (more…)

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How can you avoid a tax audit?

Thursday, February 10th, 2011

There really is no way to totally prevent an IRS audit of your business income tax return. However, there are things you can do to lessen the chances. Here are a few tips published recently by the Wall Street Journal. (more…)

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How will selling a house from an estate impact my taxes?

Thursday, January 20th, 2011

Dear Drebit:

My mother passed away October 30, 2009. She left my brother and me her house, which has just been released from probate court. We have someone wanting to buy it and we would split around $140,000. What kind of taxes do we face? The house is in SC. I would appreciate your help. (more…)

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What Will You Do With Your Two Percent Salary Increase?

Monday, January 17th, 2011

When Congress passed the Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010 during the lame duck session late last year, one element of the bill puts more money in the pockets of employees through a one-year cut in Social Security taxes. (more…)

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Donating to Charity from Your IRA? Seniors Get 2010 Deadline Extension

Friday, January 7th, 2011

As part of the recently passed tax extensions, Congress extended, once again, the popular IRA rollover to charity provision – but with a twist. (more…)

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What Tax Deductions and Credits Have Been Renewed for Individuals?

Monday, December 27th, 2010

Part of the recently passed Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 has extended many popular deductions and credits for individual taxpayers through 2012.  Many of these are part of the list of tax “extenders” that Congress has temporarily extended (usually at the last minute) for the last several years.  These provisions benefit taxpayers at various income levels. (more…)

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How does the new estate tax work?

Wednesday, December 22nd, 2010

Congress has finally gotten around to fixing the federal estate and gift tax, even if they are a full year late and have made only temporary rules for the next two years.  The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 revives the estate tax for 2010 and makes a number of other changes for 2011 and 2012. (more…)

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What do the tax extensions mean to me?

Monday, December 20th, 2010

On Friday, December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (HR 4853) after the compromise bill worked its way through approval by both houses of Congress. The new law contains a number of extensions of popular tax provisions for individuals, businesses and estate/gift taxes. Below is a quick roundup of the provisions for individual taxpayers. We will outline business provisions in a separate post. Most of the provisions below are scheduled to sunset in some way on 12/31/20112. (more…)

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Isn’t Extending the Bush Tax Cuts A Temporary Fix?

Friday, December 17th, 2010

While some may be breathing a sigh of relief now that the brokered tax package has passed through Congress and is being signed by President Obama, others among us are becoming increasingly alarmed at the “temporary” nature of our tax laws – and the impact these temporary fixes will have on our long-term planning. (more…)

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Can medical residents and their employers get FICA refunds?

Friday, August 20th, 2010

If you were a medical resident between the late 1990s and 2005, the IRS may owe you a FICA tax refund. The same is true for medical colleges and teaching hospitals that employed residents during this time.

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Is it time for your six month financial check-up?

Friday, August 6th, 2010

It’s hard to believe, but 2010 is already half-way over.  How are you doing at hitting your financial goals for the year, and are you taking advantage of the tax benefits this year is bringing? It’s time to consider a six-month financial check-up. Here are some items to consider for the remainder of the year. (more…)

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Can my Summer Day Care Expenses Earn a Tax Credit?

Monday, July 26th, 2010

Arranging summer day care for your children can be challenging, but knowing those expenses may be tax deductible may help. The IRS recently shared some tips regarding the tax credit available for child care of children under age 13. (more…)

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