July 06, 2010
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How Do I? Report interest from savings bonds?
U.S. Savings Bonds can be a relatively risk-free investment during times of upheaval in the stock market, such as we are experiencing now. There are two different types of savings bonds for tax purposes. The first includes Series EE bonds and Series I bonds. You purchase these bonds at a discount from their face value […]
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FAQ: Can I deduct the costs incurred doing charitable work?
Q. I spend 20 hours every week cooking meals and delivering them to an organization that feeds the hungry and homeless. Am I entitled to a deduction for my time and the food I pay for out of my own money? A. Generally, if you do volunteer work for a charity, you are not entitled […]
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Common IRA contribution and distribution mistakes
Individual retirement accounts (IRAs) — both traditional and Roth IRAs — are among the most popular retirement savings vehicles today. Protecting the value of your IRA (and other retirement accounts) is incredibly important. While some factors affecting the value of your retirement savings may be out of your control, there are many things within your […]
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Brace yourself for a sea change in the tax law
A number of tax law changes are making their way through Congress, and many more on the way. These changes will affect both individual and business taxpayers alike. In 2010, it is expected that Congress will address the federal estate tax, and is currently working on small business and jobs “relief,” as well as an […]
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Mistakes on Tax Return Preparation
Errors and omissions in preparing tax returns can occur easily. You might accidentally enter a number incorrectly, misinterpret a law, or misconstrue the client’s facts. Later, before an IRS audit, you might discover the mistake, raising gut-wrenching questions: Do you call the mistake to your client’s attention? Do you advise the client to file an […]
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