Happy Holidays

Watching classic holiday movies will bring you joy and help you get into the spirit of the season. If you are interesting in watching a holiday classic then check out The Christmas Spot on FanPop, where you can stream over 100 holiday classics. Happy Holidays from every one here at Roni Deutch, A Professional Tax Corporation.

Pictures of Roni Deutch Tax Center

In October the first Roni Deutch Tax Center opened, and everything is going great. We have prepared thousands of tax returns already, and look forward to preparing thousands more. If you need help getting your taxes prepared check out RDTC.com. To see pictures of Roni Deutch Tax Center go to the Official Flickr Page of Roni Deutch.

Confusion with Tax Forms

With all of the new tax laws recently passed, IRS will not be able to update 2006 tax forms. Which means millions of people may miss out on valuable tax breaks. The IRS has updated their forms online and will be working to publicize the tax breaks to prevent confusion. For all of the updated tax forms that you will need, be sure to check out the IRS’s form page.

Tax Law Changes Cost Charities Millions

Charities are seeing great drops in the number of cars being donated because of tax law changes made last year. For more details check out this article on Examiner.com.

Charitable Donation Changes to Remember

The IRS has posted an article on their website with detailed guidelines on making charitable donations this year. There were several tax law changes made last year with the passing of the Pension Protection Act. The new law gives the government and taxpayers greater certainty in determining what can be deducted as a charitable contribution, and also provides retired taxpayers a new way to donate to charity. For more information on the Pension Protection Act check out this article on the IRS’s website.

Tax Relief for Phantom Gains

"US President George W. Bush is expected to sign into law by next week a bill that will give relief to employees who were taxed on 'phantom' share options gains they never received." Fore more information click here.

College Tuition Tax Deduction Extended

"The federally run College Tuition Tax Deduction program, which a month ago teetered precariously close to termination, was renewed last weekend, extending its life for another two years." For more information click here.

AMT Advice

The alternative minimum tax was created in 1969 to catch wealthy Americans who were avoiding paying their fair share of income taxes. Today, the AMT is now a taxing mechanism that adversely affects middle class Americans. For more information on the AMT check out Yahoo News.

Payroll Deduction Contributions

With the Pension Protection Act of 2006 changing the record keeping requirements for charitable contributions, many taxpayers are wondering how to deduct contributions taken directly out of their paycheck without losing their tax credits. The Internal Revenue Service addressed this issue by announcing that "the taxpayer should retain a pay stub, Form W-2, or other document furnished by the employer that shows the total amount withheld for payment to charity, along with the pledge card that shows the name of the charity." For more details visit the article on their IRS’s website by clicking here.

Small Business Tax Tips

Small business owners are constantly looking for ways to help reduce their taxes Some times making charitable donations or setting up a retirement plan is enough to help lower small business taxes, but often small business owners are looking for other methods. Forbes.com has posted an interesting article with tips for small business owners, you can read the article by clicking here.

$92.2 Million in Unclaimed Refunds

The IRS recently announced that they are waiting on 95,746 taxpayers whose refund checks have been returned undeliverable to the IRS. The total amount is over $92.2 million dollars, with an average refund of $963. The IRS Commissioner made this announcement to encourage taxpayers to notify the IRS with their updated address by using new features on the IRS’s website. You can now go to the "Where Is My Refund" page on the IRS website and find out if you are owed any money by the IRS. Or if you prefer you can request the form by calling 1-800-TAX-FORM (1-800-829-3676). For more information visit the IRS’s website at www.IRS.gov.

Advice on Charitable Donations

‘Tis the season to give! For advice on making a charitable contribution check out this article on MarketWatch.com.

Phone-Tax Refunds

In August the Treasury Department stopped collecting a three-percent tax on long distance calls, which has been in effect since the time of the Spanish American War back in 1898. It was also announced that the IRS would refund all money collected since March 2003 under the long distance tax. The government is expected to return up to $13 billion to individuals, businesses, and organizations. WashingtonPost.com has a helpful article with more details on this new return, including how to calculate the refund amount. To read the article click here.