A big topic in the news these days is reporting of foreign financial accounts. Many people have been “hiding” money from the IRS in foreign accounts and they are giving people an opportunity to voluntarily report these monies before they begin criminal investigations. So what should you do if you have any foreign financial accounts? …
Independent Contractor or Employee?
The big question you often hear people and businesses asking is, “are you an independent contractor or an employee?” Well, it’s not always completely clear but the IRS does have specific guidelines that can help you make the determination. There are three basic tests: behavioral control, financial control, and relationship of the parties. See the attached…
Why Do I Have to Pay Taxes?
Ever wonder exactly why you pay taxes and where the money goes? What about all those “arguments” you hear people trying to make in order to get out of paying taxes? Well the IRS has a publication where they address these questions and myths. Read the answers for yourself. Enjoy!
Identity Theft Awareness & Phishing Schemes
A recent IRS article says that an identity theft crackdown is sweeping across the nation (read article here ). What do you need to know to protect yourself from identity theft? To keep it simple: Keep your personal information secure Don’t give out personal data Protect your social security card and computers Check your credit report…
H&R Block Loses Bank Product Through HSBC
One of the biggest draws for taxpayers to H&R Block has been the ability to get cash fast through RALs (refund anticipation loans) and various other products. But according to H&R Block themselves, this is going to be a problem. Read the article here: http://www.hrblock.com/press/Article.jsp?articleid=49252
I couldn’t have said it better myself!
Came across a great article on CNN recently on three ways to spend your tax refund…it’s exactly what I would recommend. I’ve included it below but here’s the link: “3 ways to use your tax refund ” ———————————————Quoted text begins below. Question: I’m trying to figure out what to do with my $500 tax refund. I’m…
What Is IRS Certification?
More and more preparers are starting to use the term “IRS Certified” to promote themselves as a reliable source for tax preparation. But what does that mean? If you search for “IRS Certification” at irs.gov, you don’t get anything relating to tax preparers. If you search the Internet, you do find a reference back the…
The Tax Ramification of Job Loss
I came across a great document provided by the IRS to assist taxpayers who have gone through a job loss. View the IRS Publication 4128 here . It’s very easy to read!
The Expensive Tax Deduction
I get a lot of questions with regards to what can be deducted for tax purposes. I want to caution you though that you are not paying extra just to save on your taxes. The biggest example of this is the home mortgage. Many people ask me about having or maintaining a home mortgage for…
