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Richard A. Chapo Profile and Articles
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1). 1099-MISC Forms For Independent Contractors for 2005
As we begin 2005, you’re probably not thinking about taxes at all. This is a mistake as deadlines are approaching for issuing and filing 1099s to independent contractors.
What is a 1099 MISC?
Generally speaking, the IRS requires you to report certain payments you made during the year to independent contractors. The 1099-MI...
2). 2006 List of Tax Scams Released by IRS
Every year, the IRS issues a list of tax scams. The goal is to alert taxpayers to the lack of merit of certain strategies as well as letting everyone know the IRS will not accept them.
2006 Scams
The IRS has kicked out its annual list of highly dubious tax scams for 2006. Promoters often make these strategies sound credibl...
3). 40 Million Credit Card Numbers Stolen – Failure To Encrypt
CardSystems Solutions moronic security efforts have resulted in the potential theft of information for 40 million credit cards. Hackers were able to i
4). A Lawyers Favorite Lawyer Jokes
Lawyer JokesQ: How does a pregnant woman know she is carrying a future lawyer?A: She has an extreme craving for baloney.Q: Wha
5). 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.
Cash Method
If you are looking for simplicity, the cash method is probably your best accounting choice. Generally, income and deductions can be claimed...
6). 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.
Alternative Minimum Tax
The alternative minimum tax is a procedure that was set up to keep the richest of Americans from avoiding tax paying responsibilities. As is typ...
7). Anti-Phishing Bill Introduced To Congress
Sen. Partick J. Leahy has introduced the Anti-Phishing Act of 2005 to Congress for consideration. The Act would allow federal prosecutors to
8). Are You Overpaying Taxes If You Use Tax Preparation Software?
For many business owners the answer to this quandary is tax preparation software. Fill out a fairly simple interview, click “print” and out comes a completed return that will pass muster with the IRS. The answer to all your problems…or is it?
Can One Software Program Cover All Businesses?
Take a moment to consider the wide...
9). 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 they’ve simplified business tax return extensions.
Automatic Extension Requests For Businesses
In past years, some businesses had to go through a lot of paperwork to file request for extensions to ...
10). Automobile Tax Expenses
If you use a vehicle for conducting business, you can deduct certain automobile tax expenses from your tax bill. This is true even if you use the vehicle for personal and business needs.
Automobile Tax Expenses
The powers that be have historically written sections into the tax code promoting business activities. One of th...
11). Back To School – Educators Deduct School Expenses
As teachers and students head back to school following a glorious summer, it’s time to remind teachers to organize 2004 school expenses. Under a tempo
12). Business Name – How To Pick One
A business name can be a huge factor in the ultimate success or failure of the entity. Unfortunately, many people fail to give a lot of thought to it
13). California Business Entities – How Long To Get Approved?
You’ve done your research and have decided on a business entity. You’re chomping at the bit to open a bank account and get moving. You file your corpo
14). California Businesses Incorporating In Nevada - Is It Legal?
California is a notoriously bad state to do business in. Regulations, worker’s compensation and tax issues overwhelm companies. Seeking relief, many i
15). California Financial Privacy Law Partially Invalidated
The 9th Circuit Federal Court of Appeals has dealt a blow to privacy advocates by invalidating a California privacy law. In litigation brought by the
16). Capital Assets – Gains and Losses for Taxes
Capital is a unique term when it comes to taxes. If it gains value, you pay a tax. If it loses it, you can write at least some of the loss off.
Capital Assets – Gains and Losses for Taxes
Practically everything you own is a capital asset. This is true whether you use it for business purposes or personal use. The internet ...
17). Checking The Status of Your Tax Refund Online
More than a few people are happy to learn they are due a tax refund after filling out their tax returns. If you are one of these people, here is how to check the status of your refund online.
Checking The Status of Your Tax Refund Online
Before getting into checking your refund status, I feel obligated to mention a few th...
18). Congress Considers National Data Privacy Law
Legislation was introduced into Congress this week that would establish a national data privacy law. The bill would require businesses to disclose to
19). Copyright – What Can You Protect?
The legal protection known has “copyright” has come front and center over the past few years with major legal rulings regarding peer-to-peer networks
20). Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000
Does your incorporated business pay alternative minimum tax [“AMT]? If so, there is a 93% chance you have been overpaying your taxes by an average of $11,000 a year according to the Treasury Inspector General.
The Office of the Treasury Inspector General for Tax Administration was created in 1999 to oversee the IRS. One of the duties o...
21). Correspondence From The IRS – Yikes!
It’s a moment every person dreads. You pick up the mail and there is an envelope from the IRS. It’s not a refund check. What do you do?
Don’t Panic
Each year, the IRS sends out millions of “correspondence audits” to taxpayers to request payment of taxes, notify them of a change to their account or request additional inform...
22). 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.
Roth IRA
First, we need a quick summary of the Roth IRA. A Roth IRA is an after-tax re...
23). Critical Business Procedure - Keep All Email Communications
Businesses routinely maintain copies of correspondence and memos. Far to often, however, they do not extend this practice to email correspondence. Ema
24). Database Hacks - Are Banks Required To Notify You?
Ever wonder if banks are required to tell customers when their systems are hacked? You may be shocked to learn that they are not. The only ex
25). Dealing With Taxes If You Live and Work Outside The United States
When solar cells first came on the scene in the 1950s, they were simple. Now, there are a wide variety of cells and more are coming as technology improves.
An Overview of Solar Cells Through The Years
Solar cells are the basic component of any active system used to convert sunlight into a form of energy. Traditionally, so...
26). Dear John Letters From The IRS
Undoubtedly, you are aware of Dear John letters. Often a young lady sent them to men in the military, often containing bad news. Well, the IRS sends them to taxpayers as well.
Dear John Letters From The IRS
The Internal Revenue Service sends out millions of Dear John letters to taxpayers every year. Instead of informing yo...
27). Deducting Points On Home Refinances
Any points that you pay in the refinancing of your residence are tax deductible over the length of the loan in question. The deduction is allowable only if the residence is your primary home and the new mortgage replaces a previous one and/or is used to improve the residence. To the extent that money is taken out to pay off credit cards and non-res...
28). Didn’t File Anything with the IRS on April 15th?
The magic tax date of April 15th has passed. If you did not file a tax return or extension request, you need to consider the following.
Didn’t File Anything with the IRS on April 15th?
The Internal Revenue Service is a bit touchy about filing tax returns. It would prefer you to file a return or extension to doing nothing,...
29). Do You Own Your Web Site Design?
Your web site has been up for a few months and you are making money hand over foot. While surfing sites one evening, you are shocked to f
30). Doh! IRS Loses Taxes In San Francisco Bay
On September 23, 2005, the Internal Revenue Service began sending notices to tax payers in thirteen states that there may be a problem with their tax payments. Here is the scoop.
Traffic School?
It seems one of the trucks carrying the payments was involved in a traffic accident and the payments were lost. The accident actu...
31). Domain Name Trademarks
As your Internet business grows, the value of your domain name increases. The issue of a domain name trademark should move to the top of your list. Yo
32). Donating Cars To Charity - New Tax Rules
On June 3, 2005, the IRS released guidance on charitable deductions for donated vehicles. The American Jobs Creation Act (AJCA) radically changed the amount of the deduction taxpayers can claim for their donated car.
Fair Market Value v. Actual Sales Price
When donating a car to charity, a taxpayer traditionally was allowe...
33). Early Distributions From Retirement Plans
An early distribution from an Individual Retirement Arrangement (IRA) or a qualified retirement plan need not be a “taxing” experience. Fortunately, there are exceptions to early distributions.
Any payment that you receive from your IRA or qualified retirement plan before you reach age 59½ is normally called an “early” or “premature” d...
34). Employment Taxes – Depositing With The IRS
If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS.
Depositing Employment Taxes
To pay employment taxes, you must deposit the money with the IRS. As is typical with tax situations, the p...
35). Employment Taxes – What Are They?
If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. So, what are employment taxes?
Employment taxes include the following.
1. Federal income tax withholding
2. Social Securit...
36). Failure To Pay Employment Taxes – Penalties
As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade.
Penalties
If you have employees, you absolutely must deduct and withhold various taxes from the paychecks of your employees. Since you are deducting money from the employee’s paycheck, you are handli...
37). Forming a Corporation – Investors
You’ve come up with the best idea since sliced bread, figured out a business name and formed a corporation. There is, however, one small problem. You
38). 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.
Son of Boss Tax Shelters
From 1996 to 2003, KMPG promoted a ta...
39). 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.
Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Unfortunately, gambling income also includes the fair market v...
40). Gambling Income and Expenses - Taxes
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 the
41). Getting a Tax Credit for Your Kids
As you know, raising a family is a full time job and can put stress on your finances. Fortunately, you can claim a tax credit to help cut your IRS bill if you have kids.
Getting a Tax Credit for Your Kids
With a tax deduction, you are reducing the total amount of adjusted gross income you have. For instance, if you earned ...
42). Getting Help With Your Taxes
Preparing your taxes can be incredibly stressful. In many cases, it just makes sense to get some help with them.
Save Me From This Misery!
When it comes time to file taxes, you can look to software or a real live person. In this article, we are going to focus on living people, to wit, the tax professional. You might be su...
43). Giving To Charities – Tax Deductions and Such
The tax code in the United States contains many provisions to promote certain behavior. One area of behavior is the promotion of giving to qualified charities.
Giving To Charities – Tax Deductions and Such
In the rush to get tax returns prepared and filed, many people absentmindedly forget to include deductions for contri...
44). Giving Your Car to Charity – The New Tax Rules
The IRS has changed the regulations on donating vehicles to charities. If you donated a car last year, you need to read the following to understand the new rules.
Giving Your Car to Charity – The New Tax Rules
Millions of people donate cars, boats, RVs, motorcycles and many other forms of transportation to charities each ...
45). Google's Book Scanning and Copyright Laws
As you may know, Google is making an effort to scan every book in the world. The goal is to create a giant online database of every book that can be s
46). Help Me Prepare My Taxes
Nothing leads to more gnashing of teeth than the thought of preparing your own taxes. Fortunately, there are people out there that do it for a living.
Here Are My Receipts
If the thought of preparing your own taxes makes you queasy, don’t worry. Preparing your taxes is a job that can be shipped out to others. These indivi...
47). Highlights of IRS List of 2005 Tax Scams
Each year, the IRS lists various scams taxpayers get caught up in. The top 2005 scams include several that manipulate laws governing charitable groups, abuse credit counseling services or rely on refuted arguments to claim tax exemptions. The agency is warning taxpayers about the growth of identity theft schemes with some particularly bold thieves ...
48). Home Office Tax Expenses
Self-employed individuals often work out of their own home. If this is the case with you, here’s a primer on home office tax expenses you can claim on your taxes.
Home Office Tax Expenses
America is a country built on small businesses. Yes, the big companies are the darlings of the media, but the guts of our economy are t...
49). How to Check the Status of Your Tax Refund Online
So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The question for most taxpayers expecting a return is, "Where is my refund?"
Check Your Refund Status Online
The easiest way to check on your refund is to ask the IRS through IRS.gov. On the home page of the site, you w...
50). How To Give Notice of Copyright On Your Works
The use of a copyright notice is no longer required under U. S. law, but you should still give notice whenever possible. Because prior law did contain
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