TAX PRO PLUS LA

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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Is Your Credit Rating Correct?

Why do you care?  Well for starters, people with a better credit rating enjoy significantly lower interest rates that can add up to thousands of dollars less in interest payments over the term of the loan.  For example, a fixed 30-year mortgage payment varies with respect to credit score and the interest rates corresponding to the credit score.  Having a score that is two hundred points higher can offer a savings of $448 a month for the same $200,000 house loan.  Good credit ratings also provide for quicker loan approvals, fairer loan terms, and more credit.

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100% Write-Off for Qualified Leasehold Improvements for Business

In an effort to get the economy back on the rails again, the 2010 Tax Relief Act generally permits businesses to deduct 100% of the cost of leasehold improvements acquired and placed into service during 2011.

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Two Tax Credits to Help Pay Higher Education Costs

There are two federal tax credits available to help individuals offset the costs of higher education for themselves or their dependents.  They are the American Opportunity Credit and the Lifetime Learning Credit.

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Thinking of Tapping Your Retirement Funds for a Little Extra Cash?

In today’s economy some taxpayers may need to take money out of their retirement plans to make ends meet. If you have or are contemplating taking a distribution there are some very important and unexpected tax issues you need to be aware of.

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