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William's Tax Planning Blog May 2005 Archive

By William Perez, About.com Guide to Tax Planning since 2004

IRS to Close Walk-in Assistance Centers

Tuesday May 31, 2005
The IRS has announced that it will close 68 Taxpayer Assistance Centers by the end of 2005. According the IRS announcement, the decision was based on several factors, such as ... Read More

Low Income Tax Clinics Can Now Apply for 2006 Grants

Thursday May 26, 2005
The Internal Revenue Service and the National Taxpayer Advocate is now accepting grant applications for Low-Income Tax Clinics. Clinics that provide tax representation services for low-income and limited-English-speaking clients can ... Read More

Standard Mileage Rates for 2005

Wednesday May 25, 2005
Dear Tax Guide, Is there any indication that the IRS mileage allowance is going to change soon? Dear Reader, The standard milage rates for 2005 are as follows: 40.5 cents per mile for ... Read More

IRS Issues Guidance on Re-Opening Audited Tax Returns

Tuesday May 24, 2005
Generally, when the Internal Revenue Service audits a tax return and the case has been closed, that return cannot be re-examined or the case re-opened except in very particular circumstances. ... Read More

IRS Launches Improved Statistics of Income Web Page

Monday May 23, 2005
The Internal Revenue Service has re-designed their Web page for accessing valuable statistical summaries of tax returns. The Statistics of Income page now features links to the most-requested data culled ... Read More

Updates to Several Tax Publications

Friday May 20, 2005
The Internal Revenue Service has revised several tax forms, instructions, and publications in the past few days. Here's a rundown of the most important revisions that could impact your 2004 ... Read More

IRS Updates Per Diem Rates

Thursday May 19, 2005
The Internal Revenue Service has update pier-diem rates for lodging and meals in various cities into the United States. Publication 1542 Per Diem Rates is no longer available in print ... Read More

IRS Revises Standards for Written Tax Advice

Wednesday May 18, 2005
The Internal Revenue Service issued revisions to Circular 230 (PDF document), which regulates the actions of attorneys, CPAs, and Enrolled Agents who represent taxpayers before the IRS. Tax professionals are ... Read More

Final Deadline for California's Tax Amnesty

Wednesday May 18, 2005
Anyone who applied for tax amnesty with the State of California has until May 31, 2005, to file their tax returns and make payment arrangements. If you already filed an ... Read More

Taking Advantage of Lower Tax Rates for Dividends, Capital Gains

Tuesday May 17, 2005
People can shift income into the lower tax rates for qualified dividends and long-term capital gains with some tax-savvy tweaking of their savings and investment strategies. Humberto Cruz provides tips ... Read More

Looking for a Career in Taxes?

Monday May 16, 2005
You can find job listings, forums for talking to other tax professionals, and ratings and inside-information on graduate-level taxation degrees at the website Tax Talent.com.

Newspaper Launches Small Business Resource Center

Sunday May 15, 2005
SFGate.com, the online presence of the San Francisco Chronicle, has launched an online resource center for small businesses. They have included a helpful summary of dealing with tax issues in ... Read More

Cellphones as a Source of Tax Revenue

Saturday May 14, 2005
Surcharges on mobile telephone service is a source of significant tax revenue for local governments. Ken Belson explores how taxes on cellphones is helping cities become less dependent on state ... Read More

Tax Rates Around the World

Friday May 13, 2005
Want to see how America's tax rates compare to rates in other countries? The website World Wide Tax offers a nifty comparison of individual, corporate, and Value-Added Tax rates for ... Read More

Adjusting Your Income Tax Withholding

Wednesday May 11, 2005
You can increase or decrease the amount of federal income tax withheld from your paycheck. You do this by filling out a new Form W-4. Find how to calculate your ... Read More

Fixing Mistakes on Your Tax Return

Saturday May 7, 2005
You found a mistake on your tax return. Or even worse, the IRS found some discrepancies they'd like you to fix. Generally the best way to fix these problems is ... Read More

Lexus RX 400h Eligible for Tax Deduction, IRS Announces

Friday May 6, 2005
The 2006 Lexus RX 400h has been certified by the IRS for the clean-fuel deduction. According to the IRS annoucement (IR-2005-57), you can claim a tax deduction of up to ... Read More

It's Not Too Late to File Your Taxes

Friday May 6, 2005
Still need to file your 2004 tax return? Not to worry. You can still file your taxes, using free tax software or any of the top-notch commercial tax preparation software. If ... Read More

Tax Planning in Community Property States

Tuesday May 3, 2005
Tax attorney Robert Sommers discusses some of the "hidden dangers" in the community property laws of California in the Tax Prophet Newsletter for April 2005. Sommers outlines the advantages and ... Read More

IRA Resource Guide for Business Owners

Tuesday May 3, 2005
The IRS has released a new resource guide just for small business owners. The IRA Online Resource Guide is available on the Web and on CD-ROM. The resource guide provides ... Read More

Three Things to Do if You Need to File Your Taxes

Monday May 2, 2005
To finish up your taxes, here's a simple, three-step program. 1) Gather your tax documents. 2) Pick the tax software that's right for you. 3) Prepare your taxes using easy ... Read More
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