Home-Energy Credits Get Reduced 1/1/2011

Credits are extended into 2011, but aren’t as much of an incentive.

Forget holiday door-buster sales. For big savings, some homeowners are actually buying themselves new doors for Christmas this year, in time to claim the government’s tax credit for home energy efficiency on their income taxes.

http://finance.yahoo.com/real-estate/article/111656/credits-for-energy-upgrades-reduced?mod=realestate-homeimprove

IRS Audit Red Flags: The Dirty Dozen

Here are 12 hot spots on your return that can raise the chances of scrutiny by the IRS.

1. Failure to report all taxable income. …………

2. Returns claiming the home-buyer credit. …………

3. Claiming large charitable deductions. …………

4. Home office deduction. …………

5. Business meals, travel and entertainment. …………

6. Claiming 100% business use of vehicle. …………

7. Claiming a loss for a hobby activity. …………

8. Cash businesses. …………

9. Failure to report a foreign bank account……………

10. Engaging in currency transactions. …………

11. Math errors. …………

12. Taking higher-than-average deductions. …………

IRS audits jump by 11 percent; wealthiest targeted

WASHINGTON – The Internal Revenue Service is making it a bit riskier to cheat on your taxes.

The tax agency increased the number of returns it audited by nearly 11 percent this year, statistics released Wednesday show. Wealthy taxpayers and big businesses were most likely to be targeted.

The IRS also stepped up audits of charities and other tax-exempt organizations. story

Mining for Gold in Old Tax Returns

Your old tax returns still have value.

Small-business owners looking for tax relief would be wise to review the past years’ filings, for a number of reasons. For one, there may be opportunities to amend your returns to receive tax refunds, which could provide some much-needed cash. And for another, old filings can remind you of carryovers and other deductions that you can plan to take this tax year.

Call us now for a free review of your last 3 tax filings.

TEA

CL_ad_mugSales Tax
Hotel Tax
School Tax
Liquor Tax
Luxury Tax
Excise Taxes
Property Tax
Cigarette Tax
Medicare Tax
Inventory Tax
Car Rental Tax
Real Estate Tax
Well Permit Tax
Fuel Permit Tax
Inheritance Tax
Road Usage Tax
CDL license Tax
Dog License Tax
State Income Tax
Food License Tax
Vehicle Sales Tax
Gross Receipts Tax
Social Security Tax
Service Charge Tax
Fishing License Tax
Federal Income Tax
Building Permit Tax
IRS Interest Charges
Hunting License Tax
Marriage License Tax
Corporate Income Tax
Personal Property Tax
Accounts Receivable Tax
Recreational Vehicle Tax
Workers Compensation Tax
Watercraft Registration Tax
Telephone Usage Charge Tax
Telephone Federal Excise Tax
Telephone State and Local Tax
IRS Penalties (tax on top of tax)
State Unemployment Tax (SUTA)
Federal Unemployment Tax (FUTA)
Telephone Minimum Usage Surcharge Tax
Telephone Federal Universal Service FeeTax
Gasoline Tax (currently 44.75 cents per gallon)
Utility Taxes Vehicle License Registration Tax
Telephone Recurring and Nonrecurring Charges Tax
Not one of these taxes existed 100 years ago, & our nation was the most prosperous in the world. We had absolutely no national debt

Nearly half of US households escape fed income tax

If, as the following AP excerpt says, the top 10% of earners pay 73% of income taxes, do you think they are rushing out to invest in America ?….expand their businesses & hire people ?…or look for other opportunities ? , P

Couple doing their taxes (Corbis)

ap

………It is a system in which the top 10 percent of earners — households making an average of $366,400 in 2006 — paid about 73 percent of the income taxes collected by the federal government.

The bottom 40 percent, on average, make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment.

“We have 50 percent of people who are getting something for nothing,”……………

Health Care Reform: Tax Hikes

Here are 13 changes in the massive overhaul that could impact your tax bill, for better or worse.

The new health care reform law is chock-full of new taxes and tax increases that will affect many individuals and businesses, but it will be years before most of these hikes take a bite out of your — or your company’s — wallet. The law also has tax breaks to help both individuals and small businesses pay for insurance.

e.g:https://i1.wp.com/api.ning.com/files/yx8XQXP*LN0qLlcf*CYSbPJ8zTmIzfTOxalRvl5KWv4rpy3nKzZqT7ykhCzumuVTyCVEZ9OkjvKd-O90pXpFyN4-WU0YR1hy/OBAMA_TAX_Large.jpg

9. A hike in the 7.5% floor on itemized deductions for medical expenses to 10%, beginning in 2013. ….

10. A new 40% excise tax, beginning in 2018, on high-cost health plans,…

11. A new tax on individuals who don’t obtain coverage…starting at the greater of $95, or 1% of income, in 2014, and rising to the greater of $695, or 2.5% of income, in 2016.

10 Tax Breaks for Parents

by Jennifer Saranow SchultzTax forms. (Justin Sullivan/Getty Images)
Wednesday, March 10, 2010

provided by

The New York Times

There’s one benefit to having children besides the joy they can bring you: tax breaks.

CCH, a provider of tax information and services, released a list this week of ten ways the tax code benefits parents by helping to defray th e costs of raising and educating children. Here’s the list from CCH

Converting Your Home Into a Rental: Tax Matters

Want Lower Taxes? Turn Back the Clock

Avoid an IRS tax audit / Activities on hit list

, On Wednesday February 17, 2010, 11:27 am ESTcnnmoney

Worried about a tax audit? Maybe you should be. More Americans than ever may be subject to unwanted attention from the Internal Revenue Service this season as the government pumps billions of dollars into tax collection.



Related irs%20tax%20audit%20california%20tax%20attorney%20resolve%20irs%20tax%20problem.jpg

LIST: Activities with highest odds of getting audited


IRA minimum distributions table

Tax law requires individual retirement account holders to begin taking out at least minimum amounts, known as RMDs, from their accounts once they reach age 70½. Technically, that means the IRA money must start coming out in specific increments no later than April 1 following the year you reach that age.

The exact distribution amount changes from year to year. It is calculated by dividing an account’s year-end value by the distribution period determined by the Internal Revenue Service.   click here for table

Its gotta come from somewhere $

, On Tuesday February 2, 2010, 2:38 pm ESTusnews

If you’re hoping that tax hikes on the rich will solve America’s debt crisis, you’re overestimating the power of the wealthy.

President Obama’s budget proposal would raise taxes on upper-income earners by $969 billion over the next 10 years, yet the federal debt would continue to explode. To boost government revenues further, he’d raise an additional $122 billion from multinational firms, $90 billion from banks, $37 billion from oil companies, and $24 billion from hedge funds and private-equity firms. All told, that’s nearly $1.2 trillion. And it would barely make a dent. We’d still have huge deficits, and the national debt would keep growing.https://i2.wp.com/media3.washingtonpost.com/wp-srv/photo/gallery/091029/GAL-09Oct29-2968/media/PHO-09Oct29-184574.jpg