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Over the past couple of months we have provided tips about tax deductions. Whether you are familiar with taxes and accounting or not, we hope you have learned more about what is deductible and what is not. In case you haven’t read this information, you can download it as a FREE eBook by clicking the picture above. Or simply read on and we’ll give you a summation of our posts on what you need to know about tax deductions. Know What is Tax Deductible and What’s Not What You Should Know... Read Full Story

This is the second installment of Tax Deductions & You: What You Need to Know which can also be downloaded from our free eBook library . Although most people understand that mortgage interest is deductible, many people may not be aware that there are certain situations in which it actually creates a greater savings not to claim a deduction as mortgage interest. Under Treasury Regulation 1.163-10T(o) a taxpayer may elect to treat mortgage debt as not secured by a qualified residence... Read Full Story

Starting in 2011, credit and debit card companies will begin reporting payments made to merchants on a new IRS form 1099-K to payees with over 200 sales transactions and over $20,000 in annual sales.  This amount will be reported on a separate line on a taxpayer’s applicable tax return, this will leave cash and check sales reported net of credit card sales on a separate line. This change is an attempt to reduce underreporting of gross receipts by sellers of goods and services.  If a... Read Full Story

I would like to take this opportunity to say “Thank You” to our clients and our web followers of Makara & Associates. This month marks our company’s 5th Year Anniversary. We could not have achieved this continued success without the support of our clients and people like you. Due to this continued growth, I am happy to announce that we have welcomed two new staff members to our team at Makara & Associates. We would like to introduce you to Stan English and Theresa Cosey. Please feel free to... Read Full Story

This is the third installment of Tax Deductions & You: What You Need to Know which can also be downloaded from our free eBook library . A student loan is designed to help students pay for university or college. It is a calculated amount that should assist with the cost of tuition, books, and living expenses. This loan may differ from other types of loans in that the interest rate may be substantially lower. In addition, the repayment schedule may be deferred while the student is still in... Read Full Story

This is the second installment of Tax Deductions & You: What You Need to Know which can also be downloaded from our free eBook library . Any loans that fall under the nondeductible category need to be reviewed along with your cash or equity availability. If possible, they also need to be re-characterized to a deductible form of interest. An example of this would be having availability on a home equity loan (balance after transfer must be below $100,000) and paying off an auto loan or... Read Full Story

This is the first installment of Tax Deductions & You: What You Need to Know which can also be downloaded from our free eBook library . When tax time roles around, you will need to take a look at the various types of loans and credit lines to see which are tax deductible and which are not. These may include: A home mortgage Credit cards Auto loans Lines of credit Home equity lines of credit Margin loans Investment properties (vacant land and rental units) Personal loan... Read Full Story

If so, you have until October 17, 2011 to undo the conversion and recover any tax paid.  You should review your converted ROTH account and compare the balance with the converted amount, if the balance has declined, returning the dollars back to your IRA can save  tax dollars.  If your 2010 return has already been filed, use form 1040X to file for a refund. For more helpful information, download my free ebook Roth IRA – 8 Quick Helpful Tips or contact me online. -Mark Fort Myers & Naples... Read Full Story

So, you’ve made it to the end of the year. Finish up those small business tax strategies for 2011 and you can start the new year ready to go! October: Monday Oct. 17th – Employers should remember that your September 2011 payroll tax deposit is due if you’re not on a semiweekly deposit schedule. Monday Oct. 31st – Employers should file Form 941 (payroll tax) for the 3rd quarter of 2011 and deposit unpaid taxes as well as deposit unemployment tax (for the 3rd quarter) if you own... Read Full Story

No one likes being audited by the IRS. In fact, last year, approximately 1.4 million taxpayers were audited, and I can’t imagine a single person enjoyed the experience. But when you learn how to properly take advantage of itemized deductions on your tax returns, suddenly tax accounting isn’t quite so stressful. I don’t want any of you to face the stresses that come along with being audited which is why I wrote a new eBook that you can download for free, called… … Tax Deductions & You... Read Full Story