Continuing their summer series of tax tips, the latest IRS release offers help to taxpayers in the military. (more…)
Archive for July, 2010
IRS Tax Tips for Military
Thursday, July 22nd, 2010Paid Return Preparers to Pay $50+ Per Year
Thursday, July 22nd, 2010The IRS has released proposed regulations imposing a $50 per year user fee on paid return preparers. The fee is to be paid in connection with an application for a preparer tax identification number (PTIN) and annual renewal of the PTIN. A third-party vendor will administer the program and may charge an additional fee.
Google Search for Fairness
Wednesday, July 21st, 2010Many of the country’s leading companies now provide the same health benefits to same-sex couples that they provide to heterosexual married couples. The policy helps these companies compete for the best talent, and also reduces one of many forms of discrimination against same-sex couples. These couples still suffer a disadvantage related to their health benefits, however, due to their treatment under the tax law. (more…)
IRS on Making Work Pay Credit
Tuesday, July 20th, 2010Always trying to be helpful, the IRS has published a reminder that the Making Work Pay Credit is still available in 2010, and offered some tips about the credit. (more…)
Part-Time Gambler Is Professional
Tuesday, July 20th, 2010In a summary opinion, the Tax Court has found that an individual can qualify as a professional gambler despite pursuing the activity part-time. While the decision doesn’t have precedential value, it should help inform us in determining who qualifies as a professional trader. (more…)
Understanding Investment Risk — 2
Monday, July 19th, 2010It’s been called the cruel math of investing, and sometimes used to justify a more conservative approach. Whenever your account loses a percentage of its value, it has to go up by a greater percentage to put you back where you started. For example, a $40,000 account would drop to $30,000 in a 25% loss; getting it back to $40,000 requires growth of 33%. If your account drops by 50% you need to grow it by 100% to recover. Yet there’s a reason this math isn’t cruel at all, and shouldn’t affect your judgment about how much risk to take with your investments. (more…)
Snipes Sentence Upheld
Saturday, July 17th, 2010A federal appeals court has upheld the three-year sentence of Wesley Snipes for willful failure to file income tax returns. Best known for playing the title role in the Blade trilogy of movies, Snipes earned some $34 million from 1999 to 2004 but failed to file income tax returns for those years.
While Snipes is not the first celebrity to have tax problems, his case is unusual in that he became actively involved in tax resistance, encouraging others to join him in refusing to pay. He was part of a group promoting frivolous arguments that he and others had no legal obligation to pay income tax.
Friday Wrapup
Friday, July 16th, 2010Not much in the way of hard news this week, but that gave us an opportunity to add other material you may find interesting or useful. (more…)
Recommending “That Thing”
Friday, July 16th, 2010In response to a question about how recent college graduates can learn about investing, Money Magazine recommends our book That Thing Rich People Do as a book that “inform[s] you about investing principles.”
How Income Affects Medicare Part B Premium
Thursday, July 15th, 2010We’ve added a page to our permanent collection explaining how your income level affects the premium you pay when you participate in the Medicare Part B program:
