10 Tax Tips for Farmers

Yesterday the RDTC Tax Help Blog posted an interesting article with advice for taxpayers working in the farming industry. You can find a snippet of the article below, or click here for the full text.

1. IRS Publication 225

Before you even start thinking about the tax incentives for farming, you should download and read IRS Publication 225 – Farmer's Tax Guide. It was written by both IRS agents and farm extension specialists, and explains complicated tax rules that apply to farmers.

2. Business vs. Hobby Farming

There are significant financial differences between classifying your farm as a business versus a hobby. If your farm is not your sole or primary business then the related deductions you can claim are greatly limited. However, if you establish your farm as a business then you will become eligible for dozens of tax incentives. Publication 225 explains the criteria for classifying your farm as a business, such as demonstrating the intent to make a profit and actually making a profit in three years of a five-year period.

3. Keeping it in the Family

Farmers often employ their own children because of the advantageous tax benefits for both the parents and children. If your child is between the ages of 7 and 18, and your farm is not incorporated, then you can employ them without having to pay social security taxes. The wages are also still deductible on Schedule F.

Continue reading at RDTC.com...

Taxes & Identity Theft

Last week my YouTube team put together another episode in our tax tips video series. In the new video embedded below, host Edward Lester explains taxes and identity theft. If you enjoy the new episode then be sure to visit my YouTube channel for our archive of tax tip videos.

New Tax Tip Video: the Tax Incentives to Adopt a Child

Earlier in the week my team put together another episode in our tax tips video series. In the new video embedded below, host James Owens discusses the tax incentives to adopt a child. For more helpful videos, be sure to visit my YouTube channel.

9 Warm Weather Ways to Lower Your Tax Liability

It is quite unbelievable that August is just around the corner, and as the triple digit heat is keeping many indoors, there are a few things you could do to both make your summer more enjoyable, and lower your tax liability. Making tax savvy decisions throughout the year can ensure a lower tax liability come April.

1. Upgrade your Air Conditioning

If you have an old air conditioning system, and looking to upgrade, not only will a new, energy efficient model reduce your electric bill but it can also lead to a federal tax credit. The American Recovery and Reinvestment Act of 2009 created a $1,500 tax credit for energy efficient home upgrades, and if you purchase a qualifying model it could result in significant tax savings.

2. Enroll in a Local College Class

Looking for a way to spend some of your free time on the weeknights or weekend? Consider enrolling in a local college class. Not only will you be able to pick up new skills that could help improve your career, but you can take a tax deduction for tuition and other mandatory school fees. This is called the Tuition and Fees Deduction, and is reported directly on Form 1040 or Form 1040A.

3. Dual Pane Windows

Single pane windows were common among houses built a few decades ago. If your home still has single pane windows, I highly recommend upgrading to dual pane. They will increase the value of your home, lower your energy bill, and can qualify for the $1,500 energy tax credit.

4. Install Solar Panels

Next time you are outside and feel the heat of the sun beaming down on you, consider installing solar panels on your rooftop. They may be expensive, but you can claim a tax credit for up to 30% of the price of the upgrade on your next tax return. To learn more about solar tax credits, check out this link at EnergyStar.gov.

5. Volunteer with your Children

If you have children that are out of school on summer break, consider taking them to volunteer at a local charity such as a soup kitchen or meals on wheels group. Although there is no deduction available for volunteering your time, all expenses related to the effort are deductible such as supplies donated, or miles driven while volunteering.

6. Send your Kids to Day Care

Parents of children under the age of 13 can quality for a tax credit if you need to send them to a day camp during summer break. The costs associated with enrolling your children in day care can count towards the Child and Dependent Care Credit.

7. Start a College Savings Account

Although most students have the summer off, the new school year is going to begin in just a few weeks. As your children get older, you might want to think of opening a 529 college savings account. There are two different types of 529 plans, but they both have significant tax benefits.

8. Throw a Summer Office Party

If you run a small business, then throwing a summer office party is a great way to show your employees how much you appreciate their hard work. Additionally, the cost of supplies such as food and beverages are fully deductible business expenses.

9. Buy an Energy Efficient Vehicle

As I explained in this blog entry from a few weeks ago, there are still plenty of vehicles that qualify for a federal tax credit. During the summer months plenty of dealerships offer incentives for buying a car, meaning you can get a great deal on a new vehicle and a valuable tax credit.

What is an Estimated Tax Payment?

Yesterday a new article was published at the RoniDeutch.com learning center. This new article explains estimated tax payments, and offers answers to a handful of questions related to quarterly tax payments.

Estimated tax payments are a method used to calculate and pay income tax on income that is either not subject to withholding or due as a result of insufficient withholding. Income not subject to withholding includes: Unemployment benefits, Self-employment income, Alimony, Interest, Dividends, Rent, Awards, Prizes, and asset-Sale gains.

As a general rule, if a taxpayer is self-employed or has any other non W-2 income, that taxpayer may need to pay estimated taxes each quarter.

How do I Know if I Need to make Estimates Tax Payments?

By following this chart, you may determine whether or not you need to make Estimated Tax Payments:

1) Do you expect to owe less than $1000 in taxes for 2010 after subtracting withholdings & credits from the total amount of taxes you expect to owe?

If Yes, you do not need to make ETP.

If No, proceed to the next question.

2) Do you expect your withholding to amount to be at least 90% of the tax you will owe for 2010?

If Yes, you do not need to make ETP.

If No, proceed to the next question.

3) Do you expect your withholding to be at least 100% of the tax on your 2009 return?

If Yes, you do not need to make ETP.

Continue reading at RoniDeutch.com…

IRS: Opening Times, Addresses for July 17 Special Assistance Day for Oil Spill Victims

In a new press release, the IRS announced the opening times and locations of taxpayer assistance centers in 7 Gulf cities for Gulf oil spill victims, on July 17th.

The following locations will be open from 9 a.m. to 2 p.m. Central Time:

• 1110 Montlimar Drive, Mobile, Ala.
• 651-F West 14th St., Panama City, Fla.
• 7180 9th Ave. North, Pensacola, Fla.
• 2600 Citiplace Centre, Baton Rouge, La.
• 423 Lafayette St., Houma, La.
• 1555 Poydras Street, New Orleans, La.
• 11309 Old Highway 49, Gulfport, Miss.

Individuals who have questions about the tax treatment of BP claims payments or who are experiencing filing or payment hardships because of the oil spill will be able to work directly with IRS personnel at any of these locations on Saturday.

Last week, the IRS announced the opening of a dedicated phone line for victims of the Gulf oil spill –– 866-562-5227. This special toll-free line is open weekdays from 7 a.m. to 10 p.m. and will also be open to callers on Saturday, July 17 from 9 a.m. to 2 p.m. Central Time.

Lowering Your Tax Liability

Last week, my YouTube team shot another great tax tips video. The video was uploaded to my YouTube channel yesterday. In this episode, James explains six ways to lower your tax liability in under ten minutes. I have embedded the video below, but be sure to check out my YouTube channel and subscribe to my future videos.

Tax Advice for Students Working a Summer Job

The school year is nearing an end for student all across the country and whether it is summer school or an entry level career job, millions of new employees will begin to enter the work force. If you are a working student yourself, or a parent of a child looking to get their first summer job, you might be concerned about the tax implications of being an employee. I have put together the following list of tax tips—let’s call it taxes 101 for wage earners—specifically for students working a summer job.

You will Need to Complete a W-4 Form

Whenever you start a new job you required to complete an IRS Form W-4, which essentially tells your employer the amount of tax to withhold from your paycheck. If you are not sure about what filing status you should claim or the number of exemptions to take, check out the withholding calculator on IRS.gov. At the start of a new job, you will also need to provide a government issued form of identification such as a driver’s license and proof of your social security number.

Tips and Odd Jobs are Taxable Income

If you work as a waiter, or any other position where you receive tips, you will need to report this money on your tax return. According to the IRS, all income from tips is subject to the federal income tax. Additionally, earnings from odd jobs such as house sitting, baby sitting, or mowing your neighbor’s lawn, are also subject to federal taxes.

Wages Paid Under the Table

Some employers will offer to pay students’ wages under the table – meaning they will not report the income to the IRS or withhold any taxes. However, it is your legal responsibility to claim this income on your federal tax return, regardless of whether or not the employer sends you a W-2 Form.

$400 or More Rule

If you earn $400 or more from any form of self-employment then you will have to pay self-employment tax on the income. This tax goes to Social Security and Medicare, which are usually taxes that are withheld from a wage earners paycheck. You will need to include your income, and calculate your self-employment tax on Schedule SE of your next IRS Form 1040.

Special Tax Laws for Newspaper Deliverers

There are a handful of special rules that apply to newspaper carriers or distributors. Technically, the IRS will treat you like a self-employed taxpayer as long as you meet the following conditions:

• You are in the business of distributing newspapers
• The pay you receive is related to your sales as opposed to the number of hours worked
• The distribution services are performed under a written agreement stating that you are not to be treated as a wage-earning employee in regards to federal taxes.

On a related note, children under the age of 18 working in the newspaper delivery business are not usually subject to the federal self-employment tax.

"8 After 8" Radio Interview

On February 11, I was a guest on Andy Vierra's "8 After 8" radio show on KNUU-AM in Las Vegas. For my readers who do not live in the area, I have uploaded the audio of my interview to my YouTube channel. The embedded videos below feature parts 1 and 2 of the segment I was featured in.

Daily Tax Tips for 2010

The blog titled, Don’t Mess with Taxes, did a great job of compiling some of BankRate.com’s annual tax guide, which is updated every weekday. Some of the tips are very useful, so I wanted to share them all with my readers. You can find a segment of the Don’t Mess with Taxes blog below, or read the Bank Rate guide here.

Then check out these Daily Tax Tips, courtesy of Bankrate's annual tax guide. A new one will be added each weekday (because like the IRS we take weekends and federal holidays off) wrapping up on the April 15 filing deadline day.

You can find the day's featured tip in the upper right corner of the ol' blog during tax-filing season. Or you can check out our running list below, also updated daily.

1. 8 tax-filing moves to make now -- Procrastinate on your taxes and you could pay the price. Here's how to get a head start. (1/5/2010)

2. Who has to file taxes? -- Believe it or not, some people make it through tax-filing season without any hassle. Are you one of them? (1/6/2010)

3. Picking the appropriate Form 1040 -- Yes, there are three versions and the one you file could make a big difference to your tax bill. (1/7/2010)

4. Standard or itemized deductions? -- Either option will help you reduce your amount of taxable income. Find out how to determine which works best for your filing situation.(1/8/2010)

5. What's your filing status? -- It may sound like a simple question, but the correct answer could make a difference in your tax bill. (1/11/2010)

6. Defining your dependents -- For most parents, children are automatic dependents for tax-filing purposes. But check out the rules just to make sure. (1/12/2010)

Continue reading at Don’t Mess with Taxes…

Tax Tips for Caregivers

Earlier this week the RDTC Tax Help Blog posted this interesting article with tax tips for caregivers. Preparing and filing a tax return is difficult enough for the average taxpayer to figure out, however when providing care to an elderly relative or dependent your tax returns can get even more difficult. Fortunately, as this article explains, the IRS and a few dozen state tax agencies offer lots of credits and deductions to help anyone in this situation.

Claiming a Dependent

In most cases, caregivers can benefit from claiming the person they care for as a dependent. Just remember, you cannot claim an individual as your dependent unless you are providing over half of their support for the year of which you are filing. Additionally the dependent must be either related to you or have lived with you for a full calendar year.

Dependent Care Credit

Since providing care to an elderly relative or permanently disabled friend is more than a full time job, caregivers will often need to hire someone to assist them with the duties. Fortunately, the dependent care credit will allow you to deduct up to 35% of your expenses for hiring such help. Check out IRS Publication 503 for a full run down on the credit, and qualifying factors.

Deduction Qualifying Criteria

The person whom you are giving care to will need to meet certain criteria in order for you take medical expense deductions on their behalf. In most situations you will need to be related to the individual or they will need to be a permanent member of your household, meaning they have lived with you for at least a calendar year. The dependent will need to be a U.S. citizen, and most importantly you will need to have provided more than half of that person’s total support for the tax year. If you are not the only person providing a majority of the care then a multiple support agreement will be necessary.

Multiple Support Agreement

In some cases, more than one person is offering assistance to an individual, which can cause some confusion when tax time rolls around. As a partial solution, the IRS created the multiple support agreement. By filling out IRS Form 2120 – a multiple support declaration – one person in a group of two or more will be allowed to claim the individual in need of care as a dependent (even if they are not the majority care provider), and take the allowable exemptions. This type of arrangement is especially helpful for caregivers who do not make enough money to provide care to a dependent, as this type of situation can raise a red flag in the eyes of the IRS.

Tax Issues for Active Members of the Military

Joining a division of the United States military is a major life decision. Active members of the military face a lot of different challenges than the average American, including a specific set of tax laws, deductions, and credits. Luckily, much of the confusion surrounding military taxes is based on rumors and misconceptions. To help any of my readers serving our country I have put together the following article explaining taxes for members of the military.

180-Day Rule

Despite what many believe, military personnel are not required to file their tax returns while away on duty. If you are married filing separately, your spouse will not need to worry about filing a tax return on your behalf either. However if you file a joint return, then your spouse – with a power of attorney – will need to file a return before the standard April 15^th deadline. Once you return home, you can apply for an automatic extension of up to 180 days. This extension applies to filing your return, paying your taxes, contributing to IRA's and making claims for a refund.

Combat Pay

Some members of the military fear they will be unable to pay their taxes while away for combat. Fortunately, active members of the military serving in a combat zone get the special privilege of not having to pay Federal income taxes on any income made during that time. For officers, there is a cap at the highest rate of enlisted pay, as well as any hostile fire or imminent danger pay received. Since having tax-free income is so rare, the IRS encourages members with such an opportunity to contribute the money to an IRA or tax friendly savings account.

Travel Expenses

Military personnel often need to travel to fulfill their duties. If you have to travel more than 100 miles to perform any reserve duties, all un-reimbursed travel expenses can be deducted from your taxable income. If you need to permanently re-locate stations the IRS will even allow you to deduct reasonable un-reimbursed moving expenses. Likewise, certain job search and travel expenses are deductible.

Call to Duty Penalties

Some active members of the military will sacrifice a significant portion of their earning in leaving their regular jobs to serve in the military. If you are in this situation and are forced to withdraw funds from a retirement account, then the IRS will frequently waive the associated penalty. However, this can be a tricky situation and I recommend speaking with a tax professional experienced with military taxes before making any withdrawals.

Military Academy Costs

Members of the military who received payments from a Coverdell Education Savings Account or Qualified Tuition Program are exempt from the 10% tax on funds not used for educational expenses. However this is only so long as they are attending a U.S. Military, Naval, Air Force, Coast Guard or a Merchant Marine Academy and the payments do not exceed advanced education costs.

Uniform Up-Keep Expenses

Some military officials are required to wear certain uniforms wherever they go, which can result in a hefty dry cleaning bill. Luckily, most members of the military can get these fees reimbursed or waived completely. However, if you are forced to pay for these fees out of pocket then you can deduct all of the costs.

Further Tax Complications

The U.S. tax code is complicated and difficult to understand, especially for active members of the military. Fortunately, most personnel qualify for free tax assistance from VITA (Volunteer Income Tax Assistance Program). The program utilizes volunteers trained by the IRS who provide free tax help to members of the military. These services are usually available on base or in your local area. For more information on military tax issues be sure to check out IRS Publication 3.

Questions for the Tax Lady: November 9th, 2009

Check out the following new Questions for the Tax Lady answers and feel free to ask me questions through one of the links below. You can send me an email, direct message or @ reply, and I will do my best to get an answer for you!

Question #1: If my wife and I sell our house this year and buy a new one, can we claim the $8,000 extended homebuyers credit?

Answer: No, you will not be eligible for the $8,000 credit. However, when Congress extended the credit they also created a new $6,500 credit for property owners who have lived in their home for at least five consecutive years. Therefore if you and your wife have lived in your home for five years then you may be able to take advantage of the new, lesser credit.

Question #2: What are the new income limits for the first-time homebuyers credit?

Answer: In the new bill, the income limits for eligible homebuyers were expanded to $125,000 for single buyers and $225,000 for couples. The old credit had $75,000 and $150,000 limits.

FAQs About IRS Offers in Compromise

My law firm’s Tax Relief Blog published a useful entry on the 10 most commonly asked questions about the IRS’ Offer in Compromise program. You can find a section of the article below, but be sure to read all 10 items at the Roni Deutch Tax Relief Blog.

1. What is an Offer in Compromise?

An OIC is an IRS tax resolution program that allows a taxpayer to settle their IRS back tax liability by paying less than they owe. The amount of a taxpayer’s needs to pay will vary depending on the taxpayer’s unique financial situation, as well as his or her original liability amount. However, it is usually significantly less than the tax debt owed. The IRS will only accept a taxpayer’s OIC if it is equal to or greater than the reasonable collection potential, which is the IRS’s measurement of the taxpayer’s ability to pay their debt. Most taxpayer’s will not qualify for this program.

2. How do I submit an Offer in Compromise?

You will need to complete and submit an OIC to the IRS. The OIC package generally consists of the following documents:

• IRS Form 656 – Offer in Compromise Form
• IRS Form 656-A – Income Certification for Offer in Compromise, if you believe you are not required to submit an application fee or payments based on your family unit size and income.
• Form 433-A – Collection Information Statement for Wage Earners and Self-Employed Individuals
• Form 433-B – Collection Information Statement for Businesses (if applicable)
• $150.00 Application Fee
• 20% payment

3. Can I hire someone to help prepare an Offer in Compromise?

Yes, you can hire a tax lawyer or a tax resolution professional to prepare and submit an OIC for you. However, submitting an OIC does not guarantee that it will be accepted. You must meet certain financial and other criteria in order to qualify. Additionally, you will need to have filed all necessary tax returns for both yourself and any business you own, and you cannot be a debtor in bankruptcy proceedings. Thus, be wary of any company sales representative that tells you your OIC will be accepted.

Top 10 End of the Year Tax Planning Tips

Although you may be used to waiting until April to worry about your taxes, this could be a big mistake. Many tax breaks are secured through actions taken before January 1. And guess what – it is already November and the holidays are just a few weeks away! So, you need to take advantage of the pre-Thanksgiving lull to get your tax situation in order to maximize your tax savings come next April. And as you can see from the following paragraphs, there are plenty of things you can do now to make the upcoming tax season a little less stressful—and a finacially successful one.

1. Make Upgrades

If you were thinking about making energy efficient upgrades to your home, you may want to do so before the New Year. The deductions and credits available for energy efficient home upgrades are larger this year than they were in 2008, and it is unknown if Congress will extend or decrease those credits for 2010. For more information on this year’s “Green” tax incentives, check out this entry I posted earlier in the year.

2. Give Now

During the holiday season, most of us feel more charitable then usual, with toy drives for underprivileged children and Santa Clauses asking for donations on every street corner. However, this time of the year is also the last time you can make a charitable donation and deduct the amount from your 2009 taxable income. Be sure to take a minute to look over your donation receipts from this year so far to see if you making a few extra donations will significantly reduce your tax liability or not.

3. Make 529 Contributions

If you have children, then you might want to consider opening a 529 plan, or if you already have one setup then you could max out your contributions. There are two different types of 529 plans, but both have significant tax benefits. Using any extra funds you have at the end of the year to help pay for future college bills is a great, and tax friendly way to prepare for the future. To learn more about the different 529 plans check out this RDTC Tax Help Blog entry on tax friendly ways to save for your children’s education.

4. Offset Large Capital Gains

If you had a high amount of capital gains related income, then you may want to offset your profits by selling off a few bad investments or stocks. You can then claim a capital loss and reduce your taxable income. However, keep in mind there is a $3,000 limit—but the rest can be carried forward into future tax years. Alternatively, you can offset your losers by selling off some winners. If you are not experienced with capital gains and losses, then I highly recommend seeking the help of a qualified professional.

5. Non-Charitable Gifts

It is the season of giving, right? In addition to charitable contributions you can also give up to $12,000 ($24,000 for a married couple) to as many individuals as you wish without incurring a gift tax penalty.

6. Get in Order

With the New Year just around the corner, it is never too early to begin getting your financial records organized for next tax season. By knowing exactly how much money you have made this year, and projecting your total taxable income for the end of the year, you can decide if you need to take any actions concerning income and expenses to further lower your tax liability or not. You can also throw away any files that are old or unnecessary, and create a new folder in your filing cabinet for 2010.

7. Adjust Withholdings

If after reviewing your taxable income, you realize that your tax bill will be higher than you had expected, now is your last chance to have your employer adjust your withholdings. It will mean less cash in your remaining paychecks for the year, but at least you will not be hit with a massive tax bill come April. On the other hand, if you have overpaid your taxes throughout the year then you could lower your withholdings and get a little extra holiday cash.

8. Prepay Mortgage and Taxes

If you are looking for ways to increase deductions and lower your taxable income, then you can always prepay your next mortgage payment, or pay your property taxes early. Just remember though that this means you will have one less mortgage payment to make next year, which will result in a higher tax bill in April 2011.

9. Retirement Payments

If you have not contributed the maximum to your 401(k) or another tax friendly retirement account, then you want to do so before the years end. This will help lower your taxable income, and is also a good investment in your future.

10. Deferred Income

Deferring income is one of the most popular end of the year tax planning tips, and it is actually pretty easy. If you are retired then you could postpone an IRA withdrawal, or if you are self-employed then you can easily defer a payment from a client. However, before you defer any income you want to be absolutely sure that you will be in a lower tax bracket next year. Otherwise you could just be postponing a large tax bill.

Questions for the Tax Lady: October 19th, 2009

Check out the following new Questions for the Tax Lady answers and feel free to ask me questions through one of the links below. You can send me an email, direct message or @ reply, and I will do my best to get an answer for you!

Question #1: What is the Taxpayer Advocate Service

Answer: The Taxpayer Advocate Service (TAS) describes itself as “an independent organization within the IRS,” that helps mediate the resolution of tax debts. It is a free service offered by the Federal government, but not every taxpayer with back taxes will qualify for TAS assistance. You must meet certain income requirements and be able to prove that you are experiencing an economic burden because of the IRS collections. You can contact the TAS by calling 1-877-777-4778.

Question #2: What is the Earned Income Tax Credit, and how do I know if I qualify for it?

Answer: The Earned Income Tax Credit is a tax credit available to low income workers who may or may not have qualifying children living with them. It was designed to encourage low wage workers, while offsetting the burden of payroll taxes. Since it is a credit, not a deduction, the Earned Income Tax Credit can be subtracted directly from what you owe. For more information, including rules about qualifying, check out this article about the Earned Income Tax Credit on Wikipedia.

Questions for the Tax Lady: October 12th, 2009

Check out the following new Questions for the Tax Lady answers and feel free to ask me questions through one of the links below. You can send me an email, direct message or @ reply, and I will do my best to get an answer for you!

Question #1: I owed the IRS thousands, and I want to hire an attorney but I am afraid I will not have enough money to afford the retainer fee. How much does it usually cost to hire an attorney?

Answer: The amount you will pay is going to depend on the attorney you hire. Typically an attorney, or law firm, with a lot of experience helping taxpayers settle their debts will cost a little more then an inexperienced lawyer or enrollment agent. Additionally, the amount of time it takes the attorney to work on your case will also influence fees.

Question #2: Is it true that I can use my federal tax credit to help pay for closing costs on my new house?

Answer: Yes. If you do not want to have to wait until April to collect your Federal tax credit, then you can elect to use it to pay for your closing fees or even part of your down payment. However, it can be a tricky process, and not all loan companies can handle it. If you do want to use your credit upfront then be sure to speak with your loan agent as soon as possible. For more information on the topic, check out the following article from Lending Tree.com.

How to use tax credit at closing

To use the tax credit at closing, home buyers must obtain a loan that's insured by the Federal Housing Administration (FHA). To obtain an FHA-insured loan, be sure to apply through an FHA-approved lender. Keep in mind that not all lenders can accommodate using the tax credit at closing. If you're interested in applying the tax credit to your closing costs, ask your lenders in advance. You may also want to consider working with a state housing finance agency that enables the tax credit to be applied towards closing.

The credit can't be used toward the first 3.5 percent of the down payment on an FHA loan. That means borrowers who want to use the tax credit as a down payment must still bring at least that amount to the transaction in addition to the tax credit. The 3.5 percent down payment must come from the buyer's own funds or a gift, subject to FHA rules. However, if the borrower obtains a loan through a state housing finance agency, the minimum down payment requirement to use the tax credit at closing may be waived.

October Tax Talk Today: What You Should Know About ARRA 2009

From The IRS.gov Newsroom:

IR-2009-86, Sept. 30, 2009

WASHINGTON — Experts from the Internal Revenue Service and the tax preparation industry will discuss the many tax credits, deductions and incentives contained in the American Recovery and Reinvestment Act for 2009 on the Oct. 6 Internet airing of Tax Talk Today.

The American Recovery and Reinvestment Act contained benefits for:

* First-time homebuyers

* People purchasing new cars

* Energy efficient home upgrades

* Parents and students paying for college

The October program for qualifies for one CPE credit for tax professionals. To access the web cast at no charge, viewers can register online at Tax Talk Today.

Panelists include: Virginia M. Tarris, IRS tax law specialist; Amy Stanton, IRS program manager; CPA Gerard H. Schreiber, Jr, partner, Schreiber and Schreiber; and CPA and attorney Donna Rodriguez, managing partner, Donna L. Rodriguez, PLLC. The moderator is Les Witmer.

Tax Talk Today is a free, live, interactive webcast aimed at educating tax professionals on the most contemporary and complex tax issues. Viewers are encouraged to submit questions during the live broadcast. Tax professionals in need of continuing education credits should select Continuing Education at the Web site for more information.

They can view Tax Talk Today with Windows Media Player and Real Player; both are free software that may already be installed on your computer. If not, click the link for Installing System Software to view Internet Broadcast under “How to View.”

Subscribers can view live web casts as well as archived programs; listen to audio podcasts or read show transcripts through Dec. 31, 2009. Subscribers also can order audio and video recordings. A transcript and audio of the July 14 Webcast, “OPR: A Balanced Approach,” is now available.

Common Reasons Taxpayers get into Debt

My team shot another video last week for out tax tips video series. In this episode Edward Lester discusses some common reasons taxpayers get into tax debt. You can watch the embedded video below and be sure to head over to my YouTube channel and subscribe to my videos.

New Tax Tips Video: Tax Tips for New Car Buyers

Last week, my team shot another episode of our Tax Tips Video Series. Check out the new video below where James Owens explains some useful tax tips for new car buyers. You can also head over to my YouTube channel and subscribe to my videos.