http://www.professionaltaxservicesinc.net Tax services, consulting & IRS representation Fri, 18 Dec 2009 22:54:47 +0000 http://backend.userland.com/rss092 en TIS THE SEASON TO DO TAX PLANNING   TAKE ALL THE LEGITIMATE BUSINESS EXPENSES YOU CAN   Some might say that the list of potential business expenses is limited only to what the mind can perceive. That would be a big stretch.   Believe it or not, the IRS knows your business better than you do.  ... http://www.professionaltaxservicesinc.net/2009/12/business-expenses/ IRS AUDITS  The IRS is stepping up audits of taxpayers at a rapid pace.  Each of the past several years there has been a significant addition of Revenue Agents (RA) and Revenue Officers (RO); those responsible for auditing returns and collecting taxes.  In addition, the IRS has been improving its already ... http://www.professionaltaxservicesinc.net/2009/12/irs-audits/ I expect to see a significant  increase in the number of audits by the IRS.  The trend has been upward for several years now and I expect that to continue.  As I have previously stated, one of the primary areas of interest by the IRS is Schedule C businesses.  The IRS ... http://www.professionaltaxservicesinc.net/2009/11/irs-stepping-audits/ The much used first time homebuyer’s tax credit has received congressional approval and has just been signed by the President . The measure was included in H.R. 3548, extension of unemployment benefits. According to the National Association of Realtors, as many as 1.2 million new and resale home transactions were completed as a ... http://www.professionaltaxservicesinc.net/2009/11/time-homebuyers-credit-extended/ How many times in your life have you said something like “wow, why does she get all the luck?”  Or, I sure wish I had her luck.  No matter what she does, she makes money.  No matter what he does, he comes out smelling like a rose.  Well, I’m not going ... http://www.professionaltaxservicesinc.net/2009/10/lucky-duck/ The American Recovery and Reinvestment Act included up to an $8,000 credit for first time homebuyers (the credit is actually 10% of the value of the home purchased, up to $8,000).  A first time homebuyer is someone who has not owned a house in the three years prior to the ... http://www.professionaltaxservicesinc.net/2009/10/time-homebuyers-credit-expiring/ I just attended an intensive training program on dealing with the IRS.  One of the instructors, at prominent tax lawyer, said that, based on his experience, about 15% of the U.S. population becomes functionally illiterate when they receive an IRS letter.  Another 5 – 10% breaks out in a cold ... http://www.professionaltaxservicesinc.net/2009/10/afraid-big-bad-wolf/ TRADITIONAL IRA TO A ROTH IRA CONVERSION STRATEGIES   As the end of 2009 approaches, a significant opportunity awaits many individuals.  Beginning in 2010, taxpayers will be able to convert their traditional IRA (and funds that have been rolled over from a qualified plan) to a Roth IRA, regardless of their income ... http://www.professionaltaxservicesinc.net/2009/09/126/ In the fighter business, when you go into combat, you go as flight of four aircraft to provide each other mutual protection. When you are in a three dimensional environment it is very difficult to keep an eye on everything you must in order to protect yourself. Fighters in combat ... http://www.professionaltaxservicesinc.net/2009/09/ive-got-your-six/ I went to a party the other day and asked a man to whom I had just been introduced, what he did.  His response was very telling.  He said, “Don’t get mad at me, but I have just recently gone to work for the IRS.”  When I said it didn’t ... http://www.professionaltaxservicesinc.net/2009/09/experience-level-irs-auditors/