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1). It's a Taxing Time of Year By : Stephanie Foster
Yes, that's right, it's that time of year nobody loves - tax time! No, this is not too early to think about it, especially if you have money coming to you.
All right, so it's not fun to think about doing your taxes. But there is a distinct advantage to getting an early start - it's a reminder to be more organized in this regard in the...
2). 1099-MISC Forms For Independent Contractors for 2005 By : Richard A. Chapo
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...
3). Getting The Biggest Benefit From Tax Help By : Stephen Kreutzer
Taxes are a way of American life. They are own duty to pay and file. Many people go in search of someone to help them when tax time rolls around. Tax help seems to be in abundance from January 1st to April 15th. Unfortunately, some tax help is best avoided. Other times the tax help is something that many people have no idea how to find. Getting the...
4). Getting A Tax Break With Your Hybrid Vehicle By : Gray Rollins
Buying a hybrid car gives the phrase “go green” a whole new meaning. Not only is it good for the environment, it’s also good for your pocket book. Check out the tax benefits of hybrid vehicles for yourself.
The government has decided that encouraging drivers to do their part to protect the environment could be better enhanced by offeri...
5). Home Office Tax Expenses By : Richard A. Chapo
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...
6). Rental Property Tax Deductions By : Richard A. Chapo
Own residential rental properties? This article discusses how income from those properties impacts your taxes.
What Constitutes Revenue?
Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised t...
7). Deducting Points On Home Refinances By : Richard A. Chapo
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...
8). How to minimize your taxes on wealth By : Jakob Jelling
Taxes on wealth or simply wealth tax is the tax levied on the value of wealth owned by a person. As the term ‘wealth’ carries with it a broader meaning, generally capital transfer taxes (which include inheritance tax and gift tax), property tax, and capital gains taxes are some times invariably referred to as wealth taxes.
Taxes on we...
9). Tax Preparation and Electronic Tax Preparation Options By : AJ
Just in time for tax season you will find yourself presented with this years editions of popular tax preparation programs that promise to make tax filing a breeze for the average person. Which one is right for you and what are some of the most popular electronic tax filing solutions? Read on as we discuss your tax preparation options and explore th...
10). Tax Invoice By : Max Plata
A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.
You can easily learn what the general requirements are for keeping tax invoices and what you can do if you receive a tax invoice too ...
11). Alternative Minimum Tax – Online Tool By : Richard A. Chapo
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...
12). Various Ford and Mercury Hybrids Get Tax Credit Certification From IRS By : Richard A. Chapo
Starting in 2006, individuals buying hybrid cars will get a tax credit instead of a tax deduction. The IRS has just started to kick out the exact amounts you can claim for your new hybrid.
Various Ford and Mercury Hybrids Get Tax Credit Certification From IRS
Under the Energy Policy Act of 2005, the tax benefits of owning...
13). Appealing your property taxes for apartment/commercial owners By : Patrick OConnor, MAI
Property taxes are one of the largest line item costs incurred by apartment owners. However, many owners do not appeal effectively. Even though owners realize that property taxes can be managed and reduced through an appeal, some view taxes as an arbitrary estimate provided by the government which can't effectively be appealed. It tends to boil dow...
14). Automobile Tax Expenses By : Richard A. Chapo
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...
15). Should You Pay Taxes Or Not? By : J Shipper
The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for this, the government doubled the rates of its major source of revenue, customs duties on imports, which obstructed trade and ended up yielding less reven...
16). Using Mortgage Interest as an Itemized Deduction By : K Hoyng
What is mortgage interest? It is any interest you pay on a secured loan when you bought your first or second home. The loans include the mortgage to buy your home, a second mortgage, a line of credit or a home equity loan. The loan must be secured debt or it will be considered a personal loan and the interest is not deductible.
For th...
17). Inheritance taxes explained By : Jakob Jelling
Reduce inheritance taxes by giving gifts!
The inheritance tax is the same thing as the estate tax in the United States, but with a different name depending on the country that you are talking about. The inheritance tax is a tax that is supposed to be levied on the richest people after they die, especially if they have a considerably la...
18). Section 179 – Tax Relief From Depreciation Rules By : Richard A. Chapo
“Depreciation.” For business owners, this word is the one most likely to inspire headaches and fits of cussing. The expanded provisions of Section 179 are just the medicine you need to cure the depreciation blues.
Depreciation
Traditionally, if your business property had a life of more than one year, the cost had to be ded...
19). Failure To Pay Employment Taxes – Penalties By : Richard A. Chapo
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...
20). Accounting Methods – Cash and Accrual By : Richard A. Chapo
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...
21). The Role Of A Tax Collector By : Michael Sneed
The County Tax Collector is as independent government agency and is elected for a four-year term in the Presidential election year. It is essential that a County Tax Collector is independent to ensure that it can serve the taxpayers, local businesses and local and state agencies correctly.
The duties of a County Tax Collector are:
22). Marriage and Taxes By : Richard A. Chapo
Getting married is the greatest day for 50 percent of couples. The other 50 percent get divorced. Perhaps the marriage tax penalty has something to do with it.
Family Values – Hardly
For all the chatter from politicians about family values, it is ironic that the tax code actually penalizes people for getting married. At i...
23). Understanding Marketing Tax Deductions By : Richard A. Chapo
Marketing is a necessary expense in running practically any business and the IRS acknowledges as much. You may run advertisements on or in the Internet, radio, television, magazines, newspapers and other media to sell your products or services. You should be deducting all of the associated costs on your tax returns.
Ordinary Marketing ...
24). Tax Haven Raises 2006 Entry Price By : Roger Munns
While Monaco is a well known European tax haven, Andorra has remained little known outside of the financial community - despite enjoying the same tax advantages and arguably more private banking than her better known rival.
In contrast to the similar financial benefits both Monaco and Andorra residents enjoy, the two small countries ha...
25). Tax Magic: How To Turn Taxable Income Into Tax-Free Income By : Wayne M. Davies
Believe it or not, there are ways to convert taxable income into non-taxable income, without any fear of an IRS audit.
Here's one of my favorites. It's been part of our tax code for over 30 years, yet many still don't take advantage of it.
What am I talking about?
The IRA -- Individual Retirement Account.
26). Determining Your Tax Status By : Ken Snowie
Knowing how to determine your tax status, and knowing the difference between each group will help to make filing your income tax return go smoother. Here we will discuss the ways in which you determine which status to file under.
There are five classifications from which you choose to file: single, married filing jointly, married filin...
27). Professional Tax Preparation Requires The Right Professional For Your Specific Needs By : David Campbell
Preparing taxes is one of the least enjoyable tasks a person faces each year. While many single or multiple income households feel that they can prepare their taxes on their own each tax season, it is a good idea to think about taking advantage of professional tax preparation services. In fact, if you’ve ever found yourself wondering if you could t...
28). 1031 Exchange Escaping the Certainty of Taxes By : Dave Carter
‘In this world’, said the great Benjamin Franklin, ‘nothing is certain but death and taxes’. While modern medicine continues to work on a cure for mortality, 1031 exchanges offer a valuable mechanism against the foibles of the taxman. Allowing the exchange of one property for another, this property market trend can help you hold on to money that mi...
29). Adult ADD And Taxes By : John MacKenzie
I know you still have about three months until you have to file your U.S. tax forms, but now is a good time to think about taxes. Many adults with ADD would rather scrub the floor with a toothbrush then work on preparing their taxes. Here are some tips to help make taxes less taxing: (pardon the pun)
1. Set up a folder ( green, black, or red...
30). Your Well Being And Taxes By : J Shipper
Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent themselves. They hire sub-par representation and now are in MORE need of help than ever before.
These are the kind of services a...
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