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Taxes : Business & Finance
Instructions for Form 1040 Schedule A
For many taxpayers, it makes sense to use the standard deduction provided by the IRS when preparing their taxes. The amount of this deduction has been carefully calculated to provide taxpayers with a reasonable deduction from their earned income. Of course the standard deduction is not the right cho
Offers in Compromise - All About the Timing
Having been a former IRS Agent and Instructor in Offers in Compromise, I have seen so many mistakes all because the timing of the filing of the Offer was not planned. It takes a skilled professional to gets an Offer in Compromise through the careful eyes of the IRS.
Fraudulent Tax SheltersKmpg Goes Down Hard
In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars, but nine of its executives still are under indictment.
How to File a Substitute Return to the IRS
If the IRS tells you the tax return you filed wasn't accurate, you may need to send in an amended, substitute return along with payment for any unpaid taxes. Don't waste any time, because the IRS assesses a penalty and fees on any tax payments made beyond the filing deadline. The IRS calls a substit
How to Determine Business Activity Code for Schedule C
If you have your own business or are self-employed, you must file Schedule C to determine your taxable income. As part of this form, you must specify the six-digit code that categorizes the type of business that you engage in. According to the Internal Revenue Service, the code numbers are based on
How Much Are You Allowed to Deduct for Charity on Taxes?
Charitable donations can benefit you as well as the cause to which you donate. Many contributions can be deducted when you file your tax return and reduce the amount of federal tax you owe.
How to Fix Tax Liens
If you owe the federal or state government money in taxes, you may have a tax lien placed against your property by the government to ensure they receive the money. If you want to purchase or sell your property, it may be impossible to do so if the government has placed a tax lien against you. There
Picking An Internal Revenue Service Payment Option - Apply For An Irs Extension Or An Irs Settlement
It's challenging to get an Internal Revenue Service Extension of time to submit your return or time for you to pay, but it can be carried out. Prior to applying for an IRS Extension, make sure you research each obtainable Internal Revenue Service Payment Option, and after that choose the one th
Can I Include Expenses When I File a 1099?
Not only can you include expenses when you file a 1099 tax return, you should take all the 179 deductions you can. Receiving a 1099 form instead of a W-2 form indicates you are self-employed, an independent contractor or a business. This tax status allows you to file an IRS tax form Schedule "C" to
Reducing Taxes In Business - Some Little Known Secrets
Taxes are something that nobody wants to pay! Everybody is trying to avoid (not evade) paying taxes, using the rules framed for the taxes. Businessmen too are no exception. Even while Government provides a variety of rebates for business, especially small business, businessmen still wonder how to re
Super Fast Tax Refund Rip-Offs
For a number of years the major tax prep chains have been promoting what they call Super Fast Tax Refunds. One of the major reasons that this product is promoted is that it is pure profit for the tax prep chains and for the consumer is a choice that should not have to be made. How do these products
How to Calculate the Tax Deduction for Donated Clothing
The Internal Revenue Service offers taxpayers the ability to deduct the value of donated goods, such as clothing, from their income taxes. However, in order to claim the donation, you must forgo the standard deduction and itemize your taxes using Schedule A and filing your taxes using form 1040. To
Tax Tips for High Income Earners
High earners are subject to higher taxation.cash image by Alexey Klementiev from Fotolia.comThe progressive nature of the income tax means that those who earn a higher income are required to pay a higher percentage of their incomes in taxes than those whose incomes are more modest. Of...
Single Family Residence Rental Agreement
Your rights and obligations are protected with the use of a single family rental agreement. The rental agreement explains, in plain language, the obligations of the renter and the landlord. The agreements may vary slightly from state to state, and some provisions included in the contract are private
What Happens After You File Taxes Online
When you submit your forms over the internet, you're submitting the exact same document that you would have mailed in 10 years ago. All of the same information is required. None of the contents change at all. What is different, however, is the format. Instead of mailing it in, you're sendi
What Is the Difference Between a Tax Accountant & an Income Tax Preparer?
The complexity of federal and state tax laws and frequent changes to the tax code have led to an increase in the number of people seeking professional help to legitimately reduce their taxes. Both tax accountants and income tax preparers may complete the necessary forms to file taxes, but difference
How to Claim Mileage
In a challenging economy, a prudent business owner or self-employed person must look for any competitive advantage possible. One potential source of unexpected cash flow is mining for tax deductions. One of the more common tax deductions that many do not treat seriously enough is the mileage deducti
How to File an Amended E-File Tax Return
Million of people electronically file (e-file) their individual tax return online during the tax year. But if you need to make changes to your electronically file 1040, 1040A or 1040EZ tax form, you must complete a Form 1040X amended return. The changes you can make to your original tax return are i
Is Stimulus Controlled by Federal Taxes?
When an economy slows down, government agencies attempt to create stimulus programs. These programs are designed to create economic movement in goods and services, keeping the economic engine going. There are several areas in which an economy can be stimulated, including federal taxes. Federal taxes
Tax Deductions for Divorcing Couples
When spouses divorce, financial concerns become an overriding consideration. Contentious divorces usually require obtaining legal representation to determine the financial implications of divorce. Divorce lawyers typically receive tax law training to help their clients understand what settlement ter