Featured Article
James E Reynolds CPA Featured Articles
•REVERSE MORTGAGES - NOT ALL BAD!
•WHAT REALLY LED UP TO AND CAUSED INDYMAC COLLAPSE?
•ECONOMY CALLED WORST SINCE 70"S - FINANCIAL DROP IS STEEPEST SINCE 2000
•IRS audited a higher percentage of Higher Income Individuals in Fiscal Year 2006 Audits of individuals increased overall by six per cent. Audits increased from 1.21 to 1.29 million. Face to Face audits of individuals increased overall by more than 20 per cent - From 247,000 audits to 303,000 audits. Actually every return filed electronically is instantly audited to be sure a child hasn't been claimed by two different taxpayerss, your social securuty number matches your name, and many other matches that used to be done about two years later. Returns filed manually still get tested, but it takes at least a year to test them for matching. And, all returns are eventually tested to be sure Mortgage Interest deductions match 1099's filed with IRS, Partnership and Corporation items match those reported to IRS by Partnerships and Corporations.And many more matches are tested. IRS stopped matching Partnerships for several years, but are apparently matching 100% now. The IRS computers are getting smarter.
•Fire Insurance Coverage Inflation has made a review of your home and and any rental fire insurances very important! And, you should have replacement cost coverage! At the same time you need to look at your liability and theft coverages. An expensive engagement ring, fine silverware, and other personal valuables may require separately stating them in your insurance coverage.
• TV's, computers and their monitors can now be taken to special disposal sites and turned in without paying a fee. a typical 17 inch computer monitor can contain 2.2 pounds of LEAD a 17" TV set can contain as much as 8 pounds of lead!
•DMV Website Excellent source for DMV information, Driving Schools, etc.
The only effective way to repair poor credit is to break the law by submitting false credit information. Most "non-profit" credit repair organizations are fraudulent, and many are currently being investigated by the IRS. You can get Credit Reporting errors corrected. Click here for more info.
• Compare living in California with cost of living in other states
• Straight Talk about Telemarketing from Federal Trade Commission
Material Copyright © 2006 James E Reynolds CPA