- Taking Advantage of the Deduction for Domestic Production Activities
- The domestic production activities deduction was created to encourage manufacturing and production within the U.S., and it provides a substantial business deduction equal to 9% of the lesser of:
- Voluntary Disclosure of Offshore Accounts Expires August 31
- U.S. taxpayers with undisclosed offshore accounts are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current with the Internal Revenue Service.
- Budget Control Act of 2011 - Now What?
- The new Budget Control Act of 2011 may have resolved the debt ceiling stalemate in Washington, but it leaves us hanging as far as long-term tax planning goes. Although the first $1 trillion round of deficit reduction over fiscal years 2012 through 2021 does not include revenue hikes, the second $1.5 trillion reduction over the same time period could include some fundamental tax changes.
- Tax Perks For the Business Traveler
- Food and lodging expenses may be deducted when you are away from home for business purposes. Like everything in the tax law, to be tax deductible there are certain rules to follow and the individuals that know the rules and keep good records get the most out of these deductions.
- What Are the Chances of Being Audited?
- Each year, the IRS releases a publication entitled the “Data Book.” The 2010 version of the book was released in early March, which provides statistical data on its fiscal year (FY) 2010 audit activities. The book provides valuable information that include how many tax returns the IRS examines (audits), how they examine them, and what categories of returns IRS is focusing its resources on.
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