IRS Gives Victims of Hurricane Katrina More Relief
The IRS has announced further tax relief for victims of Hurricane Katrina due to slow clean up efforts and obviously devastated areas. The IRS is giving relief to both businesses and individual taxpayers in certain areas that have been absolutely wiped out. Instead of being... More...
Getting Help With Your Taxes
Preparing your taxes can be incredibly stressful. In many cases, it just makes sense to get some help with them. Save Me From This Misery! When it comes time to file taxes, you can look to software or a real live person. In this article, we are going to focus on living... More...
Hurricane Katrina - Businesses Can Claim Casualty Tax Losses
Hurricane Katrina has left a wide and long path of destruction. Besides the human toll, businesses on the Gulf Coast have taken a beating. If yours is one, here is how you can write off casualty losses on your taxes. Casualty Losses Katrina If your business suffered... More...
Tax Changes You Should Know for 2005 Returns
Every year, you have to file tax returns and every year there are changes to the tax code. Here are some key changes for 2005 to keep in mind when you prepare returns. Tax Changes You Should Know for 2005 Returns 2005 was a fairly quite year when it came to changes to the... More...
Capital Assets Gains and Losses for Taxes
Capital is a unique term when it comes to taxes. If it gains value, you pay a tax. If it loses it, you can write at least some of the loss off. Capital Assets Gains and Losses for Taxes Practically everything you own is a capital asset. This is true whether you... More...
Your Tip Earnings and Taxes
If you work in a service where you get tips, guess what? The IRS expects you to report them and pay taxes on them. Your Tip Earnings and Taxes The internal revenue service takes a very simple approach to tips. It views all tips you make in your job as taxable income that... More...
Identity Theft - Impacting Your Taxes?
If your identity is stolen, your finances can quickly become a nightmare. A less obvious problem is the effect identity theft can have on your taxes. Identity Theft Generally, thieves steal your personal data for the purpose of running up credit card charges or opening and... More...
Hybrid Vehicles and Tax Benefits
You have to love car dealers. With the passage of the Energy Policy Act of 2005, car dealers are screaming about the tax benefits of buying these vehicles. Heres the scoop. Deductions and Credits The Energy Policy Act of 2005 made a major modification to the tax benefits... 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 the Gulf Coast region is in extremely bad shape. Fortunately, there is a quirk in the tax code that can help you generate a large refund from your 2004 taxes. Apply Losses to 2004 Taxes When a large geographic area... More...
Tax Strategy - Leveraging Rental Property Equity
Owning investment property is a tremendous wealth building strategy. Thousands upon thousands of individuals have amassed great wealth by investing in rental properties. Unfortunately, few investment property owners learn how to leverage equity in a way that maximizes tax... More...
Help With Ex-Spouse Tax Problems
Historically, tax issues arising from bad marriages fell into the category of "better or worse" in the marriage vows. The IRS historically considered spouses one person for tax purposes, but has changed its views. Tax Problems When a marriage has problems, finances are... More...
Industry Tax Issue Resolution Program
For roughly the last ten years, the internal revenue service has made a fairly major effort to be more taxpayer friendly. The Industry Tax Issue Resolution Program is one such step. Industry Issue Resolution Program After years of living in denial, the IRS has come around... More...
Section 179 - Tax Relief From Depreciation Rules
Depreciation. For business owners, this word is the one most likely to inspire headaches and fits of cussing. The expanded provisions of Section 179 are just the medicine you need to cure the depreciation blues. Depreciation Traditionally, if your business property had a... More...
Rental Property Tax Deductions
Own residential rental properties? This article discusses how income from those properties impacts your taxes. What Constitutes Revenue? Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is... More...
Paying Workers - What Can You Write-Off?
As your business grows, you are going to need help. This help comes in the form of employees and independent contractors. What you can write-off is dependent upon how your helper is classified as an employee or independent contractor. Independent Contractor Whenever... More...