Business & Finance Blog Roundup

Once a week we'll take a look at what other About.com Guides are saying about how to manage finances and plan for the future. This week I found these great tips from other guides:

• Proposed IRS Regulations Would Put You at Risk for Identity Theft
  Financial Planning Guide Deborah Fowles thinks the proposed IRS regulations to all taxpayers to sell clients' information will put you at risk for identity theft. Accounting Web recently weighed in on the issue as well. The proposed regulations don't affect me one bit, since I offer my clients a strong privacy policy to protect their confidential tax information. In fact, I encourage all taxpayers to ask their tax preparer about their privacy policies and to demand absolute confidentiality. Under the current regulations, tax preparers are permitted to share your tax and financial information with anyone in their company including headquarters of national tax chains or outside data entry contractors working in foreign countries -- and they don't need your permission to share this information. Under the proposed regulations, tax preparers would have to present you with a strongly-worded disclosure statement, and you would have to sign one statement for each type of disclosure you agree to. Personally, I feel that tax preparers ought to never sell their client's information. But you should take steps to make sure your tax professional respects your privacy.
• Tax Deduction From Your Home Equity Loan?
  Banking Guide Justin Pritchard lets you know that interest paid on a home equity line of credit might be tax deductible. He also provides links to free webcasts for first-time home buyers.
• Roth IRA Questions
  Retirement Planning Guides Jenny and Patrick McKinney answer questions about contributing to a Roth Individual Retirement Account.
• IRS Going After Small Businesses?
  Business Law and Tax Guide Mark Minassian comments on news reports that the IRS is stepping up efforts to audit small businesses. He also reported on an increase in audits for self-employed individuals, and he provides tips for avoiding audit red flags.