We are connected to films in different ways. My journey started in 2004 when I took my first film production class. It took many years of hits and misses before I had the opportunity to co-produce a 32-minute film called Heart Has Reasons. The story was based on the...
Q If I buy a rental property now, can I deduct rental losses? A Passive activity loss rules were designed to curb abuse of perceived tax shelters. Rental activity is considered a passive activity. Generally, taxpayers can use passive losses and deductions only to...
The 2010 Tax Relief Act extended, for year 2010 and 2011, the provision that allows nonrefundable credits to be allowed against alternative minimum tax. Some of the credits are discussed in brief: Saver’s Credit: Lower-income individuals can get a federal income tax...
On December 17, 2010 President Obama signed into law the 2010 Tax Relief Act. Here are the highlights: Capital Gains & Dividends: Qualified capital gains and dividends will continue to be taxed at 15% (zero percent for taxpayers in the 10 and 15 percent tax...
Filing Date: For electronically filed returns, the date of an electronic postmark given by authorized return transmitter is the deemed filing date. On page 2 of Form 1040, a taxpayer can designate a third party to discuss the return with IRS. The designee is not...
