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Henry Daniel Lively

Henry Lively’s Legal Guides

321 total


  • Can I still Carryback Net Operating Losses for 5 Years in 2009?

    New Rules for 2009 The Worker, Homeownership, and Business Assistance Act of 2009 (2009 Worker Act) was enacted on November 6, 2009. This Act gives all businesses the opportunity to obtain a refund

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  • What Happened to the Estate Tax in 2010?

    Repeal of the Estate Tax The 2001 Tax Act adjusted the estate tax rate and estate tax exclusion amount year by year, until finally in 2010 the estate tax is completely repealed. That's right, there

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  • Is a Roth IRA Suitable For Me This Year?

    To Roth or not to Roth? A Roth IRA is basicly subject to the same rules as a traditional IRA, only you do not get a deduction for the contribution and the income earned on the Roth is not subject to

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  • What If You Receive a Statutory Notice of Deficiency?

    Statutory Notice of Deficiency A Statutory Notice of Deficiency is otherwise known as a 90 day letter. It starts the clock running on your options. You have 90 days from the date of the letter to f

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  • What Are The Benefits For Converting Your Traditional IRA to a Roth IRA now?

    IRA Background Information Many of our clients currently have a significant portion of their wealth in IRA's and their companies retirement plan. Their may be a benefit to considering a conversion o

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  • Update on Homebuyer Tax Credit

    Misconceptions of the Homebuyer Credit Many do not realize it, but the Homebuyer Credit is not just for New Homebuyers anymore. Another misconception is that people think that their prior home must

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  • When Can You Claim the Dependency Exemption on Your Tax Return?

    Dependency Exemption Basics A dependency exemption is allowed in 2009 and 2010 on your income tax return if you meet certain qualifying tests. The exemption amount is $3650. You receive a personal

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  • Top 5 Things to do When you Receive an Audit Notice From the IRS.

    Step 1: Determine if this is Something you can Handle on your Own The IRS agent does audits everyday and this is not new to them. If you do not feel comfortable handling the audit by yourself hire

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  • What is a Qualified Personal Residence Trust

    A Qualified Personal Residence Trust, or "QPRT", is a creature of the tax regulations. It is an estate planning technique that is used to reduce the value of a taxable estate by removing a portion of the value of your personal residence from your estate. It is authorized by Treas...

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  • How are Gifts Taxed for Federal Tax Purposes?

    Are Gifts Taxed by The Federal Government? A gift is a transfer that can be taxable. The gift tax was instituted to potentially tax transfers of assets that would have been taxable to the estate of

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