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  • Professional Tax Preparation Requires The Right Professional For Your Specific Needs  By : David Campbell
    Preparing taxes is one of the least enjoyable tasks a person faces each year. While many single or multiple income households feel that they can prepare their taxes on their own each tax season, it is a good idea to think about taking advantage of professional tax preparation services. In fact, if you’ve ever found yourself wondering if you could take a specific deduction, if you could take advantage of other deductions you don’t know about, if you could be paying less or get...
  • Top 7 Small Business Tax Tips  By : Stephen Pope
    Here are seven ways for owners of small businesses to save money on their taxes.

    1. Incorporate Yourself: If you`re still a proprietor or partner of a business, it`s time to incorporate yourself. Not only will you limit your liability, but you may enjoy lower tax rates on small business income and other tax advantages as well.

    2. Be Home Based: If possible, continue (or switch to) being a home based business. Not only will you keep your overhead down, but you will be a...
  • Getting Payroll Tax Figured Out  By : Sandy Baker
    There is nothing escaping payroll tax. It is something that you will need to deal with from the day that you get your first job until the day you retire. Payroll tax is the amount of money that comes out of your paycheck each and every time for the various services that you need to pay for. And, there is even a specific tax that is for the use of payroll as well. Nothing is certain…

    If you are a business owner, then you realize that you will need to take care of these pay...
  • The Role Of A Tax Collector  By : Michael Sneed
    The County Tax Collector is as independent government agency and is elected for a four-year term in the Presidential election year. It is essential that a County Tax Collector is independent to ensure that it can serve the taxpayers, local businesses and local and state agencies correctly.

    The duties of a County Tax Collector are:

    • Collecting property taxes for every local government agency with the power to levy taxes

    • Serving the state as an agent for the Depa...
  • Captial Gains Tax Explained  By : Amy Kay
    Capital Gains tax is a federal tax penalty that is imposed on capital accumulation, investment and productivity. Some of the income that is subject to capital gains tax includes the sale of an investment, a home, a family business, a farm or ranch or even a work of art.
  • Child Custody Agreement and Taxes  By : Jean Mahserjian
    A child custody agreement can have serious implications for your income tax filings. This issue needs to be addressed before you finalize and custody filing.
  • Audit Advice That You Need  By : Matthew Noel
    Oh no! You need audit advice. You just received in the mail a notification that you are going to be audited by the IRS. What now? How do you respond to this and should you be having a heart attack now? While many people lose it as soon as they realize that the IRS is going to be asking for their records and proof, the fact of the matter is that the best audit advice is to stay calm and gather the information that you need carefully, accurately and without worry.

    Before yo...
  • The Skinny on 1031 Exchange: Maximizing Profits by Minimizing your Tax Liability  By : Dan Johnson
    A 1031 exchange refers to Section 1.1031 of the Internal Revenue Code which was passed in 1990. Normally, when you sell all real and personal property, the tax code requires the payment of the Capital Gains Tax.
  • How to minimize your taxes on wealth  By : Jakob Jelling
    Taxes on wealth or simply wealth tax is the tax levied on the value of wealth owned by a person. As the term ‘wealth’ carries with it a broader meaning, generally capital transfer taxes (which include inheritance tax and gift tax), property tax, and capital gains taxes are some times invariably referred to as wealth taxes.
  • What are the taxes on earnings?  By : Jakob Jelling
    Almost all governments across the globe are funded– in some form – by the taxation of its citizens. Certain of the taxes are collected at the time of sales or service whereas certain others in a 12 month period or at the end of what they call a fiscal year. Taxes on earnings or income tax is such a yearly beast.
  • Heath Savings Accounts (HSAs) Mean Big Tax Savings  By : Stephen L. Nelson, CPA
    Health Savings Accounts, or HSAs, can save individual taxpayers as much as $1,600 annually in income taxes. Best-selling Quicken for Dummies author and CPA Stephen L. Nelson explains how HSAs work, why they save money, and where one goes to set an HSA up.
  • Standard Mileage Deduction Rates – 2005 and 2006  By : Richard A. Chapo
    If you’re in business, you’re interested in the IRS mileage deduction rates. The 2005 rates fluctuated because of high gas prices and now the 2006 rates have been released.
  • Tax Refund Email Scam – IRS Warning  By : Richard A. Chapo
    The IRS has issued a warning regarding a phishing email scam. The scam claims you are due a tax refund, but is really designed to obtain your personal information.
  • IRS Issues Long-Term Care Insurance Premium Deductibility Limits for 2006  By : M. Sanders
    The Internal Revenue Service has announced the 2006 limitations on the deductibility of long-term care insurance premiums from taxes.

    Premiums for "qualified" long-term care policies are treated as an unreimbursed medical expense. These premiums are deductible to the extent that they, along with other unreimbursed medical expenses exceed 7.5 percent of the insured's adjusted gross income.
  • Automobile Tax Expenses  By : Richard A. Chapo
    If you use a vehicle for conducting business, you can deduct certain automobile tax expenses from your tax bill. This is true even if you use the vehicle for personal and business needs.
  • Home Office Tax Expenses  By : Richard A. Chapo
    Self-employed individuals often work out of their own home. If this is the case with you, here’s a primer on home office tax expenses you can claim on your taxes.
  • Innocent Spouses - Relief from Taxes  By : Richard A. Chapo
    Historically, tax issues arising from bad marriages fell into the category of “better or worse” for marriages. The IRS granted no innocent spouse tax relief, but has changed its views.
  • Self-Employed Tax Strategies  By : Richard A. Chapo
    Self-employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are tax strategies for self-employed individuals that reduce those tax amounts.
  • Income Tax Help  By : LeeAnna
    There are many websites on the Internet today that gives much needed income tax help for those who have no idea of what's going on during tax time. Income tax is a tax paid on income, unfortunately no matter how little it is. It's paid by employees and people who are self-employed and may also be payable if you are not working but you have an income, such as a retirement pension or an occupational pension. Not all types of income are taxable and it will seldom be the case tha...
  • How To Avoid Double Taxation Of Your Small Business Profits  By : Wayne M. Davies
    Have you been thinking about incorporating your small business or self-employment activity? The advantages are many!

    For starters, you'll be protecting yourself and your family from the possibility of a business ending lawsuit. Forming a corporation is Step One on the path known as "Asset Protection" -- you are moving from the world of unlimited liability to the world of limited liability.

    (NOTE: For further insight into the legal advantages of incorporating, check out ...
  • Accounting Methods – Cash and Accrual  By : Richard A. Chapo
    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.
  • Are You Overpaying Taxes If You Use Tax Preparation Software?  By : Richard A. Chapo
    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?
  • Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000  By : Richard A. Chapo
    Does your incorporated business pay alternative minimum tax [“AMT]? If so, there is a 93% chance you have been overpaying your taxes by an average of $11,000 a year according to the Treasury Inspector General.
  • Correspondence From The IRS – Yikes!  By : Richard A. Chapo
    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?
  • Create Tax Savings And Transfer Wealth To Your Child With A Roth IRA  By : Richard A. Chapo
    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.
  • Deducting Points On Home Refinances  By : Richard A. Chapo
    Any points that you pay in the refinancing of your residence are tax deductible over the length of the loan in question. The deduction is allowable only if the residence is your primary home and the new mortgage replaces a previous one and/or is used to improve the residence. To the extent that money is taken out to pay off credit cards and non-residence costs, the points may not be used as a tax deduction.
  • Doh! IRS Loses Taxes In San Francisco Bay  By : Richard A. Chapo
    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.
  • Donating Cars To Charity - New Tax Rules  By : Richard A. Chapo
    On June 3, 2005, the IRS released guidance on charitable deductions for donated vehicles. The American Jobs Creation Act (AJCA) radically changed the amount of the deduction taxpayers can claim for their donated car.
  • Early Distributions From Retirement Plans  By : Richard A. Chapo
    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.
  • Employment Taxes – Depositing With The IRS  By : Richard A. Chapo
    If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS.

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