Tax Articles

Page 9 of 25 results for Tax Articles.

Are You Overpaying Taxes If You Use Tax Preparation Software?
For many business owners the answer to this quandary is tax preparation software. Fill out a fairly simple interview, click ?print? and out comes a completed return that will pass muster with the IRS. The answer to all your problems?or is it? Can One Software Program Cover All Businesses? Take a moment to consider the wide range of businesses that exist in the United States. Now cut that number down to those that can be categorized as ?Internet b...

Come and get it?Your Federal Tax Credits
Money is like manure; it's not worth a thing unless it's spread around encouraging young things to grow. ? Thornton Wilder The lack of money is the root of all evil. ? Mark Twain Did you know that Congress passed a bill in 2005 that can provide you a tax credit (that?s a dollar for dollar reduction in your tax bill to Uncle Sam!) for items that you may need to purchase for your house or even a new car? That?s right Congress passed the Energy Pol...

Giving Your Car to Charity ? The New Tax Rules
The IRS has changed the regulations on donating vehicles to charities. If you donated a car last year, you need to read the following to understand the new rules. Giving Your Car to Charity ? The New Tax Rules Millions of people donate cars, boats, RVs, motorcycles and many other forms of transportation to charities each year. While doing a good thing is one motivation, reaping a sizeable tax deduction is also a motivating factor. Unfortunately,...

New Procedure for Settling Tax Debts with the IRS
The Tax Increase Prevention and Reconciliation Act of 2005 has ushered in new rules for settling tax debts with the IRS. Here is the scoop on the compromise procedures. New Procedure for Settling Tax Debts with the IRS If you owe the federal government back taxes, there are two approaches you can take to resolve the issue. The first is to file an installment agreement wherein you agree to pay off the debt by making monthly payments. The second i...

Tax Tips for New Ecommerce Entrepreneurs
New ecommerce entrepreneurs can find them confused and confounded by the tax and accounting requirements of their venture. And that?s a shame: If someone?s spotted a great new category and successfully built a web presence, heck, that someone shouldn?t find themselves bogged down with the accounting minutia. The entrepreneur should focus on increasing traffic, expanding margins, and growing cash profits. With that in mind, I offer up the following...

Checking The Status of Your Tax Refund Online
More than a few people are happy to learn they are due a tax refund after filling out their tax returns. If you are one of these people, here is how to check the status of your refund online. Checking The Status of Your Tax Refund Online Before getting into checking your refund status, I feel obligated to mention a few things about tax refunds. One involves the nature of refund and the other involves Internet scams. If you are getting a sizeab...

Valuable Tax Deductions for your Vehicle You Can't Afford to Miss
Is your business missing out on valuable tax deductions you can take for the use of your personal vehicle for business purposes?If you haven't done so already, you should definitely beat a path to the door of your local office supply store and pick up a notebook for logging the mileage you drive to conduct business?and be sure to log the miles you drove to buy it! Not taking the trouble to do this is like letting your pricey gasoline flow onto th...

Tax Tips for IT Consultants and Contractors
I live and work, quite literally, down the road from the main Microsoft campus. No surprise, then, that I?m commonly asked by freelance consultants for free advice about how these self-employed independent contractors can minimize their income taxes. If I can, I try to weasel my way out of the discussion, offering up such basic tidbits as, ?Well, be sure to look at the home office deduction.? And ?make sure you?re taking advantage of deductions fo...

Reduce your tax payments
Reduce your tax payments by claiming an interest payment deduction. If you are busy paying off your student loans, the last thing you want to do is to pay interest on the money that you're about to give right back to the government. Luckily, in a lot of cases you should be able to deduct the amount of interest that you paid on your student loans. Deducting interests on student loans is not very difficult to do as long as you make sure that you mee...

Tax Incentives for Saving for Education
Recent statistics show Americans are simply not saving money for the future. To encourage savings, the government has come up with tax incentives. Tax Incentives for Saving for Education Higher education in America is an expensive proposition. If you have a child in college, I hardly need to tell you this. While every parent is proud of a child pursuing education, the glorious event can make for some sleepless night when thinking about how to pa...

Alternative Minimum Tax ? Online Tool
Hell hath no fury like a person who just found out the alternative minimum tax applies to them. The IRS has set up an online tool to figure out if you do. Alternative Minimum Tax The alternative minimum tax is a procedure that was set up to keep the richest of Americans from avoiding tax paying responsibilities. As is typical of the federal government, the failed to include any language adjusting for income growth and so on. As a result, the alt...

Tax Considerations when Hiring a Nanny
To satisfy the IRS and remain a happy law abiding citizen, you'll need to assume the role of employer and pay employment taxes (Social Security, Medicare, etc.), report payroll withholdings (taxes, insurance benefits and the like) and of course, make sure that she is legally able to work in the United States. Here are a list of quick steps to get started: Obtain state and federal EIN (Employer Identification Numbers) You can obtain a federal EIN...

Wise Tax Ideas
Most people don't really look forward to filing their tax returns and paying their taxes. As it is, there really isn't much to look forward to because it is a tedious process that can take weeks to complete. Some people even have the bad luck to raise the interest of the IRS. The trouble is, most of these people's mistakes are not intentional. They just lack proper tax preparation, and in all probability, must have rushed through the filing process...

Tax Savings Tips For Parents
Ask any new parent, and they will tell you that the costs associated with a new baby are many, everything from bottles to diapers to cribs, strollers, and high chairs, and all of this before the child even learns to walk and talk and beg you for a pair of $500 designer jeans. Parenting is one of the most rewarding, and important jobs that a person can have, in addition to being one of the most expensive. The good news is that there are two tax ...

Tax Records - What You Should Keep And For How Long
Many taxpayers are confused about how long they should keep tax records. The term "tax records" refers to your tax returns and the documents that support the information in the returns. These documents can include receipts, bank statements, 1099s, etc. If you are one of the unlucky few to be audited, these records will be vital to fending off the IRS. Tax Returns To protect yourself from a nasty audit, you should keep all of your tax returns inde...

Income Tax Returns Your Accountant Should Not File
You've been feeling uneasy (perhaps even guilty) because you've failed to report your under the table business income. Perhaps you've never filed a tax return, even though you know you owe money. Finally, you contact an accountant to resolve the situation. Although it is commendable that you are trying to correct matters, hiring an accountant to do these delinquent returns could be a big mistake. The reason why is because tax evasion is a criminal...

Year End Investment Ideas and Tax Strategies
First thing Monday morning I'm going to march into my boss's office and demand a pay cut so that I'll be in a lower tax bracket next year. Of course that's ridiculous, but isn't it about the same as the financial community's "Conventional Wisdom" (CW) for year-end tax planning? What about the long-term nature of investing, or the merits of that investment they felt so strongly about in July? What are their motivations, and what discipline though...

Tax Deferral Power and Protection
What is a Tax-Deferred Annuity? A tax-deferred annuity is a contract between you and the insurance company with guaranteed interest and guaranteed annuity income options. There are no upfront sales charges or administrative fees during the life of your contract. Advantages of Tax-Deferred Annuities include tax deferral, stability, may avoid probate, liquidity features, and guaranteed income. One of the primary advantages of deferred annuities is...

IRS Announces Tax Credits For Toyota Prius
The Toyota Prius is the vehicle that started the entire hybrid vehicle craze. It continues to dominate the market and the IRS has announced the tax credits for this year. IRS Announces Tax Credits For Toyota Prius In an effort to promote energy efficiency, the federal government has instituted an energy program that provides financial rewards for energy efficient products. The government realizes prodding us with words is not going to work. As su...

Tax Tips For eBay Sellers - Turning Personal Expenses Into Business Expenses
Few people realize that starting a side-business on eBay is actually a great way to save money on your taxes. The trick is to make sure you?re putting all the additional expenses you incur against your additional income. Running an eBiz allows you to take numerous deductions that can add up to a lot of savings. Deduct Your Home Office By definition, if you?re an eBay seller, you have a home office. You have to have a space that?s used exclusively...

What Your Tax Dollars Do For You
In this article, we will take a look at the influence the government exerts over our daily lives through our taxation, and the good and bad aspects of that influence. Through direct spending, the U.S. government controls approximately 43-45% of the economy. Today, government spending accounts for almost as much of the economy as spending in the private sector. After the passage of the New Deal legislation, during the late 1930s, the private sector...

Determining Your Tax Status
Knowing how to determine your tax status, and knowing the difference between each group will help to make filing your income tax return go smoother. Here we will discuss the ways in which you determine which status to file under. There are five classifications from which you choose to file: single, married filing jointly, married filing separately, head of household or qualifying widower with dependent child. If for some reason, more than one stat...

Obtaining a Federal Income Tax Refund
?You?re getting an income tax refund?! Those are the words that every taxpayer would love to hear. A federal income tax refund occurs if the tax you owe is less than the sum of the total amount of refundable tax credits claimed and the total amount of withholding paid. For many individual taxpayers those federal tax refunds can be obtained through Earned Income credit, a real refund of overpayment of tax, or through an overpayment from previous ye...

Tax Preparation Software: The Good, the Bad and the Ugly
The medium is the message, it's sometimes said. Think of Franklin D Roosevelt and his ?fireside chats? to the nation. In a pre-TV era, the radio was the perfect medium to ?have a conversation with the American people?. He could get his reassuring message right into folks' homes, and become a part of the family. A different medium, for example a grandstanding speech, wouldn't have got the message across as effectively as an intimate radio chat. The ...

Tax Traps for New Real Estate Investors
Perhaps one shouldn?t be surprised that new real estate investors fall into the same tax traps again and again. Real estate burdens investors?especially new investors?with some tricky tax accounting. But just because some other newbie makes these mistakes, that doesn?t mean you need to. You just need to know where the traps are so you avoid them. And here are the biggest real estate tax traps you don?t want to fall into: Tax Trap 1: Passive Loss ...

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