$80,000 (approximately) Rehabilitation
Tax Credit, including interest income received on the
amended return refund. This tax credit was split between
3 taxpayers due to the availability of the credit for a
Danville building rehabilitation project, and was spread
over a few years, due to limitations of the Alternative
$60,000 to $80,000 tax savings due to a
01/01/2001 deemed sale tax election available under the
Internal Revenue Code of a depreciable business building.
This deemed sale allowed a step up in basis, resulting in
larger depreciation deductions on the business building.
$16,000+ tax savings in amended prior
year returns that were found due to errors in tax return
preparation by a prior tax preparer. Also saved client
"tens of thousands of dollars" in a tax saving strategy by
suggesting the client engineer a stock sale before year
end that generated a long term capital loss that offset a
long term capital gain the taxpayer had realized during
$8,100 tax savings, which includes over
$1,400 of interest income the IRS paid on Tax TNT refunds
from amended returns for 2003 and 2004. These Tax
TNT refunds were due to incorrectly handled deductions for
various business enterprises of husband and wife PLUS
catch up depreciation to correct errors on improperly
calculated depreciation expense on rental property owned
by the taxpayers.
$10,300 of tax savings due to claiming
Catch up depreciation taken on assets not depreciated in
year placed in service, and not expensed on the original
tax returns in any way. The business also had various
deductions not handled consistently from year to year, and
consequently client paid more in taxes that it was legally
required to do.
$$$ Tax TNT refunds from amended
returns due to Gross Income being overstated by thousands
of dollars in prior year, and various expenses and
allowable deductions were not deducted in two other prior
$10,700 Tax TNT savings client enjoyed
by claiming contributions to Roth IRA, and client enjoyed
a $1700 Hope College Credit for son in college.
$10,000 to $15,000 tax savings on
returns to a widow whose husband passed away. The widow
inherited business equipment and property, and was able to
step up basis in the property, and enjoy new depreciation
$1800+ tax savings due to various Residential Rental
Property deductions that were either missed, or
handled inconsistently, including catch up Depreciation
Expense on the Rental Properties. Received a refund over
$300 in 2005 and over $1400 in 2006, totaling
$1700. Taxpayer will continue to realize tax savings from
correctly calculated depreciation in the future.
SIMILAR RESULTS MAY BE HIDDEN IN YOUR TAX RETURN.
CALL 446-7004 FOR AN APPOINTMENT TODAY.
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