Monthly Archives: May 2012

Is Your Child a Full-Time Student?

If you have a qualified child you can claim an exemption for that child on your tax return, which results in a $3,800 deduction for 2012 (up from $3,700 in 2011). Depending upon your tax bracket, that deduction can produce

Posted in Client Education

Identity Theft & Tax Fraud

Cyber criminals have been using stolen identities to file tax returns and obtain fraudulent refunds. Tax preparers have reported an increase in e-file rejections because the taxpayers’ or their children’s SSNs have already been used in a previously e-filed return,

Posted in Client Education

Read This Before Tossing Old Records

Now that you’ve completed your taxes for 2011, 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. To determine how

Posted in Client Education

Deducting Your Business Website

With the explosion of online businesses, one would think that there would be a standard method of deducting the cost of your business website.  But some questions still exist as to what part of a website is considered software, and

Posted in Client Education

Is Your Hobby a For-Profit Endeavor?

The tax treatment for a hobby is substantially different than it is for a business, which sometimes makes it difficult to distinguish one from the other. The IRS provides appropriate guidelines when determining whether an activity is engaged in for

Posted in Client Education

Employee or Independent Contractor?

The distinction has significant implications for both the employer and the employee. Employers like to treat individuals as independent contractors because they avoid having to match the employees’ payroll tax, pay benefits, pay unemployment insurance, etc. This results in a

Posted in Client Education