Your Tax Advisor posts, articles, and infographics

Tax Myths, Tax Lies, and Tax Twisting

January 24, 2012 by James Maule with 12 views

For me, the difference between a myth and a lie is that the folks believing in the former don’t know any better and those spreading the latter surely do. In between is the twisting, which can reflect ignorance but also can be the consequence of deliberate word choice that suggests one thing even though it literally means something else. [read more]

Taxes and Tornadoes: Two of the Most Stressful Things in Life

January 7, 2012 by Kay Bell with 38 views

In Alabama alone, 62 tornadoes touched down, setting a record for the number of twisters to strike the state in a single day and representing one of its worst disasters. [read more]

Tax Moves to Make in January 2012

January 2, 2012 by Kay Bell with 28 views

HAPPY NEW YEAR!Are you ready for 2012? Well, are you at least ready to complete your 2011 tax return that's due this April? That's OK. Me neither. We've got time. In fact, we've got even more time this year. Uncle Sam doesn't expect our 1040 forms until Tuesday, April 17. Why the extra days? April 15 is on Sunday and the following... [read more]

What You'll Pay for 12 Days of Political Influence on Capitol Hill

December 26, 2011 by Kay Bell with 7 views

The 12 Days of Christmas are used as hooks during the countdown to Dec. 25. I'm guilty, last year doing a 12 Tax Tips of Christmas series. But the 12 days in the song actually begin on Christmas Day and represent the dozen days between the birth of Christ and the arrival of the Magi in Bethlehem, which is then celebrated on Jan. 6 as the... [read more]

Small Business Expenses that are Tax Deductible

December 17, 2011 by Tushar Mathur with 59 views

Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit. What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary... [read more]

Why You Don't Want to Ignore Taxes in Other States

December 15, 2011 by Joe Kristan with 29 views

Why bother to file taxes in a state you don't live in? If you sell property, or do business across state lines, take heed. [read more]

Year-End Tax Tip: Pay More Self-Employment Tax?

December 15, 2011 by Joe Kristan with 47 views

Can you scoot income from 2012 to 2011 to pay taxes sooner? [read more]

Time for Retirement, Contributions That Is

November 13, 2011 by Kay Bell with 28 views

I love what I do for a living. But I'd love it even more if I could write just because I wanted to and didn't have to depend on it to pay the bills. The hubby shares my wish for quitting work sooner rather than later. And since our win the lottery retirement plan is probably not going to pan out, we contribute regularly to our post-career savings accounts. [read more]

Millionaires Support Paying Higher Taxes

October 29, 2011 by Kay Bell with 70 views

Somebody better head over to the House GOP leadership offices, Republican National Committee and Fox News with handfuls of Prozac, Xanax and Cymbalta. Those folks are going to need calming down in the wake of a survey that found most millionaires said their taxes need to be hiked. [read more]

There Goes Warren Again, a Look at Warren Buffett's Taxes

October 14, 2011 by Joe Kristan with 47 views

A look at Warren Buffett's taxes. TOOO's effective rate is much higher when you consider the taxes already paid by the corporations he controls and the inherent erosion of inflation on investment income. It's also worth noting how so much of the income of high-bracket taxpayers is business income from partnerships and S corporations, not capital gains, and increasing taxes on business income is a direct hit on the ability of businesses to expand and grow. [read more]

Why Would You Be a 'C Corporation'?

September 29, 2011 by Joe Kristan with 125 views

While most new businesses are set up as pass-throughs nowadays, C corporations still have a following. Martin Sullivan ponders why taxpayers voluntarily run a business in a way that they know will be subject to two taxes. [read more]

Graphic Displays of the Growing Tax Code

September 23, 2011 by Kay Bell with 67 views

We're inching toward possible fundamental tax reform. It will be a slow and painful process because of the many tax breaks that individual taxpayers and companies can claim. [read more]

Wesley Snipes, Richard Hatch: 'Poster Boys for the IRS'

September 10, 2011 by Kay Bell with 85 views

Wesley Snipes and Richard Hatch are poster boys for the Internal Revenue Service. Both men made really stupid tax decisions. [read more]

Earthquakes, Hurricanes & Wildfires: No Escaping Disasters, But Tax Help Possible

August 24, 2011 by Kay Bell with 45 views

What the heck is up Mother Nature? I know we humans are an annoying bunch, but do you really have to keep whacking us? In less than 24 hours, strong earthquakes have rattled the East Coast and the Rocky Mountains region. The 5.3 temblor that shook Colorado Monday night was the strongest recorded there in more than a century. It also was... [read more]

Offshore Account Holders: Should You Use the 'Amnesty'?

August 1, 2011 by Joe Kristan with 77 views

Criminal tax defense attorney Jack Townsend explains how he helps clients sort out the pros and cons of telling the IRS about your offshore account reporting shortcomings. It's a must-read if you are considering the IRS Offshore Voluntary Disclosure Initiative, which runs through August 31. [read more]

What Will Fix the Job Situation? Small Business Creates 64% of New Jobs

July 11, 2011 by Barbara Weltman with 167 views

With unemployment now at 9.2%, it’s time to admit that whatever the federal government has been doing to create jobs isn’t working. It’s time to re-think who the job creators are and what can be done to help them. [read more]

Who Wants to Tax a Millionaire?

July 10, 2011 by Kay Bell with 69 views

The question being asked as federal lawmakers struggle to come up with a fiscal agreement that will lead to another increase in the U.S. debt ceiling. [read more]

10 Things To Do Before You Retire

July 2, 2011 by Tushar Mathur with 241 views

Don’t put off today what you can’t afford to do tomorrow. In spite of the world wide pension crisis and a growing acceptance that we must plan and save for our retirement, the harsh reality is we are actually not saving enough. Research reports reveal that only 15% of the individuals are saving sufficiently for their retired life. Here... [read more]

Tax Tip: Don't Leave $3.4 Million of Income Off Your 1040

June 16, 2011 by Joe Kristan with 66 views

The law holds the taxpayer accountable for what's on the return, paid preparer or no. [read more]

Second Leg of Entrepreneur's Stool

May 23, 2011 by Jeff Cornwall with 23 views

In my last column, we began looking at the "three-legged-stool" -- that is, who small businesses need as supporting advisers. The first leg discussed was a business-minded attorney.The second leg of the stool is an accountant, which for businesses should always be a Certified Public Accountant whose practice focuses on small... [read more]