Ten Tax Breaks Available for Parents

The cost of raising a child has skyrocketed from $25,000 when the U.S. Department of Agriculture began tracking it in 1960 to more than $245,000 for the average middle-class family in 2013. And this doesn't include the cost of college. Fortunately, the IRS provides parents with some financial assistance by offering various tax breaks for raising children.

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Mortgage Interest Deduction - Not as Simple as it Seems

The mortgage interest deduction is one of the most popular in the whole tax code; however, it is more complicated than it first appears. Generally, you need to satisfy five factors before you can deduct mortgage interest.

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How to Handle IRS Notices

The IRS sends millions of tax notices to taxpayers every year, so don't panic if one unexpectedly arrives in your mailbox. Many are routine and computer-generated. You may not even need to speak directly with anyone at the IRS to clear things up.

Click on "Full Article" below for a discussion on the common types of federal tax notices and how to handle them with confidence.

Seeking a Job? You May Be Able to Deduct the Expenses

Did you know that if you are trying to find work in your current occupation, the costs of your search, including expenses for preparing and sending resumes, employment agency fees and related travel expenses, should be deductible? 

Is This Your Situation – Buying New Assets?

Your company has decided to purchase a substantial amount of new assets. Perhaps you are upgrading computers or buying trucks that are desperately needed.
Click Full Article before making a decision.

IRS Debuts Final Repair Regs

To expense or capitalize? That is the question companies face when they acquire, produce or improve tangible property. The IRS recently released its final framework for distinguishing between deductible costs and capital expenditures. The final rules -- more commonly known as the Repair Regs -- cover more than just repairs. They apply to virtually every operating business that owns or leases property, plant and equipment.

Starting a New Business or Organization?

When launching a new venture, one of the first questions that needs to be answered is: "What type of entity should it be?" The options are numerous and you need to choose a legal structure that best suits your enterprise.
Click Full Article to learn the six basic business ways to conduct your operation.

Choosing the Right Tax Entity - S-corp, C-Corp, Partnership, Proprietorship or LLC

Brent Ross, CPA, CFE, CPECIf you are like most owners of growing firms, you might wonder about the best way to protect your personal assets and conduct your daily activities. For some businesses, forming a corporation is the best solution. Others benefit most from the creation of a Limited Liability Partnership.

Some Unexpected Gifts Come At High Prices

John Murk, CPA"Never look a gift horse in the mouth" is one of those old adages that many of us grew up with. Sometimes, though, even the wisest among us might want to stop and think before accepting a gift with blind trust, particularly if it is coming from the IRS.

Really - Are You Paying Your Fair Share?

John Murk, CPAThe Congressional Budget Office released their report on the distribution of household income and federal taxes for 2008 and 2009. (Click here for the full report) The table below is a summary of various items in the CBO report. Upon review of this summary taxpayers can see that in 2009 the TOP 20% of wage earners made paid 67.90% of ALL federal taxes in 2009 and 94.20% of ALL FEDERAL INCOME taxes.