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More Middle Class Tax Breaks

The $8,000 First-Time Homebuyer Credit was scheduled to expire on December 1st, 2009.  On November 5th the House and Senate voted to extend the $8,000 credit into 2010 by passing the Worker, Homeownership and Business Assistance Act of 2009 (WHBAA). 

Be Aware of Use Tax: The Stealth Tax

When businesses are audited by the WV State Tax Department the result is often a very expensive vocabulary lesson that bold-stamps the term “use tax” into the owner’s lexicon. Most business owners are very familiar with the proper collection and

Green Tax Roundup

In recent columns we have discussed tax incentives that the federal government offers to increase demand for energy saving and energy-generating technologies.  Such incentives do not stop at the federal level.  West Virginia recently enacted two initiatives to help taxpayers

Go Green for Green

The American Recovery and Reinvestment Act of 2009 includes two tax credits that reimburse homeowners up to 30% of the costs of qualifying energy-saving projects.  These credits are called The Residential Energy Property Credit (REPC) and the Residential Energy Efficiency

Time to Go Green?

Are you planning some summer-time home renovations?  Tired of paying high energy costs?  Uncle Sam has some good news for you.  He wants to pay you back for home remodeling projects that reduce your electric and heating bill.  The American

Tax Help for Higher Education

As unemployment increases so does demand for higher education.  Graduate schools are often inundated with applications from recent college graduates who, finding employment prospects slim, return to school to pursue higher degrees.  Nontraditional students also add to the college roster. 

Enrolled Agents: Unsung Tax Professionals

When clients learn I am an Enrolled Agent with the Internal Revenue Service a variety of responses follow.  Some panic, thinking I am an auditor or some sort of secret tax-agent.  Others mistakenly believe I am an employee of the

Small Business Health Insurance Credit Explained

When the Patient Protection and Affordability Act became law this past March, many small businesses immediately qualified for a substantial, retroactive tax credit – a credit that will reduce their health insurance cost by up to 35 percent. What had

The Tax Gap (And what to do if you find yourself there)

The tax gap is the difference between taxes owed to the US Treasury and taxes actually paid by taxpayers. The tax gap is estimated to be 300 billion dollars annually.  The IRS believes that two-thirds of the tax gap ($200,000,000,000)