Individual Tax Answer Book (2010)

Answers Key Questions Including:

• Is your client eligible to set up a health savings account?
• When does dividend income qualify for favorable capital gain taxation?
• When might a Form 1099 show more income than a client might actually have to report?
• When does a loan create phantom taxable income for the borrower?
• Is the $250,000/$500,000 home sale exclusion available when a home is also used for business purposes?
• What is a qualified exchange accommodation arrangement and how can it benefit your client?
• What are the new substantiation requirements for charitable donations?
• What options are open to clients when they are unable to pay their tax liabilities?
• Is your client’s child subject to the newly expanded kiddie tax?
• How can you utilize the Office of the Taxpayer Advocate to resolve a client’s tax problem?
• Can a self-employed client switch to a fiscal tax year?
• Which types of tax-sheltered retirement plans are available to the self-employed?

Ease Of Use Features Include:

• Planning Pointers, located throughout the book, highlight practical steps to take to reduce taxes with a minimum of time and trouble.
• Citations to authority are provided as research aids for those who need to pursue particular items in greater detail.
• The appendices contain a tax calendar for use in 2010. The calendar provides key filing and payment deadlines for tax purposes.
• Also included in the appendices are key tax facts and checklists for preparing 2009 returns.