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Weekly
Tax Tips
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| 2007 Tax Tips Archive |
December 31st - How to get a copy of a missing
tax return
Wanted: Last year's tax return.
Fortunately, you don't need to post a classified ad to obtain a copy of a
missing tax return. In some cases, getting a replacement can be as simple as
asking your tax return preparer.
December 24th - Self-employed taxpayers get a health insurance tax break
Healthcare issues are once again part of the national debate. As political candidates stake out policy positions,
it's a good time to review current federal tax rules for deducting your business health insurance premiums.
December 17th - What's an "EIN"?
The Internal Revenue Service has your number — and
they want you to have it, too.
December 10th -
Are you missing out on the
"saver's credit"?
If you're not sure what the "saver's credit" is, you're not alone.
Members of the Senate Finance Committee believe many people who are
eligible to claim the credit are unaware of its existence.
December 3rd - Note the
recordkeeping requirements for charitable contributions
Are you drawing up your year-end charitable contributions list? After
you check it twice, add a reminder to gather the paperwork required to
claim a gift for yourself: an itemized tax deduction.
November 26th - Year-end tax strategies for investors
Here's a recipe for holiday cheer: Sweeten your year-end portfolio
update with tax savings. Just remember to start planning now to achieve
the best result.
November 19th - Year-end
tax to-do's for individuals
"Countdown" time is here again, with reminders everywhere pointing out
how many days are left until anticipated
events. While you're marking your calendar, remember that countdown
time is great for tax planning, too, because
it means you can still implement strategies to reduce your 2007 tax
bill.
November 12th - Year-end tax planning for
business owners
There are no time machines, so you can't come
back to today from the future. That's one reason planning ahead is
important — and why now is the time to think about what you can do
before the end of the year to trim your business tax bill.
November 5th - Zero capital gains rate coming in 2008
You
already know the federal tax rate on capital gains varies, depending on
your tax bracket, the kind of property you sell, and how long you owned
it.
October 29th - Deduct business bad debts
It
happens to butchers, bakers, and candlestick makers. It probably
happens in your business, too: A customer doesn’t pay what they owe and
you end up with a bad debt. Can you take a tax deduction?
October 22nd - How to
determine the amount of a casualty loss deduction
Fire, flood, tornado. Violent weather can
wreak emotional and financial havoc. If your home, vehicle or other
personal property is damaged or destroyed by a sudden, unexpected
casualty, an itemized tax deduction may help ease the financial burden.
October 15th - Plan for the tax consequences of required minimum
distributions
After all the advice you’ve received about saving
for retirement, taking money out of your traditional IRAs and other
qualified retirement plans may feel strange. Yet once you reach age
70½, the required minimum distribution (RMD) rules say you have to do
just that.
October 8th - New random
audits will begin this month
The IRS is coming
Starting this month, the Internal Revenue Service will begin another
round of random examinations of income tax returns. This latest series
of audits was prompted by continuing concern over the gap between what
the IRS thinks taxpayers owe and actual tax collections, as well as a
need for updated statistics for audit selection purposes.
October 1st - Do you know
the tax effects of foreclosure?
As you listen to the debate over the latest turmoil in the real estate
market, you may wonder how losing a home in foreclosure proceedings
could result in taxable income.
September 24th - Like-kind
exchanges – Be aware of this tax saver
There’s a lot to like about like-kind exchanges — and a lot to consider
before you use this tax-saving strategy.
September 17th - Business
gifts: What are the rules?
Rewarding loyalty. Enhancing morale. Whatever your reason for giving
business gifts, you're probably aware of the general rule limiting your
deduction to $25 per recipient. But do you know what expenses are
considered gifts?
September 10th - Quick tax
guide to business vehicle expenses
You plot the fastest route to your client’s office with an on-board
navigation system. You use a hands-free cell to leave last-minute
instructions for your staff on the way to the meeting. Your computer,
presentation materials, and an extra shirt are in the back seat. In
short, your vehicle is your office on wheels.
September 3rd - Payroll
records for new employees: What you need to know
When you’re knee-deep in the paperwork required
to set up payroll records for new employees, it may be difficult to
believe “pay” is derived from the Latin word “pax,” meaning peace.
August 27th - Tune up your
business retirement plan
Change happens at an ever-increasing rate. New tax laws are enacted,
your business grows, additional employees are hired.
August 20th - Is your
worker an employee or an independent contractor?
Are your workers properly classified as independent contractors? Or are
they employees?
August 13th - This energy credit is due to expire
Interested
in reducing your heating and cooling bills?
August 6th - Keep track of nondeductible IRA contributions
As the tax rules governing Individual Retirement Accounts change over
the years, it’s easy to forget some of the more enduring ones, like
recordkeeping requirements for nondeductible contributions.
July 30th - Check out the
private mortgage insurance deduction
Thanks to the Tax Relief and Health Care Act of 2006,
there’s a new tax break available if you’re a homeowner who itemizes:
the private mortgage insurance deduction.
July 23rd - Will the
change in the "kiddie tax" affect you?
The “kiddie tax” rules need a new name.
July 16th - The Work
Opportunity Tax Credit could benefit your business
Are you hiring? If so, Congress recently extended a tax break you may
want to investigate: the Work Opportunity Tax Credit.
July 9th - The Small
Business and Work Opportunity Tax Act of 2007 is signed by Bush
On May 25, President Bush signed federal tax legislation that will
affect your business and personal income tax returns this year and in
the future. Among other changes, provisions in the new law affect
certain credits, deductions, and reporting requirements.
July 2nd - Tax tips for
that summer job
Is your child looking for a job this summer? If so, you both may have
questions about taxes.
June 25th - Tax tips for
first-time homebuyers
As a first-time homebuyer, mortgages and moving
are probably uppermost on your mind. But your new home also offers tax
benefits that can save you money.
June 18th - Vacation home
tax tips
Planning to rent out your vacation getaway? When it comes to taking
advantage of the tax benefits, timing is an important factor.
June 11th - Tax to-do’s
for June
Summer’s here, and it’s time to take action on your midyear tax
planning to-do list. Here are three suggestions to get you started:
June 4th - Is it a
business or a hobby?
For federal tax purposes, the determination of “business” or “hobby” is
a matter of deduction. If your new venture is considered a business,
you can deduct losses against other income.
May 28th - Tax tips when
you change jobs
Planning to change employers this year? As you look forward to starting
your new job, you’re probably not thinking about taxes. But actions you
take now can have an impact next April – and beyond.
May 21st - How long should
you keep tax records?
Is your file cabinet overflowing? Do you hesitate to purge tax
information because you’re not sure what to keep and what to discard?
May 14th - What to do if
you accidentally left information off your return
Whew! The rush is over and your personal income
tax return is done for another year — or so you thought, right up until
the moment you discover information you forgot to include.
May 7th - Don’t fall for
these tax scams
In today’s connected world, tax scammers can reach you via e-mail, on
the Internet, in person, and over the telephone. Here are three common
schemes to watch out for.
April 30th - Knowing your
top tax bracket can help you cut your tax bill
Even before completing the forms, you probably
have an idea of whether you’ll owe money or can expect a refund when
you file your federal income tax return. But do you know your top tax
bracket?
April 23rd - Watch for
carryforwards in your tax planning
After April 17, it’s tempting to toss the copy of
your 2006 tax return in the file cabinet without a second glance. But
if you do, you could overlook an opportunity to save tax dollars in
2007. That opportunity is carryforwards.
April 16th - Estimated
taxes: Do you have to pay them?
Even as you finalize, file, and pay your 2006
federal income taxes, you might need to be thinking about how much
you’ll owe for 2007.
April 9th - Need more time
to file your return?
If you need more time to file your 2006 income
tax return, you can get an extension — and no explanation is necessary.
April 2nd - Are you about
to lose your 2003 tax refund?
You know that April 17, 2007, is the deadline for
paying your federal income taxes for 2006. But did you know it’s also
the last date you can claim a refund of taxes you paid during 2003?
March 26th - Is that
business expense deductible?
Salaries. Goods purchased for resale. Equipment.
Entertainment.
March 19th - What you
should know about deducting mortgage interest
Our house in the middle of our street ...
Hopefully your house is in a better location than
the one in this song. But no matter where it is, owning a home may
generate a tax break. Though you’ll have to itemize to claim the
benefit, interest you pay on your main residence’s mortgage can reduce
your taxable income. In some cases, mortgage interest on a second home
is also deductible.
March 12th - Look "above the line" for tax savings
Pop quiz: If you count by the
line on your federal income tax return, you’ll add up a baker’s dozen
of these items. The actual total is even higher — and each item can
save you money. What are they?
March 5th - Know the
basics on "basis"
Did you buy property for your business in 2006?
Sell stocks or mutual funds? Receive an inheritance? In all of these
events, your total investment in the property – known as basis – can
affect your tax return.
February 26th - What else do you have to file?
When you think of taxes during this time of year,
your individual income tax return is probably the one that comes to
mind first. But you may be responsible for filing other returns as well.
February 19th - Don't forget to claim the phone tax refund — and to do
it right!
The idea seems simple. If you paid for
long-distance phone service between March 1, 2003, and July 31, 2006,
you can claim a one-time refund of the related federal excise tax on
your 2006 return. But the instructions look complicated, and the IRS
has issued warnings about making mistakes. How can you get it done
right?
February 12th - Three
reasons why earlier is better
Americans are well aware that April 15* is tax
filing day — but tend to put off thinking about it until April 14. If
you recognize yourself in that description, here are three reasons to
avoid the last-minute rush:
February 5th - Yes, you can still take these three tax deductions
A last minute tax law signed in late December
revived three deductions that can help reduce taxes on your 2006 return.
January 29th - Check the
year-end information forms you receive
At the end of January, you will be receiving your
information forms for 2006. These are the W-2s and 1099s you receive
from employers, banks, and brokerage houses reporting wages, interest,
dividends, and other types of income.
January 22nd - A tax professional gives you more than a tax return
At this time of year, advertising for tax
preparation software is everywhere. You may be asking yourself, "Why do
I need a tax professional when sophisticated tax software is readily
available? After all, tax software contains all the latest tax changes
and automatically checks for arithmetic errors."
January 15th - Higher
limits help retirement savings in 2007
You can boost your retirement savings even more
this year, thanks to higher limits on some of the most popular savings
plans. Stretch your budget to take maximum advantage of these new
limits, especially as studies show most of us save too little.
January 8th - Did you forget last year’s refund?
Are you still waiting for your refund from last
year’s taxes? If so, the IRS would like to hear from you. They have
over 95,000 refund checks that they haven’t been able to deliver. At an
average refund amount of $963, that’s over $92 million waiting to be
claimed.
January 1st - Congress
gives a last-minute reprieve to these tax breaks
In the spirit of the holiday season, Congress has
come up with a gift package for taxpayers. They’ve just renewed a
number of tax breaks that had expired at the end of last year. The
renewal is effective for 2006 and 2007. |
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"Tax Tips" are published weekly to
provide useful tax information. Return to this site every week for
helpful tax-cutting suggestions, tax reminders, and current tax
information.
The information contained in this site is of a general nature and
should not be acted upon in your specific situation without further
details and/or professional assistance.
If you would like more information on anything in "Tax Tips," or if
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information from time to time, please contact our office. We're here to
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