IRS Clarifies Home Sales Rules

IRS CLARIFIES HOME SALES RULES

Did you know the IRS Clarifies home sales rules? For many of us, the equity that we have built up in our homes represents a comfortable nest egg for the future. At retirement, many people sell the family primary residence defined and move to a smaller, less expensive home. The freed-up money, thereafter invested, may…

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Request Telephone Tax Refund By Amending Your Return

Request Telephone Tax Refund By Amending Your Return

Request Telephone Tax Refund By Amending Your Return Maybe you filed your federal tax return, received a refund and even spent the last penny before realizing that you missed out on a one time opportunity to request the Telephone Excise Tax Refund!  Luckily, some opportunities do call twice. You can still request the telephone tax…

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Tax Saving Strategies For Business Owners

[vc_row][vc_column][vc_column_text] Tax Saving Strategies For Business Owners 1. Did you know you can use your previously funded IRA to fund the current year’s deductible contributions? Well, you can. If you don’t have enough cash to make a deductible contribution to your IRA by April 15th, here is how you can still take the tax deduction.…

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Credit Default Swaps – Impose A Tax On Bogus Insurance

[vc_row][vc_column][vc_column_text] Credit Default Swaps – Impose A Tax On Bogus Insurance By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP Proposal to amend the U.S. Internal Revenue Code:  Any Seller, Buyer or Insured Party who enters into a Credit Default Swap (“CDS”) contract insuring U.S. source risks will be subject to an excise…

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Income Tax Deferral Strategies for Real Estate Investors

INCOME TAX DEFERRAL STRATEGIES FOR REAL ESTATE INVESTORS

Income Tax Deferral Strategies for Real Estate Investors There are a number of significant income tax benefits that are often overlooked by real estate investors that could allow them to defer or exclude some or all of their income tax liabilities on the sale or disposition of their real estate tax deferral assets. It is…

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Treasury Releases Detailed Guidance on Deduction for Qualified Domestic Production Activities

Treasury Releases Detailed Guidance on Deduction for Qualified Domestic Production Activities

Treasury Releases Detailed Guidance on Deduction for Qualified Domestic Production Activities As expected, the Treasury Department on January 19 released much-anticipated guidance (Notice 2005-14) on the phased-in deduction for qualified domestic production income that was enacted last October as part of the American Jobs Creation Act of 2004. The deduction is effective for taxable years…

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Taxes Aimed at the Wealthy Could Send Canadian Entrepreneurs Fleeing

Taxes Aimed at the Wealthy Could Send Canadian Entrepreneurs Fleeing

Taxes Aimed at the Wealthy Could Send Canadian Entrepreneurs Fleeing By Alan Olsen The idea of taxing the rich is certainly not new, and neither are the negative effects that this philosophy can cause. While the United States is know for it’s broken tax system which attempts to punish the wealthy simply for being wealthy,…

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More Companies Offering New Way to Lower Taxes on Pensions

More Companies Offering New Way to Lower Taxes on Pensions

More Companies Offering New Way to Lower Taxes on Pensions By Alan Olsen It used to be that many, if not most, companies offered the benefit of a pension fund to those employees who eventually retired with the company after many years of service. As times have changed, benefit packages have become less attractive or…

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