1. Forgetting a W-2 or 1099 - The IRS matches these forms to your tax return.  If you do not report them properly, you will get an IRS notice in the mail asking for clarification.

2. Duplicate Dependent Reporting - If more than one tax return claims the same person as a dependent, the second return will be rejected.  It is your responsiblity to get a release form from the other spouse if you wish to claim the dependent.

3. Forgetting a Name Change -... Read More >>

The basic retention period for IRS documents is three years from the later of the tax return filing due date or the actual filing date.  However, errors on your tax return for over 25% of the tax obligation require record retention of six years.

You should keep some records forever.  These include copies of your tax return, home closing documents, investment stock documentation, insurance documentation and birth/death marriage certificates.... Read More >>

Here is a list of the major components of Health Care Reform that are now law and those that will be shortly:

YEAR: 2010

10% excise tax on indoor UV tanning services: July 1, 2010
Health care coverage expansion to children under the age of 27: March 30, 2010
Medicare Part D Coverage Gap $250 rebate
Samll Business Health care tax credit

Year: 2011

Elimination of over-the-counter medicines as a reimbursible expense from Flexible Spending... Read More >>