Our Taxing Times

Home ownership and taxes

I don't know how many times I have been told by a client that they just bought a house and they now can deduct those expenses. They can't of course but convincing them is always a "joy". The problem is that some Realtors make vague tax promises on issues they really don't understand but have heard somewhere and the client only hears what they want to hear. Nice link about the tax myths of home ownership.
Myths of Home Ownership

Outsourcing Tax Returns

There is a minor trend in the tax prep business to out source to India simpler tax returns and bookkeeping. Here is a good article containing the basic info of how the process work. The article outline several reasons why this will not become an industry wide issue. I would like to add one other; the time factor.

Estimates Due

Just a quick reminder that estimate payments are due today.

Congress Has Been Busy

Thanks to the recently signed Tax Increase and Prevention Reconciliation Act, many of the "temporary" provisions have been extended. This included the special treatment of  capital gains. There are still provisions that have not been extend yet, but they are expected to be stuck in the pension protection legislation that is still being worked on. Part of the TIPRA is one change I do not like.