The Domestic Production Activities Deduction (DPAD) is a much overlooked deduction by business owners.

Aaaah……The week after tax season (and the first full weekend home in two and half months) is the best week in a tax accountant’s life!Even though tax season is over---we will continue our Tax Tip of the Week mailing for the rest of the year. We will keep you updated on the constant changes as well as spotlighting specific tax planning ideas.

If you haven’t filed your tax return by now, you should probably consider filing for an extension. It is a lot easier to file for an extension than it is to amend a return later for a mistake you made trying to rush your return to completion. Even more costly are underpayment penalties and interest if the IRS finds a mistake.

If you have investments that you sell, you must determine the gain or loss of that sale on your tax return each year. With the market being down for the last several years, many investors have reported losses on their tax returns. In many cases the losses are significant.

If you own individual stocks or have investments in mutual funds that invest internationally, you may be paying foreign taxes on the dividends and capital gains generated. If so, then you are due a credit for those foreign taxes on your federal tax return.