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 to the increase of that total.

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 concerns would be very much different from a doctor’s, so what you’ll look for is an accountant with both knowledge and experience in your field.

Where To File Federal Tax Returns

Every American that earns more than a specified amount of money are required to file tax returns by law. All taxpayers must file a tax return each year with the IRS, the United States government agency that handles federal taxes. They may be required to file federal tax returns with the state tax agencies too. The United States tax system is based on the principle of self-assessment.

Home Business Tax Savings-Business Travel

If you have a home business that requires you to travel, either by plane, car, or train, then you have additional tax deductions you may qualify for. This includes but is not limited to the cost of airfare, meals, dry-cleaning, and hotel/motel expenses. This article will cover the rules and requirements so you can claim these deductions on your 2006 tax return.

Attention All You S Corporation Owners

S corporations are on the rise and the Internal Revenue Service wants to check the accuracy of income tax filings for these entities. If you own a Subchapter S corporation or are thinking of changing to one, or creating one, make sure you know the rules and are in compliance. If you are not in compliance, begin taking steps to protect your interest.

Understanding Import VAT-Understanding The Tax On Importing

When you import something into the UK or the EU, the European Union requires that you pay a tax for importing the goods. However the process can sometimes be a bit complex, the following article explains the ins and outs of importing and international VAT.

Seniors Receive Service From Volunteer Tax Preparers

Qualifying Seniors age 60 and over may receive face-to-face tax return preparation at no cost from IRS-certified volunteers. The IRS estimates that as many as half the older people who do their own tax returns overpay, because they are not aware of credits and exclusions to which they are entitled. They do not get the overpayment back if there is nothing on their return to indicate they are entitled to some credit.

Preparing 1099-MISC Forms

The 1099 tax designation refers to what are known as information returns. The IRS collects them to track revenues paid to individuals. Here is how you fill out the form.

Free Tax Help From the IRS

We are from the government and we are here to help you. Most people would run screaming at this point. In this case, it is good news. The IRS is offer free tax help

Filing Your Tax Return

Filing you tax return can be a task made easier if the right tools are used. Get started early and take the pressure off!

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 taxed at the parent's rate. To earn $1,700 of income, the invested principal would have to be at least $21,250, assuming an 8 percent annual yield. The first $850.00 of a child's investment earnings will remain tax-free, whereas, the next $850.00 is taxed at the child's rate, which is 10% for interest income and 5% for qualified dividends, and long-term capital gains. The parent's rate can go as high as 35%.

Taxes and Selling Your Home

When it comes to selling your home, you want to make a profit. Many homeowners don't fully understand the tax implications of selling a home. It is important to know when profit turns into taxable income.

Telephone Excise Tax Refund Offered to Taxpayers in 2006

A one-time only refund is being offered on federal tax returns this year for anyone who has had any kind of phone service since March 1, 2003. The Telephone Excise Tax refund reimburses taxpayers on a tax paid for long distance telephone use, whether they used a land line or a cell phone.

Here's a Resolution for '07: No More Tax Problems

Erase tax worries in 2007. IRS is cracking down on individuals who owe money to taxes. Penalties can be severe and can include years of jail time. High income individuals with a large tax debt or who have evaded taxes should be especially worried. IRS offers leniency to those who come forward. Contact a tax professional to start the New Year off right.

Using Real Estate Notes and Installment Sales to Legally Lower Taxes

See how Mary and Joe legally deferred taxes in excess of $500,000 from the sale of their primary home.