Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
Don’t assume that you can just make lemonade. The IRS announced that they will not recognize certain deductions related to the sale/auction of used vehicles. Here’s the PR in its entirety: IRS Warns of Questionable Deductions for Donated Vehicles IR-2005-145, Dec. 22, 2005 WASHINGTON — Internal Revenue Service officials announced today that the IRS will…
As previously reported, the Senate approved a version of the tax bill. Not to be outdone, the House did, too (yesterday). The problem? Er, they’re not consistent and it’s not clear when (and if) the two can be reconciled. The top priority of the House in what was a narrow victory, 234-197, seemed to be…
The IRS has increased the mileage rate for the business use of a car, to 48.5 cents per gallon, from 40.5 cents per gallon effective September 1, 2005. The rate is only good through December 2005. The IRS anticipates that it will, later in the fall, make the annual adjustment for 2006.
The Erb Law Firm would like to offer assistance to attorneys who are affected by Hurricane Katrina. Any attorneys in the affected area who need help in preparing federal extensions (tax or immigration) or sending notices to clients, please call our offices or email katrina@erblaw.com. If we can help, we will. Our thoughts and prayers…