- New Opportunity to Come Clean On Offshore Accounts
- The income earned by U.S. citizens and residents from worldwide sources are subject to U.S. income taxes. However, until recently, hidden offshore accounts have been hard to detect, and the income from these hidden accounts have not been reported by their owners on their U.S. tax returns. Of late, the Treasury Department has become very aggressive in seeking out and uncovering hidden offshore accounts, and the owners of these accounts have been subject to some extremely severe penalties.
- Importance of Notifying the IRS of Your Address Change
- You might say to yourself, "Why would I want to inform the IRS of my change of address since they will find out when I file my next year's income tax return?" The following are important reasons for promptly notifying the IRS of your address change.
- Things to Know about Farm Income and Deductions
- If you have a farming business, there are several tax issues that can impact your tax situation. The following list includes some of those issues.
- 100% Write-Off for Heavy SUVs Used Entirely for Business
- The 2010 Tax Relief Act provides a limited-time 100% bonus depreciation allowance for qualified property. It allows taxpayers that buy a new heavy sports utility vehicle (SUV) and use it entirely for business to write-off the entire purchase price in the placed-in-service year.
- Tax Tips about Tip Income
- The IRS, for some time now, has been trying to combat the underreporting of tip income by waiters and waitresses. Tips received by individuals are subject to Federal and state (if applicable) income taxes plus Social Security and Medicare taxes. Also taxable are the value of non-cash tips, such as tickets, passes, or other items of value.
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