50% Disallowance Rule for Meals and Entertainment
When you pay for business meals and entertainment, keep in mind that generally only half of otherwise allowable meal and entertainment expenses are deductible on your federal tax return.
Important upcoming tax dates.
Taxpayer Advocate's Report
National Taxpayer Advocate Nina E. Olson has released her annual report to Congress, identifying the combination of the IRS's expanding workload and declining resources as the most serious problem facing taxpayers.
IRS Reopens Offshore Voluntary Disclosure Program
The IRS has reopened the Offshore Voluntary Disclosure Program (OVDP) to help taxpayers hiding offshore accounts get current with their taxes.
Roth IRAs for Kids
If you have a child who works, consider encouraging the child to use some of the earnings for Roth IRA contributions. All that is required to make a Roth IRA contribution is having some earned income for the year.
Tax Ramifications of Owning a Second Home
Many taxpayers own or plan to purchase a second home. If you are among these taxpayers, you may be viewing your second home either for personal pleasure or as an investment for tax benefits and appreciation.