Monthly Archives: September 2016

Choosing The Right Tax Attorney

There are many reasons for choosing a tax attorney. Some reasons are reactive or defensive, others are cost-preventive. It is more than wise to retain a tax attorney when:

  • Subject to an audit or collection activity;
  • Filing an appeal of a tax court decision;
  • Trying to save money on behalf of a business; and
  • Trying to take advantage of tax credits or deductions.

Choosing a tax attorney involves the assessment of various factors, which include the following:

Expertise:

A Review Of The New Federal Filing Deadlines Under The Surface Transportation and Veterans Health Care Choice Improvement Act

On its face, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the “Act”) doesn’t sound much like legislation that affects the filing of taxes, because such legislation rarely does. The enactment of this Act promulgates changes to the tax filing process consequently affecting just about every taxpayer. These changes include revised due dates for filing certain tax forms, which potentially further impact the filing of state taxes. Individual and business taxpayers alike should consult a tax professional to conduct a detailed review of the Act in detail to determine which significant deadline changes affect them most.

Finally! Congress Enacts Tax Extends Part 6

The Consolidated Appropriations Act of 2016, enacted Dec. 18, 2015, extends a long list of expired tax provisions into the future. Unlike in past extension legislations, Congress extended many provisions permanently. The Joint Committee on Taxation estimates that the total cost of the tax provisions in the bill will be $622 billion over 10 years. Without Congress extending these various provisions, millions of Americans were in danger of losing these beneficial tax breaks by 2017.

Energy tax incentives: Provisions for energy expenses extended through 2016 include:

  • § 25C, which provides a 10% credit for qualified nonbusiness energy property. The law also updates the Energy Star requirements.

Finally! Congress Enacts Tax Extends Part 5

The Consolidated Appropriations Act of 2016, enacted Dec. 18, 2015, extends a long list of expired tax provisions into the future. Unlike past extension legislation, Congress extended many provisions permanently. In more traditional fashion, some of the others were extended for five years, and many for two years. The Joint Committee on Taxation estimates that the total cost of the tax provisions in the bill will be $622 billion over 10 years. Without Congress extending these various provisions, millions of Americans were in danger of losing these beneficial tax breaks by 2017.

Here are some provisions for individual taxpayers that were extended by Congress for two years:

Claiming Summer Camp Expenses On Your Tax Returns

Keeping children busy and entertained during the summer months when school is out is no easy task for parents. One alternative is sending the youngsters to summer camp, which is typically not a small expense. However, tClaiming Summer Camp Expenses On Your Tax Returns

During the school year, working parents have the luxury of not having to find someone to care for their younger children during normal school hours. In this case, children only need care during the hours between the time school ends and when a parent arrives home from work, which may be two to three hours at the most. However, during the summer this changes when school end and parents must find day-long care for their children. Many parents send their kids to camp during the summer to solve this problem. Is there any tax relief for parents in this situation?

Testimonials

Categories