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
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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