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30Aug2010

“Flipping” Homes – A Reviving Trend in Real Estate

Prior to the recent economic downturn, flipping real estate was popular. With mortgage interest rates low and home prices at historical lows, flipping appears to be on the rise again. House flipping is, essentially, purchasing a house or property, improving it, and then selling it (presumably for a profit) in a short period of time.
  • 30 Aug, 2010
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27Aug2010

Worker Misclassification Under Congressional Scrutiny

A Congressional research report titled “Tax Gap: Misclassification of Employees as Independent Contractors,” focused on the tax gap created by misclassifying workers as independent contractors rather than employees and the problems associated with enforcing proper classifications. Businesses must withhold tax and pay Social Security, Medicare and unemployment tax on wages paid to employees. On the
  • 27 Aug, 2010
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25Aug2010

Thinking of Making Home Improvements?

There is currently a 30% tax credit (maximum $1,500 for the combined 2009 and 2010 tax years) for certain home energy-saving improvements. That credit expires at the end of 2010. Examples of qualifying improvements include high-efficiency heating and AC systems, energy-efficient windows and skylights, energy-efficient doors, qualifying insulation and certain roofs also qualify for the
  • 25 Aug, 2010
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23Aug2010

Maximizing Medical Deductions Before 2013

Medical expenses are deductible if you itemize your deductions. However, there is a limit on how much of those medical expenses can be deducted based upon your income for the year. Currently, only medical costs that exceed 7.5% (10% if you are subject to the alternative minimum tax) of your adjusted gross income (AGI) can
  • 23 Aug, 2010
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19Aug2010

2010 is the Last Year for the Lean Vehicle Credit

2010 is the final year during which taxpayers can purchase an advanced lean burn technology vehicle and claim a tax credit for the purchase. Unlike the hybrid credit, the lean burn credit is available to vehicles with internal combustion engines that are designed to operate primarily using more air than is necessary for complete combustion
  • 19 Aug, 2010
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17Aug2010

Having a Bad Year? You May Qualify for the Earned Income Credit.

Many individuals find themselves earning less during these troubled economic times than in years past. As a result, they may qualify for a credit that they previously were not entitled to because of income limitations.The Earned Income Tax Credit (EITC) is for people who work, but have lower incomes. If you qualify, it could be
  • 17 Aug, 2010
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13Aug2010

New Regulations Provide More Insight to Health Care Reform

The Departments of Labor, Treasury and Health and Human Services recently issued regulations to implement a new Patient’s Bill of Rights as part of the Health Care Reform Act. The major initial provisions include the following: Insurance for Uninsured Americans with Pre-Existing Conditions Beginning July 1, 2010, a Pre-Existing Condition Insurance Plan will provide new
  • 13 Aug, 2010
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11Aug2010

Small Business Expenses 101

For small business owners, tax breaks often come in the form of tax deductions – which can offer a nice little instant cash savings – if you know how to navigate tax law and claim the deductions you deserve (not what you believe you are entitled to). Large tax deductions are a notorious red flag
  • 11 Aug, 2010
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09Aug2010

Report Tips to Employer by August 10th

If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages.
  • 9 Aug, 2010
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06Aug2010

Homebuyer Credit Closing Deadline Extended to September 30, 2010

The deadline for the completion of qualifying First-Time Homebuyer and Long-Term Homeowner Credit purchases has been extended. Taxpayers who entered into a binding contract before the end of April now have until September 30, 2010 to close on the home. Note- This extension ONLY extends the time by which taxpayers who had entered into a
  • 6 Aug, 2010
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