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Continuing our effort to provide you with valuable, practical tax information, we will periodically update this page with useful income tax tips and income tax advice from the best sources — information on issues that you commonly deal with. Be sure to check our newsletter from time to time to stay on top of the latest and most effective tax strategies.
CompleteTax will provide income tax tips that will help you save money when it's time to file your tax returns. It's a good idea to use a well planned strategy so that you aren't surprised in April. Using CompleteTax Income Tax Preparation Software and keeping good records could mean the difference between paying a large chunk of money in April and receiving a big refund check. Use our income tax tips as part of your ongoing preparation.
Itemized Deductions, Business and Supplement Income/Expenses Draw IRS Attention
The IRS has launched new compliance initiatives to help reduce the under-reporting of income and the exaggeration of deductions on some of the most commonly filed individual tax return schedules. The focus of the initiative is on return preparers who submit a large number of returns that have Schedule A (Itemized Deductions), Schedule C (Business Expenses) and Schedule E (Supplemental Income). However, the move telegraphs the fact that the IRS is going to scrutinize items on these schedules closely.
In guidance provided in letters sent to 21,000 tax preparers, the IRS provided insight into the red flags that will draw the attention to items on the returns. As the saying goes, “forewarned is forearmed.” Learn what items are of particular interest to the IRS by reading our article, IRS Targeting Returns with Schedules A, C, or E.
The Basics of Tax Planning
No one should pay more taxes than they absolutely have to pay. Timing income and deductions and choosing the best form for a transaction are legitimate ways to save yourself money. To learn more, please read The Basics of Tax Planning.
Rental Real Estate
Schedule E (Supplemental Income) is an IRS hot button this year. Make sure you understand the rules regarding income and deductions related to rental real estate. This information is covered in Rental Real Estate.
The last thing you want to do when it comes to taxes is to overlook a legitimate deduction. Make sure you don’t leave money on the table—or in Uncle Sam’s coffers—by consulting our discussion on Itemized Deductions.
Deductible Expenses for Employees
If you are an employee, you may be entitled to deduct some of your business-related expenses that were not reimbursed by your employer. To learn more about this possibility, check out Deductible Expenses for Employees.
Know the Rules for Charitable Giving
The sentiments of the holiday season and the lure of a tax deduction combine to prompt many people to make year-end charitable contributions. However, not every contribution is deductible. Make sure you know the rules before you donate. Know the Rules for Charitable Giving
Do You Know Where Your 2010 Refund Is?
The IRS has $153.3 million dollars in its bank account from unclaimed refund checks. If you are wondering if some of those dollars belong to you, you can find out by checking out “Where’s My Refund” on the IRS website. Do You Know Where Your 2010 Refund Is?
Additional Relief Provided for Ponzi Scheme Victims
If someone has made off with your investment savings, you may now be able to deduct some of the losses if the government pursues civil, and not just criminal, action against the lead figures in the scam. Additional Relief Provided for Ponzi Scheme Victims
Use the Tuition Fees Deduction Before It Expires
There are twelve different tax breaks associated with educational expenses. One of them, the tuition and fees deduction, will expire at the end of this year. If there is a student in your family, it’s important to explore options to maximize your tax savings. Use the Tuition Fees Deduction Before It Expires
Past Tax Tips Newsletters
Each month, CompleteTax sends out the informational Tax Tips Newsletter.
Read past Tax Tips Newsletters.