Go through your house and garage and see what items you have not used in the last two years and donate them to charity. You can clean out space for all the new toys that are coming and receive a tax deduction for it!

The IRS issued guidance recently in a Rev. Proc. 2010-36 providing relief to homeowners who have suffered property loss due to the effects of certain imported drywall installed in homes between 2001 and 2008.

Ranking members of the House and Senate tax committees are promising to do “whatever is necessary” to enact Alternative Minimum Tax (AMT) relief for the 2010 tax year.

Unless Congress acts very quickly, everyone will see their federal income tax increase in 2011. This week we will look at the pending tax increases. Next week we will discuss what you can do before the end of the year to possibly lessen your tax burden.