Tax Business Advisor

Helping you build your tax practice

Top 10 First-Time Homebuyer Credit Tax Tips

IRS | April 8, 2010

There is still time to claim the First-Time Homebuyer Tax Credit on your 2009 tax return. If you purchased or entered into a binding contract to purchase a home in 2009 or early 2010, you may be eligible to claim…

Seven Things about Getting More Time to File your Tax Return

IRS | April 8, 2010

If you can’t meet the April deadline to file your tax return, you can get an automatic six month extension of time to file from the IRS.

Here are seven things you need to know about filing an extension:

    Separate Business from Pleasure when Deducting Travel

    IRS | March 25, 2010

    Travel expenses are deductable if the trip was entirely business related.

    If the trip was primarily for personal reasons, such as a vacation, the entire cost is a nondeductible personal expense.

    However, expenses at the destination directly related to business may…

    Six Important Facts about Tax-Exempt Organizations

    IRS | March 25, 2010

    Every year, millions of taxpayers donate money to charitable organizations. The IRS has put together the following list of six things you should know about the tax treatment of tax-exempt organizations.

    1. Annual returns are made available to the public.

    Five Facts about the Foreign Earned Income Exclusion

    IRS | March 23, 2010

    If you are living and working abroad you may be entitled to the Foreign Earned Income Exclusion.  Here are five important facts from the IRS about the exclusion:

    1. The Foreign Earned Income Exclusion United States Citizens and resident aliens

    Ten Things You May Not Know about Farm Income and Deductions

    IRS | March 22, 2010

    If you are in the business of farming, there are a number of tax issues that you should consider before filing your federal tax return. The IRS has compiled a list of 10 things that farmers may want to know…

    Come On Over! Ten Ways the IRS Can Help You in Person

    IRS | March 19, 2010

    Taxpayer Assistance Centers allow taxpayers to access good old-fashioned face-to-face assistance from the Internal Revenue Service. No Recorded menus. No hold Music.

    Here are 10 reasons visiting an IRS TAC may be a great way for you to get assistance.…

    Oops! Errors to Avoid at Tax Time

    IRS | March 16, 2010

    Errors made on tax returns may delay the processing of your tax return, which in turn, may cause your refund to arrive later. Here are nine common errors the IRS wants you to avoid to help guarantee your refund arrives…

    Six Things You Need to Know About Your Economic Recovery Payment

    IRS | March 16, 2010

    Did you receive a $250 Economic Recovery Payment in 2009? You’ll need to know if you are claiming the Making Work Pay Tax Credit on your 2009 tax return.

    Only individuals who received income from the Social Security…

    Nine Things You Should Know about Penalties

    IRS | March 15, 2010

    The tax filing deadline is approaching. If you don’t file your return and pay your tax by the due date you may have to pay a penalty. Here are nine things the IRS wants you to know about the two…

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