Articles

Is Your Schedule C in the Audit Bull’s-eye?

In a recent study, the IRS determined that over half of all underreporting is attributable to Schedule C, the form used by self-employed individuals to report their profits or losses for the year. It is no wonder that the audit rate for Schedule C retu... Read More

Been Selling Your Gold? Better Read This!

If you took advantage of escalating gold and silver prices and made any sales of gold, silver, gems, jewelry, or the like during 2011, you are required to report the sales on your tax return. Whether or not the sales are subject to tax, and at what tax... Read More

Don’t be Scammed by Tax Season Cyber Criminals

Now that tax season is upon us, so are the e-mail scammers pretending to be the IRS. Most of these scams fraudulently use the IRS name, logo, and/or website header as a lure to make the communication appear more authentic and enticing. They lead you to... Read More

Don’t Forget to Report Those Foreign Financial Assets!

New for 2011 is a requirement for any individual who, during the tax year, holds any interest in a “specified foreign financial asset” to complete and attach Form 8938 to his or her income tax return if a reporting threshold is met.... Read More

Having a Bad Year? You May Qualify For Earned Income Credit

Many individuals find themselves earning less during these troubled economic times than in years past. As a result, they may find that they qualify for a credit to which they previously were not entitled because of income limitations.The Earned Income ... Read More

Don’t Forget Those Nominee 1099s

For tax purposes, if you receive, in your name, income that actually belongs to someone else, you are also a nominee. Being a nominee means you must file with the IRS a 1099 form appropriate to the type of income you received and give a copy of the 109... Read More

What to Do If You Are Missing a W-2

Have you received your W-2? These documents are essential to filling out most individual tax returns. You should receive a 2011 Form W-2, Wage and Tax Statement, from each of your employers each year. Employers have until January 31, 2012 to provide or... Read More

Are You Required to File 1099s?

If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099-MISC after the end of the year to avoid facing the loss of the deduction for their labor and... Read More

Dependents and Medical Expenses

Medical expenses paid for dependents may be deducted. To claim these expenses, the person must have been a dependent either at the time the medical services were provided or at the time the expenses were paid. Medical Dependent – Frequently o... Read More

To File or Not to File

A frequent question asked is whether or not an individual needs to file a tax return. There are two issues associated with this question: Is there is a requirement to file? Should the taxpayer file even when there isn’t a requirement to ... Read More