The Net Guide: Tax Resources

MDNG Primary CareJuly 2010
Volume 12
Issue 7

Type the link codes in the search bar above to access these third-pary resources.

Kiplinger — Taxes

The online home of Kiplinger, the business forecast and personal finance advice publisher, includes a comprehensive section dedicated to taxes. Here, site visitors can access the “Taxopedia,” an “Is it Deductible?” quiz that tests whether you can “separate the legitimate deductions from the ones you only wish you could claim,” and other tools. There’s also a slideshow that reviews the most overlooked tax deductions, and videos that provide advice on getting your tax refund quicker, preparing for an audit, and tax planning. Scroll to the bottom of the page to link to professional answers to common tax- related questions, a collection of tax calculators, and sections dedicated to tax planning and do-it-yourself tax savings. Visitors can also sign up for the electronic version of the Kiplinger Tax Letter.

Link Code: a127140

Tax Resolution University

This highly active blog (averaging probably two posts per day) from Michael Rozbruch, certified tax resolution specialist, member of the American Society of IRS Problem Solvers, and Maryland CPA, provides “tax relief and IRS resolution tips and resources from the nation’s leading tax negotiation & mediation firm.” Including a tax problem FAQ section and a tax help glossary, the blog covers dozens of key topics, with the majority of posts addressing back taxes, IRS tax cases, tax help, and tax news and tips.

Link Code: a127141

MarketWatch — Taxes

Part of the Wall Street Journal digital network, MarketWatch offers this tax-specific site that collects the latest tax news and headlines. Articles focus on a variety of topics, including filing tips, tax-reduction strategies, education, deductions, and penalties. Visitors can also watch video interviews and news features.

Link Code: a127142

Tax Foundation’s Tax Policy Podcast

The mission of the Tax Foundation is “to educate taxpayers about sound tax policy and the size of the tax burden borne by Americans at all levels of government. From its founding in 1937, the Tax Foundation has been grounded in the belief that the dissemination of basic information about government finance is the foundation of sound policy in a free society.” With this in mind, the foundation offers this weekly podcast series, featuring experts who address such issues as the expiring Bush tax cuts, value-added taxes, and retroactivity and retained refunds.

Link Code: a127143

Tax Law Center: Tax Law Podcast

Part of the LexisNexis community of sites, this series includes podcasts posted on roughly a weekly basis. Recent podcasts tackle higher-level topics, including codifi cation of the economic substance doctrine, partnership and limited liability company agreement drafting, and the recent IRS announcement 2010-9 about uncertain tax position reporting. The 20 podcasts available at writing date back to August 2009.

Link Code: a127144

Tax Information for Businesses

Whether you fly solo or are part of a larger medical practice, this resource from the IRS will either answer all of your questions relating to taxes, or point you in the right direction for more information. Go to this site to obtain general tax information, or get facts specific to the size of your business on dozens of topics ranging from estate and gift taxes to disaster assistance and emergency relief. Visitors can also find out what qualifies as a deductible business expense; download or print a tax calendar; and obtain information about the provisions of the Hiring Individuals to Restore Employment Act that provide a payroll exemption and a retention credit for qualified employers who hire certain qualifying employees.

Link Code: a127145

Tax Calculators

TurboTax—the company that has become public enemy #1 to accountants everywhere—offers this collection of calculators and “money-saving tax guides.” Featured on the site are a number of videos, including: “Child Care Tax Credits,” “IRS Rules for Charitable Giving,” “How to Reduce Errors on Your Tax Return,” and “Who Can You Claim as a Dependent on Your Tax Return;” a listing of helpful tax guides, including one focused on how healthcare reform will affect your taxes; and the Tax Stimulus Center. Also of note are TaxCaster, a calculator that can help determine how big your refund will be, and the Life Events Advisor application, both of which are available on the iPhone.

Link Code: a127146

Tax Tips & Calculators

It’s never too early to start gearing up for tax season—or so claim the good people at H&R Block, who are “here for you” year-round with this collection of resources. Perhaps the top draw on the site is the tax estimator; simply select your filing status, enter your age, and enter your total wages to find out whether you owe money or are due a refund. Visitors can also learn how to claim all of the credits and deductions to which they are entitled; learn how to deduct Haiti relief donations or deduct unreimbursed business expenses as miscellaneous itemized deductions; utilize the withholding calculator or self-employment tax estimator; and access information on tax law changes.

Link Code: a127147

2011 Income Tax Calculator

As the debate on how to handle the expiration of Bush-era tax cuts rages on, more taxpayers will start to wonder what this will mean for them come April. The Tax Foundation seeks to provide some answers with this tool, which allows you to “estimate your 2011 income tax under three scenarios: 1) Congress allows all of the Bush tax cuts to expire; 2) Congress acts to extend into 2011 all of the Bush tax cuts; and 3) Congress passes the tax laws suggested in President Obama’s budget, letting some tax cuts expire, extending some, and enacting some new tax laws.” Be aware, however, that the process is somewhat complex, and requires “19 inputs from income to the number of dependents and dividend income,” according to a Wall Street Journalblog (

Link Code: a127148

Tax Tips for Doctors

Because “doctors have little time to learn about the latest tax law,” and as a result, “tax planning is often neglected in the crush of other obligations,” the consultancy of Case/Foster-Potter/Kunitzer, based in Battle Creek, MI, has made available this listing of 20 tax tips for physicians. After visiting this simply designed yet informative site, you’ll be better prepared to tackle tax season. Among the many topics covered include keeping adequate records of travel, meal, and entertainment expenses; tracking continuing education expenses; leasing rather than buying medical equipment; using caution when making purchasing for tax reasons; considering taxes in building a college fund; and more.

Link Code: a127149

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