Prepping for Increased IRS Audit Activity
With the Internal Revenue Service announcing more details on how it will be targeting America’s wealthiest taxpayers, Kostelanetz’s Megan Brackney offered up some advice on preparing for increa...
FAQ: When does a gift require a gift tax return?
If you've made, or are planning to make, a big gift before the end of 2009, you may be wondering what your gift tax liability, if any, may be. You may have to file a federal tax return even if you do ...
FAQ: What kinds of moving expenses are deductible?
Only "qualified moving expenses" under the tax law are generally deductible. Qualified moving expenses are incurred to move the taxpayer, members of the taxpayer's household, and their personal belong...
FAQ: Must the S corp election be made each year?
The small business corporation (S corp) is one of the most popular business entities today, offering its shareholders the flow-through tax treatment of a partnership and the limited liability of a cor...
How Do I? ... Keep a log for automobile expenses
If you use your car for business purposes, you may have learned that keeping track and properly logging the variety of expenses you incur for tax purposes is not always easy. Practically speaking, how...
How Do I? Compute the Kiddie Tax for 2009
Under the so-called "kiddie tax," a minor under the age of 19 (or a student under the age of 24) who has certain unearned income exceeding a threshold amount will have the excess taxed at his or her p...
FAQ: Is foreign business travel deductible?
A taxpayer's expenses incurred due to travel outside of the United States for business activities are deductible, but under a stricter set of rules than domestic travel. Foreign travel expenses may be...