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Donation Changes For 2007 - (March, 2007) The Pension Protection Act of 2006 made several changes to the deduction for charitable donations that you should be aware of for your 2007 filing.

IRS Penalties
- (November, 2007) Pretty much every hour it seems (or perhaps we exaggerate out of frustration), a client calls us in a panic over a tax penalty he or she has been assessed.  The number of penalties available to the IRS to punish wrongdoers is staggering.

Abating Tax Penalties - (October, 2007) IRS penalties.  At some point in almost everyone's life, it seems, we will receive greetings from the IRS which includes a penalty.  The penalty could result from filing or paying your taxes late or misstating your income or deductions on your return. 

Divorce - Tax Issues
- (July, 2007) To be quite honest, this isn't a topic we enjoy discussing with our clients, but divorce is a fact of life and it is important that both parties know and understand the tax ramifications of a divorce during the "negotiations" for lack of a better word. 

Small Business and Work Opportunity Tax Act of 2007 - (June, 2007) Congress passed this Act in order to provide small business tax relief as a counter to the phased-in increase in the federal minimum wage from $5.15 an hour to $7.25 an hour over the next two years.

Estimated Tax Payments
- (May, 2007) Many of our clients are required to pay estimated taxes and it often comes to our attention that there may not always be a clear understanding of the mechanics involved in determining how much they are required to pay Uncle Sam during the calendar year.  

Childcare Credit
- (April, 2007) One piece of tax information that many parents forget to bring us each year for preparation of their tax return is childcare information.  If you paid for someone to care for a dependent age 12 or younger or a disabled dependent or spouse while you worked or looked for work, you may be able to claim the Child and Dependent Care Credit on your tax return.

Charitable Contributions FAQs - (March, 2007) You cannot deduct contributions to political parties or political candidates. Charitable contributions are considered itemized deductions on your tax return, so you may be subject to limitations.

2006 Tax Relief and Healthcare Act
- (December, 2006) Now that the election cycle is finally over, Congress has acted to extend a significant number of tax breaks that have been held up due to partisan wrangling.  The Act also provides for some tax changes taking effect in 2007.

Tax Increase Prevention and Reconcilation Act - (June, 2006) What started off as a 2005 tax act being negotiated in Congress many months ago has finally become law in late May of 2006.

Presidents Advisory Panel On Tax Reform
- (December, 2005) In January, 2005, the Presidentís Advisory Panel on Federal Tax Reform was created to recommend options that would make the tax code simpler, fairer and more conducive to economic growth. 

2005 Energy Act - (August, 2005) During August, the Energy Tax Incentives Act of 2005 was signed into law.  While most of the provisions will affect energy producers and providers, there are many tax credits and provisions that will have an impact for both our small business clients as well as individual homeowners.

Working Families Tax Relief Act - (October, 2004) On October 4th, the President signed the Working Families Tax Relief Act of 2004 (Families Act). This is a $146 billion tax cut bill for both individuals and businesses that passed with wide majorities in both the House and Senate.  

2003 Tax Act
- (May, 2003) On Wednesday, May 28th, 2003, President Bush signed the Jobs and Growth Tax Relief Reconciliation Act of 2003 which should bring at least some tax breaks to almost all of our clients.  As everyone anticipated, the primary beneficiaries of the Act are families with children, stock investors, high income taxpayers and small business. 

2002 Tax Act - (April, 2002) On March 9th of 2002, the "Job Creation and Worker Assistance Act" was signed into law by President Bush.  The new law doesn't contain many benefits for individual taxpayers, but it does include a 13 week extension of unemployment benefits and some relief measures aimed at businesses.

Our Summary Of The Tax Relief Act - (June, 2001) The new 2001 Tax Relief Reconciliation Act has 85 new provisions, 441 codes changes and 291 pages of text.  We will probably spend the next several months reviewing and presenting its many new provisions in more detail, but we can already summarize the major aspects of the bill here so that you can begin some early planning.  

 

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