Patricia Tokar, CPA

What Are The Penalties for Late Tax Returns?

When it comes to penalties for late tax returns, the IRS has a candy store display of penalties and fines to choose from. With a little foresight, and perhaps an explanation, you can reduce or eliminate the number of penalties that the IRS can assess on your late tax return.

How to Amend Your Federal Tax Return

What should you do if you discover that you forgot to report income or to take a deduction on your federal tax return? What about that critical tax form that arrived a month after you filed your tax return? Or that credit you forgot to take? Filing an amended tax return is the answer.

Claiming a Bad Debt on Your Tax Return

If someone owes you money, either from a loan or other transaction, and fails to pay you, then you likely have a bad debt. If you make efforts to collect the debt and are still not paid, then usually the bad debt can be written off on your tax return.

Taking Advantage of the Capital Gains Tax

The capital gains tax rate is generally much lower than the ordinary income tax rates. Channeling your income to be eligible for the capital gains tax rates can dramatically reduce your taxes. 2009 and 2010 may be the perfect years for investing in and selling capital gains property.

Taxes on Retirement Pension: Are Pension Checks Taxed?

Planning for the types of taxes that are paid for a retirement check or a pension check is an important part of budgeting for retirement. While most taxes paid for a retirement check are straightforward, there is a hidden tax that might hit you hard, so read on to learn how to dodge it