Archives for October 2010

As the year comes to an end, tax season is approaching once again, and if you are a military spouse, you should be aware of an act signed into law last November. http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:s475enr.txt.pdf An amendment to the Servicemembers Civil Relief Act, called the Military Spouses Residency Relief Act states that “spouses of military personnel who move because their spouse is posted for military duty will be treated as not having changed … [Read more...]

In addition to several new tax laws that will take effect in the next couple of years, IRS audits are also increasing in frequency. In the year 2000, the average person had a 1 in 202 chance of being audited; that number has risen to about 1 in 99 (http://www.msnbc.msn.com/id/31951548/ns/business-consumer_news/). The federal budget deficit is approximately $1.6 trillion, and the IRS estimates that the government is owed about $345 billion in taxes each year that it does not collect ($200 … [Read more...]