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.

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...

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...

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