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Taxes: The Plan Ahead, Not the Look Behind
2008-02-06 06:25:00
The word ‘taxes’ has a negative affect on people. It makes us look away, it upsets us and we make lots of grunting noises. But that’s looking at the previous year and preparing for the tax season. What about planning for 2006? Can we actually plan ahead for taxes?Yes, it is possible. It’s important to begin our discussion on taxes by knowing what tax changes are taking affect. So I’d thought I’d
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Not all CPAs and Attorneys Are Knowledgeable on Capital Gains Tax Issues
2008-02-06 06:19:00
A good CPA is worth their weight in gold. A cracker jack attorney can save your bacon when it comes to upholding your legal rights and due justice. What happens when you ask them for assistance with something like your capital gains tax problem when you're ready to sell your highly appreciated asset?Chances are, you may get incorrect or incomplete advice which may result in the unnecessary loss
More About: Issues , Capital , Capital Gains , Capital Gains Tax

IRS Goes To Ebay
2008-02-06 06:17:00
The IRS has set its eyes on a new source of revenue -- online business.The agency is discussing creating new tax reporting requirements that will help crack down on under-reporting by individuals and businesses that sell goods online.No details have been announced as of yet, but new reporting requirements could change the Web for stand-alone retailers as well as individuals who sell items through
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Going Online- Why Accountants and CPAs Should Have Websites
2008-01-30 14:00:00
The Tax Software RevolutionThe most common service that accountants and CPAs provide to the public at large is tax preparation. That tradition has had a large hole blown in it by the arrival of software packages that allow individuals to prepare their own tax returns with an on-screen guide walking them through the process. The states and the federal government have cooperated by making online
More About: Websites , Online , Accountants

How Are Monies Invested Within a PAT?
2008-01-30 13:58:00
This is one of the most frequently asked questions of those considering the Private Annuity Trust. As with almost all things financial, there is no one single right answer.For instance, if you attend a seminar presentation sponsored by persons wearing thousand dollar suits, you may hear that your funds should be in stocks, bonds, mutual funds, etc. where they project double digit annual increases

Tax Tips for Small Businesses
2008-01-30 13:57:00
Don’t the complexities involved in doing your taxes bug you, specially, if you own a small business? Following and getting familiarized with the guidelines laid down by the IRS for small businesses is very important.In case you hire other employees for your business, you should attach two forms on your, as well as your employee’s, behalf. The W-4 form gives the details of the withholding
More About: Tips , Small , Small Businesses , Businesses

Retention of Tax Records - Keep or Toss
2008-01-30 13:56:00
Keep or Toss – And When?Record Retention By Teri Kaye, CPAAs a Certified Public Accountant, I work with my clients’ banking and business records all the time. As a mom, I handle my own family’s banking, credit card and other financial records. In both capacities, I have learned how important it is to safely retain financial records. If you have ever applied for a loan or been through a tax
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Prepare Your Taxes Online and Get Your Refund Fast
2008-01-30 13:55:00
Preparing your income taxes can seem challenging, but it doesn't have to be. Millions of people are using tax websites to prepare and file their income tax return online.By preparing and filing your tax return online you will, avoid the work involved in doing everything by hand, save the cost of paid tax preparation, and you'll get your tax refund much faster.Filing online will allow you to get
More About: Taxes , Online , Fast

10 Things Every Taxpayer Needs to Know About the Pension Law
2008-01-30 13:54:00
The Pension Protection Act, signed into law on August 17, 2006, is designed to address the nation-wide problem of under-funded pension plans. The law penalizes noncompliant companies and encourages employee contributions, but many of the changes directly impact taxpayers of all ages, regardless of retirement status.“Taxpayers will benefit from many of the act’s provisions, some of which come in
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Study Shows Volunteer Tax Preparers Are Often Wrong
2008-01-30 13:52:00
If you ask a volunteer to help you prepare your tax return, you are risking errors in your return.According to the Treasury Inspector General for Tax Administration, volunteers run a 6 in 10 chance of errors, only a slight improvement over last year.The Inspector General asked volunteers to prepare tax returns for two hypothetical taxpayers. Only 39% of this year's returns were prepared correctly
More About: Study , Wrong , Volunteer

Expired Tax Cuts Get Another Chance
2008-01-30 13:50:00
Senate Finance Committee Chairman Chuck Grassley is urging fellow Senators to quickly pass a series of expired tax cuts. Grassley says that without the legislation, taxpayers will face confusion and compliance problems.The deductions in question expired at the end of 2005, though most taxpayers are unaware of the expiration. They include the state and local sales tax deduction, the deduction for
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Minimizing Income Tax Liability Includes Cost Segregation!
2008-01-30 13:48:00
Cost Segregation is an IRS endorsed tax strategy that is simple and easy to understand. The purpose in having a Cost Segregation Study performed is to allow owners to depreciate their commercial property in a manner that is different from the standard method of accounting, which is 39 years. Let’s face it, if the owner were a 60-year-old property owner, how much depreciation on the property would
More About: Cost , Income , Income Tax

IRS and California To Crackdown On Options Backdating Together
2008-01-30 13:47:00
The IRS has joined with California 's local stock options backdating task force to investigate alleged backdating of stock options iwth an intent to defraud.US Attorney Kevin V. Ryan announced the partnership. He said that the task force was formed in July of this year. It is made of members of the US Attorney's Office, the FBI and IRS-Criminal Investigation in the Northern District of
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What Does It Mean When IRS Assesses You for Certain Tax Years and Who Can H
2008-01-30 13:46:00
Many times IRS will access a Taxpayer for years that the taxpayer did not file a tax return. This is because IRS received W-2 information or 1099 information form a Contractor or Employer. If IRS has accessed you - that just means they have done your tax return for you!When IRS completes a tax return for you - it is almost always in their favor! You come out owing more taxes then if you had filed
More About: Years , Cert

Structured Sale Tax Issues
2008-01-30 13:45:00
Recently investors have begun to explore the concept of a "structured sale" as a way to defer taxes without the constraints of finding a replacement property. This article looks to see what structured sale tax issues may need to be considered with this new twist on owner financing and installment sales of real estate.Many real estate investors have tried a 1031 exchange as a real estate
More About: Structured Sale , Issues , Sale

Enrolled IRS Agents vs Unenrolled Practitioners: What Is the Difference?
2008-01-30 13:43:00
The difference between an Enrolled Agent (EA) and an Unenrolled Practitioners is about $150.00 per hour with strict limitations on the part of the Unenrolled practitioners.Attorneys, CPAs and Enrolled Agents can 'Practice Before the IRS'. This means they are qualified to represent a particular taxpayer. They can sign claims for refunds, receive refund checks, sign consents to extend the statutory
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Get Your Accounting And Bookkeeping Done For 90% Off With This Secret Econo
2008-01-30 13:42:00
If you would like to get all your accounting and bookkeeping services done for 20, 15, even as low as ten cents on the dollar, then this article will show you how.Check this out:Although most people don't know it, there is a billion dollar worldwide industry called the barter or "trade" industry.And in this industry there are a bunch of barter e that act sort of as buying clubs -- where thousands
More About: Bookkeeping , Secret , Accounting

U.S. Federal Income Tax: Self Employment & Paying Self Employment Tax
2008-01-30 13:41:00
As a regular employee of a company, you are required by the Internal Revenue Service to have withheld from you earnings FICA (Federal Insurance Contributions Act) and Medicare taxes. FICA is also known as the Social Security tax. You pay these taxes into the government and they are used for retired, unemployed, and disabled Americans and their dependants in the form of Social Security payments
More About: Employment , Income , Income Tax

Grassley Pushes For Change To Executive Pay Tax Laws
2008-01-30 13:40:00
Senate Finance Chairman Chuck Grassley said on Wednesday that he will continue to examine whether the tax policy that appears to encourage backdating needs to be changed.Grassley remarked that the practice of backdating stock options at some of the nation's largest companies "threatens American values of equal opportunity for economic advancement and fairness.""It is behaviour that, to put it
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Are You Getting the Most Out of Your Home?
2008-01-30 13:39:00
When you buy a home, you are also buying a lot of different tax breaks. Make sure that you are taking advantage of them.The associated tax breaks go a long way to make homeownership more affordable. One of the largest breaks you will receive is the deduction for mortgage interest paid. You can write off the interest on up to $1 million in mortgage used to buy or improve your first or second
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Who Else Wants to Know What the IRS's CP 2000 Notice Is?
2008-01-30 13:37:00
There are three types of IRS audits; correspondence, office and field.Depending on which audit IRS selects for you can produce very different results. This article is about the IRS Correspondence (CP2000) Audit. If you have been notified about a field or office audit it would be best to look in the yellow pages for an Enrolled Agent if you don't have a year round Tax professional.If you have
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Why Is Applying For The Self-Employment Tax Deduction Worth It?
2008-01-30 13:36:00
If you are running your own business or are planning to, you should know all you can about the self-employment tax deduction, which can save you a lot of money if you do. A lot of these advantages in the tax reduction are available only if you are self-employed and not if you are employed by anyone. All you have to do is your own personal Social Security number as your company's tax
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How Can I Qualify For A Mortgage Tax Deduction?
2008-01-30 13:35:00
When buying a home there are many tax benefits you can take advantage of, including a mortgage tax deduction. Besides a real estate deduction, a mortgage tax deduction can be a great benefit. The only main qualifier for the tax deduction is that the amount, including for the primary and any second residence is less than $1.1 million.Something that needs to be considered when trying to qualify for
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Why You Would Want To Apply For A Mobile Home Tax Deduction?
2008-01-30 13:34:00
Just because your home is on wheels doesn't mean you can't take advantage of tax deductions such as the mobile home tax deduction. In fact as long as you pay taxes to the local government of the area in which you have parked your home you can qualify easily for the tax reduction. The reasoning behind this is, is how the Internal Revenue Service defines a home, they define it as a house, co-op,
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Give Me The Scoop On Medical Tax Deduction Benefits
2008-01-30 13:33:00
A lot of people incur medical costs during the year, but do they know they can receive medical tax deduction benefits from this? If they did they would be able to save huge amounts of money when it comes to medical expenses. As long as the cost is more than 7.5 percent of their gross income they can begin to qualify for tax reduction.Of course as with other deductions there are a few rules and
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What Is An LLC Tax Deduction?
2008-01-30 13:32:00
Limited liabilities companies or LLCs are a tricky bunch to get any kind of LLC tax deduction on. This is because the LLC tax reduction is not actually recognized by the federal government. This can make it difficult for those who classify themselves as LLCs to pay their federal taxes. But there are three options that they can try to gain a tax rebate if they are willing to put in a little extra

IRA Tax Deduction - Any Benefits?
2008-01-30 13:31:00
Having an Individual Retirement Arrangement can not only help you in the long run, but also with an IRA tax deduction; it can help you in the short term as well. Basically an Individual Retirement Arrangement or an IRA is a personal savings plan that helps you put away for the future. Every contribution you might make to it can qualify for the tax reduction. This even includes anything you might
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Back Taxes, You Forgot to File, Now What?
2008-01-30 13:30:00
Problem? Yes and No. No because you can file ASAP. Yes, because penalties and interest can be fairly steep. (Generally, interest is charged on any unpaid tax from the due date of the return until the date of payment. The interest rate is determined every three months and is the federal short–term rate plus 3 percent. Interest is compounded daily)(If you owe tax and don't file on time, the total
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What Happens When You Procrastinate in Paying Your Taxes
2008-01-30 13:29:00
A chain of actions are set into motion when IRS's computer realizes that you filed taxes, but didn't send in the money! The first thing it does, is create a file and put you in the COLLECTIONS database. This means that it will be sending you written communications (like love letters) until a "human" tells it to Stop!Each communications is extremely meaningful to IRS (and should be to you as well)
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IRS Sets Telephone Tax Refund Amounts
2008-01-30 13:28:00
In a recent decision, a federal court overturned a telephone tax that has been charged for years. Given the result, the IRS has decided to issue refunds for past collected taxes.IRS Sets Telephone Tax Refund AmountsIn 1898, the federal government passed a law assessing taxes on long distance phone use in the United States. The tax was so relatively small, ranging from one to three percent, that