Tax News

November 8, 2009 12:00 am

If you're so inclined and can afford to share your wealth, the tax law will reward you. Due to the recession, many charities are reporting that giving is down and your contributions are needed now mor...

November 2, 2009 12:00 am

Generally, when a creditor (lender) agrees to accept less than the full amount owed, the amount forgiven is cancellation of debt income to the debtor (borrower). Unless the debtor is insolvent or in b...

November 2, 2009 12:00 am

The government believes that some wealthy individuals stash funds abroad and engage in complex transactions as a way to hide income and evade taxes. An amnesty program for individuals to report their ...

October 25, 2009 12:00 am

A tax credit is a valuable write-off. It reduces your tax bill dollar for dollar. Now, there is a growing number of federal tax credits that you can use that will pay you money even if the credit is m...

October 12, 2009 12:00 am

Treasury Secretary Geithner announced the administration’s steps to make it easier for individuals to save for retirement. These steps do not require congressional action. Instead, the IRS has i...

October 9, 2009 12:00 am

Roth IRAs offer the opportunity to build up tax-free income for your future. You can use this income in retirement at no tax cost or leave the money as a tax-free inheritance for your spouse, children...

September 2, 2009 12:00 am

According to the Summer 2009 Statistics of Income Bulletin, there were about 23.1 million individual income tax returns that reported nonfarm sole proprietorship activity for 2007. This represents a 4...

September 1, 2009 12:00 am

As you or family members return to the classroom, remember that federal income tax breaks may help you pay for tuition and other costs of education. As a result of the American Recovery and Reinvestme...

August 7, 2009 12:00 am

The IRS has warned consumers to steer clear of any identity theft scams that use the IRS name, logo, or website to convince them that the communication comes from the government. The scammers want you...

August 7, 2009 12:00 am

With tax rates almost certain to rise in coming years, now is a good time to focus in on tax-free income. The tax law has many situations in which you can receive income on a tax-free basis. Here is a...

July 29, 2009 12:00 am

Typically, an employer reimburses employees for company travel and entertainment expenses. When they do so under an accountable plan, the reimbursements are not taxable to employees (or even reported...

July 8, 2009 12:00 am

Despite the fact that the stock market may have depressed the value of your 401(k) account, you may still hold substantial wealth there. When you leave the company because you're changing jobs, being...

June 30, 2009 12:00 am

When you engage in an activity without having a profit motive, deductible losses from the activity each year cannot be greater than income from the activity. The IRS has now released an audit techniqu...

June 29, 2009 12:00 am

The value of vacation properties, like the value of principal residences, has fallen on average by 25% in this dismal housing market. The number of sales has plummeted as potential buyers are squeeze...

June 25, 2009 12:00 am

Homeowners at risk for defaulting on their mortgages may qualify for pay-for-performance payments under the Home Affordability Modification Plan (HAMP), a program that is part of the Homeowner Afforda...

June 17, 2009 12:00 am

The American Recovery and Reinvestment Act of 2009 created a new deduction for state and local sales and excise taxes paid on the purchase of a new motor vehicle. But what if you live in Alaska, Delaw...

June 9, 2009 12:00 am

When school is out, what do your children do? Parents may send children to summer camp or special school programs or make other child care arrangements. Some older children may go to work. There may ...

June 8, 2009 12:00 am

In today's real estate market, while prices and mortgage rates have come down, many potential buyers still cannot qualify for a mortgage. If you're selling a home, consider becoming the "banker" and h...

June 7, 2009 12:00 am

Changes in the tax law provide several breaks for purchasing a new vehicle. These changes, combined with dealer incentives, make it a great time to purchase a vehicle. As your car ages, decide whethe...

May 19, 2009 12:00 am

In February, the president announced his $3.6 trillion budget for the 2010 fiscal year for the federal government. Now, he has fleshed out some of the income tax changes that are key to his budget; bo...

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Tax Glossary

Cash method of accounting

Reporting income when actually or constructively received and deducting expenses when paid. Certain businesses may not use the cash method.

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