Commonly Overlooked Tax Deductions
Tax expert Dan DiLuzio, C.P.A. joins “Money Talks” to discuss some of the commonly overlooked tax deductions.
Filing Status Considerations: Divorce
Your selection of a filing status for a given year will depend on your marital status as of the last day of your tax year (usually December 31). Depending on your situation, you may or may not have a choice regarding your filing status.
Winter 2012 Statistics of Income Bulletin Now Available
Taxpayers filed 140.5 million returns for 2009. Of those, nearly 82 million were taxable. Read more in the IRS bulletin.
Payroll Tax Cut Extended to End of 2012
Your FICA taxes are’nt going up! Congress extended the 2% reduction through the end of 2012. Read more in this Tax Tip.
In the News: You’re Not Immune from an IRS Audit
Bil Lako, CFP®, highlights four items that pique the IRS’ interest, which may trigger an audit, in today’s Marietta Daily Journal. Read the Article.
New Reporting Requirement for Individuals with Foreign Financial Assets
New this tax filing season: If you hold “specified foreign financial assets” you may have to file IRS Form 8938. Find out more in this week’s Tax Tip.
Don’t be Scammed by Tax Season Cyber Criminals
There is one and only one instance when you can ignore the “IRS” — phishing scams. Learn what to look for in this week’s Tax Tip.
Tax Advantages to Employing Your Children
Employing your children in your sole proprietorship or partnership can provide significant tax advantages, including exemptions from FICA and FUTA taxes, the opportunity to shelter income through their standard deduction, and the potential for long-term financial growth through contributions to a Roth IRA.
Q&A Time: Total Market Funds, PepsiCo and Taxes on Dividends
The “Money Talks” hosts discuss listeners’ questions regarding using only one fund and ETF for diversification; why investors should hold PepsiCo, and Obama’s proposed tax increase on dividends.
Creating Entity to Hold Real Estate Separately
Creating a separate entity, such as a partnership, to hold your real estate provides both insurance and tax advantages. Read more in this Business Tip.