Monthly Archives: December 2009

Top Ten Tips for Taxpayers Deducting Casualty and Theft Losses

Taxpayers who find themselves the victim of a natural disaster or theft this summer should know the rules for deducting their casualty losses next year when they file their federal tax return. Generally, you may deduct losses to your home, … Continue reading

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For Many Small Businesses, Fall Filing Deadline Looms for Special Refund Claims

Time is running out for many small businesses wishing to take advantage of the expanded business loss carryback option included in this year’s recovery law, the Internal Revenue Service said today. Eligible individuals have until Oct. 15 to choose this … Continue reading

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Five Facts about the Home Office Deduction

With technology making it easier than ever for people to operate a business out of their house, many taxpayers may be able to take a home office deduction when filing their 2009 federal tax return next year. Here are five … Continue reading

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Eight Tips for Taxpayers Who Owe Money to the IRS

The vast majority of Americans get a tax refund from the IRS each spring, but what do you do if you are one of those who received a tax bill? Here are eight tips for taxpayers who owe money to … Continue reading

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The Lucky Seven…Gambling Winnings and Losses Tax Tips

You may know when to hold ‘em and when to fold ‘em but do you know how and when to report ‘em? Whether you are playing cards or the slots, it is important to know the rules about reporting gambling … Continue reading

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SBA and the ARRA

Understanding the SBA Programs in the Recovery Act • For small businesses, the Recovery Act temporarily eliminates SBA guaranteed 7(a) and 504 loan fees and offers tax benefits. For lenders, it temporarily eliminates loan fees on Section 504 loans. The … Continue reading

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Does the IRS Owe You Money?

Who couldn’t use a little extra cash this winter!   The IRS may have some money for you. If you have not filed a prior year tax return and are due a refund, you should consider filing the return to claim … Continue reading

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IRS Alerts Public to New Identity Theft Scams

The Internal Revenue Service reminds consumers to avoid identity theft scams that use the IRS name, logo or Web site in an attempt to convince taxpayers that the scam is a genuine communication from the IRS. Scammers may use other … Continue reading

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Do you need to Amend your Return?

You’ve discovered an error or determined that you are entitled to a previously unclaimed credit or deduction, after your tax return has been filed.  Do you need to amend your tax return? The IRS usually corrects math errors or requests … Continue reading

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IRS Warns Taxpayers to Beware of First-Time Homebuyer Credit Fraud

The Internal Revenue Service announced its first successful prosecution related to fraud involving the first-time homebuyer credit and warned taxpayers to beware of this type of scheme. On Thursday July 23, 2009, a Jacksonville, Fla.-tax preparer, James Otto Price III, … Continue reading

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