Caution: Cliff Ahead

Caution: Cliff Ahead

Now that the 2012 Presidential Election is over, you’ve surely heard the next big news: “The Fiscal Cliff”. What the heck is a Fiscal Cliff? It’s a pet name that our Federal Reserve chairman, Ben Bernanke, came up with to describe a set of circumstances that are due to occur [...]

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Estate and Gift Tax Provisions under the Tax Relief, Unemployment Insurance Reauthorization, and Job creation Act of 2010

Estate and Gift Tax Provisions under the Tax Relief, Unemployment Insurance Reauthorization, and Job creation Act of 2010

Juicy estate tax provisions for 2011-2012
In addition to extending federal unemployment benefits, extending the Bush tax cuts and several popular tax credits, patching the alternative minimum tax again, and giving employees a 2% reduction in social security tax, the bill also included several [...]

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IRS News: Some Taxpayers Will Have to Wait to File Their Taxes

IRS News: Some Taxpayers Will Have to Wait to File Their Taxes

IRS Notice
As a result of the December 17, 2010 tax law changes, the Internal Revenue Service announced on December 23, 2010 that the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait until mid- to late February [...]

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Adoption: Good for the Heart, Soul and Tax Returns?

Adoption: Good for the Heart, Soul and Tax Returns?

Don't forget the Adoption Tax Credit!
Recently I was talking to one of my regular clients and discovered he and his wife are in the process of adopting a child. While they are very excited new parents to be, being a tax accountant, I’m pretty excited too since this gives them a whole new [...]

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Top 4 Tax Deductions You Thought You Could Take in 2010 But Can’t

Top 4 Tax Deductions You Thought You Could Take in 2010 But Can’t

Are you sure about those tax deductions?
This week I had a client come in for a consultation on last minute end of year tax savings he might take advantage of. In the course of our discussion he mentioned he bought a new car which he planned to use as a deduction. I hated to be the one that ha [...]

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