Understanding Marketing Tax Deductions
Marketing is a necessary expense in running practically any business and the IRS acknowledges as much. You may run advertisements on or in the Internet, radio, television, magazines, newspapers and other media to sell your products or services. You should be deducting all of the associated... More...
2006 List of Tax Scams Released by IRS
Every year, the IRS issues a list of tax scams. The goal is to alert taxpayers to the lack of merit of certain strategies as well as letting everyone know the IRS will not accept them. 2006 Scams The IRS has kicked out its annual list of highly dubious tax scams for 2006.... More...
1099-MISC Forms For Independent Contractors for 2005
As we begin 2006, you’re probably not thinking about taxes at all. This is a mistake as deadlines are approaching for issuing and filing 1099s to independent contractors. What is a 1099 MISC? Generally speaking, the IRS requires you to report certain payments you made... More...
What You Need To Know About Taxes If You're Getting Married
It may not be high on the list of wedding planning activities, but there are a few simple steps that can help keep tax issues from interrupting your newly wedded bliss. If you recently married, check out your new tax situation. You might save money or even prevent the problem of a missing... More...
Create Tax Savings And Transfer Wealth To Your Child With A Roth IRA
Parents must give serious thought to protecting their family through estate tax planning. While life insurance and trusts should be a part of every plan, Roth IRAs can be a simple tool for passing money to your child on a tax-free basis. Roth IRA First, we need a quick... More...
Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000
Does your incorporated business pay alternative minimum tax [AMT]? If so, there is a 93 percent chance you have been overpaying your taxes by an average of $11,000 a year according to the Treasury Inspector General. The Office of the Treasury Inspector General for Tax... More...
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... More...
Automatic Extension Requests For Businesses
The internal revenue service has recently been taking steps to cut down on clutter and streamline the tax filing process. Now they’ve simplified business tax return extensions. Automatic Extension Requests For Businesses In past years, some businesses had to go through a... More...
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...