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 up with the payroll... More...
IRS Certifies 2006 Toyota Hybrid for Clean Fuel Deduction
The Internal Revenue Service has certified the 2006 Toyota Highlander Hybrid as being eligible for the clean-burning fuel deduction. This certification means that taxpayers who purchase one of these hybrid vehicles new during calendar year 2005 may claim a tax deduction of up to $2000 on... More...
Why A Collection Agency Is Your Small Business’s Best Friend
Does the term “collection agency” put you on edge? If you’re like many small business owners, the mountain of debt you accumulated during startup might have been enough to make you worry about collection agencies every time you answered the phone. But your feelings toward collection... More...
IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters
The IRS announced today that it has obtained civil injunctions against more than 100 promoters of illegal tax avoidance schemes and fraudulent return preparers in an ongoing crackdown that began in 2001. Many of the injunctions, obtained in cooperation with the Department of Justice, also... More...
Reservists, Enlistees May Get Deferral of Back Taxes
Reservists called to active duty and enlistees in the armed forces may qualify for a deferral of taxes owed if they can show that their ability to pay taxes was affected by their military service. The deferral covers active duty members of the military services — Army, Navy, Air... More...
Are You Eligible For Any Of These Tax Credits?
Taxpayers should consider claiming tax credits for which they might be eligible when completing their federal income tax returns. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits are refundable – taxes could be reduced to the point that a taxpayer would receive a... More...
Your IRS Tax Appeal Rights
Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review... More...
Need a Copy of Your Tax Return Information?
Taxpayers have two easy and convenient options for getting copies of their federal tax return information — tax return transcripts and tax account transcripts — by phone or by mail. A tax return transcript shows most line items from the tax return (Form 1040, 1040A or 1040EZ) as it... More...
Early Distributions From Retirement Plans
An early distribution from an Individual Retirement Arrangement (IRA) or a qualified retirement plan need not be a “taxing” experience. Fortunately, there are exceptions to early distributions. Any payment that you receive from your IRA or qualified retirement plan before you... More...
Automobile Expenses - Tax Write-Offs
If you use a vehicle for conducting business, you can deduct certain automobile costs from your tax bill. This is true even if you use the vehicle for personal and business needs. Automobile Deductions The powers that be have historically written sections into the tax code... More...
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... More...
Accounting Methods - Cash and Accrual
When starting a business, you have to determine the method you are going to use for accounting and paying taxes. The two choices are the cash method and the accrual method. Cash Method If you are looking for simplicity, the cash method is probably your best accounting... More...
Doh! IRS Loses Taxes In San Francisco Bay
On September 23, 2005, the Internal Revenue Service began sending notices to tax payers in thirteen states that there may be a problem with their tax payments. Here is the scoop. Traffic School? It seems one of the trucks carrying the payments was involved in a traffic... More...
Deducting Points On Home Refinances
The real estate market was hot in 2005. Many people refinanced once or even twice. So, what are the tax implications? Deduction of Refinance Points Any points that you pay in the refinancing of your residence are tax deductible over the length of the loan in question. The... More...
Correspondence From The IRS - Yikes
It’s a moment every person dreads. You pick up the mail and there is an envelope from the IRS. It’s not a refund check. What do you do? Don’t Panic Each year, the IRS sends out millions of “correspondence audits” to taxpayers to request payment of taxes, notify them of a... More...