According to this Forbes article published on 1/19/2013, the IRS actually lost it’s case brought on by three independent tax preparers Sabina Loving of Chicago, Illinois, John Gambino of Hoboken, N.J., and Elmer Kilian of Eagle, Wisconsin. The article titled “IRS Stopped ‘Dead In Its Tracks’ In Efforts To Regulate Tax Preparers” explains how the […]
When Businesses Barter Is it Taxable Income?
Due to our slow moving economy, we’ve seen an increase in businesses bartering with one another. Bartering occurs when you exchange goods or services without exchanging money. An example of bartering is a plumber doing repair work for a dentist in exchange for dental services. – IRS Topic 420 So, is this exchange considered taxable […]
When Will the 2013 Tax Season BEGIN?
With all of the tax law changes Congress made the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced the 2013 filing season will begin January 30th. The IRS hoped to open by January 22nd, but there is just too much work needed to update the tax code and reprogram the systems. Most filers […]
3rd-Party Debt Collectors Calling? You should know what they CANNOT Do
Here are six things 3rd-party debt collectors may not do. They may NOT… They may NOT use other people, like your neighbors, friends or family, to put pressure on you to pay your debt. If the debt collector calls any of these people the law allows them to verify information about your whereabouts and circumstances, […]
Tax Fraud – The IRS is Actively Going After Preparers AND Their Clients
I have a few clients who propose illegal ways to decrease their tax debt to me; some do so knowingly and others unknowingly. It’s my responsibility to keep us both on the right side of the tax law and out of trouble with the IRS. I do this to the best of my ability and […]
2012 Proposition 30 and 38 – What’s In it For You?
Proposition 30, a Sales and Income Tax Increase Initiative WHAT WILL IT COST? It raises California’s sales tax to 7.5% from 7.25% . When combined with your local sales tax, most of Alameda County will see the sales tax paid on purchases increase from 8.75 % to 9.00%. The two highest sales tax cities in […]
So, You Want to Claim a Certain Someone As Your Dependent?
Everyone is looking for a way to lower their tax bill and maybe even get a little refund back. I see lots of people attempting to be really… “creative” in coming up with a few dependents to help them achieve this goal. Before you get too carried away with how easy it can be to […]
The 2011 TAX DEADLINE is almost here!
Hello Clients! This year’s tax deadline is April 17th and that’s just 12 days away. If you’ would like your income taxes prepared and/or finalized by this deadline please get your information to me by April 13th. You can send your information via fax, email, or mail. You may also make an appointment to meet […]
Should She Claim Her Adult Son as A Dependent?
In this tough economy we see millions of degreed adults unable to find work. As a result, many have returned home to live with family, gone back to school to learn a new skill, and are most likely receiving some kind of government benefit such as unemployment insurance payments and/or cash aide (welfare, food stamps). […]
2011 Minimum Income Requirements to File a Federal Income Tax Return
Wondering if you HAVE TO file taxes this year? Take a look at the chart below. Find your tax filing status and then cross reference it with the income you received from all sources in 2011. These figures only apply to people who are NOT being claimed as someone’s dependent. Read my blog “Should She […]