Tax Articles

Don’t be caught off-guard when the IRS or your state changes the tax laws. Let PRO-TAX keep you informed of new tax laws that will affect how much money you pay to the government. On this page we plan to post tax law changes as well as explanations for how the existing tax code works. Please check back often, or click here to subscribe to our content.

Exemptions, Deductions and Credits (October 10, 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...

Residential Energy Credits (September 3, 2008)

Question: I recently installed energy efficient appliances and windows in my home. Is any of this deductible? Where is it claimed?

Answer: There is a maximum limit of $500 per year for all...

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 you may be able...

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...

Teachers Get Deductions Too (July 25, 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,...