Roni Deutch's Profile
Roni Deutch's articles
Tax season has come and gone and spring is here in full force. During these transitional weeks many people take on extra spring-cleaning duties. However, in addition to cleaning out your garage, or spending hours getting your yard ready for a huge pool party, I recommend taking a few minutes to clean up your finances.
Posted: 2010-05-18
Category: Personal Finance
If you are one of the millions of Americans who missed the deadline, then you may find comfort in knowing that you are not alone. In 2008, the IRS received over 9.5 million extension requests from taxpayers who were unable to get their returns filed before the deadline. Although you may face a penalty for filing your return late, it is important that you try to get your returns completed as soon as possible.
Posted: 2010-05-13
Category: Taxes
Now that tax season has passed you can finally relax. However, by preparing throughout the year you can help make next tax season less stressful.
Posted: 2010-05-13
Category: Taxes
According to the IRS the average tax refund last year was over $2,500. I always encourage taxpayers to do something smart with this money, and it is never too early to begin planning for next tax season.
Posted: 2010-05-07
Category: Taxes
With the tax deadline just days away, millions of Americans have already filed their tax returns and are anxiously awaiting a return. According to the IRS, the average tax refund last year was nearly $2,500, and waiting on this large of check in the mail can certainly cause anxiety.
Posted: 2010-04-27
Category: Taxes
With the recent passage of Obama’s health care reform bill, two topics have been in the news frequently: tax increases and the health of American citizens. One such tax increase is the so called “soda tax” which have been mentioned in Congress multiple times over the past few years; however, they have been unsuccessful in beening passed into law on a national level.
Posted: 2010-04-27
Category: Taxes
The property tax deduction is one of the main deductions available to homeowners. However, unlike the mortgage interest deduction you do not need to itemize your return in order to claim the property tax deduction.
Posted: 2010-04-20
Category: Taxes
Many experts are calling the new health care reform legislation the largest social package to pass through Congress in over forty years, and it will obviously have a significant impact on all American taxpayers. There have been dozens of stories published regarding health care reform, and it can be hard to comprehend everything.
Posted: 2010-04-20
Category: Taxes
Although the bad economy and unemployment problems have most Americans watching their budgets closely, you may be surprised to find out how many tax incentives there are for going green in 2010. As you can see, there are plenty of credits and tax breaks for both individuals and businesses that make energy efficient purchases. President Obama has also proposed a new Home Star Program that he is hoping will take effect sometime this year.
Posted: 2010-04-12
Category: Taxes
If you decide to itemize, you can use dozens of tax deductions such as the mortgage interest deduction and charitable contributions to reduce your adjusted gross income. However, if you do not qualify for many deductions then you should take advantage of the Standard Deduction, but do not stop there. There are plenty of tactics you can use to lower your tax liability without itemizing.
Posted: 2010-04-12
Category: Taxes
Checkout the following seven tax preparation tips from The Tax Lady Roni Deutch, and be sure to get your returns in before the deadline!
Posted: 2010-04-05
Category: Taxes
There are a number of companies in this country, including law firms such as Roni Deutch, A Professional Tax Corporation, that offer IRS tax debt resolution services. However, before you reach out to a company for help with IRS debts, you should consider the following list of qualities to look for in a tax resolution company.
Posted: 2010-04-05
Category: Taxes
According to the IRS the average tax refund last year was over $2,500. I always encourage taxpayers to do something smart with this money, and it is never too early to begin planning for next tax season.
Posted: 2010-03-29
Category: Taxes
The federal government offers a couple of tax incentives to taxpayer who chose to adopt a child. These incentives include a tax credit and partial income exclusion. For our readers who might be thinking about adopting, we have put together the following summary on the federal benefits you might be eligible for.
Posted: 2010-03-29
Category: Taxes
As stated in 26 U.S.C. § 163(h) of the Internal Revenue Code, American taxpayers are allowed to deduct the interest paid on their mortgage from their adjusted gross income. The interest must be reported on IRS Form 1040, Schedule A, along with any other deductions you intend to take advantage of.
Posted: 2010-03-22
Category: Taxes
The stress of an IRS audit or the back tax collection process can lead to very serious health problems. To avoid a serious medical issue, please consider the following list of common health effects of IRS collections. By staying aware of potential problems, you can establish a routine to properly manage your stress.
Posted: 2010-03-22
Category: Taxes
The medical expense deduction is one of the most commonly overlooked tax deductions. In order to claim this deduction you need to itemize your return, meaning you do not take the standard deduction.
Posted: 2010-03-15
Category: Taxes
Obama first announced his plan to tax Wall Street and major financial institutions during his State of the Union address last month. The basic premise of his proposal is to impose a fee on financial institutions that received government money through the TARP program but have made little effort to repay the funds.
Posted: 2010-03-08
Category: Taxes
Senate leaders moved quickly to put together legislation they hope will fix the ongoing unemployment problem in this country. Although there have been a few stalls, Congress is hoping to get some type of job creation legislation passed and signed into law within a few weeks.
Posted: 2010-03-02
Category: Personal Finance
In today’s economy more and more people are willing to relocate for a new job opportunity. Fortunately, the IRS has setup a special deduction to help taxpayers offset the high costs associated with relocating your family for a job.
Posted: 2010-02-23
Category: Taxes
A lot is changing in the tax world. Many of the changes are intended to improve the state of the U.S economy. While next year’s tax return should not look very different from this year’s, there are a few changes in particular which taxpayers should be aware of and prepare for throughout the year.
Posted: 2010-02-23
Category: Taxes
It is February already, and tax season began weeks ago. If you have already prepared your tax return, pat yourself on the back. However, if you are like most Americans and have not even started, then you will want to get your return filed as soon as possible. Although you have two and half months before the IRS deadline, you may be surprised to see there are lots of advantages to getting your taxes prepared early.
Posted: 2010-02-15
Category: Taxes
Many taxpayers are asking Roni Deutch Tax Centers across the country about the available “green” tax credits for individuals and their requirements for the 2009 tax season. Two available credits striking a lot of interest are an electric motor-vehicle and the home energy-saving equipment credit.
Posted: 2010-02-10
Category: Taxes
As we wait for Congress to decide the fate of health care reform, I think it is important to remember that the House of Representatives and U.S. Senate each passed different bills addressing the issue. Therefore, when debating health care reform, it is important to understand the similarities and differences between each bill.
Posted: 2010-02-10
Category: Finance
There are dozens of organizations working to provide assistance to the people of Haiti, and to help encourage Americans to make a donation please enjoy the following list of ways to contribute as well as a brief explanation of how you can deduct the contributions from your taxable income next year.
Posted: 2010-02-02
Category: Taxes
To help consumers avoid being taken advantage of by these companies, the attorneys of Roni Deutch, A Professional Tax Corporation have put together a list of five alarming tactics employed by some of these companies that you should be wary of before you retain one of them.
Posted: 2010-02-02
Category: Taxes
For many musicians, the idea of making a decent living doing what they love is practically a dream come true. However, making a profit in the music industry can be difficult enough without having to worry about the tax laws and restrictions that can make life even more complicated. Luckily, there are plenty of steps a musician can take to make sure they are fully compliant with the IRS and their state taxing agency.
Posted: 2010-01-25
Category: Taxes
Now that 2010 has begun, people across the country will make pledges to change or alter their behavior in the New Year. However, instead of making a resolution to visit the gym more often or reduce your sugar intake, why not focus on taking control of your finances?
Posted: 2010-01-25
Category: Personal Finance
With two ongoing wars and a new health care reform plan, combined with record low tax revenues, Congress is going to need to find ways to increase Federal revenue. Senators and House of Representative members are on a Winter break for now, but when they return on January 20, 2010 they will decide the fate of a slew of tax law changes.
Posted: 2010-01-11
Category: Taxes
Caring for a loved one is difficult and time consuming enough, without even factoring in the financial responsibilities involved. Fortunately, the IRS – as well as a few dozen state tax agencies – offer a handful of credits and deductions to help those that provide care to a dependent.
Posted: 2010-01-11
Category: Taxes
An IRS tax levy is a legal seizure of your property to satisfy an IRS tax debt. Tax levies are different from liens. A tax lien is a claim used as security for the tax debt, while a tax levy actually takes the property to satisfy the debt.
Posted: 2010-01-07
Category: Real Estate
At the end of 2009, the U.S. Senate attempted to decide the fate of the estate tax. Unfortunately, members of Congress failed to pass any type of change to the laws surrounding this tax, which will likely create a mess over the next few years for anyone inheriting a large sum of money or property.
Posted: 2010-01-06
Category: Taxes
There is nothing more frightening to a taxpayer than checking your mail and seeing a letter from the IRS letting you know that you are being audited. Fortunately, if you follow a few basic tips, you will find that an audit does not need to be as scary as you might think.
Posted: 2009-12-28
Category: Taxes
Men and women who bravely join the armed forces to defend their country will come home to a whole set of specific tax rules and regulations. Luckily, most of the tax changes for Veterans are positive, since there are several credits and deductions that apply only to them.
Posted: 2009-12-28
Category: Taxes
The holiday season is in full swing, and while your children’s heads may be filled with visions of sugarplums, yours is probably full of nightmares about the upcoming tax season. The holidays are expensive, and while hitting up the sales rack may save you a few bucks, the real savings this time of year come from strategic tax planning.
Posted: 2009-12-22
Category: Personal Finance
When you are married, you can either file a joint tax return with your spouse, or you can file separate returns. If you and your spouse file a return together, then you are both equally liable for all taxes during the years you are married, as well as any penalties or interest. However, realizing that there are instances when it would be unfair to hold both spouses equally responsible, the IRS created the Innocent Spouse Relief Program.
Posted: 2009-12-22
Category: Taxes
The month of December comes with holiday expenses, a looming new tax year, and high heating bills. With all of the holiday cheer, it can be easy to spend more than you can afford. Fortunately, there are dozens of ways you can save money this month.
Posted: 2009-12-15
Category: Personal Finance
If you thought filing a tax return every year as an American citizen was overwhelming, then you may be astounded to learn how difficult paying taxes are for a U.S. citizen living abroad. All American citizens are required to pay their taxes, regardless of whether they are living and/or working outside the country. There are several provisions in the U.S. tax code to make paying taxes from across the globe a little easier...
Posted: 2009-12-15
Category: Taxes
One of the IRS settlement programs that confuses taxpayers the most is the IRS Offer in Compromise (OIC). To help anyone looking for a better understanding about the IRS OIC program, please enjoy the answers to the most frequently asked questions about Offers in Compromise.
Posted: 2009-12-07
Category: Taxes
A few weeks ago the Senate Majority Leader Harry Reid and key Democratic leaders announced their highly anticipated health care reform bill, which has already been voted to the debate floor. For those of you who do not remember, the House of Representatives unveiled their plan a few weeks ago. The Senate's bill is supposedly the result of a handful of different bills, and has been named the “Patient Protection and Affordable Care Act” (PPACA).
Posted: 2009-12-07
Category: Taxes
If you thought filing a tax return every year as an American citizen was overwhelming, then you may be astounded to learn how difficult paying taxes are for a U.S. citizen living abroad. All American citizens are required to pay their taxes, regardless of whether they are living and/or working outside the country.
Posted: 2009-11-30
Category: Taxes
Have you ever dealt with an IRS representative who is less than helpful? This is a frustrating predicament for taxpayers that just want to put their IRS tax debt behind them so they can move on with their lives. However, it is easy to forget that the IRS is staffed by human beings with all the common foibles of ordinary people.
Posted: 2009-11-30
Category: Taxes
The tax breaks available to foreign income earners are: the Foreign Earned Income Exclusion, the Foreign Housing Exclusion, and the Foreign Housing Deduction. In order to claim any of these deductions, your tax home must be in a foreign country, you must have foreign earned income, and you must meet the requirements of the bona fide presence test or the physical presence test. This is where the rules become convoluted and difficult to apply.
Posted: 2009-11-29
Category: Taxes
The U.S. House of Representatives recently passed HR3962: the Affordable Health Care for America Act of 2009. The legislation is thousands of pages long, making it difficult for regular taxpayers to understand how the bill will affect them.
Posted: 2009-11-29
Category: Taxes
Although you may be used to waiting until April to worry about your taxes, this could be a big mistake. Many tax breaks are secured through actions taken before January 1. And guess what – it is already November and the holidays are just a few weeks away!
Posted: 2009-11-19
Category: Taxes
Although taxpayers have the right to negotiate directly with the IRS, it is often a good idea to hire a professional, such as an attorney, to represent you in the negotiations. However, there are some instances where a taxpayer may be better off working directly with the IRS.
Posted: 2009-11-19
Category: Taxes
The Obama Administration and leaders in Congress are quietly working on ways to further stimulate the economy. With unemployment rates continuing to climb, and a housing tax credit due to expire in a few weeks, there is pressure on the White House to do something else to help the economy.
Posted: 2009-11-09
Category: Taxes
If you own a business or are self-employed, then you are probably used to the idea of tax planning throughout the year. However, even if you are a regular wage-earning employee and do not have to worry about making quarterly payments, you should still get in the habit of thinking about your taxes all year long. It will make tax season less stressful, and by planning your finances in advance you can keep your tax liability as low as possible.
Posted: 2009-11-09
Category: Taxes
Whether or not the economy is improving, one fact remains the same: families all over the country are struggling to make their mortgage payments. Depending on your unique financial situation (the value of your home, changes to your income, missed payments etc.) foreclosure may not be your only option.
Posted: 2009-11-02
Category: Real Estate
The IRS offers three (3) different payment options when it comes to the Offer in Compromise: Lump Sum Cash Offers, Short Term Periodic Payment Offers, and Deferred Periodic Payment Offer. However, the difference in these payment options is not solely the difference in how the Offer in Compromise is to be paid. Rather, each “payment option” actually impacts the total amount the taxpayer will pay to the IRS.
Posted: 2009-11-02
Category: Taxes
As the deadline to claim the first-time homebuyers credit gets closer and closer, more experts are predicting that Congress will pass some type of incentive extension within the next few weeks. In fact, there are reportedly over 5 bills currently being considered by the Senate and House of Representatives.
Posted: 2009-10-26
Category: Real Estate
For most of us, the scariest thing in life is not a ghost, vampire, or witch, but a letter from the IRS. To celebrate the Halloween season, we have compiled some of the scariest IRS horror stories. They may not cause you to lose any sleep, but should at least be a reminder to keep receipts and stay up to date on your rights as a U.S. taxpayer.
Posted: 2009-10-26
Category: Taxes
Everyone knows it is important to keep your tax related documents should you be audited. However, most taxpayers are unsure on which specific documents should be kept, and which are safe to get rid of. To help our readers looking for help with this topic, we have put together the following list of tax recordkeeping tips.
Posted: 2009-10-09
Category: Taxes
If you are having problems with the IRS or find yourself owing thousands of dollars in unpaid taxes, then you may want to get help from a tax lawyer. When you retain a tax lawyer, you are hiring someone to fight the IRS on your behalf. With an advanced knowledge of tax law, and years of experience dealing with IRS agents, a tax attorney can help you settle with the IRS and make your tax problems go away.
Posted: 2009-10-05
Category: Taxes
Early in the year Congress enacted an $8,000 tax credit for first time homebuyers purchasing a house between January 1st and November 30th of this year. As you can tell, that November deadline is just around the corner. In order to qualify, your house must close escrow on or before that date. The IRS even states, “you may not claim the credit in anticipation of a purchase that has yet to happen.”
Posted: 2009-10-05
Category: Taxes
When seeking help with your taxes, it is important to seek out the highest quality tax services possible. If you make the mistake of going to an unqualified tax preparer then it could result in hundreds, or even thousands of dollars, in missing credits and deductions. To help some of our readers wondering what to look for in a tax service provider, please enjoy the following list of 10 helpful tips for finding a quality tax preparer.
Posted: 2009-09-24
Category: Taxes
Now that the popular Cash for Clunkers (CFC) program has ended, consumers can no longer take advantage of a $3,500 or $4,500 rebate towards the purchase of a new car. However, the CFC program was just one of the many incentives the government has setup to encourage taxpayers to buy a new vehicle.
Posted: 2009-09-24
Category: Taxes
An Individual Taxpayer Identification Number (ITIN) is a tax number issued by the Internal Revenue Service (IRS) for the sole purpose of filing tax returns (and it is not related to the United States Custom Immigration Service or the Social Security Administration). An ITIN does not provide the right to work or live in the United States.
Posted: 2009-09-18
Category: Taxes
As the health care reform debate continues, it seems like television commercials and e-mail blasts are going out left and right to either promote or discredit the bill. To help people confused by some of the claims being made in these advertisements please enjoy the following list of the top tax myths about the health care reform bill.
Posted: 2009-09-18
Category: Taxes
As the country’s economy continues to lag, and more and more jobs are being cut, thousands of families are turning to loan modifications to stay in their homes. Unfortunately, there is a lot of confusion in the industry.
Posted: 2009-09-16
Category: Loans
In today’s troubled economy more and more homeowners are finding themselves unable to make their mortgage payments. Regardless of the reason, American homeowners have the option of negotiating a modification to their mortgage loan in order to avoid foreclosure, or even bankruptcy. However, many taxpayers are confused about the tax laws associated with loan modifications.
Posted: 2009-09-16
Category: Real Estate
With all the attention being given to Obama’s health care reform campaign, and Congress’ bill that includes a hefty tax increase to pay for it, I began thinking about tax rates and increases throughout American history. To put the pending tax rate changes into perspective for all of my readers, please consider the following outline of tax increases in U.S. history.
Posted: 2009-09-03
Category: Taxes
Back to school season is in full swing, and if you are a teacher or educator then you may qualify for valuable deductions. Specifically, through the Educator Expense Deduction, the IRS allows qualifying teachers and educators to deduct up $250 worth of un-reimbursed teaching expenses. Some examples of expenses that could be included are books, art supplies, paper, crayons, software, etc.
Posted: 2009-09-03
Category: Finance
One of the most confusing parts of IRS back taxes is whether or not they can be discharged through bankruptcy. To help anyone considering this option, please enjoy the following article explaining taxes and bankruptcy.
Posted: 2009-09-01
Category: Finance
Foreclosures are running rampant across the country. According to recent studies, an estimated 1 out of every 300 households was forced into foreclosure last month. If you have not witnessed a foreclosure, you may think the only people affected are the homeowners and banks. However, foreclosures actually affect their entire neighboring community, and can drastically impact local tax revenue.
Posted: 2009-09-01
Category: Real Estate
Making a mistake on a business tax return can result in thousands of dollars in unnecessary fees and penalties. However, by following a few simple instructions you can easily avoid the most common business tax mistakes.
Posted: 2009-08-26
Category: Finance
Starting up your own business is stressful enough with out having to worry about the poor economy. However, you should not let a bad economy stop you from going after your dreams. With the right guidance and preparation, your dreams of being an entrepreneur can still become reality.
Posted: 2009-08-26
Category: Finance
Citizens of the United States and resident aliens must pay taxes on their worldwide income regardless of where they are living. However, citizens and resident aliens living abroad are afforded certain tax breaks for income earned in foreign countries. The rationale is that those who are not present in the United States and do not have the opportunity to enjoy the benefits of the governments taxation efforts should not have to share the same tax burden as those who live in the United States th
Posted: 2009-08-19
Category: Taxes
As the recession continues more and more charitable groups are struggling. However, even if your income has gone down there are still plenty of ways to remain charitable.
Posted: 2009-08-19
Category: Personal Finance
Imagine you just struck it rich at the casino now you have all of this easy money that you can waste on anything. Just remember that the IRS is not going to let you get away without paying taxes on those funds. So before you head to the casino, or sign up for a poker tournament, take a minute to reflect on the tax implications of gambling and the proper way to report the income to the IRS.
Posted: 2009-08-10
Category: Finance
Health care reform has been a hot topic as of late in Washington. Most of the debate has focused on how to pay for it. With the federal government already having spent record sums to bailout financial firms and the auto industry, and having borrowed even more to help spark the economy through a stimulus, Congress and Obama administration realizes that they have to find a new revenue source to finance the initial transition.
Posted: 2009-08-10
Category: Taxes
Before the Internal Revenue Service (IRS) accepts a taxpayers Offer in Compromise, or places his balances in Currently Not Collectible status, or agrees to an Installment Agreement, they will first request a Collection Information Statement (CIS). The CIS is the taxpayers financial information statement attesting to his income, expenses, and assets.
Posted: 2009-08-03
Category: Taxes
In addition to helping out other government agencies in the country, the Federal government has also spent billions of dollars bailing out banks, insurance companies, and U.S. automakers. With all of this spending, you would think the government would have enough revenue to support it. However, last year the Federal government reported a huge decrease in tax revenue, which has left lawmakers scrambling to find ways to raise more funds.
Posted: 2009-08-03
Category: Taxes
As the recession continues, more and more Americans are seeking to negotiate with the creditors to forgive their debts. However, unlike mortgage debts, forgive credit card debts can lead to serious tax problems and even IRS tax debts.
Posted: 2009-07-17
Category: Taxes
Businesses and organizations that have W-2 employees are subject to payroll taxes. These payroll or employer taxes are separate and apart from any income tax the taxpayer may be liable for. In other words, businesses and organization must pay payroll taxes simply because they have W-2 employees.
Posted: 2009-07-17
Category: Taxes
