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Did you know, that...

...you must keep records that support your car and travel deductions for 3 years from the date you file the income tax return on which the deduction is claimed?

...if a spouse is obligated to pay both alimony and child support under a decree, but pays less than total monthly amount due, the payment made is first applied to satisfy the child support obligation. Therefore, the child support obligation must be met before any amount of alimony is deductible?

...over-the-counter drugs purchased without a prescription are not deductible as medical expenses?
...individuals who are serving in the combat zone can suspend compliance action such us enforced collection with IRS until 180 days after the taxpayer has left the zone?


...if your child has earned income for performing services and does not pay tax due on this income, the parent is liable for the tax.


...if you pay interest and then receive a refund in the same tax year of any part of the interest, reduce your interest deduction by the refund. If you receive the refund in a later tax year, include the refund in your income to the extent the deduction for the interest reduced your tax?



...income taxes are so complex that there are up to 1.2 million paid tax preparers in the country-six times more than the number of troops in IRAQ?

...in order to claim Earned Income Tax Credit, taxpayer cannot file tax return as “married filing separately”?
...if you make a charitable contribution of $250 or more, you should obtain written acknowledgement from the charity and keep it with that year's tax file?
...generally costs incurred for creating your new business can be deducted as expenses on tax return.

...depreciation can only be claimed on property owned by the taxpayer and used by the taxpayer in trade of business or for production of income?
...IRS is looking for 115,478 taxpayers who are due refund checks worth about $110 million after the checks were returned as undeliverable, and IRS urges taxpayers to update their addresses?


...generally an installment agreement (agreement between you and the IRS for monthly payments) may be requested if you cannot pay the tax liability on time?
...corporation must file income tax return whether it has taxable income or not?
...if you are a teacher, generally you may be able to deduct up to $250 of out of pocket qualified expenses?

...generally proceeds from life insurance due to death of insured are not taxable?
...generally students who are acquiring or improving their job skills in qualified institution, can clime the Lifetime Learning credit?
... hobby income is not subject to SE tax?

...generally if you pay someone to care for your child while you work, you may be able to claim the child care credit?

...if a spouse is obligated to pay both alimony and child support under a decree, but pays less than total monthly amount due, the payment made is first applied to satisfy the child support obligation. Therefore, the child support obligation must be met before any amount of alimony is deductible?

...your tax refund can be automatically deposited by the IRS to your IRA account?

...personal property tax may be deducted as expense on your income taxes?

...generally advance rent payments must be included in rental income in the year payments are received regardless of the period that the payments cover?
...generally, taxpayer who pays for higher education may qualify for education credits?


...if a taxpayer sells property under a contract, but the contract is canceled and the taxpayer returns the buyer’s money in the later tax year as the original sale, the tax payer must include the gain in income for the year of the sale?


...gain from the sale of your main home is generally excluded from income?

...if you and your spouse file separate returns and one of you itemizes deductions, the other spouse cannot use the standard deduction and should also itemize deductions?

... the working person is generally an employee if the employer can control not only what is done, but also how the work is done?

...legal fees and court costs of getting a divorce generally are not deductible?
...generally medical expenses are deductible in the year paid?
...you must pay estimated federal tax during the year if you expect to owe at least $1000 in tax for a year?

...expenses of looking for a new job in taxpayer’s present line of work are tax deductible, even if a new job is not found?
...that by filing tax return timely you can avoid a great part of penalties assessed while tax is paid late?
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CHICAGO LOCKPORT PALATINE
(Belmont/Cumberland) (I-355/159th) (Dundee/Quentin)
3049 N.Thatcher Ave
River Grove, IL 60171
Phone: 708.583.0300
Fax: 708.583.0333
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16612 W 159th St
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Lockport, IL 60441
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1581 N. Quentin Rd
Palatine, IL 60074
Phone: 847.359.8100
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