 Category :: Taxes Articles |
Author :: Richard A. Chapo  |
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| Article Title :: Automobile Tax Expenses |
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| 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 the traditional write-offs has always been the expenses associated with using a vehicle for business purposes.
The simplest automobile tax expense situation is one in which a vehicle is used entirely for business. For example, if you have a van used for a delivery service and nothing personal, all expenses associated with the van can be (read full article) |
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| Category :: Taxes Articles |
Author :: Richard A. Chapo |
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| Article Title :: Home Office Tax Expenses |
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| Self-employed individuals often work out of their own home. If this is the case with you, hereÂ’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 the little guys pursuing the American Dream from the extra bedroom. Fortunately, the tax code contains deductions tailored to help cut your tax bill.
When claiming home office tax expenses, it is important to keep a receipt for each and every amount you are claiming. When dealing with the IRS, receipts are your ammo. Keep them at a (read full article) |
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| Category :: Taxes Articles |
Author :: Richard A. Chapo |
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| Article Title :: Innocent Spouses - Relief from Taxes |
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| Historically, tax issues arising from bad marriages fell into the category of “better or worse” for marriages. The IRS granted no innocent spouse tax relief, but has changed its views.
Tax Relief
When a marriage has problems, finances are almost always one of the elements that contribute to the strife. This can be particularly true where spouses file a joint tax return, which the both sign as tax payers. If the information provided on the tax return is false or inaccurate, the IRS has historically viewed both spouses as liable for the resulting assessments. If the relevant taxes were not paid, the IRS would also look to both spouses to pay the delinquent amo (read full article) |
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| Category :: Taxes Articles |
Author :: Richard A. Chapo |
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| Article Title :: Self-Employed Tax Strategies |
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| Self-employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are tax strategies for self-employed individuals that reduce those tax amounts.
Tax Strategies
The good news is being self-employed is one of the best tax strategies out there. Unlike a salaried employee, the full scope of tax credits and deductions available in the tax code are now available to you. The key, of course, is understanding the available deductions and organizing your business in a manner that allows you to maximize the write-offs.
The number one tax strategy for self-employed individuals is to keep receipts for every business expense and wr (read full article) |
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| Category :: Taxes Articles |
Author :: LeeAnna |
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| Article Title :: Income Tax Help |
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| There are many websites on the Internet today that gives much needed income tax help for those who have no idea of what's going on during tax time. Income tax is a tax paid on income, unfortunately no matter how little it is. It's paid by employees and people who are self-employed and may also be payable if you are not working but you have an income, such as a retirement pension or an occupational pension. Not all types of income are taxable and it will seldom be the case that all of your income is taxed. There is no minimum age at which a person becomes liable to pay income tax. What matters is your income. If this is below a certain level, no tax is payable. There is actually no single def (read full article) |
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| Category :: Taxes Articles |
Author :: Wayne M. Davies |
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| Article Title :: How To Avoid Double Taxation Of Your Small Business Profits |
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| Have you been thinking about incorporating your small business or self-employment activity? The advantages are many!
For starters, you'll be protecting yourself and your family from the possibility of a business ending lawsuit. Forming a corporation is Step One on the path known as "Asset Protection" -- you are moving from the world of unlimited liability to the world of limited liability.
(NOTE: For further insight into the legal advantages of incorporating, check out the article: "It Can Happen To You: Why Any Sole Proprietorship Is A Risky Business" at http://www.YouSaveOnTaxes.com/happen-to-you.html)
From a tax standpoint, there are both advantages (read full article) |
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| Category :: Taxes Articles |
Author :: Richard A. Chapo |
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| Article Title :: Accounting Methods – Cash and Accrual |
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| 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 when payment is actually received or made. This is best shown with an example.
I open a small business and have to order business cards and stationary. I receive the products and pay the invoice on November 18, 2005. Under the cash method, I can deduct the cost on my 2005 tax return.
Some businesses are restricted from us (read full article) |
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| Category :: Taxes Articles |
Author :: Richard A. Chapo |
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| Article Title :: Are You Overpaying Taxes If You Use Tax Preparation Software? |
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| 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 range of businesses that exist in the United States. Now cut that number down to those that can be categorized as “Internet businesses”. If you were asked to write a business plan to provide web design services to each of these services, how long would it be? It would be huge and completely useless because each business would h (read full article) |
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| Category :: Taxes Articles |
Author :: Richard A. Chapo |
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| Article Title :: Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000 |
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| 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 of the Treasury Inspector General is to study and report the efficiency of the tax payment system, particularly the accuracy of tax collection efforts. Many of the studies conducted by the office reveal starting results, particularly when it comes to businesses overpaying their taxes.
As part of this oversight, the Treasury Inspecto (read full article) |
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| Category :: Taxes Articles |
Author :: Richard A. Chapo |
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| Article Title :: Correspondence From The IRS – Yikes! |
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| ItÂ’s a moment every person dreads. You pick up the mail and there is an envelope from the IRS. ItÂ’s not a refund check. What do you do?
DonÂ’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 information. These audits normally cover a very specific issue, often notifying you of additional small amounts of income for which you owe tax. Each letter and notice provides specific instructions explaining what you should do if action is necessary to satisfy the inquiry.
Most correspondence can be handled without call (read full article) |
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