Taxation of Forgiven Debt: The 1099C & You
Often people fall on hard times and stop paying on credit cards. After a while the account may go to an outside debt collector who might offer a settlement of the debt for 30-40% of theoriginal sum. Once this is paid, the debtor often thinks the matter is closed, but... Read More
Home Business Tax Tips
If you have recently started an Internet or home business, your probably a little intimidated by having to submit a tax return and the possibilities of being audited. Simply follow these guidelines and rest assured that filing your next tax return will go smoothly.Get yourself an accounting ledger bookletThe first... Read More
Knock-Knock-Knock
Knock-Knock-KnockWho's there?The IRS!The next quarterly payment of estimated income tax for the self-employed is not far off. Network marketers who receive a form 1099 at the end of the year, and/or who are expected to owe $1,000 or more in taxes, must file a form 1040-ES Payment Voucher quarterly to... Read More
Tips and Simple Guidelines on How to Calculate Payroll Taxes
Managing a business small, medium or big requires you to pay your taxes, as well as your employees taxes. Managing a payroll can be an arduous and taxing job, no pun intended. There are laws that require us to pay taxes and everyone have to comply with that. But keeping... Read More
Understanding Basic Tax Terms
If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the basics will make tax season less of a hassle for you, and maybe even save you... Read More
Tax Deduction for Alimony Payments? - Yes!
Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.According to the IRS, alimony payments... Read More
Requirements To Produce Tax Information (Whats Up With That?)
"What we've got here is a failure to communicate." --Strother Martin in Cool Hand Luke Statutory Law Governments pass laws, it's what they do. It is the job of others to interpret the laws that Parliament has made. Statutory Construction It is "presume[d] that the legislature avoids superfluous... Read More
Are You An Innocent Victim of These Popular Myths?
Misconceptions, misinterpretations and just plain "untruths" are floating about income taxes. Believing them could be costing thousands of tax dollars!Myth: A Professional Tax Preparer knows all there is to know about taxes so you don't have to know anything them.Truth: Tax Preparer's/CPA's/Accountants are not uniformly informed about ALL tax laws.... Read More
Tax Secrets - How Drew Miles Helped Me
How about a Tax Tip?As we all know Taxes are a necessary evil. While none of us like paying taxes there are many strategists out there that can make your life a lot easier when that dreaded day arrives.Recently I received a "Tax Tip" that saved me a ton of... Read More
How to Donate Your Car to Charity and Get Tax Deduction
Donating your used car to charity is a win-win situation; the charity gets your gift and you get tax deduction. Below are some simple steps to make a car donation.1. Understand the rules. A good place to read the government rule on car donation is IRS Publication 4303, A Donor's... Read More
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A Taxing Investment
April 15 - The most dreaded day of the year... Read More
Tax Audits: What Signs Make You More Likely to be Audited by the IRS?
It's a major fear for most Americans: A notice from... Read More
What to Do If You Can?t Pay Your Taxes
The end of tax filing extensions is quickly approaching. What... Read More
Complaince of Tax Return in Electronic Commerce Taxation
Emerging Legal issues of Tax compliance of e-business Self-assessment system... Read More
How To Get An Extension To File Your Business Tax Returns
Yes, the tax season is upon with the first filing... Read More
Donating Cars To Charity - New Tax Rules
On June 3, 2005, the IRS released guidance on charitable... Read More
How to Maximize Your Home Business Tax Deductions for 2005
Someone once said, 'the best way to calculate your taxes... Read More
Tax Help Secret: Avoiding the Entreprenuers Curse
Your days as an entrepreneur and businessperson are consumed with... Read More
1031 Exchange Rules and Requirements
Following is a reproduction of the IRS's rules and requirements... Read More
How To Get An Instant Pay Raise
As a gentleman was leaving my class recently, he wanted... Read More
Understanding Marketing Tax Deductions
Marketing is a necessary expense in running practically any business... Read More
History Of The Federal Income Tax
The powers of Congress, and the limitations set upon those... Read More
Small Business Tax Issues for Self-Employed Individuals
The United States is a nation of entrepreneurs. There are... Read More
Another Tax Loophole
Just image, you are a small manufacturing company, business has... Read More
State Tax Information
All states also have their own tax system. Typically there... Read More
I Havent Filed a Tax Return with IRS in Years, What Do I Do?
In elementary school, kids come up with creative excuses why... Read More
Rearrange Your Affairs For Maximum Tax Savings
One way to maximize your business profits is by reducing... Read More
Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000
Does your incorporated business pay alternative minimum tax ["AMT]? If... Read More
What You Need To Know About Taxes If You?re Getting Married
It may not be high on the list of wedding... Read More
Need a Copy of Your Tax Return Information?
Taxpayers have two easy and convenient options for getting copies... Read More
Furnishing Evidence in E-Tax Compliance
Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This... Read More
Surprising Truths About Tax Preparers
Choosing the right tax preparer for your business is a... Read More
Access to E-records by Taxing Authorities: A Case for Pakistan (Part I)
Background issues of access to recordsTo assess the records at... Read More
Are You An Innocent Victim of These Popular Myths?
Misconceptions, misinterpretations and just plain "untruths" are floating about income... Read More
How Likely Are You To Be Audited?
Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing... Read More
Truly Bizarre Taxes: The Tax on Illegal Drugs
One can never underestimate the enthusiasm that politicians have for... Read More
Understanding Basic Tax Terms
If your like many, you don't always understand what people... Read More
How to Donate Your Car to Charity and Get Tax Deduction
Donating your used car to charity is a win-win situation;... Read More
Hurricane Katrina ? How To Use Your Business Loss To Get A Refund on 2004 Taxes
With the massive losses caused by Katrina, the economy of... Read More
Failure To Pay Employment Taxes ? Penalties
As an employer, you must pay employment taxes if you... Read More
Rental Property Tax Deductions
Own residential rental properties? This article discusses how income from... Read More
Gambling Income and Expenses - Tax Requirements
Hit a big one? With more and more gambling establishments,... Read More
IRS Lock-In Letters ? What?s An Employer To Do?
Employers often ask employees to designate the amount of tax... Read More
2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction
If you are environmentally conscious and purchase a 2005 Ford... Read More
E-commerce Taxation
The means and types of businesses have transformed with advent... Read More
IRS Certifies 2006 Toyota Hybrid for Clean Fuel Deduction
The Internal Revenue Service has certified the 2006 Toyota Highlander... Read More
Military Reservists, Enlistees May Get Deferral of Back Taxes
Reservists called to active duty and enlistees in the armed... Read More
Deducting Points On Home Refinances
Deduction of Refinance PointsAny points that you pay in the... Read More
Donating Cars To Charity - New Tax Rules
On June 3, 2005, the IRS released guidance on charitable... Read More
A Taxing Investment
April 15 - The most dreaded day of the year... Read More
Some Folks Pay A Lot Less Tax Than Others On Very Same Income?Did You Pay Too Much Tax In 2004?
Someone once remarked, "Next to being shot at and missed,... Read More
Early Distributions From Retirement Plans
An early distribution from an Individual Retirement Arrangement (IRA) or... Read More
Navigating The Internet Sales Tax Laws
QUESTION: I have been contacted by my local city... Read More
Small Businesses: Company Car Vs. Personal Mileage Reimbursement In Hurricane Katrinas Wake
With gas prices at an all time high before Hurricane... Read More
What is a Federal Tax Lien?
A Federal Tax Lien (FTL) is a legal instrument that... Read More
About Income Taxes; Tidbits
1812The first attempt to impose an income tax on America... Read More
Home Based Business Tax Deductions
Running a home based business reaps many wonderful tax deductions... Read More
Failure To Pay Employment Taxes ? Penalties
As an employer, you must pay employment taxes if you... Read More
Save Money on Taxes - Double Your Income Now With Tax Saving Tips on Deductions
Adding Your First Additional Stream of IncomeMost new wealth builders... Read More
Identity Theft ? Impacting Your Taxes?
If your identity is stolen, your finances can quickly become... Read More
Tax Time Tune Up
Excerpted from the new book, "How to Do Space Age... Read More
Income Tax Returns Your Accountant Should Not File
You've been feeling uneasy (perhaps even guilty) because you've failed... Read More
Complaince of Tax Return in Electronic Commerce Taxation
Emerging Legal issues of Tax compliance of e-business Self-assessment system... Read More
Estate Taxes - It Pays to Plan Ahead
Estate taxes. It's not enough to simply know they exist,... Read More
Get Uncle Sam To Pay $36,000 For Your Childs Education!
Let's assume that you would like to begin saving for... Read More
Tax Tips to Save Money on Taxes - Get the Corporate Kick and Save Loads of Money
Why a Corporation Helps Save You TaxesThe Tax Rates (Notice... Read More
Your IRS Tax Appeal Rights
Are you in the middle of a disagreement with the... Read More
Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent?
Tilting the Tax Laws in Your Favor.In order to accelerate... Read More
10 Tax Tips to Reduce Costs and Increase Income
No one likes paying tax. Everyone understands that tax is... Read More
Small Business Tax Credit - Americans with Disabilities Act
Many small businesses complain when confronted with the expense of... Read More
Reducing Taxes Through Dividend-Salary Mix Calculations
Should I take wages or dividends from my privately owned... Read More
Are You Overpaying Taxes If You Use Tax Preparation Software?
For many business owners the answer to this quandary is... Read More
The Internet Tax Man Cometh
Q: I was contacted by the city tax collector to... Read More
Business Tax Loophole: Leasing Assets To Your Corporation
While there are many equally valid reasons to incorporate, saving... Read More
Tax Records - What You Should Keep And For How Long
Many taxpayers are confused about how long they should keep... Read More
The Annual Gift Tax Exclusion: Getting The Edge
Whether helping the kids with a down payment on their... Read More
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