Monthly Archives: August 2011

Farm Income and Deductions

If you have a farming business, several tax issues can impact your tax situation. The following list includes some of those issues.

Posted in Client Education

Changes to 1099 Statements for 2011

For years, the IRS has had the ability to identify the gross sales of taxpayers from broker transactions, including security (reported on a 1099-B) and property sales (reported on 1099-S forms). However, these identified only the sales price, quantity sold

Posted in Client Education

Next Year’s Refund May Be Lower

Taxpayers accustomed to receiving a tax refund every year should be aware of the fact that there are two tax changes for 2011 that could impact their tax liability, possibly making the refunds anticipated next spring lower or even resulting

Posted in Client Education

Saving for Retirement

One of the earliest lessons in life is that actions have consequences, and approaching retirement age without a substantial nest egg is one of those consequences. But if you are in this situation, you are not alone, as millions of

Posted in Client Education

Tax Breaks for Charity Volunteers

If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing

Posted in Client Education

Don’t Be a Victim

The Internal Revenue Service is encouraging taxpayers to guard against being misled by unscrupulous individuals trying to persuade them to file false claims for tax credits or rebates.

Posted in Client Education

Was a Portion of Your Refund Withheld?

If the IRS kept all or a portion of your federal refund, it may be because you owe money for certain delinquent debts. If that is true, the IRS or the Department of Treasury’s Financial Management Service (FMS), which issues

Posted in Client Education

Determining the Taxability of Gifts

Most gifts are not subject to the gift tax, but here are some tips to help you determine whether your gift is taxable or if you are required to file a gift tax return.

Posted in Client Education