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Richard A. Chapo's Articles

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Tax Records - What You Should Keep And For How Long Many taxpayers are confused about how long they should keep tax records. If you are one of the unlucky few to be audited, these records will be vital to fending off the IRS. Tax Issues for Self-Employed Individuals The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business. Of course, few of you enjoy the paperwork and confusing tax issues that arise from owning your own business. Need a Copy of Your Tax Return Information? Taxpayers have two easy and convenient options for getting copies of their federal tax return information — tax return transcripts and tax account transcripts — by phone or by mail. Leveraging Rental Property Equity Owning investment property is a tremendous wealth building strategy. Thousands upon thousands of individuals have amassed great wealth by investing in rental properties. Identity Theft Impacting Your Taxes If your identity is stolen, your finances can quickly become a nightmare. A less obvious problem is the effect identity theft can have on your taxes. Taxes and Early Distributions From Retirement Plans An early distribution from an Individual Retirement Arrangement (IRA) or a qualified retirement plan need not be a “taxing” experience. Fortunately, there are exceptions to early distributions. Correspondence From The IRS – Yikes! It’s a moment every person dreads. You pick up the mail and there is an envelope from the IRS. It’s not a refund check. What do you do? Are You Overpaying Taxes If You Use Software? For many business owners the answer to this quandary is tax preparation software. Fill out a fairly simple interview, click “print” and out comes a completed return that will pass muster with the IRS. The answer to all your problems…or is it? Hybrid Vehicles and Tax Benefits You have to love car dealers. With the passage of the Energy Policy Act of 2005, car dealers are screaming about the tax benefits of buying these vehicles. Here’s the scoop. The Taxpayer Advocate Can Help With The IRS Every business has a department that deals with complaints from customers. At the IRS, this department is known as the taxpayer advocate office. Tax Returns for the Deceased Two things in life are certain – death and taxes. Here’s what to do if the two are combined as far as filing a tax return. Getting Help With Your Tax Preparation Nothing leads to more gnashing of teeth than the thought of preparing your own taxes. Fortunately, there are people out there that do it for a living. Capital Assets – Gains and Losses for Taxes Capital is a unique term when it comes to taxes. If it gains value, you pay a tax. If it loses it, you can write at least some of the loss off. IRS Owes You Money If You Paid Long Distance Phone Taxes The IRS has decided to give up the fight on an ongoing legal issue regarding taxes it has collected on long distance telephone services. Here is the scoop. Your Tip Earnings and Taxes If you work in a service where you get tips, guess what? The IRS expects you to report them and pay taxes on them. Getting a Tax Credit for Your Kids As you know, raising a family is a full time job and can put stress on your finances. Fortunately, you can claim a tax credit to help cut your IRS bill if you have kids. Tax Season - Time for Scams As tax season draws irresistibly closer, the scam artists are polishing their latest techniques. This article should help you keep an eye out for these nasty individuals. Got Wealth? The last ten years has seen massive wealth growth in the United States. This brings up the issue of wealth planning, particularly from a tax perspective. An Overview of Reverse Mortgages If you own a home, you know mortgage products have moved beyond the basic 30 year fixed option. Reverse mortgages are one such product and here is an overview. Tax Credits for Retirement Savings It is a well-known fact that Americans are miserable failures when it comes to saving for retirement. Well, the government is offering tax credits to change this for some of us. Refinanced Your Home – Claim a Tax Deduction For Points The mortgage refinance market has cooled off dramatically with recent rate increases. Many people, however, refinanced during 2005 and can claim tax deductions. Giving Your Car to Charity – The New Tax Rules The IRS has changed the regulations on donating vehicles to charities. If you donated a car last year, you need to read the following to understand the new rules. Giving To Charities – Tax Deductions and Such The tax code in the United States contains many provisions to promote certain behavior. One area of behavior is the promotion of giving to qualified charities. Tax Incentives for Saving for Education Recent statistics show Americans are simply not saving money for the future. To encourage savings, the government has come up with tax incentives. Checking The Status of Your Tax Refund Online More than a few people are happy to learn they are due a tax refund after filling out their tax returns. If you are one of these people, here is how to check the status of your refund online. Dear John Letters From The IRS Undoubtedly, you are aware of Dear John letters. Often a young lady sent them to men in the military, often containing bad news. Well, the IRS sends them to taxpayers as well. Using This Years Taxes to Save On Next Years Taxes You just got done paying taxes or filing an extension and are grumpy. If you are smart, you will use this miserable event to save some cash for next year. IRS Issues Tax Credit Amount For Toyota Camry Hybrid Prior to January 1, 2006, people purchasing hybrid vehicles were eligible to claim a significant tax deduction. Now they can claim a monstrously large tax credit. The IRS Solution If You Cannot Pay Your Taxes The Internal Revenue Service wants you to pay taxes on time. That being said, it understands this is not always possible and has created a program for such situations. Didn’t File Anything with the IRS on April 15th? The magic tax date of April 15th has passed. If you did not file a tax return or extension request, you need to consider the following.

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