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.
Top 10 Cities with Worst Tax Procrastinators - Do you often procrastinate filing your income tax return? If you do, you're not alone, especially if you live in one of the cities listed below. A leading tax software package provider tallied the returns that were filed between April 14th and April 17th, and these are the cities with the highest number of procrastinators.
Fourteen Tax Tips For 2007 - We have barely gotten over the hangover from our Christmas expenses and now the tax man is tugging at your coat tails and you feel another financial hangover in the horizon. These great tax tips for 2007 will help keep that hard earned money in your pocket.
Wave “Goodbye” To Uncle Sam’s Taxes - There exists an incredibly powerful wealth-building strategy that has been around since 1921, and is still used by the country's most savvy real estate investors. Remarkably, the IRS made this tax deferral possible.
Put simply, you can defer (possibly forever, if you meet a certain condition which I’ll share in a moment) capital gains taxes on the profits from the sale of a foreign property if you use the proceeds of the sale to buy another foreign property.
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Taxes and Donating a Car - New laws on car donation clearly specify the following - when a taxpayer donates a vehicle for which the claimed value is $500 or more, the precise deduction that can be claimed will depend on how the charity plans to use the vehicle.
Home Office - Tax Perspective - Self-employed individuals often work out of their own home. If this is the case with you, heres a primer on what you can write off for your home office.
Deducting Alimony Payments - Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.
Gambling Income and Expenses - Tax Requirements - Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.
Can Restaurant Owners Increase Profitability by Monitoring and Understanding the Financial Numbers? - To effectively manage and control expenses a restaurant owner or manager must be able to breakdown and identify expenses in a timely manner so that that adjustments can be made rapidly. Failure to do so could cause losses that the owner(s) can never recover from, forcing them to close the doors.
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 theyve simplified business tax return extensions.
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.
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.
Home Based Business Tax Deduction Topic - Home Office - If you are self-employed and run you business from a space in your home, you may qualify for a home office tax deduction. This article will cover the requirements to qualify for a home office deduction.
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.
Estate Tax: What It Is And How It Is Filed - According to the Internal Revenue Service (IRS), an Estate Tax is a tax that is imposed on your right to transfer your property and belongings after your death. The individual who is in charge of handing and filing an Estate Tax return is often the estate representative.
Tax Issues for Self-Employed Individuals - The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business. Of course, few of you enjoy the paperwork and confusing tax issues that arise from owning your own business.
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.
Fraudulent Tax Shelters - KMPG 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.
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