Taxes

263 Articles total.
Cost Segregation give apartment owners tax relief

On Feb 25, 2020 0 104 52

Apartment owners can face staggering expenses to maintain apartment communities. The upkeep of even a modest community could involve groundskeeping, unit renovation, and replacements, such as parking lot asphalt and fencing...

How To Keep The IRS Off Your Back And Out Of Your Life In 2006

On Feb 25, 2020 0 104 52

Sorry to crash your party, but as we bring in the New Year, it's also time to bring in a New Tax Season. As a small business owner or self-employed person, one of the easiest ways to keep Uncle Sam off your back and out of your life is to file your forms, payments and other paperwork on time...

1099-MISC Forms For Independent Contractors for 2005

On Feb 25, 2020 0 104 52

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...

Tax Magic: How To Turn Taxable Income Into Tax-Free Income

On Feb 25, 2020 0 104 52

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...

Standard Mileage Deduction Rates – 2005 and 2006

On Feb 25, 2020 0 104 52

If you’re in business, you’re interested in the IRS mileage deduction rates. The 2005 rates fluctuated because of high gas prices and now the 2006 rates have been released. Standard Mileage Deduction – 2005 In a move not seen for some time, the IRS actually issued two different mileage deduction rates in 2005...

Tax Preparation and Electronic Tax Preparation Options

On Feb 25, 2020 0 104 52

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 the popularity of electronic tax filing...

Getting a Tax Credit for Your Kids

On Feb 25, 2020 0 104 52

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...

Time Requirements And Mechanics Of A Tax Exchange

On Feb 25, 2020 0 104 52

The Exchangor has a maximum of 180 days from the closing of the relinquished property or the due date of that year's tax return, whichever occurs first, to acquire the replacement property. This is called the Acquisition Period...

Will You Make The 39 Cent Mistake This Tax Season?

On Feb 25, 2020 0 104 52

When it comes to filing your tax return, spending 39 cents could be the biggest mistake you ever make. Millions of taxpayers make the mistake of putting their income tax return in a regular letter-sized envelope, sticking on a 39 cent stamp, and placing the envelope in the mailbox...



Deducting Points On Home Refinances

On Feb 25, 2020 0 104 52

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...

2006 List of Tax Scams Released by IRS

On Feb 25, 2020 0 104 52

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...

IRS Announces Tax Credits For Toyota Prius

On Feb 25, 2020 0 104 52

The Toyota Prius is the vehicle that started the entire hybrid vehicle craze. It continues to dominate the market and the IRS has announced the tax credits for this year. IRS Announces Tax Credits For Toyota Prius In an effort to promote energy efficiency, the federal government has instituted an energy program that provides financial rewards for energy efficient products...

Are You Overpaying Taxes If You Use Tax Preparation Software?

On Feb 25, 2020 0 104 52

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...

IRS Owes You Money If You Paid Long Distance Phone Taxes

On Feb 25, 2020 0 104 52

The IRS has decided to give up the fight on an ongoing legal issue regarding taxes it has collected on long distance telephone services. Here is the scoop. The IRS Owes You Money If You Have Paid Long Distance Phone Taxes Every one of us pays for some form of long distance telephone service...

Payroll Tax Penalties, When the IRS sends a Letter.

On Feb 25, 2020 0 104 52

“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...

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