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Ten Tips to Help You Choose a Tax Preparer

Many people look for help from professionals when it’s time to file their tax return. If you use a paid tax preparer to file your return this year, the IRS urges you to choose that preparer wisely. Even if a return is prepared by someone else, the taxpayer is legally responsible for what’s on it. So, it’s

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Business changes in HIRE Act

The President recently signed into law the “Hiring Incentives to Restore Employment Act of 2010” (the HIRE Act, P. L. 111-47, 03/18/2010). The centerpiece of this Act is a payroll tax holiday and up-to- $1,000 tax credit for businesses that hire unemployed workers. In addition to these new hiring incentives, the HIRE Act also includes a one-year extension

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Key business changes in the Small Business Jobs Act

The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for businesses. Here’s a brief overview of the tax changes in the Small Business Jobs Act. Enhanced small business expensing (Section 179 expensing). To help small businesses quickly recover the cost of capital outlays, small business taxpayers can elect to write

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Highlights of the 2010 Tax Relief Act

On December 17, the President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 into law (the 2010 Tax Relief Act, PL 111-312). The major tax components of this important legislation are: A two-year deferral of sunset provisions in three previous tax laws. As a result of this deferral, through 2012: the

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Failed to file tax returns when due?

Nonfilers If anyone you know has failed to file tax returns when due, it’s important that they be aware of the ways to resolve such a problem. Many nonfilers missed a year for one reason or another, and now are afraid to re-enter the tax system. But in fact, taxpayers who file overdue returns on

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Retention of tax records

Clients have asked for guidance on how long you should retain your personal income tax records. These records may have to be produced if IRS (or a state or local taxing authority) was to audit your return or seek to assess or collect a tax. In addition, lenders, co-op boards, or other private parties may

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Deductibility of job-search expenses

If you or someone in your family is looking for a new job, you should be aware of the income tax deduction that may be available with respect to job-search costs. Qualifying expenses are deductible even if they don’t result in a new position being offered or accepted. What are job hunting expenses. Expenses of

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Employers may need to track pre- and post 6-30 FUTA taxable wages

Unless Congress takes action soon, the .2% federal unemployment tax (FUTA) surtax will expire effective July 1, 2011. An IRS spokesperson has indicated that if the surtax is not extended, employers will need to separately track FUTA taxable wages paid before July 1, and FUTA taxable wages paid after June 30. Background. Under Code Sec.

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Tax Audits

IRS will audit hundreds of thousands of individual tax returns this year. Although that represents but a small percentage of all returns filed, this is little consolation if your return is among those selected for audit. But with proper preparation and planning, you should fare well. The purpose of the audit is to verify items

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Medical expense deduction for weight-loss program

IRS recently issued new rules that make it easier to deduct the cost of a weight-loss program. This presents an opportunity for tax savings, and in some cases a tax refund, for those who participate in such programs. A weight-loss program is a deductible medical expense only if you participate in the program as treatment

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