Tax Preparation Online, Ltd. Tax News...

Our regularly updated newsletter provides timely articles to help you achieve your financial goals. Relevant information will be provided regarding online tax filing as well as electronic tax filing. About Tax Planning: U.S. Updated : Qualifying for Tax-Free Treatment When Selling a House When homeowners can sell their primary residence, the first $250,000 in profits are tax-free. The tax-free amount is doubled to $500,000 for married people filing a joint return. In order... Deadline for Expatriates to File a 2007 Return US Citizens and resident aliens living abroad have until Monday, June 16th, to file a return or request an extension. People living abroad are granted a truly automatic two-month extension... Common Business Deductions Consultants and business owners can write off a variety of common business expenses against their taxes. Expenses that are typical for many consultants include software, supplies, travel, postage, and continuing... Estimated Tax Payments Due on Monday, June 16th Estimated tax payments are due on Monday. And this quarter I decided to be real smart and actually figure out how much I needed to pay to avoid having a... Questions About the Mortgage Deduction Limits Mortgage interest is tax-deductible within certain limits. The limitations are $1,000,000 of acquisition debt and $100,000 of home equity debt. Combined, this means that loans of up to $1.1 million... Standard Mileage Rate Increases by 8 Cents The IRS has increased the standard mileage rate for taxpayers who drive their cars for business and medical purposes. Starting July 1, 2008, the standard mileage rate will be 58.5... Increased Scrutiny over Foreign Assets The IRS is becoming increasingly interested in US citizens who have sizable investments sitting in foreign banks and brokerage accounts. Not that there's anything wrong with having a foreign bank... Tax Considerations for Same-Sex Marriages With same-sex marriages now legal in California as well as Massachusetts, couples will need to plan their finances and taxes very carefully. Federal law, however, does not recognize same-sex... Making a Mid-Year Tax Projection July is a good time to do some quick tax math and make projections for how your taxes might look for the full year. That's because you'll have a full... IRS Drops Interest Rate on Late Payments Interest charged on balances owed on federal taxes will drop to 5% starting July 1, 2008. The previous interest rate was 6% (effective from April 1st to June 30th, 2008),... RSStoBlog Add RSS Feeds to My Website

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