HBS Tax Articles

The tax gap is the difference between taxes owed to the US Treasury and taxes actually paid by taxpayers. In my experience, the vast majority of individual noncompliance is not caused by intentional misstatement or willful neglect. What should you do if you find yourself lost in the tax gap?

On Saturday, May 22, Brett Hersh, President of HBS Tax and of Growth Strategies, LLC, participated in the Law Enforcement “Torch Run” for Special Olympics

Does your business or organization qualify for the “Small Employer Health Insurance Credit?”  Let’s piece together a few of the credit’s major components and help assemble an answer.

Recent natural disasters, such as the earthquake that devastated Haiti, have impassioned those who see adoption as a way to help children escape danger and uncertainty.  At the same time, however, the cost of adopting (often upwards of $20-30,000) combined with the reality of economic recession and caused many who would like to adopt to put their plans on hold.

Health Care Reform will touch the lives of every man, woman, and child in the United States.  Its long-term consequences; good and bad, intended and unintended, cannot be overstated. 

The US Tax Code, more exactly, United States Internal Revenue Code, Title 26 of the U.S. Code (26 USC) contains more than 3.4 million words.  Printed 60 lines per page, which requires a 10 point font, it would fill more than 7,500 letter-size pages. In today’s article, we will highlight a few of 2009’s tax year.  Keep this list handy as you gather your tax materials to save a few tax dollars on your 2009 income tax return.

If you own a home in a planned community or development there is a good chance you are a member of a homeowners’ association (HOA).  One perplexing aspect of HOA management is following the tax reporting requirements of the IRS.

Regardless of the side one takes in the health care debate, all differences center on the best way to meet a common, three-point challenge: How to: 1) reduce the cost of health care, while 2) maintaining the healthcare quality, and, 3) simultaneously increasing the number of Americans who have access to healthcare.

In November, 2009 congress extended and expanded to First-Time Homebuyer Tax Credit.  The credit is now available to both “first-time” homebuyers, as well as those who have owned the same principle residence for any five consecutive years during the past eight year period. Download our free flyer for First Time Home Buyer Tax Facts.

When clients learn I am an Enrolled Agent with the Internal Revenue Service a variety of responses follow.  Some panic, thinking I am an auditor or some sort of secret tax-agent.  Others mistakenly believe I am an employee of the IRS.  More often than not, however, I get the response “Enrolled Agent, what is that?”

As unemployment increases so does demand for higher education. Whether traditional student or economic refugee, recent tax code changes have made college or vocational school significantly less expensive.

Are you planning some summer-time home renovations?  Tired of paying high energy costs?  Uncle Sam has some good news for you.  He wants to pay you back for home remodeling projects that reduce your electric and heating bill.

The American Recovery and Reinvestment Act of 2009 includes two tax credits that reimburse homeowners up to 30% of the costs of qualifying energy-saving projects.  These credits are called The Residential Energy Property Credit (REPC) and the Residential Energy Efficiency Property Credit (REEPC).

Foreclosure rates remain at an unprecedented high level.  It is highly likely that you, the reader, know someone who has either lost a home to foreclosure or is struggling to avoid foreclosure.  It is even more likely you know someone who is “upside down” in their mortgage (owing substantially more than their home is worth) and debating whether to continue paying the mortgage or abandon the home.

In recent columns we have discussed tax incentives that the federal government offers to increase demand for energy saving and energy-generating technologies.  Such incentives do not stop at the federal level.  West Virginia recently enacted two initiatives to help taxpayers save money while helping the environment.

Withdrawing money from retirement might seem an easy solution to pressing financial problems.  But removing savings from a tax deferred retirement account can result in a large, unanticipated tax bill.

We’ve all received a few letters that have brought black clouds to our day.  Like the bill for the third of five payments for the Garden Growler, the revolutionary ground-hog repellant that seemed such a bargain a few months ago, but which remains unopened in the garage.

There are, however, envelopes that we receive designed to create a hail-driven stampede back to the porch.  One sure-fire lightning bolt of terror: a white windowed size ten envelope with the return address: “Internal Revenue Service Center.

Most business owners are very familiar with the proper collection and remittance of sales tax. Sales tax’s cohort, use tax, however, often remains unnoticed until an auditor tallies up a jaw-dropping deficiency bill.

My experiences have taught me two business truths.  First, business owners that fail, fail for many reasons and, second, the owners of businesses that achieve real, lasting success share five common characteristics.

In this article, I will review these changes and briefly discuss a substantial, yet not widely promoted, tax deduction available for new vehicle in 2009.  My goal is to help those of you who purchased (or are planning to purchase) a new home or a new vehicle put a little extra cash in your pocket.

My goal in this column is to help ministers prepare for next tax season and to enlighten church leaders about how the IRS taxes their minister’s compensation.

Helping others elevates your spirit.  It may also lower your taxes.  Today, I will revisit some basic tax questions regarding charitable contributions.