Pros and Cons for Small Businesses that Use Home Office Deduction
Having a computer and other office supplies in your office isn't the only way you can gain full benefits of the deduction to use your home for business. The space you use in your home to manufacture goods or to store inventory can also be deducted. ... [February 03, 2007 01:09:34 pm]

The Connection Between High Taxes and Low Rates of Entrepreneurship
In a study commissioned by the Small Business Administration, Donald Bruce (University of Tennessee) and John Deskins (Creighton University), found that higher top tax rates on individual income, higher sales tax rates and the existence of state-leve... [January 27, 2007 02:26:04 pm]

Refund Loans Can Affect Tax Refunds
According to Consumer Federal of America and the National Consumer Law Center, recent data has shown that in 2004 refund anticipation loans cost 12 million taxpayers $1 billion in loan fees, with pay stub loans most likely making a big contribution t... [January 27, 2007 02:06:16 pm]

What To Look for When Selecting a CPA
Choosing a good accountant who can satisfy your needs is not easy, but it can be done. You can start by looking for referrals from other business-people who are in the same profession as you. For example, if you own a small retail store, your tax con... [January 27, 2007 02:04:13 pm]

New Tax Rules for the Poor
According to the Census Bureau, the number of tax-filers that earn less than $15,000 in 1980 dropped from $33,400 to $15,300 ten years later. Statistics confirm that in the year 2000 there was $11,900 tax-filers category... [January 22, 2007 08:47:43 pm]

What You Should Know About Kiddie Tax
The new kiddie tax change, which was approved by congress, is good only until a child turns 18, as apposed to the old law where it was done away with on the child's 14th birthday. For 2006 and 2007, a child's investment income that exceeds $1,700 is ... [January 13, 2007 02:54:41 pm]

Pay-stub Loans Prove to be Risky Business for You
Called "pay-stub' loans, the way this works is that consumers can get an early refund based on their last paycheck. Mind you, there is a disparity between the traditional refund anticipation loans and the pay-stub loans, in that the traditional loans... [January 13, 2007 02:13:40 pm]

Useful Tips on Selecting a Tax Return Preparer
According to the IRS, only attorneys, CPAs and enrolled agents can represent taxpayers before the IRS in all matters including audits, collection actions and appeals. While other return preparers are limited to representing taxpayers only in audits r... [January 13, 2007 02:12:14 pm]

IRS Data Shows the Growth of the Tax Code
For instance, if tax returns with adjusted gross income (AGI) between $200,000 and $5000.00 account for 9.97 percent of personal income, then they would pay 9.97 percent of the taxes. But if tax returns with AGI between $40,000 and $50,000 account fo... [January 13, 2007 02:11:49 pm]

This Year Early Filers are Not Guaranteed Early Tax Refund
Even though it's only a small percentage, those people who file for state and local sales tax deductions, higher education tuition and fees deductions, and the $250 educator expense deductions are most affected, said the IRS.... [January 07, 2007 04:12:10 pm]

2007 Brings Tax Relief for N.Y. Residents
As of January 1, 2007, New York residents have been benefiting from a decrease in hospital bills, an end to the "marriage penalty" tax, health insurance equality for the mentally ill, and an increase in minimum wage, which has risen from $6.75 to $7.... [January 07, 2007 11:58:53 am]

Take Advantage of 2007 Tax Provisions
If you are 70 ½ or older, you can take advantage of a tax break that allows you to transfer as much as $100,000 from your IRA to a certified charity without being taxed. This transfer will count toward your required minimum distribution... [January 05, 2007 10:52:13 am]

IRS Suggests Ways to Kick-start Your Tax Return
Review important numbers such as Social Security numbers of your children or dependent. According to the IRS, errors on Social Security numbers are among the most common errors found on tax return. Getting your numbers right the first time around wil... [January 05, 2007 10:27:10 am]

To File Or Not To File: That Is The Question
Conversely, Individual taxpayers whose income exceeds $400 are required to file taxes. In the case of the individual having a little side job (for instance, a lawn mowing job) the individual should fill a Schedule C.... [January 05, 2007 10:25:30 am]

Tax on Imported Ethanol Extended Through 2009
This tax provision was prefixed to expire in October 0f 2007 but will continue in effect until January 2009; thanks to the effort of Senator John Thune (South Dakota) and others. The provision included the continuing of the 54-cent per gallon tax on ... [January 03, 2007 03:09:13 pm]

Irs Tips On Avoiding Mistakes When Doing Your Taxes
Another common problem relates to IRS rules concerning estates. Under IRS rules, if 35 percent or more of a decedent's estate value is tied up in business ventures, its beneficiaries would no longer have to worry about paying it all at once, but inst... [January 03, 2007 03:08:23 pm]

Retirees To Benefit From Tax Provision
That's wonderful news for retirees living in Florida as well as other income-tax-free states like South Dakota, with high percentages of people, 65 and older. It is definitely to the advantage of those residents in other lower-tax-states to look into... [January 03, 2007 03:06:13 pm]

U.S. Government New Website to Help Small Businesses
An essential feature of the website is a unique vertical search engine, which is able to locate, organize and retrieve compliance assistance information that's published on Federal agency websites. Businesses may search for compliance assistance info... [January 03, 2007 01:25:56 pm]

How To Pay Less Tax For Your Home
There are several homeowners' expenses that can be deducted by using Schedule A. The largest is mortgage interest payment unless the loan exceeds $1 million. In addition, IRS guidelines allow interest payments for home equity loans (HEL) or home equi... [January 03, 2007 10:32:37 am]

New Year Tax Cut for Alabama Poor
For most taxpayers the dependent exemption will increase from $300 to $1000 and the standard deduction for couples will increase two folds to $7,500. For those taxpayers with adjusted gross income (AGI) of $30,000 or more the standard deduction will ... [January 02, 2007 10:12:42 am]

Bill That Provides Tax Relief Signed By The President
Another one-year benefit for 2007 will allow military personnel to use combat pay (which is tax free) in the calculation that determines earned income. This will allow some personnel to qualify for the Earned Income Tax Credit, and others to increase... [December 29, 2006 09:07:15 am]

IRS Has New Rules for Charity Deductions
A good rule would be to deduct the fair market value (value of the item in your local thrift store) of the item. If, for instance, you bought a pair of shoes for $40 dollars, you would have to deduct less than $40 if you used them, irrespective of th... [December 29, 2006 08:54:09 am]

Last Few Days to Review Your Taxes
Taxpayers have nine more days in the year to make last minutes adjustment, to accelerate deductions and defer income and to rake in a handsome tax return. The charity contributions that taxpayers intend to make in January or anytime early in 2007 sho... [December 28, 2006 07:58:12 am]

Take Time to Trim a Few Bucks of Your Taxes
Donate to 529 plan: If you have opened a 529 plan and are married, you can deduct up to $10,000. If you are a student, you can deduct up to $5,000...... [December 28, 2006 07:57:24 am]

IRS Is Focusing on Schedule C Filers
Small business owners have a host of options that they can select in minimizing their tax liability and increasing their tax return. They can purchase office equipment and supplies, computer, and other business expenses before the end of the year. It... [December 28, 2006 07:56:07 am]

Alabama Smokey Taxes
In fact, cigarette tax is amazingly the state third largest source of income on its general budget, surpassing even property taxes which rank fifth. It is expected that the state will collect approximately $182 million in cigarette taxes this year. I... [December 28, 2006 07:55:40 am]

Farmers Tax Guide - IRS Publication 225
There are over 10 millions Americans who file farm tax returns or Schedule F. IRS publication 225 explains federal tax laws related to farming and how farmers and their tax preparers can figure out taxes and how to file a farming tax return. The upda... [December 28, 2006 07:55:11 am]

Tax Year 2006 Tax Law Changes for Individuals
The amount for each personal exemption has increased from $3,200 in 2005 to $3,300 in 2006. One caveat: exemption amount are reduced as your adjusted gross income reaches beyond a certain amount. The amount at which the phase-out begins depends on yo... [December 28, 2006 07:50:03 am]

New IRS Guidelines for Tax Filers in 2007
The 2007 tax season will begin as planned. However, due to the recent changes the IRS will not be able to process tax returns of tax filers who will be claiming (1) state and local sales tax deductions, (2) higher education tuition and fees deduction... [December 28, 2006 07:49:13 am]

9 Ways To Cut Your Taxes And Increase Your Returns Before Year Ends
Don't miss a new tax form line to claim a rebate of up to $60 in telephone excise tax following the Treasury Department's concession that it erroneously collected a 3 percent levy on long distance calls.... [December 23, 2006 11:49:09 am]

Tax Saving Tips for Small Business Owners for 2007 Tax Season
It is prudent for small businesses to spend money before the end of 2006 on supplies, equipment and other business expenses they intended to purchase in the first half of 2007. A new computer supplies, machinery, employee bonus packages if spend befo... [December 22, 2006 01:48:14 pm]

Home Owners Insurance Tax Deduction up to $500
The Mortgage Insurance Companies of America, a trade group for private mortgage insurers, estimates that the tax deduction will save homeowners approximately $300 to $500 a year on taxes. There are some caveats, however:... [December 22, 2006 01:35:38 pm]