Posted: 20 January 2010 at 2:15pm | IP Logged

It's that time again.  For any of you who are interested you may want to check some of the following FREE publications.  They are available on the Internal Revenue Service website at www.irs.gov.

Pub 17 Your Federal Income Tax

Pub 334 Tax Guide for Small Business

Pub 535 Business Expenses

Pub 463 Travel, Entertainment and Car Expenses

Pub 527 Residential Rental Property

Pub 541 Partnerships

Pub 542 Corporations

Pub 544 Sales and Other Dispositions

Pub 551 Basis of Assets

Pub 587 Business Use of Your Home

Pub 946 How to Depreciate Property

For those of you looking to make a few extra bucks there is Publication 733 Rewards for Information. Remember, rewards the IRS pays for turning someone in are taxable income.  Kind of poetic justice, isn't it?

Well, here's hoping all of you pay as little tax as you are legally allowed to.

Posted: 03 February 2010 at 1:47pm | IP Logged

Reminder: The more organized your accounting records are the less you will pay to have your taxes done. Take a look at last year's returns. Use it as a checklist for your documentation. Take last year's Form 8825, or Schedule E, and assemble a file, in line number order, the documentation or amounts that your tax preparer needs.

The more you do the less you should be charged. This does not mean you should buy Turbotax to save a few bucks. CPAs charge more to fix a bad return that was filed than to prepare it right the first time.

Posted: 23 March 2010 at 2:37pm | IP Logged

Did you purchase a NEW car, motorcycle or mobile home between February 16, 2009 and December 31, 2009?

If so, don't forget you may get a deduction for the sales tax. If you itemize your deductions you may get an additional deduction for your tax line. If you DO NOT itemize, the sales tax may INCREASE YOUR STANDARD DEDUCTION!!!!!!!!!

http://www.irs.gov/newsroom/article/0,,id=211310,00.html

For those of you to whom this comes as a surprise, and have already filed your income tax return, go get Form 1040X.

And, remember, this is NOT an income tax, so it in not an addback to your state income on you state return.