Tax Return
Contemporaneous Tax Records
Everybody knows that tax deductions aren’t allowed without proof in the form of documentation. What records are needed to “prove it” to the IRS vary depending upon the type of deduction that you may want to claim. Some documentation cannot be collected “after the fact,” whether it takes place a few months after an expense is incurred… read more
How to Amend a Tax return
Sometimes in a rush to file your income tax return, you may unintentionally overlook some income that had to be reported, or a deduction that you should or should not have taken. Now what? The solution is usually straightforward: you should file what is called an amended return. Taxable income is measured on an annual… read more
Early Planning Can Make 2012 Filing Season Easier
The new year brings a new tax filing season. Mid-April may seem like a long time away in January but it is important to start preparing now for filing your 2011 federal income tax return. The IRS expects to receive and process more than 140 million returns during the 2012 filing season. Early planning can… read more
Inflation Adjustments May Generate Tax Savings in 2012
The IRS recently announced that inflation is increasing many dollar amounts in the Tax Code for 2012. For taxpayers, the inflation adjustments may help reduce their overall tax liability in 2012. Inflation adjustments Many provisions in the Tax Code are required to be adjusted annually for inflation. These include various deductions, exemptions and exclusion amounts. … read more
What is a Tax Return Transcript & How Can It Save You Money?
Many of us think that when we need a copy of our federal income tax return we need to order a tax return copy from the IRS. Save the $57 you’ll pay the IRS to order a copy of your tax return and order a tax return transcript instead at no charge. A tax return… read more
