Archive for 'Tax Preparation'

How to Avoid an IRS Audit

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Cort Arlint, Esq., CPA, MBA talks about some of the strategies you can use to avoid and IRS audit.

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What’s the difference between enrolled agents, CPAs and tax attorneys

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Information from Cort Arlint about the different types of tax professionals and why you would chose one over another.

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Residential Energy Tax Credits

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Residential Energy Tax Credits

You can weatherize your home this winter and receive a tax credit.  The Residential Energy Property Credit (Section 1121) was set to expire at the end of 2010, but was extended for one year by the Tax Relief and Job Creation Act of 2010. The credit is available for property placed in service in 2011, but with new rules and limitations.

Nonbusiness Energy Property Credit

This credit equals 30 percent of what a homeowner spends on eligible energy-saving improvements, up to a ...

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Tax Issues: Canadians Owning Rental Property in the U.S.

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Tax Issues: Canadians Owning Rental Property in the U.S.

 

Tax Issues:  Canadians Owning Rental Property in the U.S.

November 14, 2011

1.0 Summary.  As a Canadian owning rental property in Nevada you will have to file income taxes in the United States.  The type of return you file depends on the number of days you spend in the U.S. and your other connections to the U.S. compared to Canada.   Generally, the U.S. only taxes you on the source income from the rental and at the rates ...

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The tax records required in an IRS audit

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Rule of Thumb:  Keep all tax records for income and expenses for at least 3 years.

If you are selected for an audit the auditor will want to see the following documents:

  • Bills
  • Credit card and other receipts
  • Invoices
  • Mileage logs
  • Canceled, imaged or substitute checks or any other proof of payment
  • Any other records to support deductions or credits you claim on your return

You should normally keep records relating to property until at least three years after you sell or otherwise dispose of the property. Examples ...

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Tax credits and deductions for College Tuition

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Typically, these tuition benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return.

1. American Opportunity Credit

This credit, originally created under the American Recovery and Reinvestment Act, has been extended for an additional two years – 2011 and 2012. The credit can be up to $2,500 per eligible student and is available for the first four years of post secondary education. Forty percent of this credit is refundable, which means that ...

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Top Ten Tax Tips for Amending a Tax Return

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Ten Facts from the IRS about Amending Your Tax Return

If you discover an error after you file your tax return, you can correct it by amending your return. Here are ten facts from the Internal Revenue Service about amending your federal tax return:

1. When to amend a return You should file an amended return if your filing status, your dependents, your total income or your deductions or credits were reported incorrectly.

2. When NOT to amend a return ...

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How to Report Suspected Tax Fraud Activity

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How to Report Suspected Tax Fraud Activity

Suspected tax fraud can be reported to the IRS using Form 3949-A, Information Referral. The completed form or a letter detailing the alleged fraudulent activity should be addressed to the Internal Revenue Service, Fresno, CA, 93888. The mailing should include specific information about who is being reported, the activity being reported, how the activity became known, when the alleged violation took place, the amount of money involved and any other information that might be ...

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Top ten tax scams

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1.  Hiding Income Offshore

The IRS aggressively pursues taxpayers involved in abusive offshore transactions as well as the promoters, professionals and others who facilitate or enable these schemes. Taxpayers have tried to avoid or evade U.S. income tax by hiding income in offshore banks, brokerage accounts or through the use of nominee entities. Taxpayers also evade taxes by using offshore debit cards, credit cards, wire transfers, foreign trusts, employee-leasing schemes, private annuities or insurance plans.

In early February, the IRS announced a ...

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Top 5 tax scams to avoid

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The IRS knows about these common tax scams and are pursing individuals who participate in them with fines and penalties.  

1. Hiding Income Offshore The IRS aggressively pursues taxpayers involved in abusive offshore transactions and the promoters who facilitate or enable these schemes. Taxpayers have tried to avoid or evade U.S. income tax by hiding income in offshore banks and brokerage accounts, or by using offshore debit cards, credit cards, wire transfers, foreign trusts, employee-leasing schemes, private annuities or life insurance ...

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