Articles

At PRO-TAX we don’t want to help you just when you file a tax return.  We want to be a source of information you can depend on for guidance regarding taxation, finance, and commerce…throughout the year.  To accomplish that, we regularly post articles and news on a variety of topics.  Visit this page frequently for our take on the issues that matter to you.  Be sure to read the most recent posts, but also make sure to review the archives.  We bet this information will help reduce your tax burden and make you a smarter consumer in every respect!  Sign up for RSS Feeds to ensure you don’t miss the latest entries.

• New Vehicle Sales Tax (February 11, 2010)

If you bought a new vehicle in 2009, you may be entitled to a special tax deduction for the sales and excise taxes on your purchase.

This deduction is in addition to the state and local sales taxes paid and state and local...

• Earned Income Credit (January 30, 2010)

The Earned Income Tax Credit (EITC) is designed for working taxpayers with lower incomes. The credit was originally enacted in 1975, and over the years has grown to be one of the principal anti-poverty programs in the federal...

• New Tax Break for Contributions to Haiti Earthquake Relief (January 25, 2010)

Congress passed a new tax relief law allowing taxpayers who contribute in 2010 to charities providing earthquake relief in Haiti to take a tax deduction for the contribution on their 2009 tax return instead of their 2010...

• State Return Filing Due Dates (January 15, 2010)

Okay, so everyone knows that you have to file your Federal Income Taxes by April 15.  What about state returns?

Here’s something interesting… Almost every state that is close to Virginia has to file by April 15 as...

• Where's My Refund? (January 1, 2010)

You have dutifully filed your tax return and now you have entered the void; that place where you really want your refund, have not received it and have no idea when to expect it. You need some hope that your hard earned money is...

• Are you Getting More Pay (Or A Smaller Refund) With The "Making Work Pay" Tax Credit? (December 15, 2009)

If you’re like most wage earners last Spring you probably started receiving a larger paycheck (but may not have noticed it) as a result of changes made to the federal income tax withholding tables for the “Making Work Pay”...

• These Days You Need A College Degree, To Learn How To Pay For A College Degree! (December 8, 2009)

If you have a child planning to attend college sometime in the future and you want to pay the lowest price possible, you may need to hit the books even more than them. The problem is the cost of a college education is rising...

• Strategies for Reducing Your Debt (November 24, 2009)

You DON’T Have To Move To Lincoln, Nebraska To Get Your Credit Card Bills Under Control…Here Are Six (And 1/2) Strategies That You Can Use To Reduce Your Debt!

We Americans LOVE our credit cards! But for many of us, this...

• Get Green To Go Green! (November 10, 2009)

Do you know Congress’ favorite color?

We're not positive…but we'd be willing to bet its GREEN!

It’s no secret that our leaders in DC want you to go green… and we don’t mean by eating warm potato salad for Labor Day!

We all...

• Recently Married? (October 30, 2009)

Have you recently gotten married?  Are you planning on getting married by the end of this year?  Here are some tips to make your tax preparation go more smoothly next year:

File form SS-5 with the Social Security...

• Identity Theft Protection (October 19, 2009)

 

What Does PRO-TAX’s Bathroom Have To Do With Identity Protection?

 

(Hint: It has nothing to do with “Squeezin’ The Charmin”)

 

How PRO-TAX Protects Your Personal Information…And You Can Too!

 

If you have ever been to a...

• Your Social Security Benefits May Be Taxable (September 21, 2009)

There are two types of government benefits: Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). SSDI provides income for the disabled while SSI may provide additional income for the disabled or...

• 3rd Quarter Estimated Taxes Due Today! (September 15, 2009)

 

If you’re self-employed, it’s that time again; time to send the IRS an estimated tax payment. Didn’t I just do that, you ask? Well, in a sense, yes, it does kind of feel that way, doesn't it? That is because the third...

• Tax Credits and Benefits for the Disabled (September 7, 2009)

Are you a parent of a disabled child, spouse, relative or disabled yourself? If so, you may qualify for one or more tax credits available to qualifying taxpayers with disabilities. If you or a dependent on your tax return is...

• Taking Advantage of Residential Energy Improvements (August 24, 2009)

It’s back! A tax law in 2006 allowed homeowners to claim credits for purchases that made homes more energy efficient. The original law allowed for purchases or improvements that were made in 2006 and 2007, but now it has been...

• Claiming the Child Tax Credit (August 10, 2009)

The Child Tax Credit is a credit available to taxpayers for each dependent child, under the age of 17 at the end of the tax year. You can deduct a maximum of $1000 per child, though there are limitations based on your adjusted...

• When the IRS Comes Knocking (August 10, 2009)

Every year the IRS sends out notices and letters to taxpayers, requesting updates to their records, payments of taxes, fees, interest and penalties as well as a whole plethora of information. If you are the gracious recipient of...

• Virginia Sales Tax Holiday (August 7, 2009)

The State of Virginia holds a School Supplies and Clothing Sales Tax Holiday one weekend a year, usually just before the beginning of the school year.

This year’s Sales Tax Holiday in Virginia is this weekend – August 8 and...

• Special 2009 Tax Break for New Car Purchases (July 27, 2009)

If you’ve been thinking of buying that new car you’ve always wanted, this year, the IRS is offering to make that possibility a reality, by making it somewhat more affordable. A special deduction will be available on your 2009...

• Minimum Wage Increase (July 24, 2009)

The Department of Labor (DOL) reminds us that the federal minimum hourly wage will increase to $7.25 per hour on July 24, 2009.  This is the final of the three scheduled increases put in place by the Fair Minimum Wage Act of...

• Car Allowance Rebate System (CARS) (July 16, 2009)

Are You Crazy? Why Would I Turn Down An Automatic$4,500 Discount On A New Vehicle?

Because The New Federal “Cash For Clunkers” ProgramCould Actually Make Your Next Car Purchase MORE Expensive!

The Federal Government has a new...

• To Itemize or Not to Itemize, That is the Question (July 13, 2009)

When you are trying to determine which filing status to use to file your return, above all things, keep in mind that it will not benefit you to itemize, if the total amount of your allowable deductions is less than the standard...

• IRS Standard Mileage Rates (July 6, 2009)

Now that the tumultuous gas price fluctuations of 2008 are but a distant memory, the Internal Revenue Service has issued the optional standard mileage rates for this year. Instead of complicating things by having two separate...

• The Glory of the Red, White, Blue and Green (July 4, 2009)

The civic holiday commemorating Independence Day, falls on a Saturday this year. But where will you be on the 4th of July?

On this day, there are always an infinite number of possible places to go, things to do, people to see,...

• Tuition and Fees Deduction (June 29, 2009)

Before you start taking deductions for your own or your child's higher education tuition and fees, there are some things you should understand:

In order to take a deduction for Tuition and Fees, you do not have to itemize. This...

• What Is Your Most Valuable Asset? (June 22, 2009)

In this article, we’re NOT going to discuss taxes. No; with the filing deadline recently complete, instead we are going to focus on your absolutely most valuable asset.

When you think of your “Most Valuable Asset” what is the...

• The Best Father's Day, Even in a Bad Economy (June 21, 2009)

 

The National Retail Federation (NRF), recently released their Father’s Day survey, estimating that Americans will spend more than $9 billion on gifts for Dad this year. According to the new data, it was also revealed...

• Estimated Tax Payments Due (June 15, 2009)

If you’re self-employed, it’s that time again; time to send the IRS an estimated tax payment. Didn’t I just do that, you ask? Well, in a sense, yes, it does kind of feel that way, doesn't it? That is because the second...

• Avoid the "Triple-Whammy!" - Don't Cash-In That Retirement Plan Early (June 15, 2009)

Have you ever heard of the “Triple-Whammy”?

No?

Well, I can tell you it’s NOT one more than “Double-Jeopardy”…nor one less that the “Four Horsemen of the Apocalypse.”

Ok, I must confess I just made the term up. But I believe...

• Ten Most Common Tax Deductions for Small Businesses (June 1, 2009)

We all know that as a taxpayer, times are bad enough, but as a small business owner, you need to be vigilant about your tax situation and take full advantage of the great tax breaks available to you. To neglect this attention, is...

• Tax Consequences of Foreclosure (May 18, 2009)

If you’ve lost your home through foreclosure there are potential tax consequences that you may have over-looked.

There are two possible consequences you should consider: 

1.    Taxable cancellation of debt...

• The "Debt Monkey" Who Can Turn Into A "Tax Monkey" Right Before Your Very Eyes! (May 11, 2009)

Not too long ago, loans seemed to be flowing like Niagara Falls. Now with the economy in a recession (or is it a depression?), the “credit party” has turned into awful “debt hangover” for millions of Americans.

With the...

• Retiree Stimulus Money - $250 - is on the Way (April 30, 2009)

Retirees

If you are among the 50 million individuals who receive Supplemental Security Income, Railroad Retirement Benefits or Veteran’s Disability checks, you are about to see some extra cash flowing your way, thanks to...

• I've Filed My Tax Return, Now What? (April 27, 2009)

After you’ve completed and filed your tax return, you may experience a sense of relief and liberation, but you may also have concerns and questions. Here are just a few things that might be on your mind.

1.   ...

• When You Need to Pay the IRS (April 16, 2009)

When you owe the IRS and need to send payments with or without your tax return, there are some things you should keep in mind. Since what you owe the IRS is subject to interest and a monthly late payment penalty, it is in your...

• Are You A Last Minute Filer? (April 9, 2009)

April 15th is just around the corner.  Here are some guidelines to follow, if you are still trying to complete your tax return.

Use electronic filing - Instead of trying to mail your return with a date cancel stamp on or...

• Tax Filing Extension (April 9, 2009)

April 15 is the filing deadline for a federal tax return.  If you need more time to get your paperwork complete, make sure you file Form 4868, Automatic Extension of Time to File, with the IRS by the end of the day on the...

• Traditional IRA versus a Roth IRA (April 6, 2009)

This year you have told yourself that you are going to start saving for retirement. You’d like to open an IRA, or Individual Retirement Account, but which kind of an IRA should you open? You have heard of two kinds, a traditional...

• Tax Consequences of Divorce (April 3, 2009)

Divorce can involve many potential tax traps and pitfalls. You will be changing your tax status and that alone, can have quite an effect on your financial life. Here are some things to be aware of:

Filing Status

Since you will...

• Where's the Money? What Happened If Your Refund Wasn't All You'd Expected (March 10, 2009)

Where's the Money? What Happened If Your Refund Wasn't All You'd ExpectedAt PRO-TAX we work hard to get you the maximum tax refund to which you are entitled under the law. But sometimes the final amount issued doesn't match up...

• First-Time Homebuyers Credit - Expanded Tax Break! (February 26, 2009)

On February 17th President Obama signed into law the American Recovery and Reinvestment Act of 2009. As part of that act, the First-Time Homebuyers Credit was expanded.  

According to to the IRS, taxpayers who who qualify...

• The 2009 Stimulus Package: It's Not Just for General Motors! (February 25, 2009)

You’ve probably heard that congress passed a modified form of President Obama’s “stimulus package” (actually called “the American Recovery and Reinvestment Act of 2009”). The Act includes nearly $300 billion of tax relief....

• Do I Need To File A Tax Return (February 23, 2009)

You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. Even if you determine that you don’t have to file, there are several...

• Important Changes for the 2008 Tax Year (February 23, 2009)

Before you go to see your tax preparer, check to see if you are eligible for any of the following items. If you are, make sure you take the proper documentation with you.The deduction for state and local sales taxes on Form 1040...

• How To Choose The Correct Filing Status (February 12, 2009)

You don’t want to pay more in taxes than you need to.  When filing your federal tax return, it is important for you to choose the right filing status.  Your filing status will determine your standard deduction, which...

• Year-End Forms to Arrive Later (January 30, 2009)

According to the IRS many investors will receive their year-end tax statements later than in past years, but these forms are likely to be more accurate.

A new law, enacted last fall, changed the deadline from Jan. 31 to Feb. 15,...

• PRO-TAX Introduces New ‘Partners’ Program For 2009 (December 28, 2008)

Just in time for the 2009 filing season PRO-TAX has introduced an opportunity for those who are “cash-strapped” and challenged by a tough economy.  Building upon the successful “Tell-A-Friend” program we have developed two...

• Capital Losses (December 2, 2008)

Business Dictionary defines Capital Loss as:  Loss suffered from the sale (disposal) of a capital asset. 

The IRS states that almost everything you own and use for personal or investment purposes is a capital asset....

• Cancellation of Debt (November 21, 2008)

With the economic situation dim in the United States, more taxpayers are facing overwhelming debt and bankruptcy. Taxpayers may find their tax returns affected by debt cancellation for 2008 and beyond. Taxpayers need to be aware...

• Hurricanes and Casualty Losses (October 24, 2008)

Taxes have always been a way for federal, state, and local governments to raise the dollars needed to fund infrastructure, social programs, and international dealings.  In Colonial times, and before, when the need for taxes...

• Emergency Economic Stabilization Act of 2008 (October 24, 2008)

On October 3rd, the President signed into effect the Emergency Economic Stabilization Act (EESA) of 2008.  The Act is a 400+ page multi-faceted document.  But how does it affect YOU?

This Act extends a few tax breaks...

• Exemptions, Deductions and Credits (October 9, 2008)

When you enter a tax office and speak with a preparer, you will hear the terms “exemption”, “deduction” and/or “credit” – no matter how involved your tax return.   

What, exactly, are they referring to?  Are...

• We've Been Added To Alltop (September 12, 2008)

Our website has been added to the Taxes page of Alltop.com.

Alltop collects stories about "all the topics" on the web.  They've grouped these collections – "aggregations" – into individual Alltop sites...

• Attending Tax School Could Save You $1,000s! (September 3, 2008)

 

 

With rising gas and food prices the average American’s household budget is stretched paper-thin, so everyone is looking for ways to save money.

Unfortunately, the vast majority of Americans never consider learning how to...

• Looking For A New Career? Your Opportunity at PRO-TAX is Unlimited! (September 3, 2008)

 

The demand for professional tax preparers is huge. PRO-TAX sponsors our free Tax School in an attempt to keep up with the demand at our offices, and the competitiveness of the industry.

PRO-TAX doesn’t require any of our...

• Need Some Extra Income? The Demand for Tax Preparers is Huge! (September 3, 2008)

 

Every day the television news is filled with segments about companies laying-off thousands of employees. These types of stories are emotional and therefore tend to grab the headlines. What you don’t hear are accounts of...

• Selling Your Home (August 8, 2008)

It used to be that if you sold your home you had two choices:  reinvest the capital gains immediately into a new home, or pay capital gains taxes on the profit. 

Not so anymore!  The law now states that you may be...

• Salute To Our Armed Forces (August 8, 2008)

According to the United States Department of Defense website, “On August 31, 1949, Secretary of Defense Louis Johnson announced the creation of an Armed Forces Day to replace separate Army, Navy and Air Force Days. The single-day...

• IRS Mail Audits (August 1, 2008)

Have you received a letter from the IRS requesting additional information about your return?  This is called a “mail audit.”

Recently, the IRS has been taking heat because of the way they have handled responses to these...

• Sales Tax Holiday Weekend (August 1, 2008)

Residents of 14 states and the District of Columbia will benefit from a sales tax holiday.  Most of the states hold their sales tax holiday weekend just before school begins, with several happening later in the fall. ...

• Teachers Get Deductions Too (July 24, 2008)

It’s just about time for “Back to School” in the United States! 

All of us at PRO-TAX would like to thank the teachers around the world for all you do for our children.  Besides teaching them subjects (reading,...

• Hybrid Vehicles (July 24, 2008)

With the prices going higher and higher at the pump (sometimes it seems that they jump in mid-pump, doesn’t it?), more and more people are turning to hybrids and alternative fuel vehicles to save money on gas. 

But you...

• Don't Move Without Us! (July 21, 2008)

You’re looking for a new challenge at the workplace, and your current position and company don’t have much to offer.  Or maybe someone told you about an opening at another business in a different city (or state).  Or...

• Amending Your Tax Return (July 21, 2008)

The season’s done for Tax Year 2007.  Thank heavens!  You’re now filing all of your receipts and other tax information associated with your return.  But wait!  What’s this?  Oh no, you found a document...

• SUMMER TIME AND THE LIVING IS EASY (July 21, 2008)

Well, it is if you are a child!  And if you place your child in a summer camp, it can be a little easier on you as well.  That’s right; the IRS may let you deduct the cost of summer camp for your qualifying...

• More Money In Your Pocket (July 10, 2008)

 

Millions of Americans are giving the IRS an interest free loan each year.

How?  By the way they determine their exemptions and deductions on their Form W4. 

What’s a W4?  Most folks don’t even realize that a...

• Spring Cleaning (May 2, 2008)

Tax season is complete.  Or is it?  Really, tax season is NEVER complete.  You may file your taxes on (or before) April 15 annually, but you’re filing for the previous year.  A wise person’s recordkeeping has...

• Tax Myths - Don't leave money on the table for the IRS (May 2, 2008)

According to Wikipedia, “Myth is derived from the Greek word mythos, which means ‘word of mouth.’"

Since tax law is complex and constantly changing, it’s no surprise that many taxpayers have misconceptions about the rules that...

• Putting Your Extras To Good Use (April 8, 2008)

You give and you give and you give.  And the IRS wants to reward you for all of your giving.  But do you know exactly how much you can deduct for your charitable contributions of material goods? 

You know what I...

• The Deadline is Coming! The Deadline is Coming! (April 8, 2008)

The filing deadline for 2008 is April 15.  This is different from 2007 and 2006, when April 15 fell on a Saturday or Sunday, and there was a District of Columbia Emancipation Day holiday. But, this year, you MUST have your...

• Schedule C or Schedule C-EZ - Which one should you use? (April 3, 2008)

To C or not to C?  That’s the question if you’re a small business owner.  Actually, the real question is:  Can I file a C-EZ instead?  The answer is, as usual with the IRS, it depends!

Schedule C holds the...

• IRS Rebate Phishing Scam (April 2, 2008)

Can you believe it?  There are actually people out there who will IMPERSONATE the IRS to get your personal information!  You may get an email saying that you are due more refund than you originally thought.  When...

• Rebate Check Delivery Schedule (March 19, 2008)

It’s what we’ve all been waiting for.  The Economic Stimulus Package Rebate checks have finally been given “delivery dates” – almost as exciting as waiting for the birth of your first child!

Payments will be distributed...

• November is National Adoption Month (March 12, 2008)

“My big stand is this:  Every child deserves a home and love.  Period.”

Dave ThomasFounder of Wendy’sAdopted child 

Many people feel the same as Dave; including the IRS.

The IRS allows adoptive parents a tax...

• Save For Retirment and Get a Tax Deduction (March 11, 2008)

Are you looking to reduce your taxes this year?  And would you also like to increase your retirement security? Consider making a contribution to a traditional Individual Retirement Account (IRA)! 

According to the IRS,...

• Let The IRS Help Subsidize Your Retirement (March 11, 2008)

Congress loves to reward us for retirement savings!  First, you can take an adjustment to your gross income (thereby lowering your total taxable income) by making contributions to a traditional IRA.  Second, you can...

• Pennies From Heaven (March 9, 2008)

Katherine Whitehorn said, “The easiest way for your children to learn about money is for you not to have any.” 

We don’t entirely agree with this statement, and neither does the IRS!  As a matter of fact, the IRS has...

• The IRS Is Quite Happy To Keep The Extra Money, If You Let Them...Learn How To Get Back A Tax Overpayment! (March 7, 2008)

In 2006, The Internal Revenue Service estimated the average American overpaid their taxes by more than $400 as a result of missed deductions and credits. Even if $400 doesn’t sound like a lot of money to you, it all adds up to...

• New Rebate Calculator (March 6, 2008)

We added an Economic Stimulus Rebate Calculator to our website to help visitors determine how much money they will receive from the IRS beginning in May.

Click here to access the calculator.

• Economic Stimulus Letters from the IRS (March 6, 2008)

The IRS has begun mailing letters reminding taxpayers to file a 2007 tax return in order to receive a 2008 Economic Stimulus payment.  The letters will be distributed throughout the month of March.

The two main purposes of...

• How One Of The Most Famous Bank Robbers Of All Time Will(ie) Teach You How To Save On Your Taxes! (March 6, 2008)

On March 14, 1950, the FBI released their very first TOP TEN MOST WANTED CRIMINALS list.  On the 58th anniversary, we are releasing our TOP TEN MOST OVERLOOKED TAX DEDUCTIONS. (Adjusted for 58 years of inflation, we’ve...

• You’ve got rebate questions…we’ve got answers! (February 19, 2008)

The Economic Stimulus Package recently signed by President George W. Bush has given many Americans reason to celebrate.  But some people are confused as to whether THEY can celebrate.  And if they can, how much will...

• ECONOMIC STIMULUS PACKAGE FOR BUSINESSES (February 15, 2008)

The package that the House and Senate passed, and President Bush approved, on February 13, 2008 has tax implications for businesses as well as individuals.  In addition to the rebate checks for individual filers, the package...

• When it comes to alimony…The IRS can be more reasonable than your ex! Here are the rules you must know! (February 15, 2008)

So things didn’t work out so well in your marriage.  It happens more often than we’d like to think.  And now you’re divorced.  Believe it or not, there are tax implications involved in divorce.  In this...

• Valentines Day Tax Advice (February 14, 2008)

On Valentine’s Day, 1929, Al Capone ordered what has since become known as the Saint Valentine’s Day Massacre.

During tax time, there are many near-misses for massacres when spouses find out that their significant other has not...

• THE REBATES ARE COMING! THE REBATES ARE COMING! (February 14, 2008)

Congress has officially passed the Economic Stimulus Bill!  What does this mean to you?  If you are eligible for a payment, you will be receiving a rebate check from the IRS sometime in May in an amount between $300 and...

• Where's My W-2? (February 10, 2008)

You want to file your taxes.  You want to get that refund.  But you still haven’t received that final W-2.  What can you do?  Keep in mind that W-2s don’t have to be mailed until January 31; be certain you’ve...

• Congress Passes the Economic Stimulus Plan! (February 8, 2008)

On Thursday, the Senate ended its Congressional impasse over the Economic Stimulus bill by making small amendments to the bill the House had passed the previous week. The bill was sent to the House, where it was quickly passed,...

• Happy Birthday Boy Scouts of America (February 8, 2008)

Boy Scouts of America (BSA) was founded on February 8, 1910 by William Boyce.  The mission of the BSA is to prepare young people to make ethical and moral choices over their lifetimes by instilling in them the values of the...

• Economic Stimulus Plan (February 7, 2008)

According to economist Thomas Sowell, “the idea of a stimulus package is based on the general notion that there are things the government could do to make things better in the economy.”  In January, President Bush put forth...

• Today Is Earned Income Credit Awareness Day (January 31, 2008)

January 31 has been designated as Earned Income Credit (EIC) Awareness Day by the IRS. According to the IRS, more than 60 percent of tax returns claiming the EIC are filed during the month of February. In addition more than 70%...

• PRO-TAX Says “Watch Out For Scams Associated With Advanced Refund Checks” (January 31, 2008)

Consumers should be aware that “tax rebate” scams are already appearing, even though Congress and the White House have not officially passed the Economic Stimulus Package.

Some taxpayers have received telephone calls informing...

• The IRS May Owe You Money (January 30, 2008)

On January 14, 2008, the IRS made an important change to the definition of Qualifying Relative that will affect many taxpayers in filing their 2007 return. In addition this definition has been applied to 2005 and 2006 returns...

• Social Security Administration Mails Incorrect 2007 Statements (January 28, 2008)

Please read this important news for Seniors.  Due to an administrative mistake made by the Social Security Administration nearly 3 million people received incorrect statements for 2007.  PRO-TAX is here to assist...

• PRO-TAX Welcomes Four New Franchise Partners (January 21, 2008)

PRO-TAX USA LLC is excited to announce the introduction of four new licensees of the PRO-TAX system with offices opening this month in Mobile, Alabama and Richmond and Woodstock, Virginia.

• New Tax Law Changes (January 10, 2008)

For 2007 Congress Has Created A Minefield Of Tax Law Changes That May Help You...Or Hurt You!

• PRO-TAX's "Worry-Free Protection" (January 2, 2008)

Who Else Wants To Sleep Like A Baby Knowing PRO-TAX Has Got You Covered When It Comes To Filing Your Taxes With The IRS?!

• PRO-TAX Lightning Tax Service - $25 Off (December 26, 2007)

$25 Off PRO-TAX Lightning Tax Service