Do you have aging parents that live in an appreciated home, but no longer reap any tax benefits from ownership? For example, their home is paid off and there is no mortgage interest deduction for them to deduct. By buying your parents’ home, and then rent it back to them at the going market rate, they would gain instant access to their home equity (without moving) and you’d pick up some generous tax deductions.

If you drive to college classes, your commuting expenses are an often overlooked deduction. For 2010, you can use the standard mileage rate of 50 cents per mile plus tolls and parking fees for education-related travel.

In our current economic times, it can be difficult to choose how to spend your charitable dollars. If you can take advantage of the tax benefits while supporting a charity or organization, you should be aware of these tax rules

In the past, an IRS agent would request printed reports and back-up paper documents during an audit. There is now the possibility that they will request an actual copy of your QuickBooks file - not just your printed general ledger. The IRS recently purchased several thousand QuickBooks licenses in preparation of up-coming audits.

Consistent with a Financial Management Service initiative announced in April, 2010, the IRS has issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal government. These proposed regulations would eliminate the use of coupons to make tax payments.

The September 15 tax deadline is looming! If you need to file a Form 1065 (partnership return), Form 1120S (S corporation return) or Form 1041 (fiduciary return) the deadline to file your 2009 return is September 15, 2010. This assumes you had filed for an extension prior to April 15, 2010.