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Browse our previous Tax Tips Newsletters to help you stay current with the income tax issues that can affect your current and future tax situation.
Each year the IRS presents a round-up of the most egregious abuses of the tax code. Innocent taxpayers can be ambushed by some of these schemes, such as those related to identity fraud and phishing. In other cases, greed can outstrip the individual's good sense and lead them to claim unsubstantiated, or completely bogus, claims. Read this newsletter.
Few people relish the annual ritual of gathering up the documentation necessary to prepare your annual income tax return. Yet, making resolutions to get your records in order and to familiarize yourself with the tax rules in effect this year can pay off in less stress and a lower tax bill. Read this newsletter.
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. Read this newsletter.
When the crystal ball drops in Time Square on New Year's Eve, the amounts available under two crucial tax provisions-bonus depreciation and the expensing election-will drop as well. Read this newsletter.
This September—in another victory for small business owners and employees—the IRS announced that employer-provided cell phones were a tax-free fringe benefit for the employees. Read this newsletter.
As we all know, the United States income tax is a "pay as you go" system. This means that we are supposed to be turning over a portion of our income to Uncle Sam as we receive it. For self-employed individuals or those with substantial amounts of unearned income, this "pay as you go" is accomplished via estimated tax payments. However, wage earners generally count on withholding from their wages to keep them current on their tax payments. Read this newsletter.
Personal care services provided by a live-in housekeeper qualified as "long-term care" expenses, according to the Tax Court. It was clear that the services were not for medical treatment, but solely to assist an elderly individual who suffered from dementia with the activities of daily living and to keep her safe. Read this newsletter.
When you are standing in rubble that used to be your home or staring at images showing your town under water, you probably are not thinking about your tax situation. However, it is important to know that you may be able to amend your last year's tax return and get a refund quickly to help with your immediate financial needs. Read this newsletter.
If you are a small business owner, 2011 might be the year to incorporate your business. Why? Because you won't owe any tax on gain from the sale of qualified small business stock acquired before 2012 and held for at least five years is tax-free. Read this newsletter.
Each tax season, the IRS sends out dozens of tax preparation pointers. We've gathered the best of these tips and condensed them to save you time and money. For example, you'll find information on how to e-file your return-a guaranteed route to a more accurate return and a quicker refund. Read this newsletter.
Past Tax Tips Newsletters
Each month, CompleteTax sends out the informational Tax Tips Newsletter.
Read past Tax Tips Newsletters.