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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 …
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 …
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, …
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 …
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 …
?? 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, …
Tax Avoidance Scheme or Legitimate Deduction?
If you are self-employed and are providing or want to provide Health Benefits to yourself and/or employees (hire your spouse), then you could be in for a terrific tax break. This tax break is known as a ”Section 105 Plan”. Section 105 …
Popular Internet Rumor #1:
Here’s the question: “Will the Health Care Act impose a 3.8% sales tax on the sale of my residence?” First of all, this is not a Sales Tax, but a surtax for Medicare imposed on “higher income” individuals. This statement …