A Single Idea to Save Your Clients Thousands This Year

Having just one powerful idea that saves your clients LOTS of money each year can give you the value you need to charge premium fees. The funny thing is, these tax breaks belong to your client – but they may not be getting them. This allows you to swoop in, recommend a few tweaks and Voila! More money in their pocket! One of the most overlooked tax breaks is the Sec. 199 Deduction. More businesses than you think qualify. Here’s how it works: Tip Number 1: See if your client qualifies. … [Read more...]

Social Security Benefit Questions

I want to thank CPA Academy for inviting me to share my knowledge of Social Security benefits with their community.  During the webinar the participants brought up some really important questions and while I've responded to every question via email, I also wanted to make sure to make my answers available here as well. Feel free to navigation through the questions below if you missed an email or want to learn more about Social Security benefits. … [Read more...]

Best Tax Deductions for Timeshares

A timeshare is not only a great opportunity to get away for a while, it can be a wonderful investment. Not only does your timeshare qualify for some of the same types of deductions that other property would get you, there are some specific types of deductions you may be able to claim depending on what type of timeshare you have and how you use it. Let’s take a look at some of the best tax deduction opportunities for your timeshare: Maintenance fees. The money you pay to maintain the … [Read more...]

Using Short Sales/Foreclosures to REDUCE Tax

While we've been slaving away over piles of tax returns, the IRS has been feverishly publishing information letters. These letters often provide reminders to us of helpful tax breaks and loopholes. If you have clients who've experienced a short sale/foreclosure/deed in lieu - they might be feeling anxiety over impending tax due. While the bad news is that the income from the discharge of indebtedness income is included as taxable income, the IRS gives us a way out. A recent letter of … [Read more...]

Competing Tax Proposals in GOP Race

The US tax code is so complex even those who write the law don’t understand all of it.  In fact, few members of Congress prepare their annual tax returns according to a survey by the congressional newspaper, “The Hill.”  Politicians cite the complexity of the tax code as the primary reason leading them to turn to professionals for help.  Even the Commissioner of the IRS can’t prepare his own tax returns! Ask most taxpayers and they agree our current system is too complicated and unfair. So … [Read more...]

2012 Tax Changes

What You Need To Know About 2012 Tax Changes Updated Tax Items Announced for 2012 Last Thursday the IRS released its annual revenue procedure including adjustments to income tax tables, tax credits, bonuses and loopholes for items affecting the 2012 tax changes. In addition, the 2012 contribution limits and other figures for pension plans and retirement-related items were announced by the IRS. Aside from the adjustments made for inflation on the income tax tables, the new revenue … [Read more...]