Tax

If you follow tax law and developments, a few names pop up over and over again. One of those names is Charles Rangel, the Chairman of the Ways & Means Committee.

According to their website, the Ways & Means Committee has the responsibility for raising the revenue required to finance the Federal Government. This includes individual and corporate income taxes, excise taxes, estate taxes, gift taxes, and other miscellaneous taxes.

So, you’d figure those making the rules would be familiar with them, right?

We’ve discovered a new report by the IRS, due to come out December 2008. You might remember 2 years ago when we broke the story about the IRS gearing up to audit real estate professional status. I kick myself for not sounding the alarm louder at the time. I never thought we’d end up with an Acting Chief of the IRS who used to be head of Collections. And, that it would happen at a time of a housing value meltdown. So, what are they coming after next? Read on. You may need to make some changes very quickly to avoid the next wave of the storm from the IRS.

I’m saving my clients an average of $30,000 after their very first tax strategy appointment. How much can I save you?

You can find out FOR FREE with no obligation if you act right now. Drop us an email at CPA@TaxLoopholes.com or call Richard at 888-592-4769 to find out how easy it is to get a free review of your past tax returns.

My family went to see the latest Indiana Jones movie this weekend. And, then I came across this gem from www.ridingwithrickey.blogspot.com.

A Memo from the Office of Steven R. Lawlor, CPA, to Indiana Jones

Professor Henry “Indiana” Jones Jr.

33 New Montgomery Street

San Francisco, California 94118

Dr. Jones,

I talked to a couple of clients this past week about equipment and furniture equipment for their businesses. The Economic Stimulus Package added some huge benefits for business owners. And if you set it up right, your real estate investments could get some advantage as well.

First, let’s look at the new programs:

Every month I do a free online workshop for eBay sellers. My “IRS Changes for eBay Sellers” just set a record for MOST VIEWS EVER IN ONE DAY!

A record-setting eBay Workshop!

If you rent a property for business purposes, you can take a full deduction for the rental payment. If you own a business property and are making payments, the mortgage interest is deductible (not the principal portion) and you get a depreciation deduction as well.

Just when you think you’ve got the tax loopholes figured out…here comes another tax wrinkle. It’s called Alternative Minimum Tax (AMT for short) and it’s estimated that 10 million more Americans will fall prey to it this year.

When it comes to taxes, there rarely are quick questions. Or, let me put it another way, if you consistently get quick answers from your quick questions – run, don’t walk, to another advisor. That’s because on the surface it might seem like a quick question, but there is often more to it. For example, “I am selling my principal house that I lived in for over two years and getting back $100,000, do I have to pay tax?”

I came across this tidbit this morning, and thought I’d share it with you:

Senate Finance Committee Chairman Max Baucus, D-Mont., and ranking member Charles E. Grassley, R-Iowa, introduced legislation on the first day of the 110th Congress to repeal the individual alternative minimum tax beginning in the 2007 tax year. “This bill is really a bellwether for one of the Finance Committee’s biggest priorities this year,” said Baucus. “The new Congress intends to provide tax relief to middle-income Americans in a fiscally responsible way, and the AMT is the right place to start.”