Tax Tips

• Tax Tips for Tough Times  Posted: 3/15/2010

If you or your spouse is unfortunate enough to lose your job during these tough economic times, there are several tax-related moves you can make to ease the pain.

• Reducing Your Odds of being Audited  Posted: 2/21/2010

February: Everyone dreads being audited by the IRS. The odds for being audited for those making $100,000 or more are about 1 in 72, compared to 1 in 154 for those with lower incomes. You can greatly increase those odds by not being very careful in how your tax return is prepared. Following are some tips to help keep the odds of being audited lower.

• When Is a Business Actually a Business?  Posted: 1/15/2010

January: How to be treated as a business by the IRS: Seven important steps that you must take to help prove your case.

• Yearend Tax Planning  Posted: 12/16/2009

December: It’s yearend again, time to plan for the 2009 tax year that’s ending December 31.

• Important Updates for Education and Travel Meal Allowances  Posted: 11/18/2009

November: If you have education or travel expenses, plan accordingly for this tax season.

• Tax Deductions for Giving to Charities  Posted: 10/26/2009

October: Times are tough out there right now and I know that a lot of IBOs are giving to charitable organizations to help people. Here are some tips to help you make sure your tax deductions are good.

• Did You Purchase a Vehicle this Year?  Posted: 9/22/2009

September: If you bought a vehicle through the CARS Act (“Cash for clunkers” program), the $3,500 to $4,500 credit you received towards the purchase of a new car is not taxable to the purchaser of the vehicle.

• Be Cautious if Applying for the First-Time Homebuyer Credit  Posted: 8/10/2009

August: In the June Tax Tips for IBOs, Joe DePetris, Jr., CPA, talked about the $8,000 tax credit for first-time home buyers. There’s more you should know before attempting to claim this credit.

• More on the First-Time Homebuyer Credit Enacted for 2008.  Posted: 5/28/2009

May/June: More on the First-time Homebuyer Credit enacted for 2008.

• IBO Reports Clean Bill of Health from IRS – Thanks to Joe DePetris, Jr.  Posted: 5/19/2009

One of the resources the IBOAI considers solid gold for our Members is our Tax Consultant, Joe DePetris, Jr., CPA. An IBO’s positive experience during a recent IRS audit bears this out.

• Active Duty Tax Relief  Posted: 4/16/2009

April: The “Hero’s Earnings Assistance and Relief Act of 2008” (HEART Act), gives tax relief to individuals on active duty, reservists called to active duty, military families, and veterans. This could benefit IBOs in the service and their families.

• Changes in Taxes Effective January 1, 2009  Posted: 2/11/2009

February: There are many changes already slated to go into effect January 1, 2009, and there are more on the way as Congress worked in January on middle class tax cuts to stimulate the economy. Learn more from Tax Consultant to the IBOAI Board, Joe DePetris, Jr., CPA.

• Standard Mileage Rates for Auto Deductions Change Again  Posted: 1/07/2009

January: Standard mileage rates for auto deductions change again; a new real estate deduction for 2008; and state income deduction or sales tax deduction? Learn more from Tax Consultant to the IBOAI Board, Joe DePetris, Jr., CPA.

• Year-end Tax Planning for IBOs  Posted: 11/25/2008

November: Another year has rolled around and it’s time to start thinking about year-end tax planning. Here are some helpful tips for 2008.

• Standard Mileage Deduction Rate Raised  Posted: 8/19/2008

Standard mileage deduction raised, increased penalties for late filings, and more.

• Got Tax Problems?  Posted: 6/27/2008

Got tax problems? Beware. The Internal Revenue Service may not end up being your only problem.

• Economic Stimulus Plan Rebate Checks  Posted: 3/21/2008

The Government “Economic Stimulus Plan” rebate checks and you.

• Two Important Changes for 2007!  Posted: 1/18/2008

More valuable tax tips from Joe DePetris, Jr., CPA, Tax Consultant to the IBOAI Board.

• Year-end tax planning  Posted: 11/09/2007

Another year has rolled around and it’s time to start thinking about year-end tax planning. Here are some helpful tips for this year.