natp: Itemizing Tax Deductions - Should You or Shouldn't You? - 03/20/08 08:20 PM
Itemizing Tax Deductions - Should You or Shouldn't You?
Each year, taxpayers everywhere ask whether it's better to itemize their deductions or opt for the standard deduction. What's the difference and how does it affect your bottom line?
Some taxpayers must itemize, even if their deductions are less than the standard deduction. Those taxpayers include nonresident aliens, dual-status aliens, and individuals who file returns for periods of less than 12 months. Additionally, when a married couple files separate returns and one spouse itemizes deductions, the other spouse must itemize as well.
In general, itemizing your deductions saves you more tax dollars … (2 comments)

natp: Covering the Cost for College While Saving Tax Dollars - 03/08/08 07:55 PM
Covering the Cost for College While Saving Tax Dollars
Saving for college should ideally take place well before your child reaches college age, but for many reasons that isn't always possible. Whether you have years to go before your children are ready for college or you already have a coed in the house, there are options available to help minimize your expenses by taking advantage of tax benefits. Below are some suggestions to get you started:
• A Qualified Tuition plan, also called a Section 529 plan, is a trust naming your child as the beneficiary. Contributions to the trust are … (1 comments)

natp: E-mails From the IRS? Be Skeptical - 02/29/08 05:09 PM
E-mails From the IRS? Be Skeptical
Have you ever received an e-mail that promises you an additional tax refund? In one day, I received six of them, each with a higher amount than the last. Unsuspecting people may fall for such a gimmick and unwittingly start providing the sender with personal information with the hope that free money will come their way.
Senders of these types of e-mail have found the perfect means to intimidate taxpayers into filling out legitimate-looking, but phony, IRS forms. There are several variations of the e-mail. The newest version will be related to the 2008 "Stimulus … (8 comments)

natp: Are You Reporting All of Your Income? - 02/28/08 06:27 PM
Are You Reporting All of Your Income?
The IRS is stepping up its efforts to close the tax gap and taxpayers who underreport income are their prime targets. For those of you who are unaware, the tax gap, or the amount of taxes that go unpaid each year, results from taxpayers underreporting their taxable income. Current estimates place the tax gap at nearly $350 billion. Fortunately most of you want to pay your fair share of taxes, and others simply need a better understanding of their obligations.
While most of you are aware you must include wages, salaries, interest, dividends, tips, … (4 comments)

natp: It's Tax Time. Do You Need a Professional? - 02/26/08 04:10 PM
It's Tax Time. Do You Need a Professional?
As if the after-holiday bills aren't rolling in fast enough already, along comes tax time. You're probably as thrilled about that as the average taxpayer. With the growing complexity of tax preparation, you, like a majority of the population, are likely considering the services of a tax professional. According to government statistics, those who choose to prepare their own tax return can plan on spending an average of 33 hours to prepare an itemized tax return with interest and dividends. And those using "over-the-counter" tax software will average an additional ten hours. Surprised? … (2 comments)

natp: Sell It on eBay and Pay Uncle Sam - 02/25/08 05:29 PM
Sell It on eBay and Pay Uncle Sam
Many people don't realize the income they earn from auctions and consignment sales may be taxable. If you regularly sell items you own, you might be considered a business owner and not even know it. Are you reporting all your income? The Internal Revenue Service (IRS) wants to know. There are also some exceptions where income can be excluded from taxable income.
All income from auctions, traditional or online (such as eBay and Craigslist), and consignment sales is generally taxable unless certain exceptions are met. This income is usually considered either "business" or … (0 comments)

natp: Ready or Not...Tax Season is Here! - 02/23/08 05:14 PM
Ready or Not...Tax Season is Here!
Yes, it's that time of year again. A whole year has flown by, making today the perfect time to start preparing for the time-honored tradition of filing your tax return.  If you are looking for a tax advisor, contact me by e-mail at the link to the right.
The easiest place to start is by compiling a list of the things you need by looking at the type of income and expenses reported on your return from last year. If your family or employment status has remained the same, last year's return may contain clues to … (1 comments)

 
Peter Tuttle, Brentwood Insurance, Cool Springs Insurance -TuttleCPA.com (Peter Tuttle, CPA, CLCS)

Peter Tuttle

Brentwood Insurance, Cool Springs Insurance...

Brentwood, TN

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Peter Tuttle, CPA, CLCS

Address: *Mail: PO Box 3267; Brentwood TN 37024, - Appts: , Franklin, TN

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