2009 Stimulus Making Work Pay Tax Credit—Underlying Issues

As part of 2009’s stimulus package, the federal tax withholding tables were adjusted. However, these adjustments created an underlying issue of potentially underpaying federal income taxes. While the IRS attempted to readjust and reissue withholding tables, some taxpayers may still be affected. For more information on how these changes may affect you, read this C.P.A. Insight.,/p>

Budgets for College Students

With students preparing to leave home for school, now is a good time to introduce your college students to creating a budget. It is important for your children to view a budget as a tool that will help them save for large expenditures like a Spring Break trip, rather than a method of control by you. For more information on budgets for college students, read this C.P.A. Insight.

The Investment Interest Deduction: Will You Get Your Deduction This Year? Margin Account Holders May Be In For a Surprise

The Internal Revenue Code allows investors to borrow money to make an investment, and to deduct that interest to the extent of their net investment income. However, many investors find that their investment income is treated as Qualified Dividend Income, which receives preferential tax treatment. For more information on why these investors cannot take an investment interest deduction, read this C.P.A. Insight.

Trips That Mix Business with Pleasure

You traveled to Aspen to sign a contract with a client on Thursday, but you stayed until Sunday to enjoy some time on the ski slopes to celebrate the deal. Before you write the entire trip off as a business expense, there are a few circumstances that need to be examined before determining deductibility. For more information on trips that mix business with pleasure, read this C.P.A. Insight.

Tax Issues with Inherited IRAs

If you are a non-spouse beneficiary of an IRA, the IRS has very specific rules as to how the IRA must be treated to avoid immediate taxation. Tax planning is a must as once mistakes have been made, they cannot be undone, which could result in loosing thousands of dollars to taxes. For more information on how an inherited IRA should be treated, read this C.P.A. Insight.

§1031—Tax Deferred Exchanges of Like-Kind Property

Remember your childhood when you traded one baseball card for another? That was OK, but if you traded your bicycle for a baseball card there were consequences? This experience is similar to how the IRS treats like-kind exchanges, except now your trade is brokered by lawyers, C.P.A.s and intermediaries. For more information on Section 1031 like-kind exchanges, read this C.P.A. Insight.