IRS loses lawsuit challenging authority to regulate tax preparers

Last year, three independent tax preparers, Sabina Loving of Chicago, Illinois, John Gambino of Hoboken, N.J., and Elmer Kilian of Eagle, Wisconsin, took on the IRS, accusing it among other things, of lacking the authority to license tax preparers. The three retained lead attorney Dan Alban of the Institute for Justice, a libertarian public interest law […]

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Into farming? Some key tax tips from IRS

You are in the business of farming if you cultivate, operate or manage a farm for profit, either as an owner or a tenant. A farm includes livestock, dairy, poultry, fish, fruit and truck farms. It also includes plantations, ranches, ranges and orchards. The IRS has 10 key points for farmers regarding federal income taxes. […]

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Tax Deduction Myths!

The tax laws listed out in full glory on the taxpedias might at most times seem too overwhelming for us to understand and interpret. So, there is bound to be a lot of confusion on what deductions to claim on your income tax return. A few commonly misinterpreted / misrepresented deductions are listed below for […]

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