Drake Software blog for tax pros, covering tax, IRS news, and more

Selling a Home Can Impact Taxes

Selling a Home Can Impact Taxes

Usually, the profits your clients earn are taxable. However, if a taxpayer sells their home, they may not have to pay taxes on the money they gain. So we’ve got some tips for taxpayers who are…

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IRS Announces Due Diligence Checklist

IRS Announces Due Diligence Checklist

On December 20th the IRS announced that a due diligence checklist, Form 8867, will now be required to be filed with any federal return that claims the Earned Income Tax Credit (EITC). This decision will be enacted as of January 1, 2012, and all will affect returns filed after that date that claim the EITC.…

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MEDICAL-DEDUCTION QUICKSAND

MEDICAL-DEDUCTION QUICKSAND

Unfortunately, taxpayers often don’t have the solid footing they think they have when it comes to medical deductions. While many medical costs are deductible—including the cost of treatment to alleviate conditions or diseases and the cost of prescriptions and certain diagnostic services—some are not.…

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You Get My Vote!

You Get My Vote!

There is one thing that the tax laws of the last couple of years make plain: nobody in Congress gives a moment's thought to what it will be like to actually implement their new legislation. Examples spring very easily to mind.…

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Dear Office Manager...

Dear Office Manager...

This time of year, spring stirs, creating problems for the dedicated tax professional or tax software support person, who has no time left in the day to tend personal matters. I offer you answers to the following problems.…

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A Dream Comes Full Circle

A Dream Comes Full Circle

Himes’s story begins when she was a high-school student in West Virginia. She enjoyed serving others and was good with numbers, so it made sense that her dream was to someday become an accountant.…

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