Taxes

How Do I File Taxes If I Work As a Freelance Artist?

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If you are a freelance artist, you will need to file a 1040 federal tax return with a Schedule SE, which is for Self-Employment Tax, and Schedule C, which is Profit and Loss from Business. You will be responsible for Social Security and Medicare taxes when you file if you have not filed quarterly es

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Data on the Average Household Income

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Household income encompasses the income of each working member of a household. Income estimates are calculated by various government agencies, corporations and focus groups to determine how the earnings of various households compare based on certain factors. Income is calculated by totaling wages, s

What Are Real Estate Capital Gains?

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Capital gains occur when you sell an asset for more than what you originally paid for it. According to the Internal Revenue Service, you have to report capital gains on your tax return; and, in many cases, you have to pay capital gains taxes. In the area of real estate, you have to be aware of capit

How to Negotiate With the IRS - Tax Settlement Specialists

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When you need a tax professional to help you decide how to negotiate with the IRS to pay back taxes, you'll definitely want to consider an enrolled agent (EA). Many people don't even know that such a person exists. If they do know enrolled agents exist, they're not sure what they do a

IRS Debt Settlement

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IRS Debt Settlement options are available for many of those who need it. The question is, which programs do you qualify for and more importantly, how do you qualify for IRS Debt Relief programs? As usual, knowledge is half the battle.

How to Deduct Property Taxes From a Prior Year

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Every piece of real estate in the United States is subject to property taxes. These property taxes are collected by the local government and used to finance infrastructure projects for the community it serves. The amount of property taxes collected depends on the assessed value of the property. Each

How Can I Get My Credit Report With a Tax ID Number?

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National credit reporting agencies maintain a credit file on you if you've ever applied for credit or insurance, according to the Federal Trade Commission. The three nationwide credit reporting companies are Equifax, Experian and TransUnion. You have a right to know what's in your credit report, as

What Kind of Home Qualifies for the First Time Home Buyer Credit?

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The First Time Home Buyer Tax Credit program, recently revised and extended, allows for first-time homeowners to receive up to an $8,000 tax break on a first purchase of a primary residence. This is not to be confused with a tax deduction but is more accurately described as a tax reduction. This mea

How to Know When to Use a Tax Professional

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Every year the same dreaded feeling rolls around when it becomes time to do your personal taxes. This annual ritual can often be time consuming and confusing, especially when it comes to the decision of whether to do your taxes yourself, or have them done by a professional.

Can I Still File for Taxes Even If it Is Too Late?

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Everybody makes mistakes, and missing the annual April 15 deadline to file your federal income taxes with the IRS isn't a catastrophic mistake that's sure to send you to jail for tax evasion. If you missed the deadline to file, regardless of the reason, you can still file your returns whenever you p

Tax Planning Saves on India Capital Gains Taxes

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Globalization has paved way for enterprises to open their offices in foreign locations. Under this impact, there are large number of multinational enterprises that have established their offices, manu

Small Business Tax Deductions - "G" is For Gifts & Gas

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Here are two valid expenses you can deduct on your small business income tax return, both beginning with the letter "G". Gifts.You can deduct the cost of gifts to customers and other business associates such as vendors, suppliers and service providers (like your accountant, attorney or ins

What Are Things You Can Write Off on a Farm Account?

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Due to the difficult circumstances in which farmers must try to make a profit, the IRS allows them specific types of tax write-offs. Farmers generally have to hire professionals to complete their taxes to ensure that they claim the maximum amount of deductions. A few farm tax write-offs include farm

How to Get a Maximum Trade in Value for a Car

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The key to getting the maximum trade-in value for your vehicle is to discuss trade-in value and new car price separately while at a dealership. Unfortunately, if you want money off of the car you purchase and the maximum trade-in value for your car, the dealer is likely to take profit from the retai

A First Look at Free 1040 Tax Return Free File Edition

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Going through Free 1040 Tax Return quickly to prepare a mock tax return using just one W-2 form, I found this software to be a bit tedious. To be fair, the software is free. But the limited help content means this software is suited for people who are already familiar with how to prepare tax returns

Save Taxes by Installing a Steel Roof

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In 2008, then President, George Bush, enacted a number of laws to give economic incentives to energy conscious taxpayers who were willing to do home improvements with a view to energy conservation. These laws became part of The Emergency Stabilization Act.

Eight Ways to Reduce Tax Burden For Parents

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When there is a birth of a child, or an adoption of a child, you look at ways to save money for the upbringing of such child. Here are some important methods.

Salary of an Overhead Electrical Line Worker

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Overhead electrical line workers or outside linemen are electrical professionals who work with the power lines that transmit electricity from a power station to your home. This term applies to both linemen who work with lines that are physically overhead as well as those that are underground. People