Taxes

How Can I Claim the Charitable Deduction for Donated Property?

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In order for a taxpayer to claim the non-cash donation, the record keeping requirements are: Name of the charity Date and location of the contribution Reasonably detailed description of the property contributed Fair market value and method of valuing the property (Thrift shop values, comparable sales, appraisal) Cost basis (how much did you pay for it?) If […]

Dental Practices: How to Avoid an IRS Audit

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Most taxpayers will never have to worry about receiving an IRS audit, except for the one percent that do. However, if you’re a dental practice owner and earn a high income, you’re at a greater risk of getting audited by the IRS. Below are the steps you should take now to reduce your IRS auditing […]

“Federal Tax Implications of Health Care Reform” Seminar

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“Federal Tax Implications of Health Care Reform” Seminar We recently attended a CE class focused on the Affordable Care Act, commonly referred to as Obamacare. A number of income tax provisions are already in effect, but there are many more that will become effective this year and beyond including the individual mandate and the employer […]

What Is the Marriage Penalty?

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If you are recently married, you’ll have to contend with a few more issues besides your spouse’s snoring! You’ll also have to deal with new tax choices, including decisions concerning how to file your taxes and whether you will file “married filing jointly” or “married filing separately”. Combining two spousal income often equates to a […]