The cost of a battery can qualify for the 30% residential solar energy credit, the Service says in a private ruling. Here, the taxpayer added the battery and related components to a previously installed residential solar energy system. In concluding that the battery is qualified solar electric property that is credit-eligible, IRS relied on the […]
Home Energy Credit, IRS tax savings, New Tax Laws, TallyTaxMan, Tax Court, Tax Deductions
Losses in poorly performing Roth IRAs aren’t deductible by account owners. That’s because the investments are owned by the Roth and not the holder of the account. So like gains, losses inside the Roth are ignored for tax purposes. You might be able to claim losses after cashing in all of your Roth IRAs. This […]
Homebuyer Tax Credit, Income Tax Planning, Income Tax Preparation, Internal Revenue Service, IRA, IRS requirements, IRS tax savings, Northside Tax Service, Roth IRA, Tallahassee Tax Service, Tally Tax Man, TallyTaxMan, Tax Deductions, Tax Efficient Retirement
A released federal tax lien can still maintain its priority over junior creditors, an Appeals Court says in the case of a debtor who owed back taxes to IRS. The agency put a tax lien against his property, including a tract of undeveloped land. The Service released its lien on the parcel to enable the […]
2013, 2014, IRS tax savings, Tallahassee Tax Service, TallyTaxMan, Tax
IRS won’t ease up on worker misclassification. The Revenue Service will devote major audit resources to this area, even though Congress won’t come close to giving the agency the money it requested for exams. Agents are doing 6,000 random audits now, part of a three year project on payroll tax compliance. Worker misclassification is a […]
2013, Income Tax Planning, Income Tax Preparation, Internal Revenue Service, IRS, IRS Audit, IRS requirements, IRS tax savings, Tallahassee Tax Service, TallyTaxMan, TaxThe Queen of Mean, Leona Helmsley, was right – the wealthy do not pay taxes, the little people do. According to the media, Obama’s tax burden will hit predominantly upper income taxpayers and reduce spending on “mandatory benefit programs,” including Medicare and Medicaid, by $580 billion. Obama and the Democrats will raise billions more, not […]
Income Tax Planning, Income Tax Preparation, IRS tax savings, Tallahassee Tax Service, TallyTaxManRichard Rocchio and his siblings inherited their mother’s half of the outstanding corporate stock in their New York S-Corporation. Their father was the other 50 percent shareholder. After several years, the father remarried, and bickering ensued. The father and his wife were using all of the corporation’s funds to support a life of luxury, not […]
Income Tax Planning, Income Tax Preparation, IRS Audit, IRS Help, IRS Letters, IRS Penalty, IRS requirements, IRS Small Business, IRS tax savings, S Corporation, Shareholders, Small Business Tax, Tallahassee Tax Service, TallyTaxManWith a new congressional “super committee” tasked with finding $1.5 trillion in cuts by No-vember, creative ways to find additional revenue are in high demand. And allowing the IRS to prepare you taxes could be one solution. The idea has been around for a while, but has been picking up steam in recent years. In […]
Income Tax Preparation, IRS Help, IRS requirements, IRS tax savings, Tallahassee Tax Service, TallyTaxMan