5 tax myths (part 2)
Thursday, June 7th, 2012
Last time, we talked about tax myths regarding investments such as your house, business assets, and financial instruments. The mantra, “Don’t let the tax tail wag the dog,” applies to many decisions. Tax impact should be a consideration, but not the most important factor in a decision involving your money. Here are a couple more […]
Read More »Making Work Pay Credit
Thursday, March 10th, 2011
The Making Work Pay Credit is an income tax credit available to most taxpayers with earned income. We’ve talked to several folks who were unfamiliar with the Making Work Pay Credit, which is available only on your 2010 individual tax return. One of them was surprised when her refund was $400 more than she calculated, […]
Read More »Homebuyer credit – 2 weeks left
Tuesday, September 14th, 2010
To claim the first-time homebuyer credit or the long-time homebuyer credit, you must close the purchase of your new principal residence by September 30, 2010, the new deadline extended by Congress from June 30, 2010. The binding contract for the purchase must be dated on or before April 30, 2010. If the residence is under construction, […]
Read More »Net operating loss carryback deadlines loom
Thursday, July 15th, 2010
If your business suffered a net operating loss (NOL) in 2008 or 2009 (or a 2007 fiscal year), you may elect to carry back that loss up to 5 years and recover taxes previously paid. You must make the election on a timely filed return, including extensions. The deadline for electing the extended net operating loss carryback […]
Read More »Tax code as cash flow tool
Thursday, July 1st, 2010
Has your business suffered a net loss during the recession? A tax refund may give you a needed cash infusion. The federal tax code provides a means to smooth out the business cycle. If your company reports a net operating loss on this year’s tax return, you can recover tax paid in prior (or future) years when the company […]
Read More »IRS gives some solace in a sad story
Friday, June 18th, 2010
About five years ago, a police officer and his wife decided to use their retirement money to build their dream home in the Smokies. They bought a pretty lot and a log home kit, and contracted with a local builder to erect it. From the beginning, the construction process went terribly wrong. Errors compounded so much that they stopped […]
Read More »Claim Your Deductions
Friday, February 19th, 2010
As you reminisce about the past year while gathering your tax info, you might find some transactions that can reduce your tax bill. Many tax laws have changed in the past few years. We try to help you through the Taxpayer Organizers that we send out, and you are welcome to call us with any […]
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