Tax News

October 17, 2010 12:00 am

When you sell stocks, art, or other assets you've inherited, what is your tax basis for determining gain or loss? The rules can be confusing, especially if you inherit property in 2010. General Rule ...

October 4, 2010 12:00 am

The IRS has announced the new rates used for reimbursing employees on a per diem basis for their travel to certain areas within the country. For simplicity, employers can use the rates fixed by the IR...

October 4, 2010 12:00 am

On 2010 returns, the amount of the adoption credit is up to $13,170, and it is fully refundable. Starting with 2010 returns, however, if you want to claim the credit for adopting a child, you'll need ...

October 4, 2010 12:00 am

Certain imported drywall (much of which comes from China and is referred to as Chinese drywall) has caused blackening or corrosion of electrical wiring and copper components in household appliances, a...

October 1, 2010 12:00 am

On September 27, 2010, the president signed into law the Small Business Jobs Act of 2010. The act contains $12 billion in tax cuts for businesses, small and large. Key tax provisions include: A ...

September 30, 2010 12:00 am

When you have a new baby, there are a number of special tax rules that apply to you. While they probably won't offset the cost of caring for your new family member, they will provide some tax relief. ...

September 17, 2010 12:00 am

The Small Business Jobs Act of 2010 passed the Senate on September 16, 2010, and is expected to pass the House soon and be signed into law. The Act contains $12 billion in tax cuts and is designed to ...

September 17, 2010 12:00 am

That's what one taxpayer hopes to argue before the U.S. Supreme Court. She has been representing herself in a tax case because she could not obtain legal counsel. She lost in the Tax Court and on appe...

September 16, 2010 12:00 am

With the school year beginning, now is a great time to focus on financial aid for your college-age dependents. If you are applying for financial aid for college for your child, you are required to com...

September 7, 2010 12:00 am

Coverdell Education Savings Accounts, or ESAs, were greatly enhanced by the Economic Growth Tax Relief Act of 2001 as a tax-advantaged way to pay for education. However, the provisions in that act are...

September 6, 2010 12:00 am

Retirement plans are primarily designed to provide income during retirement years. However, in tough economic times, individuals short of cash to pay for housing, medical costs, and other necessities ...

September 3, 2010 12:00 am

by Seymour Goldberg, CPA, MBA, JD A power of attorney (POA) is a vital part of an individual's overall estate plan. Many POAs are comprehensive in nature, but many POAs may leave out important financi...

August 30, 2010 12:00 am

Much attention is focused on federal income taxes. For many individuals, state income taxes also represent a substantial expenditure. For example, Hawaii has the highest state income tax rate of 11% o...

August 23, 2010 12:00 am

The interest rates paid on overpayments and underpayments remain the same in the fourth quarter of 2010 as they have been all year. Individuals will pay 4% on underpayments and receive interest of 4% ...

August 23, 2010 12:00 am

Some taxpayers expecting tax refunds take out short-term loans, called refund anticipation loans (RALs). Money is advanced to taxpayers to the extent of the refund they expect to receive, and the loan...

August 13, 2010 12:00 am

After more than 30 years, the opportunity for low-income workers to receive the earned income credit on an advanced basis has ended. Effective after 2010, eligible workers will have to wait until they...

August 9, 2010 12:00 am

According to one study, about 71% of employees have access to a 401(k) or similar plan at work, of which 77% currently contribute or have money invested in the plan. For many individuals, this is a pr...

July 30, 2010 12:00 am

The cost of vehicles purchased for business can be recovered by expensing (limits may apply), which provides a greater up-front write-off than depreciation claimed over a number of years. In one recen...

Tax-Advantaged Ways to Pay Back-to-School Expenses
July 29, 2010 12:00 am

According to the U.S. Census Bureau (www.census.gov/newsroom/releases/pdf/cb10ff-14_school.pdf), 27% of the population over the age of 3 is enrolled in school. In a few short weeks, children will be r...

July 26, 2010 12:00 am

Tax return preparers who prepare returns after December 31, 2010, will have to obtain a preparer tax identification number (PTIN) each year from the IRS, as provided by proposed regulations. The IRS a...

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Tax Glossary

Itemized deductions

Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.

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