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Blog Profile / Tax Lounge

Filed Under:Business & Finance / Taxes
Posts on Regator:205
Posts / Week:0.8
Archived Since:November 2, 2009

Blog Post Archive

Decoding home office deductions

At some point or another, most taxpayers may have heard that claiming a home office deduction raises an automatic red flag at the IRS that may trigger an audit. However, home office deductions are legitimate for taxpayers who fall in...Show More Summary

Pay close attention to these tax notices

Receiving a tax notice from the IRS almost immediately incites fear in most taxpayers. First, it's important to understand that there are many types of communication from the government tax agency that may ask for additional information and will not result in an audit. Show More Summary

Your mustache might be worth $250!

Do you sport a “stache?” If so, pay close attention because if the American Mustache Institute (yeah, I couldn’t believe that existing either) gets their way then you may have a few more dollars come tax time. The “AMI continues to battle...Show More Summary

Paterno estate planning move under scrutiny

Joe Paterno has proven that he can strategize on the football field and also he apparently can strategize when it comes to estate planning. Paterno has been fired by Penn State Trustees amidst the 40 child sexual abuse charges filedShow More Summary

Alternative Minimum Tax (AMT) – What Is It?

Most of us have heard the acronym AMT. Most of us have no idea what it is… but yet we’ve heard it used with disdain and therefore assume that “AMT” can’t be something good. In general, that assumption is correct……. But it wasn’t always...Show More Summary

Can you deduct casualty losses from natural disasters?

A recent ABC News report reveals President Barack Obama declared 89 major disasters in 2011, up from the 81 he declared in 2010. Additional statistics from the National Climatic Data Center reveal the natural disasters that pounded the...Show More Summary

Are your alimony payments tax-deductible?

Alimony payments can be expensive in some scenarios, so many divorcees may question whether these payments can be deducted from their taxes. But the answer is: it depends. There are a number of rules governing whether these paymentsShow More Summary

IRS announces new adjustments for tax year 2012

Taxpayers who are struggling to make ends meet may see some additional relief in 2012. The Internal Revenue Service recently announced inflationary adjustments relating to a number of income and estate taxes for 2012 that will impact...Show More Summary

IRS program notifies taxpayers of mistakes before audits

An IRS audit can conjure fear in the majority of Americans and even the tiniest of mistakes can trigger a more skeptical look at taxpayer returns. However, a new pilot program launched by Uncle Sam will notify taxpayers of mistakes or...Show More Summary

Keep track of charitable contributions during holiday season

The winter holiday season is a time for celebrating and reuniting with friends, family and loved ones, but it's also one of the periods when Americans spend the most money. Although holiday gifts, food and accessories are the most common items Americans spend money on, charitable giving to groups and organizations also spikes. Show More Summary

Kim Kardashian's pending divorce will affect her filing status

When you sign on to be a celebrity you expect to have your life broadcast around the world. Fill in the blank celebrity "is in court" or "in jail" or "caught cheating" blasts across the internet and tabloids everywhere and everyday. We...Show More Summary

Halloween a great time to teach your kids about taxes

Another Halloween has come and gone! As I sit here pondering he day's events including the wonderful candy, chili, and a few good pranks, I do feel sorry for the parents of the kids that have been overstuffed with candy, candy, and more...Show More Summary

Understanding your retirement options

Americans have recently been inundated with reports that they are not saving adequately for retirement, as well as the consequences and ramifications of falling short during their golden years. Although there are a number of retirement...Show More Summary

Due to inflation standard deductions will rise in 2012

For tax year 2012, personal exemptions and standard deductions will rise and ax brackets will widen due to inflation, the Internal Revenue Service announced this week. Each year, the IRS reviews the standard deductions affecting virtually every axpayer and the result is new dollar amounts for tax year 2012. Show More Summary

Small Business Deductions

It’s quite simple – the more deductions you have for your small business, the less taxes you will pay on your return. Don’t cheat yourself out of any deductions, but by the same token be careful attention to IRS rules on what is deductible and what isn’t. Show More Summary

Pole taxes and sin taxes: Revenue generators or too much Government intervention?

With a struggling economy the typical sources of income for the government, start-up fees, new property taxes, application fees, and similar fees and taxes are very limited. The government is forced to consider new income sources and...Show More Summary

The Expanded Adoption Tax Credit

Recent health care reform legislation has both extended and revised the adoption tax credit. If you or someone you know has adopted a child this year, you may want to take note of these recent changes. To begin, the maximum adoption credit was increased from $12,150 to $13,170 for the 2011 tax year. Show More Summary

Top 3 reasons to file on-time after filing an extension

I understand the value of a deadline and, in fact, I love the pressure that comes with a deadline. Seriously, I'm a ax professional. However, October 17 th is one deadline that you don't want to miss and if you do-well, it's gonna cost ya...Show More Summary

Presidential candidates propose tax changes

Election time brings excitement, frustration, concern, and hope for change, true hope, and not just a slogan that we are accustomed to hearing recently. However, it is often presented with ideas for change to the tax code and ways that each candidate can improve the country. Show More Summary

Overlooked Deductions

With many people pinching pennies and looking for ways to save money and make do with less, we’ve put together a list of overlooked tax deductions that qualified taxpayers shouldn’t pass up. People are often not aware of all of the deductions...Show More Summary

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