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Foreclosures, Short Sales, Deeds-in-Lieu
Unfortunately these subjects have become a part of our current financial environment. I tell people that come to me with these problems that “they are in good and plentiful company”. Unfortunately the way these situations get handled on the tax return is …
Do you need to file a tax return?
This subject has many proponents as well as detractors. The basic problem is that if you do not file a tax return, you never start the statute of limitations (3 years IRS and 4 years State of CA). So if …
Federal Judge Green Lights IRS Search For California Gift Tax Cheats
An article in the December 18,2011 issue of Forbes Magazine states that the IRS has been cleared by a Federal Judge to subpoena records from CA State taxing authorities on transfers of real property that were not declared on Gift Tax …
Year End Planning
It’s getting late in the year for 2011 tax planning, but, we do know that the current tax rates will be in effect until January 1, 2013. So……….if you’ve got some capital gains or other income or deduction situations, you …
November-December Newsletter
Our latest newsletter hit the post-office on November 22, 2011. You should have your copy now. The insert is notification of our move to 312 Colfax Avenue, Grass Valley, and that our newsletter is now posted on this website under Resources. We will …
We’ve Moved
We have relocated our offices to 312 Colfax Ave, Grass Valley. Why?? Simply Parking, Receptionist, Parking, and outside secure mail-drop (did I mention Parking?). We are co-locating with M&N Tax Consultants. M&N was purchased a couple of years ago by Erin Stewart-Cayot CPA and …
Estate Tax “Portability”
Estate Tax Portability: “what is that?” I was asked several months ago. Portability is the ability to take the unused portion of a deceased spouse’s Estate Tax Exemption and move it over (add it) to the surviving spouse’s exemption. Caveats yes, …
CA Property Tax Bills Update
Guess what? My earlier post of needing your property tax bill for 2011 tax preparation still stands, but CA has backed off it’s position of wanting you to remove “non-tax” items from the bills!! Why? Well, it seems that CA doesn’t really …
Mortgage Interest Deduction Audits
It started with the State of CA about 4 years ago and has spread to the IRS. Mortgage Interest has always been a “sacred” deduction for homeowners. You get your annual 1098 Mortgage Interest Statement from your bank and just insert that amount …
Earned Income Tax Credit Due Diligence
The Internal Revenue Service is FINALLY requiring that the due diligence worksheet, that we Tax Preparer’s are required to fill out when claiming the Earned Income Credit (EIC) for you, be sent to IRS with the Tax Return. The EIC is …
Property Tax Bills
Be prepared in 2012 when you visit me with all of your tax papers to include your Property Tax Bill. If you have more than one home, bring the tax bills in for your second home also! The State of CA wants to …
IRS Credit Card Purchase Matching??
What triggers IRS Audits? Many factors enter the equation and a new focus has just been announced by IRS’s Global Wealth Unit. This ”Revenue” department is concentrating on the super-wealthy, not only reviewing off-shore accounts, but reviewing areas that will ultimately “trickle down” to the working-man’s …
H&R Block to Add 100 New Franchises
According to Accounting Today Magazine (September 26, 2011) H&R Block says it’s going to add over 100 new Franchises to its network in the near future. It appears that H&R is on a mission to improve its Corporate image, bottom …
?? Who pays the most tax ?? Food for thought !!
This data was taken directly from the IRS website (www.irs.gov), is for Tax year 2008 and updated Oct 2010 (the latest available). The top 1% of AGI (adjusted gross income; wages, interest, dividends, capital gains, etc) reporters pay 38.02% of the tax collected. The …
Charity? deduction? maybe? or not?
The Charitable Deduction has been a critical part of many people’s “lifestyle/tax strategies” for years. With 9/11 just past us and the end of the year approaching, non-profits and scammers requesting monetary donations abound. My phone rings daily with requests for donations for Firefighter, Police, animal protection, and other organizations, …