The straight line

Category Archives: Personal Tax

Dow Jones and Portfolio Declines

As I write this article on Tuesday morning, September 30th, the stock market is in turmoil. Coming off of the single day largest loss in the Dow Jones history, I am fielding calls from nervous and anxious clients asking for tax advice, mostly dealing with investment losses and portfolio declines.

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Accounting Standards Codification

The Codification reorganizes the 1000’s of U.S. generally accepted accounting principles (GAAP) pronouncements into 90 accounting topics, and displays them all using a consistent structure. Pronouncements from multiple standard setters and related literature are covered. It is intended to reflect GAAP for non-governmental entities.

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How Long Do You Need To Keep Records?

In general, you must keep records that support items shown on your individual tax return until the statute of limitations runs out -- generally three years from the due date of the return, or the date you filed, whichever is later. In most cases, the IRS can audit your return for three years. You can also file an amended return on Form 1040X during this time period if you missed a deduction, overlooked a credit or misreported income.

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Helping Americans “Feed the Pig”

Encourage your clients and customers to ‘feed’ their piggy banks! ’Feed the Pig™‘ is a national multi-media public-service announcement campaign with a dedicated Web site,, that provides free financial information and tools to help people take control of their finances and build long-term financial security.

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Alternative Minimum Tax

The AMT was initiated back in Congress because of the increasing number of high-income individuals that were legally able to avoid paying any income tax. Over the years however, as the rules were not adjusted for inflation, many middle class taxpayers began to fall into the AMT trap.

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