Do You Need A Living Will?
Oct 30, 2010
Do you need a living will? What exactly is a living will anyway? Well, it really is not a Will at all. It is better known as a Health Care Directive. It is a document that expresses your desires and pr...
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Who Should File an Individual Income Tax Return?
Oct 29, 2010
Even if you do not have a filing requirement for an individual, there are certain circumstances as follows where you should file an income tax return anyway:
Even if you do not have to file, you shoul...
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Business Bad Debt Deduction
Oct 28, 2010
Can you deduct Business Bad Debts on your tax return? Business bad debtrs that arise from your business activities such as lending money for business purposes, selling inventory or credit, or guarante...
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Home Office Deduction
Oct 27, 2010
Many taxpayers do not want to take the home office deduction for fear that it will trigger an audit. However, when you use part of your home for business the tax code allows you to take a deduction for...
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Amending Your Tax Return
Oct 27, 2010
What happens if you file your original income tax return and you discover at a later date that there was an error on the return? Something was either calculated incorrectly or you forgot to include som...
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Tax Rate Changes we Face For 2011
Oct 26, 2010
For 2011 we face going back to the tax rates that we had pre-2001 before the Bush tax cuts. Does this take an Act of Congress to make these changes? No it doesn't. Congress just needs to do nothing and...
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Where are Capital Gains Rates Headed?
Oct 24, 2010
A big concern for investors this year is where are capital gains rates headed. It looks like these rates are headed up. Everyone knows that the economy is in the dumps and that we are suffering a budge...
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Can you deduct deferred interest added to your loan balance?
Oct 23, 2010
The question is whether you can deduct deferred interest that is added to your loan balance by your lender? To be able to deduct interest on your home you must pay the interest and be responsible on th...
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Are Gifts Tax Deductible?
Oct 22, 2010
A common misconception in tax law is that when you make a gift to someone you can deduct the amount from your tax return. This is simply not true. The IRS allows each taxpayer to make a gift of $13,000...
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You did not file your tax returns for the last several years, now what?
Oct 22, 2010
So, you have not filed your income tax returns for the last several years. Now what should you do? The first thing to do is "stop the bleeding." What do I mean by this? It means that you need to start ...
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