Early planning can make 2012 filing season easier
The new year brings a new tax filing season. Mid-April may seem
like a long time away in January but it is important to start
preparing now for filing your 2011 federal income tax return.
The IR...
Looking back: Top 10 federal tax developments of 2011
Looking back over 2011, the IRS, Congress and the courts made many
tax decisions impacting taxpayers of all types. Some tax
developments were taxpayer-friendly; others imposed new
requirements on taxp...
How do I...Claim a charitable contribution of property?
Claiming a charitable deduction for a cash contribution is
straightforward. The taxpayer claims the amount paid, whether by
cash, check, credit card or some other method, if the proper
records are mai...
January 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
FAQ: What is a tax return transcript?
Taxpayers can request a copy of their federal income tax return and
all attachments from the IRS. In lieu of a copy of your
return (and to save the fee that the IRS charges for a copy of your
ta...
How do I?… Claim the adoption tax credit
Adoptive parents may be eligible for federal tax incentives. The
Tax Code includes an adoption tax credit to help defray the costs
of an adoption. Recent changes to the adoption tax credit
make ...
Back-to-school look at education tax benefits
The start of the school year is a good time to consider the variety
of tax benefits available for education. Congress has been generous
in providing education benefits in the form of credits, deductio...
Tax measures large and small await Congressional action
Congress has returned to work after its August recess under a tight
deadline to reduce the federal budget deficit and also, possibly,
extend some expiring tax incentives. Between now and the
end...
IRS instructs auditors on economic substance doctrine
A transaction may comply with a literal reading of the Tax Code but
result in unreasonable tax consequences that are not intended by
the tax laws. To combat these transactions, the IRS has used for
ma...
Check status of a charity before making a contribution
Americans donate hundreds of millions of dollars every year to
charity. It is important that every donation be used as the donors
intended and that the charity is legitimate. The IRS oversees the
acti...
FAQ: Are summer camp costs deductible?
With school out for the summer, parents are looking for activities
for their children. The possibilities include sending a child to
day camp or overnight camp. Parents may wonder whether these costs
a...
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