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Taxes : Business & Finance
Child Tax Tips
The Internal Revenue Service gives most parents three tax breaks when they have children: the child tax credit, extra exemptions and, for parents with children in day care, child care credits. However, if you have a small business, older children who attend summer day camp or are dealing with specia
Tax Deductible Home Improvement Expenses
The Internal Revenue Service (IRS) offers a tax break to taxpayers who make energy efficient improvements to their home. Taxpayers can deduct a portion of the expenses, including installation, in the form of a tax credit. Although the American Recovery and Reinvestment Act of 2009 tax credit expired
How to Calculate a Hope Tax Credit
Pages and pages of rules and regulations are produced by the Internal Revenue Service each year regarding credits and deductions you may or may not be able to take when filing your tax return. The Hope Credit (or now the American Opportunity Tax credit) is one of these. If you paid tuition for class
Fair Tax - What Are the Disadvantages?
Before discussing the disadvantages about fair tax, what exactly is the fair tax? The Fair Tax Act started in 2003 by a group named Americans for Fair Taxation. The fair tax would abrogate all federal and corporate income taxes, gift, estate, capital gains, Social Security, Medicare, and self-employ
Settling IRS Tax Debts – your options
As we noted in the previous blog, the IRS has 10 years to collect any tax due. So you're going to have to deal with this sooner or later, and interest and late payment penalties ...
What is a Cost Segregation Study?
A cost segregation study is something that can help you determine if your business can benefit from the process of cost segregation. If you do not know what this is, it involves using a depreciation method over several years and then recalculating the amount of taxes that are paid each year due to t
What Are VA Benefits?
Veterans of the military services, reserve components and National Guard may qualify for benefits through the United States Veterans Administration. The VA offers a variety of benefits to help veterans and transitioning service members keep similar benefits as those on active duty and to support pro
The Dreaded IRS Notice in the Mail
What a week. It was long and stressful and you tried to get that project done. Thank God Friday is here! You head home looking forward to a relaxing weekend. You park and grab the ...
What Changes Will Affect How Much I Can Receive In Tax Credits?
You may be eligible for tax credits if you are responsible for a minumum of one kid or young person, or if you are working, but getting a low income. Your tax credits can increase, decrease or stop because of changes in your life or work. You must inform the tax credit office of these changes.
Settling Your Tax Debt With the IRS Can Save Your Credit - Applying is Easy
It's really of no use trying to keep avoiding the IRS. It can only work for so long before they catch you, and when they do they will not be so forgiving of your debt. That's just the way some things go with the government or with anyone for that matter. It is better tactic to apply for a
How to File for a Home Buyer Tax Credit
As of February 2010, almost 1.8 million people had claimed the tax credit for buying their first homes in 2008 or 2009. If you bought your first home before May 2010 and close the deal before July 2010, you can claim a credit up to $8,000 by filing the proper paperwork with your next tax return. If
IRS Tax ID Requirements
In the United States, the Internal Revenue Service requires that taxpayers have a tax identification number in order to engage in transactions with the IRS. Since all individuals and nearly all businesses enter into actions that will require them to engage in transactions with the IRS, it is essent
Are Customer Deposits Taxable Income on a Cash Basis?
The revelation that a financial institution is using illegal ways to attract new customers and increase deposits may fuel an explosion of interest in the company's operating practices, especially if regulators think management hasn't set effective policies to prevent the unlawful practices. If prope
US Income Tax Rules For Citizens-Residents Working in Another Country
Uncle Sam wants to tax your income, no matter where you earn it. As a general rule, all income received by a U.S. citizen or resident is subject to U.S. income tax, no matter where it is earned.
FBAR Extensions for Some Taxpayers
In a recently released IRS and Financial Crimes Enforcement Network (FinCEN) notice, reference Notice 2011-1, the IRS has extended the reporting deadline for the Foreign Bank and Financial Accounts (FBAR) for a group of qualifying individuals from June 30, 2011 to June 30, 2012. These individuals in
Currency Exchange Rates Are a Factor to Consider When Making a Currency Transfer
You can minimise the risks and get the most favourable exchange rate for a currency transfer if you carefully examine all options the market has to offer
Should You Still Get a W2 Even If You Claim Exempt on W4?
One of the most common forms of income taxed by the federal government is employee compensation, which may take the form of hourly wages, salaries, tips, commissions and bonuses. Federal income taxes are typically paid through a system of payroll withholding. Employers use the Form W-4 to figure the
What Is an IRS Tax Audit and What Can You Do to Protect Yourself If You Face One?
An IRS audit is a process by which the IRS checks the tax information you've reported to make sure everything is accurate. If you are audited, it may be useful to employ a Certified Public Accountant (CPA) as a tax expert to advise you and represent you before the IRS.
Taxation on Corporate Dividends
Corporations sometimes share part of their profits with shareholders. These payments, called dividends, constitute an increase in wealth derived from investment, also called capital gains. As such, they are subject to capital gains tax. While capital gains are usually taxed as ordinary income, they
Educators, don’t forget to claim this adjustment to your income
If you are an eligible educator, IRS offers you some relief for the tax year 2008. You can claim up to $250 as an adjustment to your gross income.