StrataTax believes in sharing facts and strategies so that you have the knowledge to successfully reach your goals and take control of your future.
Be sure to check back often to stay up to date with the latest tips or peruse the archived tips below to see what you missed.
Current and archived tips are provided below.
Making a charitable donation can bring you more than just a good feeling – it may also result in a taxable deduction. Contributions to qualified charitable organizations are deductible if you itemize. More Information.
Your medical expenses may make up a large part of your itemized deductions. While a large amount of deductions can lead to a large income tax refund, it is important not to overstate your medical expenses by including medical reimbursements. More Information.
Don’t miss out on these commonly overlooked miscellaneous itemized deductions. More Information.
Paying your mortgage bill can be quite a burden, but it does provide most homeowners with a nice income tax return, thanks to deductible home mortgage interest.
If you and your spouse file separate returns and live in a community property state, you have to determine your community income and your separate income. More Information.
The IRS recently issues the new standard mileage rates used to calculate the deductible costs of operating an automobile for charitable, medical, moving, or business purposes in 2012. More Information.
Have you borrowed money to buy property that you hold for investment? If so, you may be able to deduct the interest you pay as an expense on your tax return. More Information.
Be aware of your appeal rights if you receive a letter from the IRS proposing adjustments to your tax return. More Information.
The IRS has a number of ways for people to meet their tax obligations and pay their tax bill. These new methods from the IRS are also designed to help taxpayers pay back taxes and avoid tax liens. More Information.
Filing a past due return isn’t as difficult as you think and the IRS offers you options for paying your bill. Regardless of whether or not you can pay the full amount due, you should file all tax returns that are due. More Information.
Normally, the records a business keep throughout the year account for income for financial purposes. For tax purposes, business transactions may be accounted for differently. StrataTax provides an overview of the differences.
The IRS has provided tax incentives for people who pursue higher education. The Lifetime Learning Credit provides a tax credit of up to $2,000 for any level of college education (even graduate school).
Are you one of the many who lost their job recently? The loss of your job may have affected your personal and financial life. In this article, we look at how your job loss impacts your taxes and provide you with guidelines for your taxes.
Are you currently suffering financial difficulties or preparing for ‘worst case’ scenarios because of the current down economy? StrataTax examines some of the most common job-related “What If” scenarios and their possible tax impact.
TAX ADVICE DISCLAIMER:
Please be advised that in order to ensure StrataTax’s compliance with the rules and standards required by the Internal Revenue Service (IRS), we are informing you that any tax advice contained in this communication, including attachments, is not intended or written to be used for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or promoting, marketing or recommending this transaction or a tax related matter to another party.