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When you finally decide it is time to prepare your taxes, the first question is whether you should itemize your deductions or take the standard deduction provided by the IRS. Choices, Choices Tax deductions are a very simple part of a theoretically simple tax reporting system. If you’ve ever prepared your own taxes, you know … Read more
The end of year tax return must be the most stressful part of running your own business. It is even worse if you have earnings abroad and have to fill in tax returns from those countries as well. How can you make life easier? 1. Start an accounts system. This can be in a hardbck … Read more
According to federal laws governing taxation, any person, receiving an income in one form or the other, need to pay income taxes to the government annually. But, the job of preparing tax returns, the calculations and the many tax forms involved, constitute one of the harrowing experiences being an honest tax payer. To make matters … Read more
The IRS has issued a warning regarding a phishing email scam. The scam claims you are due a tax refund, but is really designed to obtain your personal information. Tax Refund Email Scam Phishing scams are designed to swindle you into providing private information that can be used to your detriment. This information typically includes … Read more
Many taxpayers are confused about how long they should keep tax records. The term “tax records” refers to your tax returns and the documents that support the information in the returns. These documents can include receipts, bank statements, 1099s, etc. If you are one of the unlucky few to be audited, these records will be … Read more
Like death, paying taxes is inevitable. In the case of most Americans, tax season is just around the corner. If only paying taxes was so easy. As you begin pulling out those receipts, the eraser and reading plain English tax instructions that Einstein couldn’t figure out, you’re going to need a good laugh. Here you … Read more
The medium is the message, it’s sometimes said. Think of Franklin D Roosevelt and his “fireside chats” to the nation. In a pre-TV era, the radio was the perfect medium to “have a conversation with the American people”. He could get his reassuring message right into folks’ homes, and become a part of the family. … Read more
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 … Read more
Another year has come and gone and what’s really changed? Are you sitting in roughly the same place you were last year at this time with respect to your taxeswondering what you could have done differently in your business to positively affect your year- end tax bill? All too often, when individuals and closely-held business … Read more
“Payroll Taxes are Due, with Penalties and Interest” At least that is what the letter from the IRS says. First thing, don’t panic. Quoting Daniel J. Pilla’s study for the Cato Institute “About 40 percent of the revenues the IRS collects through penalty assessments are abated when citizens challenge the penalties.” So we now know … Read more