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• Reducing Your Odds of being Audited
Posted:
2/21/2010
February:
Everyone dreads being audited by the
IRS. The odds for being audited for those making $100,000 or more are about 1 in 72, compared to 1 in 154 for those with lower incomes. You can greatly increase those odds by not being very careful in
how your tax return is prepared. Following are some tips to help
keep the odds of being audited lower.
• When Is a Business Actually a Business?
Posted:
1/15/2010
January:
How to be treated as a business by the IRS: Seven important steps
that you must take to help prove your case.
• Yearend Tax Planning
Posted:
12/16/2009
December:
It’s yearend again, time to plan for the 2009 tax year that’s ending December 31.
• Important Updates for Education and Travel Meal Allowances
Posted:
11/18/2009
November:
If you have education or travel expenses, plan accordingly for this tax season.
• Tax Deductions for Giving to Charities
Posted:
10/26/2009
October:
Times are tough out there right now and I know that a lot of IBOs
are giving to charitable organizations to help people. Here are some
tips to help you make sure your tax deductions are good.
• Did You Purchase a Vehicle this Year?
Posted:
9/22/2009
September:
If you bought a vehicle through the
CARS Act (“Cash for clunkers” program), the $3,500 to $4,500
credit you received towards the purchase of a new car is not taxable
to the purchaser of the vehicle.
• Be Cautious if Applying for the First-Time Homebuyer Credit
Posted:
8/10/2009
August:
In the
June Tax Tips for IBOs, Joe DePetris, Jr., CPA,
talked
about the $8,000 tax credit for first-time
home buyers.
There’s more you should know before attempting to claim this credit.
• More on the First-Time Homebuyer Credit Enacted for 2008.
Posted:
5/28/2009
May/June: More on the First-time Homebuyer Credit enacted for 2008.
• IBO Reports Clean Bill of Health from IRS – Thanks to Joe DePetris, Jr.
Posted:
5/19/2009
One of the resources the IBOAI considers solid gold for our Members
is our Tax Consultant,
Joe DePetris, Jr., CPA.
An IBO’s positive experience during a recent IRS audit bears this
out.
• Active Duty Tax Relief
Posted:
4/16/2009
April: The “Hero’s Earnings Assistance and Relief Act of 2008” (HEART Act), gives tax relief to individuals on active duty, reservists called to active duty, military families, and veterans. This could benefit IBOs in the service and their families.
• Changes in Taxes Effective January 1, 2009
Posted:
2/11/2009
February: There are many changes already slated to go into effect January 1, 2009, and there are more on the way as Congress worked in January on middle class tax cuts to stimulate the economy. Learn more from Tax Consultant to the IBOAI Board, Joe DePetris, Jr., CPA.
• Standard Mileage Rates for Auto Deductions Change Again
Posted:
1/07/2009
January: Standard mileage rates for auto deductions change again; a new real estate deduction for 2008; and state income deduction or sales tax deduction? Learn more from Tax Consultant to the IBOAI Board, Joe DePetris, Jr., CPA.
• Year-end Tax Planning for IBOs
Posted:
11/25/2008
November: Another year has rolled around and it’s time to start thinking about year-end tax planning. Here are some helpful tips for 2008.
• Standard Mileage Deduction Rate Raised
Posted:
8/19/2008
Standard mileage deduction raised, increased penalties for late filings, and more.
• Got Tax Problems?
Posted:
6/27/2008
Got tax problems? Beware. The Internal Revenue Service may not end up being your only problem.
• Economic Stimulus Plan Rebate Checks
Posted:
3/21/2008
The Government “Economic Stimulus Plan” rebate checks and you.
• Two Important Changes for 2007!
Posted:
1/18/2008
More valuable tax tips from Joe DePetris, Jr., CPA, Tax Consultant to the IBOAI Board.
• Year-end tax planning
Posted:
11/09/2007
Another year has rolled around and it’s time to start thinking about year-end tax planning. Here are some helpful tips for this year.
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