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• What Happens After You’ve Filed Your Returns Posted: 4/19/2011 A lot of taxpayers have questions about what happens after their returns are filed, such as “where’s my refund?” and “what records should I keep?” Here are some answers. • Health Insurance Deductions for the Self-employed Posted: 3/17/2011 The self-employed get a special tax deduction for health insurance if they qualify under one of the following situations: You are a self-employed sole proprietor with a profit on your Schedule C or you are a farmer with a profit on your Schedule F. • Tax-filing Delays Caused by Law Changes Posted: 1/17/2011 Tax filing deadline this year is April 18. Friday, April 15, is a Washington, D.C., holiday. By law Washington, D.C., holidays affect tax filing deadlines just like federal holidays do. Check before assuming April 18 for your state as states may vary. • Year-End Tax Roundup Posted: 12/27/2010 After much wrangling, the 2010 Tax Relief Act was finally passed by Congress on December 15, 2010. For the most part it just extends tax policy that is currently in place. There is one notable change. • Year-End Tax Planning Posted: 11/24/2010 Another year-end is here; time to do some year-end tax planning. • Clearing Up Some Tax Deductions Posted: 11/01/2010 There is a lot of misinformation about what is and isn’t deductible for taxes. That can get you audited and cause you to owe interest and penalties to the IRS that you wouldn’t owe if you had done things properly. This Tax Tips is about things that you can NOT deduct. • Amended Tax Returns Posted: 9/23/2010 If you filed a tax return and realized it was not correct, you may file an amended return. • Taxpayers and Identity Theft Posted: 8/05/2010 • Tax Implications for Early Withdrawal from Your 401K Posted: 5/10/2010 During these hard economic times, some of us may be tempted to withdraw money from our 401K plans. If you do, be aware that you will have to pay ordinary income tax rates on the withdrawal, plus (if you are under age 59½) a 10% penalty for the early withdrawal. • Tax Tips for Tough Times Posted: 3/15/2010 • 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 • Changes in Taxes Effective January 1, 2009 Posted: 2/11/2009 • Standard Mileage Rates for Auto Deductions Change Again Posted: 1/07/2009 • Year-end Tax Planning for IBOs Posted: 11/25/2008 • 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
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