Answers to Your Tax Questions

About Surviving Today's Turbulent Economy

Important 2010 Tax Figures, including the Social Security wage base, retirement plan and IRA contribution limits, gift exclusion, the "Kiddie Tax" threshold, driving deductions, allowable business write-offs and more.

Individuals

What Tax Breaks Can I Claim for the Steep College Costs that I Pay for My Children?

Is it True that High Income Taxpayers Won't Lose Itemized Deductions for the 2010 Tax Year?

What's Going on with the Estate Tax Repeal?

Has the First-Time Homebuyer Tax Credit Been Extended?

I Heard the Homebuyers Tax Credit is Now Available to People Who Already Own a Home. Is that True?

Which Tax Rules Changed in 2010?

Is the IRS Auditing More People these Days? Who is Being Targeted?

I Heard there Are New Tax Breaks for Making Energy-Saving Improvements to My Home. I Want to Replace Some Storm Windows. What Can I Claim on My Tax Return?

Other Tax Questions Involving Your Portfolio, Family, Home and More

Businesses

Is the IRS Now Requiring Businesses to Attach a List to their Tax Returns Detailing "Uncertain Tax Positions"?

What Has the Lower Cost of Gas Done to the Deductible Business Mileage Rates Allowed by the IRS?

Can My Company Get a Refund Check for a Net Operating Loss (NOL) this Year?

Can the IRS Demand to See Our Company's Tax Accrual Work Papers?

My Company Uses Outside Workers for Some Jobs. How Can We Make Sure that the IRS Considers them Independent Contractors and Not Employees?

How Much Can My Business Deduct for 2010 (and 2009) for Purchasing Equipment and Software?

What Are the Current Interest Rates Charged by, and Paid by, the IRS for Tax Underpayments and Overpayments?

Additional Questions Concerning Operations, Employees and Other Issues

Not-for-Profit Organizations

If a Not-for-Profit Organization Does Not File a Form 990, Can it Lose its Tax Exempt Status?

Why Has the IRS Changed Form 990 and How Will it Affect Our Organization?

Questions about Recordkeeping, Retirement Plan Changes and More


The information in this Tax Guide is for general guidance only, and does not constitute legal advice, tax advice, accounting services, investment advice, or professional consulting. The information should not and may not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making decisions or taking actions, consult a professional adviser who has been provided with all pertinent facts relevant in your particular situation. Tax articles in this Guide are not intended to be used, and cannot be used, for the purpose of avoiding accuracy-related penalties that may be imposed on a taxpayer.