Tax Tips

  • Dec 06, 2010
    Tax Tips
    At year end, remember to start organizing your receipts and any other supporting documents for your 2011 taxes.
  • Apr 01, 2011
    Tax Tips
    Tax day is April 17th for tax year 2011.
  • Oct 13, 2011
    Tax Tips
    Mileage Rate Tax Year 2011 Standard Mileage is usually the easiest to keep track. Make sure you have a detailed mileage log.
  • Aug 05, 2011
    Tax Tips
    Summer Camp Expenses - Some academic orientated camp tuition qualify for dependent care credit. Check with your CPA.
  • Aug 06, 2011
    Tax Tips
    Divorced did you help your ex to do a refinancing this year? Check to see if its deductible.
  • Jul 01, 2011
    Tax Tips
    Are you over 70 years of age and have IRA? Find out what a RMD is. Did you plan for your distribution? See your Financial Adviser or CPA.
  • Jun 25, 2011
    Tax Tips
    IRA Rollover. Did you miss the 60 day rule? What kind of advice did you get from your financial adviser? Check with your CPA.
  • Oct 01, 2011
    Tax Tips
    How is your tax records? Start getting organized now! Easier when April 2012 rolls around?
  • Sep 15, 2011
    Tax Tips
    Does your Church provide you with a statement of your cash contributions? If they don't put a check in the offering basket instead of cash.
  • Oct 13, 2011
    Tax Tips
    Tracking your prescription costs. In January, ask your third party provider or pharmacy for a statement. Quickest way to get the amount of your prescriptions for the year.
  • Oct 01, 2011
    Tax Tips
    Medical & Dental Expenses. How much have you spent so far this year? Check with your CPA about the how much you can deduct. If your expenses are substantial. Think about doing any extensive dental work or purchase that new hearing aid.
  • Mar 15, 2011
    Tax Tips
    Tax preparers. Does your preparer have liability insurance? Make sure he or she does.
  • Mar 20, 2011
    Tax Tips
    Tax prepares. Never accept a return that is not signed by the individual who prepared it. Walk away from anyone who designates "Self Prepared"
  • Oct 13, 2011
    Tax Tips
    Licensed Tax preparers. If you are unsure of the preparer's credentials, ask to see their license and check out their registration on the web.
  • Oct 01, 2011
    Tax Tips
    Political Wrangling. If last year is any indication of what is going to happen in Congress. Check out the new laws before filing. Last year there were quite a few last minute changes.
  • Jul 15, 2011
    Tax Tips
    Confused about all the new "Health care" changes? Ask your tax adviser how they effect you?
  • May 15, 2011
    Tax Tips
    Has the IRS place a lien on your real estate? Make sure it was recorded in the correct jurisdiction. Otherwise, you may have some issue with your mortgage holder.
  • May 05, 2011
    Tax Tips
    Making plans to fix up your vacation home. Major improvement costs should be tracked carefully. They will added to the basis of the property. Regular repairs & maintenance don't count.
  • Jan 15, 2011
    Tax Tips
    Loss your job? Plan on starting a business from home? Remember Office in the Home requires that you exclusively use it for an office. No other use. edroom can no longer be used for guests.
  • Jun 10, 2011
    Tax Tips
    Do you own rental property? Are you a "real estate" professional? Check with your CPA. You may be able to follow different rules than a real estate investor.
  • Oct 13, 2011
    Tax Tips
    Did a new bundle of joy come this year. Remember the baby counts as an exemption as long if they show up between January 1st and the end of the year.
  • Feb 02, 2011
    Tax Tips
    Remember to have your PIN and your County tax bills handy. Illinois taxpayers get a 5% tax credit on their state income taxes.
  • Mar 01, 2011
    Tax Tips
    Does your child attend a private school? Does the school provide a statement of your tuition etc.? Illinois taxpayers should give the information to their tax preparer to get a tax credit on their state income taxes.
  • Mar 01, 2011
    Tax Tips
    Small Businesses. Are you a Sub Chapter S Corporation? Remember you filing deadline is March 15th. Monthly fine is expensive.
  • Feb 11, 2011
    Tax Tips
    Church donations - Remember, if you some of your church contributions go for religious school for your children. That portion is not deductible.
  • Aug 10, 2011
    Tax Tips
    Cancelling a life insurance policy can trigger taxable income. If the insurance company cancels your policy and applies the CSV against any outstanding loans.
  • Oct 13, 2011
    Tax Tips
    Reviewing your tax returns. Always thoroughly review your returns for errors. Do not be afraid to have the preparer explain any item that you don't understand.
  • Feb 07, 2011
    Tax Tips
    Review your W-2s and 1099s carefully, the IRS is taking a closer look when comparing to State information.
  • Apr 01, 2011
    Tax Tips
    IRA payments are due by April 18th, even if you filed an extension for tax year 2010 only.
  • Apr 01, 2011
    Tax Tips
    Always file your taxes. Avoid the failure to fail penalty by filing before the deadline even if you cannot pay the balance due.
  • Apr 01, 2011
    Tax Tips
    Installment Agreements for unpaid taxes can be arranged by filing IRS form 9465 or just contact the IRS directly.
  • Sep 01, 2011
    Tax Tips
    Responding to a IRS correspondence. Open right away, read carefully and contact your CPA or tax preparer immediately.
  • Oct 14, 2011
    Tax Tips
    Schedule E - Rental Property Owners better be more careful with your record keeping. IRS examing more returns with rental property in 2011.
  • Oct 14, 2011
    Tax Tips
    IRS Audit Percentage in tax year 2001 - over 1% returns audited. Soft or regular audits? Most since 1997.
  • Sep 15, 2011
    Tax Tips
    Schedule E - IRS will be asking for more information in tax year 2011. More emphasis on how many days rented. What kind of rental? Be prepared contact your CPA.
  • May 01, 2011
    Tax Tips
    IRS Audit Red Flag - Higher than average deductions! Disproportionately large compared to income.
  • Sep 12, 2011
    Tax Tips
    Safekeeping of your tax records. Do you have a home safe, fire proof filing cabinent or bank safe deposit box?
  • Sep 30, 2011
    Tax Tips
    Most common reason the IRS contacts you. Math errors! Check your return over thoroughly.
  • Jun 15, 2011
    Tax Tips
    IRS Red Flag. Do you have a foreign bank account? Better report it.
  • Oct 01, 2011
    Tax Tips
    IRS Red Flag. What kind of business do you have? If is it a cash business, ie bar, restaurant, car wash or a taxi. Much greater scrutiny by IRS.
  • Sep 01, 2011
    Tax Tips
    Is your business a hobby? Check the rules with your CPA. Could have severe ramifications if you are not following the tax rules.
  • Oct 14, 2011
    Tax Tips
    IRS Red Flag. Do you do engage in any foreign currency transactions. Better check with your CPA. Much greater scrutiny by IRS.
  • Oct 02, 2011
    Tax Tips
    IRS Red Flag. Do you claim a 100% business use for your vehicle. Not a good idea.
  • Sep 16, 2011
    Tax Tips
    IRS Red Flag. Do you claim excessive business meals, travel and entertainment expenses? Five star restaurants bills when in fact McDonalds lunch.
  • Oct 14, 2011
    Tax Tips
    IRS Red Flag. Do you claim large charitable deductions? Much be reasonable in light of your income.
  • Oct 14, 2011
    Tax Tips
    IRS Red Flag. Home Office Deduction. Frequently abused by taxpayer. Must be legimate and well documented.
  • Aug 17, 2011
    Tax Tips
    Dependents. New baby in the family. Counts as a dependent as long as child was born within the calendar year.
  • Jul 07, 2011
    Tax Tips
    Home Buyer Credit. A house purchased from a parent does not count. Always watch out when a related party is involved in a transaction.
  • Sep 30, 2011
    Tax Tips
    Hiring an unemployed individual. Firms hiring one maybe eligible for a tax credit in 2011. Check with your CPA.
  • Sep 20, 2011
    Tax Tips
    Social Security Recipients. Watch for a COLA in 2012. Wage base increased to $110,100 for 2012.
  • Mar 15, 2011
    Tax Tips
    IRS Tax Liens. IRS has raised the threshold from $5000 to $10000 before filing a lien. Check with your CPA, if you have overdue taxes.
  • Apr 20, 2011
    Tax Tips
    IRS Tax Deadline for 2012. Extended again to April 17th. DC holiday reason why.
  • Dec 01, 2011
    Tax Tips
    How to pick a tax preparer? Check qualifications and get references.
  • Dec 02, 2011
    Tax Tips
    How to pick a tax preparer? Check the preparer's history. Ask about fees upfront.
  • Dec 03, 2011
    Tax Tips
    Signing a tax return - It is mandatory for a paid preparer to sign the return and provide their PTIN.
  • Dec 04, 2011
    Tax Tips
    Do you really need a paid tax preparer? Senior citizens should check to see if they need to file federal and state returns.
  • Dec 01, 2011
    Tax Tips
    Charitable Contributions - How about making a contribution to your favorite charity with a credit card?
  • Dec 02, 2011
    Tax Tips
    Church Donations - Does your parish give you an itemize statement of your contributions and special appeals? IRS cannot refute.
  • Dec 03, 2011
    Tax Tips
    Year End Mutual Fund Transactions - Look at your monthly summary statements, may have some surprises?
  • Dec 02, 2011
    Tax Tips
    Flexible Spending Account - Use it or loss it! Clean it out before December 31, 2011. Check with Employer about a possible extension.
  • Dec 07, 2011
    Tax Tips
    Gifting to a relative this year. Make sure they get the check and cash it before end of this year.
  • Dec 04, 2011
    Tax Tips
    Making a gift to a charity? Could be an issue on what kind of credit card you use. Store Credit Card charge counts in the year you pay the bill. A bank credit card counts in the year its charged.
  • Dec 10, 2011
    Tax Tips
    Gifting Securities - Make sure you endorse them over to the individual before the end of this year.
  • Dec 02, 2011
    Tax Tips
    Establishing an IRA - Deadline to get one started for tax year 2011 is April 16, 2012.
  • Dec 13, 2011
    Tax Tips
    Deductible Expenses Paid by Check - Make sure they are in the mail before December 31st. Count for 2011 even though the check doesn't clear until January 2012.
  • Dec 13, 2011
    Tax Tips
    What happens if your employer gets a IRS wage levy and they ignore it. Don't find out.
  • Dec 16, 2011
    Tax Tips
    Mileage Rates 2012 - Business 55.5 cents per mile, Medical & Moving 23 cents per mile, Charitable 14 cents per mile

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Charles L. Joffee, CPA

Phone: (847) 301.0759
Cell: (847) 361-8337
Fax: (847) 252-9365
E-Mail: cjoffeecpa@gmail.com

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