Individual Tax Planning and Return Preparation

Every American or legal resident who makes a living has to file a Federal income tax return. There are always things that can be done during the year and particularly at year end that will…

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You Need Basis to Take Your S Corporation Losses

Because of the prolonged recession we expect to see many businesses report losses from their 2010 operations. Losses from S Corporations are deductible on a taxpayer’s Form 1040 only to the extent of the shareholder’s…

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IRS to Audit More Taxpayers in 2011

The Obama administration has said that it is dedicated to closing the tax gap i.e. the difference between what taxpayers should pay in taxes and what they actually do pay in taxes. The IRS estimates this number…

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Back Taxes

If you owe the IRS back taxes and/or haven’t filed your tax returns in several years, you are probably having a hard time sleeping at night. Either that or you’ve moved to Canada. Most people who…

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Tax Return Preparation Checklist

Use the following checklist to help you or your tax preparer properly prepare your return and minimize your taxes. This checklist is sub-categorized to help you organize your tax information. As you receive or locate…

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