We often hear people say they do not want to take the home office deduction because it is an audit “red flag.” However, this feeling may lead to missing out on a potentially significant and legitimate deduction.

Did you receive a gift in 2010? Win a prize? Receive an award? Receive an inheritance? This week we will take a look to see if Uncle Sam is going to join in your celebration.

If you were legally married on 12/31/10, the IRS considers you married for the entire year of 2010.

There were a lot of last minute changes made in the tax code regarding how you can deduct capital assets you purchased. Rather than depreciating business property over several years, these optional methods allow you to expense certain property in the year placed in service.

The Internal Revenue Service recently issued a press release stating that for the 2011 tax filing season, taxpayers have until April 18th to file their tax returns. The IRS reminded taxpayers impacted by recent tax law changes that using e-file is the best way to ensure accurate tax returns and get faster refunds.

If you are engaged in a trade or business, you should issue a Form 1099-MISC to qualified recipients to whom you paid more than $600 during 2010 by January 31, 2011. The reporting of Forms 1099-MISC that you issue are reported to the IRS along with Form 1096, and are due by February 28, 2011. Generally speaking, individual taxpayers are not required to issue Form(s) 1099-MISC.