Monthly Archives: May 2011

What Are the Chances of Being Audited?

Out of 142,823,105 total individual income tax returns filed in 2009, 1,581,394 were audited. This works out to roughly 1.1%, a bit higher than the 1% rate for the previous year. But the overall audit percentage can be misleading because certain types of returns are audited more frequently than others.

Posted in Client Education

Is Your Credit Rating Correct?

Why do you care?  Well for starters, people with a better credit rating enjoy significantly lower interest rates that can add up to thousands of dollars less in interest payments over the term of the loan.  For example, a fixed

Posted in Client Education

Can You Write Off a Bad Debt?

Most small businesses have receivables that cannot be collected.  These receivables can be from the sale of products, providing services to customers, or a combination of the two.

Posted in Client Education

Credit for Sending Kids to Day Camp

With summer just around the corner, there is a tax break that working parents should know about.  Many working parents must arrange for care of their children under 13 years of age during the school vacation period.  A popular solution

Posted in Client Education

Avoiding The “Kiddie Tax”

To prevent parents from placing investments in their children’s names to take advantage of the child’s lower tax rate, Congress created, several years back, what is referred to as the “Kiddie Tax”.  Under the Kiddie Tax, a child’s investment income in excess

Posted in Client Education

Ready to Toss Those Old Records?

Now that your taxes have been completed for 2010, you are probably wondering what old records can be discarded.  If you are like most taxpayers, you have records from years ago that you are afraid to throw away.  It would

Posted in Client Education