Who Can Represent You Before the IRS?

Posted January 21st, 2016 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

Many people use a tax professional to prepare their taxes. Tax professionals with an IRS Preparer Tax Identification Number (PTIN) can prepare a return for a fee. If you choose a tax pro, you should know who can represent you before the IRS. There are new rules this year, so the IRS wants you to know who can represent you and when they can represent you. Choose a tax return preparer wisely.

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IRS Tax Tips for Deducting Gifts to Charity

Posted December 5th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

The end of year season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are six more tips that you should keep in mind:

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Chartered Wealth Manager ® – The First Global Wealth Management Credential from the USA – Since 1996

Posted November 19th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

Chartered Wealth Manager ® is the world’s TOP Wealth Credential. The Chartered Wealth Manager ® is conferred by the International Board of Standards of the GAFM Global Academy ® which is TUV-OE Accredited and ISO 9001 Certified for Quality and the first certification body in the world to earn ISO 29990 Accreditation as Certified for Global Training Educational Standards. Further the CWM is the first wealth credential to be Approved & Sanctioned by India Government’s NISM and also the the Arab Leagues Arab Academy for over 20 Arab Nations.

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Insurance and Risk Management – Counselor George Mentz Speaks in the Edge

Posted October 28th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

George Mentz of Colorado Springs speaks: Every family, regardless of wealth, needs some type of insurance to manage their risk. Wealth management is a destiny and not a choice.

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Back-to-School Education Tax Credits – Lifetime Learning AOTC and more

Posted October 6th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

Time for Education Tax Planning. If you, your spouse or a dependent are heading off to college in the fall, some of your costs may save you money at tax time. You may be able to claim a tax credit on your federal tax return. Here are some key IRS tips that you should know about education tax credits:

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Tax Tips for Starting a Business

Posted August 10th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are five tax tips that can help you get your business off to a good start.

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IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; Basic Rules for Property Transactions Apply

Posted March 30th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

WASHINGTON — The Internal Revenue Service issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as bitcoin. These FAQs provide basic information on the U.S. federal tax implications of transactions in, or transactions that use, virtual currency.

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Small Business Health Care Tax Credit – Cheat Sheet

Posted March 13th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

If you own or run a small business or tax-exempt group with fewer than 25 full-time employees, then listen up. If you do, you should know that the SMHCTC Small Business Health Care Tax Credit can help you provide insurance to your employees. You may be able to save on your taxes if you paid for at least half of their health insurance premiums. Here are several things that you should know about this important credit:

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The Health Care Law’s Effect on You

Posted February 12th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

Nearly everyone is affected by the Affordable Care Act and will need to do something new when filing their taxes this year. The following chart will help you better understand how the health care law affects you and everyone on your return.

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Tax Treatment of Foreign Real Estate Owned by U.S. Taxpayers Working Abroad

Posted January 27th, 2015 by George Mentz JD, MBA, CWM, MFP - International Lawyer and Award Winning Author

Summary: The Internal Revenue Service (IRS) does not require that offshore real estate be reported as a foreign financial asset held by American expatriates or United States federal government employees working overseas. Persons who own and occupy offshore homes are taxed the same as having domestic real estate with the exception of depreciation, which must be deducted over 40 years. They may claim the principal residence exclusion if IRS requirements are met. The foreign housing exclusion applies only to the amounts paid by the employer, whereas the foreign housing deduction applies only to the amounts paid from self-employment earnings. The foreign housing allowances for federal government employees are exempt from taxation and not reported as taxable income. Federal government employees may claim the foreign housing exclusion only if the total housing expenses exceed the reimbursement rate of the federal housing allowance paid during the same tax year.

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