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FAQ: Can I deduct the costs incurred doing charitable work?

Q. I spend 20 hours every week cooking meals and delivering them to an organization that feeds the hungry and homeless. Am I entitled to a deduction for my time and the food I pay for out of my own money? A. Generally, if you do volunteer work for a charity, you are not entitled […]

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Common IRA contribution and distribution mistakes

Individual retirement accounts (IRAs) — both traditional and Roth IRAs — are among the most popular retirement savings vehicles today. Protecting the value of your IRA (and other retirement accounts) is incredibly important. While some factors affecting the value of your retirement savings may be out of your control, there are many things within your […]

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Brace yourself for a sea change in the tax law

A number of tax law changes are making their way through Congress, and many more on the way. These changes will affect both individual and business taxpayers alike. In 2010, it is expected that Congress will address the federal estate tax, and is currently working on small business and jobs “relief,” as well as an […]

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Mistakes on Tax Return Preparation

Errors and omissions in preparing tax returns can occur easily. You might accidentally enter a number incorrectly, misinterpret a law, or misconstrue the client’s facts. Later, before an IRS audit, you might discover the mistake, raising gut-wrenching questions: Do you call the mistake to your client’s attention? Do you advise the client to file an […]

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IRS fails government audit

Getting audited is such a hassle! Just ask the IRS. A new report from the Government Accountability Office inspected the tax agency’s financial statements from the 2009 fiscal year with the exacting thoroughness of, well, of an IRS auditor, and found a few billion-dollar errors. According to the report (PDF), the IRS made a variety […]

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