Tax Tips & News | R&G Brenner (19)

7 Tax Tips: Standard Deduction Vs. Itemized Deduction

4 minutes read

To Itemize Or Not, That Is the Question

The answer to the question is clear: “whatever gets me back a bigger refund”. But how do you know when it is beneficial to itemize your deductions over taking the standard deduction? Each year, thousands of taxpayers miss out of millions of dollars in additional refunds because they make a mistake in this area–usually because they choose the standard deduction over itemizing. The two major reasons for making this mistake is 1) they are used to filing...

Software Glitches Still Causing IRS Refund Delays

4 minutes read

IRS Delaying Refunds

The U.S. Internal Revenue Service’s new software system for handling electronic tax returns has experienced problems during the tax filing season, angering some taxpayers whose refunds have been delayed.

Undocumented Immigrants Must File Tax Returns

2 minutes read

SS# Or ITIN Are Needed To File

The law requires undocumented immigrants to follow the same tax laws as other U.S. residents. They must report income and where required, pay taxes. That’s true even if they are working “off-the-books,” and their employer pays in cash.

Freelancers More Likely To Be Audited

6 minutes read

2-3 Times More Likely To Be Audited

By Lou Carlozo

4 Tax Tips For Divorcing Couples

5 minutes read

Divorce Complicates Tax Matters

Many couples in the midst of a divorce will likely be confused about how to file their tax return. Although many splits are sadly not amicable, this is an important time to put aside your differences, sit down with your current or former spouse and cooperate…Just as with every divorce, all tax returns are unique and you should consider consulting with a tax accountant.

IRS: Over $1 Billion In Unclaimed Refunds

13 minutes read

Did You File a 2008 Tax Return?

Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, a return for 2008 must be filed with the IRS no later than Tuesday, April 17, 2012.

4 Tips: Unemployment Benefits

3 minutes read

4 Tax Tips For Those Collecting Unemployment Income

Unemployment can be stressful enough without having to figure out the tax treatment of the unemployment benefits you receive. Unemployment compensation generally includes, among other forms, state unemployment compensation benefits, but the tax implications depend on the type of program paying the benefits. You must report unemployment compensation on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ.

10 Tips: Capital Gains & Losses

3 minutes read

10 Capital Gains/Losses Tips

Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the amount you paid for the asset and its sales price is a capital gain or capital loss.

2012 “Dirty Dozen” Tax Scams

10 minutes read

2012's Dirty Dozen

The IRS recently released it’s annual list of their “Dirty Dozen” tax schemes. “Scam artists will tempt people in-person, on-line and by email with misleading promises about lost refunds and free money. Don’t be fooled by these,” warns Commissioner Douglas Stives.

Changing the Capital-Gains Tax, Fairly

7 minutes read

Changing The Capital-Gains Tax

Ray Madoff–a professor at Boston College Law School–recently wrote an article advocating a change in the way capital-gains tax is implemented:

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