Blogs

With the expiration of the Bush era tax cuts, every taxpayer will be paying more in taxes. However, you can reduce your tax bills by making use of tax credits. If you purchased alternative energy equipment for a qualified residence, then you can use a tax credit of up to 30 percent of the cost... Continue reading →

If you use energy efficient equipment, including vehicles, you can lower your tax liability by taking advantage of tax credits for saving energy. The Residential Energy Efficiency Tax Credit was extended to December 31st, 2013. If you haven’t yet filed your tax return, you may use this tax credit of up to $500 for the... Continue reading →

Until 2020, there is a one-time tax credit if you buy a new original equipment manufacturer AFV (Alternative Fuel Vehicle). The tax credit is of 50% of the incremental cost of the purchase. The tax credit excludes electric vehicles or converting a vehicle to work on an alternative fuel.There is another tax credit for 10%... Continue reading →

The initiation of changes in the tax code has begun with The House of Ways and Means Committee presenting their blueprint before Congress. The blueprint proposes to make the tax code simpler and fairer by providing a generous standard deduction so that 95% of taxpayers will no longer be required to itemize their deductions. It... Continue reading →

It is during tax season that tax scammers are the most active. During this time, millions of taxpayers become victims of tax crimes such as tax preparer fraud, identity theft and abusive trusts. Out of the many tax scams, identity theft has topped the IRS’ Dirty Dozen Tax Scams list for three consecutive years.Identity theft... Continue reading →

When you file your tax return this filing season, you must make sure that you are filing accurately. Even if a tax preparer is preparing your return, you should still check your return for inaccuracies before it is filed.If you have hired a professional to prepare your taxes, be sure to sign the return only... Continue reading →

Same-sex couples face complex tax rules because many states do not recognize same-sex marriage. Because the Defense of Marriage Act (DOMA) was struck down by the Supreme Court, married same-sex couples are recognized as legally married and thereby eligible to file jointly for on federal returns. However, many states do not recognize same-sex marriage. In... Continue reading →

The tax season will open on  January 31st, 2014. During tax filing season, tax fraudsters file fraudulent tax returns using a stolen Social Security Number, filing status and other personal details of taxpayers. After stealing the essential details, they fill in the rest of the information on a tax return to claim huge refunds. Every... Continue reading →

Identity theft remained at the top spot in the IRS’ Dirty Dozen Tax Scams list in 2013. This type of theft is the most widespread because of the ease and remoteness with which it can be conducted. Thousands of taxpayers fall victim to identity theft each year. Identity thieves either coax, threaten or dupe taxpayers... Continue reading →

It is during tax season that identity thieves are the most active. Identity thieves use various means to obtain your tax information such as Social Security Number, name, date of birth, and filing status. Using this information, they file fraudulent tax returns on your behalf to claim huge refunds. The IRS may not always discover... Continue reading →