Any Schedule C listing a loss is audit bait, especially if it looks like you were having a good time.
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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
………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,”……………
Tax Records Should You Keep
There are a few basic records that everyone should keep, according to the IRS, including documents that provide 
evidence of your income and expenses. In addition, if you own a home or have investments, the IRS recommends that you hang onto related records
10 Tax Breaks for Parents
by Jennifer Saranow Schultz
Wednesday, March 10, 2010
Wednesday, March 10, 2010
provided by
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
…converting a former personal residence into a rental property has some tricky tax implications that may come back to haunt you when you finally sell the property. And, as you will see, knowing your home’s fair market value on the day you convert it to a rental is very important.
Avoid an IRS tax audit / Activities on hit list
, On Wednesday February 17, 2010, 11:27 am EST
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 
LIST: Activities with highest odds of getting audited
2 weeks filled up MARCH 9-22
MARCH 9-22 ARE CURRENTLY UNAVAILABLE FOR IN-PERSON APPOINTMENTS. Will post updates if cancellations occur.
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 EST
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.
Annual-Review-Checklist page updated.
The new 2 page checklist and long version tax planner in printable pdf is now available. Please review your records prior to Annual Review appt.
NetWorthBasics.com 