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Ask the Tax Pro: Can I Deduct Legal Fees for a Divorce?

Posted on21. Jan, 2011 by .

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This question was asked in the comments section of one of my Ask the Tax Pro posts, and it’s a really good question; one that I get asked often. Taxpayer asks: I was sued in 2010 for a divorce that never went through. I spent $3,000 in atty fees. I am self-employed as a Physical [...]

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Ask the Tax Pro: I Was Audited, Can I Still File?

Posted on17. Jan, 2011 by .

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Tabari asks: I was audited last year, but with all the moving, I never received my audit paperwork, can I still file this year or do I need to take care of the audit first While getting audited isn’t fun, having to also pay penalty and interest for late filing a return would be even [...]

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Tax Season 2011 — Are We There Yet?

Posted on15. Jan, 2011 by .

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The 2011 tax season officially opened for business yesterday, with a few kinks no less. First, the good news: you now have 3 more days to prepare your return. Returns will now be due on April 18 instead of the usual due date of April 15. The due date extension is apparently so there aren’t [...]

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Ask the Tax Pro: Do I have to Issue a 1099 to an Artist?

Posted on08. Jan, 2011 by .

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Ken, who runs a for-profit consignment gallery asks: We have always filled out 1099-Misc forms for all of our artists who earn more than $600. I have an artist who is insisting that she doesn’t need to provide her tax ID # to us because her artwork is a good and not a service and [...]

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What the Tax Deal Would Mean for You

Posted on09. Dec, 2010 by .

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For a while there has been nothing but talk about the Bush-era tax cuts.  Millionaires wanted them elliminated.  Republicans wanted them to remain in place, permanently even.  Then this week you heard that Obama announced a deal was made with Republican leaders regarding said tax cuts.  But what exactly does it all mean?  And how [...]

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2011 Mileage Rates Announced

Posted on07. Dec, 2010 by .

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The IRS recently announced the 2011 mileage rates for business, medical, and charitable purposes.  The rate for business miles increased from 50 to 51 cents, medical and moving, increased from 16.5 to 19 cents, and charitable miles remain unchanged at 14 cents per mile. The mileage rates are based on an annual study performed by [...]

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Millionaires Urge Obama to Let Bush-Era Tax Cuts Expire

Posted on23. Nov, 2010 by .

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After hearing arguments for extending the Bush-era tax cuts for some of the nation’s wealthiest, I thought it would be a long time before I heard anyone publicly argue against it. Turns out that there’s a group of over 40 of the nation’s wealthiest (including Ben Cohen of Ben & Jerry’s fame) doing just that. [...]

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The IRS Wants to Give You Money

Posted on20. Nov, 2010 by .

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Really. They do. This year, like all the others before it, the IRS is trying to return undeliverable refund checks to a few taxpayers. This time around they’re on a mission to return $164.6 million, with an average of $1,471 per check. Do the math; that’s 83 million cups of coffee or clean drinking water [...]

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Affected by Chinese Drywall? There’s a Deduction for That!

Posted on05. Oct, 2010 by .

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Recently the IRS issued guidance on deducting costs associated with repairing damages due to Chinese corrosive drywall.  I personally know a couple of people who will be pretty happy about this. If you’re wondering whether or not you were affected by Chinese drywall or if you don’t know what Chinese drywall is, then chances are [...]

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IRS Online PTIN Registration is Finally Here!

Posted on28. Sep, 2010 by .

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Just when I was beginning to think this wasn’t going to be ready in September as was originally announced, the IRS announced today that their online PTIN registration system is now ready.  Some of you should be relieved since, other than the 1099 debacle, it seemed as if this is all anyone talked about for months. All [...]

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