6 June, 2013 | Tax Compliance
Form 1040X: The Amended Tax Return Having your tax lawyer revising your Form 1040, U.S. Individual Income Tax Return, is done if information reported on the form is incorrect and changes the tax calculation. Filing an amended return is the correct action to take if your original return is incorrect in the amount of income, filing status, number of dependents, deductions, or credits. T... CONTINUE READING
1 April, 2013 | Tax Compliance
Itemizing vs. Standard Deduction Each tax season taxpayers have to choose to between standard and itemized deductions. It is smart to compare the two methods, and pick the one that gives you the largest tax benefit. The following are some tax tips to help you choose. Know what the standard deduction is. If you choose not to itemize, you will automatically be given the standard deduction. The standard deduction amount is determined by your filing s... CONTINUE READING
14 March, 2013 | Tax Compliance
The Internal Revenue Service Disallows Child Tax Credits The Internal Revenue Services is strict when it reviews child tax credits. The tax law allows a deduction for each dependent the taxpayer is supporting. A dependent is defined as a qualifying child or qualifying relative under Section 152 (a). Section 152 sets strict standards as to who can be claimed as a qualifying child or qualifying relative. One of the requirements to be a qualifyin... CONTINUE READING
8 March, 2013 | Tax Compliance
New York State Filing Tips According to the New York State Department of Taxation and Finance, taxpayers tend to make several common mistakes every year. The following list is a way for you to double check so you can hopefully avoid simple filing errors with this tax help. Always file. Avoid the penalties and interest that occur when you file late.... CONTINUE READING
21 January, 2013 | Tax Compliance
Mileage Logs: Keeping records is not enough to guarantee tax deductions Every year the Internal Revenue Service issues optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Starting on January 1, 2013, the stand mileage rates for the use of an automobile are: 56.5 cents per mile for business miles driven 24 cents per mile driven fo... CONTINUE READING
IRS Tax Lien Subordination: In-Depth Guide IRS Tax Lien Subordination is a strategic solution for taxpayers facing federal tax liens who need to pursue financial opportunities lik...
