Using IRS Form 8829 to Deduct Expenses for Business Use of Your Home

Form 8829 is used to claim the allowable expenses that you can deduct for business use of your home on your federal tax return. To deduct expenses for the part of your home used for business, it must be used exclusively and regularly or it must be your principal place of business.

IRS E-Filing; Is It Helping Our Government Collect Taxes?

It got off to a rather rocky start, but it is alive and well today and each year more and more Americans are filing their taxes this way and it is saving our government money in administrative costs and making it easier for Americans to file the taxes...

IRS Advice on Business Use of Your Home

Many small business owners use a portion of their home as a business office. In order to deduct the part of your home used for business, the IRS requires that you meet specific requirements. To qualify to claim expenses for the business use of your home you must meet the exclusive use test and the regular use test.

1.7 Million Americans Forfeit $2 Billion to Uncle Sam on April 17th

People owed refunds on their 2002 taxes had until April 17, 2006 to file for that tax year and claim their refund. If they did not file the $2 Billion will be forfeited to the government.

Social Security Voluntary Tax Withholding

If you receive Social Security benefits did you know that you can have income tax voluntarily withheld from your check? By signing up for Voluntary Tax withholding it could make next year's tax liability easier to swallow. Here is how it works.

Your Business and Your Estate - Succession Planning

Things don't always turn out fairly when the business owner leaves the family business to the next generation.

Your Mutual Fund and Tax Consequences

If you own a mutual fund as a regular savings account, you may be subject to paying taxes on your mutual fund. If you had a substantial income or capital gain distribution, you may have substantial taxes.

Tips For Preparing Your Taxes from the Internet

When it comes to preparing our taxes, many of us could use some help. The following websites offer guidance and information that may assist you in learning about how to get the most out of filing your returns.

What is a 1031 Exchange?

1031 Tax Exchange from the IRS will allow you to save a lot of money, but how? What is it exactly?

IRS Wants to Know About Fake Emails Using IRS Name

Obviously, you use the Internet or you wouldn’t be reading this article. Since you use the web, you know about phishing scams or should. Some scams are now using fake IRS identification.

Second Homes - Tax Benefits and Potential Tax Pitfalls

Many people are buying a second home to use for vacations or to acquire a home to be used in retirement. Some provisions of the tax law treat a second home the same way as a primary home. However, other tax provisions applicable to a second home differ from the tax rules that apply to a principal residence. This article explains the tax benefits and potential tax pitfalls in owning a second home.

Giving To Charities - Tax Deductions and Such

The tax code in the United States contains many provisions to promote certain behavior. One area of behavior is the promotion of giving to qualified charities.

Taxation of the Sale of Your Home

Most home sellers are very excited on closing day. They anticipate seeing a very large check, usually the largest check they will see for any type of possession or investment they have sold. But, come the following April 15th, they should be asking their accountant whether there are any taxes that must be paid on the profit.

Stupidest Tax Mistakes To Avoid This Time Around

As the season to fill tax returns and forms approaches people get confused and nervy. The IRS dons the role of a huge brooding monster that is all set to devour you. Unfortunately most of us keep postponing filing of papers and putting our affairs in order until the very last minute and then confusion and stress reign supreme.

IRS Won't Forgive Taxes Owed by eBay, Amazon 'Hobby' Sellers

Many part-time online sellers believe they aren't liable for paying federal income tax. But even if you have a full-time job where income is withheld for taxes, Uncle Sam still wants his cut from your part-time selling profits.