by mariettacp | Jul 3, 2012 | Money Tips, Tax Planning
Refundable tax credits that eligible taxpayers can use to help cover the cost of health insurance premiums for individuals and families who purchase health insurance through a state health benefit exchange. (Effective 2014.)
by mariettacp | Jul 6, 2011 | Money Tips, Tax Planning, Tax Tips
A taxpayer can establish a CRAT either during the taxpayer's life, or through a provision in the taxpayer's will. If the taxpayer establishes the trust during the taxpayer's life, the taxpayer receives a charitable deduction for income tax purposes, or...
by mariettacp | May 30, 2011 | Money Tips, Tax Planning, Tax Tips
Gambling losses may be deducted only to the extent of gambling winnings, even in the case of an individual engaged in the trade or business of gambling. Previously, the Tax Court had held that losses for purposes of the limitation included both the cost of wagers and...
by mariettacp | May 27, 2011 | Money Tips, Tax Planning, Tax Tips
The IRS has announced a second voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. It will be available through Aug. 31,...
by mariettacp | May 25, 2011 | Accounting News, Money Tips, Tax Planning
Married joint return filers are jointly and severally liable for the tax arising from their returns. Innocent spouses may request relief from this liability in certain circumstances. An IRS regulation states that a request for equitable innocent spouse relief must be...
by mariettacp | May 23, 2011 | Money Tips, Tax Planning, Tax Tips
The IRS has announced new policies and programs to help taxpayers pay back taxes and avoid tax liens. The goal is to help individuals and small businesses meet their tax obligations, without adding an unnecessary burden to taxpayers. Specifically, the IRS is: 1)...
