The IRS recently released a list of 5 tax tips for taxpayers who have recently married or divorced, and are planning on filing their taxes with a different last name than in years past.  If you fall into this category, it is important  to ensure that the name on your tax return matches the name… Continue reading

Fellow tax professional Dave Ramsey recently preformed a survey of 2000 taxpayers; about half of who prepared their own returns, and the other half who had them prepared professionally. This is what he found: When you use software to file your income taxes, there’s a moment, an instant just before the point of no return,… Continue reading

Republican candidate Mitt Romney recently bowed to pressure last week and released his 2010 tax return.  What it showed is that Romney paid a little less than $3 million in taxes on $21.6 million of income.  This equates to an affective tax rate of less than 14%–far below what the average taxpayer pays. The Wall… Continue reading

Every year, taxpayers forfeit more than one billion dollars of their money to the government. Missed tax credits and deductions, choosing the wrong filing status, not filing at all and other errors all keep taxpayers from getting all they are due in tax refunds. With recent tax law changes and the extension of the payroll… Continue reading

With all the uncertainty the still remains regarding the tax code for 2011, there is still some steps you can take to help save or off-set some taxes.  Here are 5 tips from small business advocate Barbara Weltman to help you out before the apple drops on 2011: 1. Don’t bill yet for work you’re… Continue reading

This past June, New York became the 6th state to legalize same sex marriage.  Regardless of ones individual beliefs concerning same-sex marriage, this much is clear:  Tax laws–which are already complex & confusing–are that much more baffling for same-sex couples. This is mainly due to the fact that the Federal Government does not recognize same-sex… Continue reading

Current law allows a person to give someone up to $13,000 per year without having to file a Gift Tax return, Form 709.  There is usually no tax due, the giver pays any tax, at the time but the form allows the IRS to keep track of gifts made in a person’s lifetime. Upon a… Continue reading

Under the law, taxpayers who file joint returns are generally liable for the tax debts of their partners. However, spouses may qualify for relief if they didn’t know their partner was cheating on their taxes, or didn’t participate in the scam. In…

The White House has created an online tool that allows users to enter how much taxes they paid and get a printable receipt showing how each dollar was spent.  Whether your happy about where your tax dollars are going or it makes you a little unsettled to know, curiosity may be too strong not to… Continue reading

The IRS has extended the deadline to submit your 2010 income tax returns to Monday 4/18/11.  New York State has also adopted the extended filing date and will accept 2010 tax returns as on time if electronically filed or mailed on or by Monday 4/18. Rumor has it that a popular radio station in the… Continue reading