2004 Inst 1040 (General Inst.) (PDF) Instructions for Form 1040 (583.9K) PDF

2004 MI-1040 Instruction Booklet

MSN Money - How to prepare for your tax preparer
The 'envelope method'. Those are the numbers you give to your tax preparer.

IRS Tips for Choosing a Tax Preparer
If you pay someone to prepare your tax return, choose that preparer wisely. Taxpayers are legally responsible for what’s on their return.

The IRS also has a primer on Tax Preparer Fraud (FS-2005-8)

Miscellaneous Deductions

This Publication explains which expenses you can claim on Schedule A (Form 1040). You must reduce the total of most miscellaneous itemized deductions by 2% of your adjusted gross income (Line 37 - 1040 -2004)
http://www.irs.gov/pub/irs-pdf/p529.pdf

Innocent Spouse Relief (And Separation Of Liability & Equitable Relief)

Many married taxpayers choose to file a joint tax return because of certain benefits this filing status allows. Both taxpayers are jointly and individually responsible (liable) for the tax and any additions to tax, interest, or penalties that arise as a result of the joint return even if they later divorce. This is true even if a divorce decree states that a former spouse will be responsible for any amounts due on previously filed joint returns. One spouse may be held responsible for all the tax due even if the other spouse earned all the income or claimed improper deductions or credits. In some cases, a spouse can get relief from this joint and individual liability. http://www.irs.gov/taxtopics/tc205.html

Offers-In-Compromise

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that resolves the taxpayer's tax liability. The IRS has the authority to settle, or compromise, federal tax liabilities by accepting less than full payment under certain circumstances. An OIC is considered only after all other collection alternatives have been explored. http://www.irs.gov/taxtopics/tc204.html

Charitable Contributions

Thrift shop value for selected items of property donated to charitable organizations:
Michigan SALVATION ARMY - Valuation Guide
Click on Donation Valuation Guide Left hand column

DETERMING THE VALUE - DONATED PROPERTY:
http://www.irs.gov/pub/irs-pdf/p561.pdf

SUBSTANTIATION & DISCLOSURE REQUIREMENTS:
http://www.irs.gov/pub/irs-pdf/p1771.pdf


CHARITABLE CONTRIBUTIONS:
http://www.irs.gov/pub/irs-pdf/p526.pdf

IRS Most Popular Publications

Here is list of the most popular IRS publications. They frequently contain a wealth of information. We've broken the list down into two categories -- Personal and Business. You will need adobe acrobat to download.
http://www.smbiz.com/sbrl046.html

IRS Tax Guide For Small Business

Includes What's New For 2004 And 2005
2004 Publ 334 (PDF) Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) (407.5K) PDF

Loans To Family Members

Loans to Family Members Entrepreneurs often turn to family and friends for capital. Here's how to structure the loan so you don't upset Uncle Sam.

Michigan Taxes - Frequently Asked Questions

Welcome To The Michigan Treasury FAQ
http://www.michigan.gov/treasury/0,1607,7-121-1762---F,00.html
Also See Dec. 2004 Articles on Michigan Taxes

Condolences - Death Of Your Stock

It can give you a bad feeling to see the value of one of your stocks decline. Worse still if the stock becomes completely worthless. The silver lining is the tax deduction allowed for worthless securities. It isn't easy to claim that deduction, though. Click here to learn what to do if you're stuck with shares of stock that have lost all their value.

Social Security Online

* Online Claims & Services * Retirement & Medicare * Disability & SSI * Widows, Widowers & Other Survivors * Get Help With Your Situation
http://www.ssa.gov/
NOTICE : Open enrollment for Medicare Part B medical insurance starts January 1 and lasts through March. If you did not sign up when you were first eligible, you can do so now

Uncle Sam Can Make Some Birthdays Important

As you go through life, your birthday may seem less important. But for financial planning, tax, or retirement reasons, your birthday may be significant. Here's a list from the Michigan Association of CPAs to alert you to those birthdays that change your tax treatment and give you cause to celebrate....-MORE-

Internal Revenue Service FAQ

Welcome to the Internal Revenue Service's Frequently Asked Questions and Answers.

Medical & Dental Expenses

You can deduct only your medical & dental expenses that are more than 71/2% of your adjusted gross income (Form 1040 - Line 37). What is includable and not includable in that figure? Publication 502 - Including the Health Coverage Tax Credit.

Health Savings Accounts (HSAs) - New 2004

2004 Publication 969 A Health Savings Account (HSA) is a tax-exempt trust or custodial account with high deductible plan that you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur. You must be an eligible individual to qualify for an HSA.

Earned Income Tax Credit (EITC) -Should I Apply?

Find out if you are eligible for the Earned Income Tax Credit (EITC) by answering a few simple questions and providing basic income information. http://apps.irs.gov/app/eitc/
ALSO, JUST RELEASED BY THE IRS January 27:
Earned Income Tax Credit (EITC) Can Lower Federal Tax Liabilities - Ask How! Earned Income Tax Credit (EITC) Can Lower Federal Tax Liabilities - Ask How! The Earned Income Tax Credit (EITC) sometimes called the Earned Income Credit (EIC).

Tax Information - U.S. Armed Forces

Tax Information for Members of the U.S. Armed Forces Members of the U.S. Armed Forces, especially those serving in combat zones, face some special tax situations and are entitled to some special tax benefits.

Michigan City Income Taxes

City Tax Forms

IRA Conversions To Roth IRA - 2005

Effective Januay 1, 2005, a tax-law change concerns an income test (Seniors) for IRA conversions to a Roth IRA. As in the past, people can make the switch only in a year when their modified adjusted gross income -- not including income generated by the conversion itself -- doesn't exceed $100,000. But now, required minimum distributions - age 70 1/2 - from traditional IRAs no longer count toward that figure.
http://www.rothira.com

Qualifying Child

A “Qualifying Child” New - Uniform Definition For Tax Year 2005
Concerns:
Dependent......Head Of Household......Credit For Child & Dependent Care Expenses......Child Tax Credit......Earned Income Tax Credit

Sales Tax Deduction Guidance

http://www.smbiz.com/sbspec87.html

BlogWise & Google

This site listed on
blogwisewww.blogwise.com
Also On Google Search http://www.google.com

Tax Resources On The Web

Includes Amber Alert
Provided by Alan G. Kalman, BBA, MST
http://taxtopics.net/