The latest data I read shows that IRS income in 2009 is down 42% from 2008. What does this mean for you and me? Uh….can you say aggressive. Yes, they have hired more auditors to keep us all in line and make sure they extract all they can from us. I have helped many clients [...]
Read More Income Tax Preparation, IRS Letters, Tallahassee Tax Service, TallyTaxMan, Tax DeductionsThese guys are getting re-acquainted with Joe the taxpayer. Their revenue is down 42% from last year. I have seen more IRS letters this past summer than in the entire past 3 years combined. This is a disturbing trend. This can be intimidating and frustrating, and I don’t recommend going it alone unless it is [...]
Read More Income Tax Preparation, IRS Letters, Tallahassee Tax Service, TallyTaxMan, Tax DeductionsRental property improvements, capitalization I get many questions regarding rental property improvements and depreciation. Typically, any improvement or modification that adds value and extends the life of a property will need to be depreciated over a period of several years. For residential property, this period is 27.5 years, and 39 years for commercial property. Some [...]
Read More Income Tax Preparation, Rental Property, Tallahassee Tax Service, TallyTaxManI have seen more IRS letters this year than in the last three years combined. They have expanded their auditor workforce. I know how frustrating these letters can be. They are written in generic, computer-generated language that is hard to decipher. Don’t assume that just because you received a notice that the IRS is correct. [...]
Read More Income Tax Preparation, IRS Letters, Tallahassee Tax Service, TallyTaxManDid you know that some employees can deduct their work mileage? It’s true. If your mileage is significant, you can deduct the amount over 2% of your adjusted gross income along with your other itemized deductions. You cannot deduct mileage to your everyday workplace. You can, however, deduct mileage to any location other than your [...]
Read More Income Tax Preparation, Mileage Deductions, Tallahassee Tax Service, TallyTaxManI had an over-the-road truck driver call me the other day asking about his meals expenses. Those people who work in the transportation industry may deduct up to 80% of their meals expense from their income taxes. If you are like most people who hate keeping up with all of those receipts (which fade anyway), [...]
Read More Income Tax Preparation, Tallahassee Tax Service, TallyTaxMan, Tax DeductionsI see a lot of people who do not have an adequate amount of life insurance. Just with any product line, there are good and bad options in the life insurance world. One of my aunts from south Alabama just passed away with a dependent granddaughter and no life insurance. We had to literally pass [...]
Read More Tallahassee Life Insurance, Tallahassee Tax Service, TallyTaxMan