Filing IT returns can more appropriately be called a duty than an annual custom. Come July – it is that time of the year, when salaried and non-salaried individuals get busy filing their IT returns and chartered accountants get busier enabling them to do so. Amidst all this, we owe a thought to one thing: [...]
CP 501 notice, Reminder Notice of Balance Due, is a simple letter that is easy to understand. If you have a balance due the IRS sends this letter. It is the first notice that is sent to let taxpayers know about money being due on their account. What should I do after receiving a 501 [...]
There are many tax credits available to Texans for First Time Homebuyers. By definition, a first time homebuyer under federal standards is anyone who has not purchased a home before, or who has not been an owner of record on a home for the past three years. Under the federal stimulus package, a homebuyer may [...]
The government is making it easy for homeowners to save on their taxes this year. Whether you’re a first time buyer, or just renovating, there are a number of savings out there. Save The Environment and Money Too! Thanks to the $700 billion bailout plan, going Green in 2009 can net you some juicy tax [...]
Before discussing the tax benefits of a second home, let us first define what it is. A second home is usually termed a vacation home. These are properties used by owners during holidays. Most homeowners can earn additional income from this as they can have it rented. Many people are now discovering that they can [...]
The biggest problem with missing a tax due date is that it gets a little less stressful every day. April 15th is awful, April 16th is bad, but after a while, you might notice that the IRS hasn’t caught up to you. But after a few weeks, it fades into the background: maybe they’ll forget, [...]
Tax professionals have a better understanding of the laws Congress pass each year, and spend hours in training, discussions and research. A smart taxpayer will take advantage of their training to save tax dollars. I know you must be thinking that even though you are getting tax savings either in a big refund of less [...]
Are tax filing and procrastination two words that you can relate to all too well? Do you receive your W-2 forms from your employer, take them home, and watch as they collect dust sitting on your desk in your home office? To cut costs, you may have decided to file your taxes yourself and now [...]
Now is the time to buy a second home. With home prices declining, you can get the most economical deals. But wait, there’s more. Aside from the prices, you can reap tax benefits when embarking on a second home. Tax benefits on your second home depend mainly on how you use the property. Different rules [...]
Being a public trust is not an easy task, transparency is always expected in that matter, thus, I could say, that as a Certified Public Accountant is also not that an easy job. A Certified Public Accountant (CPA) is qualified professional accountant being certified by the state that he or she is capable for corporate [...]