2007 TAX TIPS

Purchasers of Honda hybrids still qualify for tax credit
Purchasers of American Honda Motor Company, Inc., qualified vehicles may continue to claim the Alternative Motor Vehicle Credit. [continue]

IRS: Phone tax fraud, abusive Roth IRAs are top tax scams
The IRS has identified 12 of the most blatant scams affecting American taxpayers and warned people not to fall for schemes peddled by scamsters. [continue]

IRS cracks down on abusive phone tax refunds
Search warrants have been carried out in seven cities by special agents from the Internal Revenue Service. [continue]

Health savings accounts: What you need to know
Health care consumers may realize significant financial benefits from health savings accounts (HSAs). [continue]

New Law Revamps Tax Rules for Charitable Gifts
The new Pension Protection Act of 2006 includes numerous tax provisions completely unrelated to pension planning. For instance, the new law rewrites some of the tax rules for charitable deductions. [continue]

Five Ways to Reduce the Kiddie Tax
Beware of the ?kiddie tax.? This special tax code provision will affect more families on their 2006 tax returns due to a new tax law change. [continue]

Don?t Be Blindsided by the AMT
When it was first devised, the alternative minimum tax (AMT) was supposed to hit only the most affluent taxpayers. That?s not the case anymore. [continue]

Is It a Hobby or a Business? It Matters
Suppose you do woodworking or pottery in your basement and sell some of your wares at a crafts show. Is the activity a ?business? or is it just a ?hobby?? There is a big tax difference. [continue]