The IRS is not only concerned with abusive tax avoidance and tax fraud schemes that are prevalent within the country but also those that occur offshore. It appears there is an increasing number of offshore tax avoidance schemes that are being perpetrated with the intention of avoiding taxation on income that should be taxed by ... Read More
Tax Tips
2010 Year End Business Tax Planning: Ways to Pay Less
As a business owner, you're probably looking for ways to reduce your tax obligations. With only a couple weeks left in the 2010 tax season there are a number of legal methods you can use to reduce your 2010 taxes that you will owe. The end of the year is the perfect time to review or create a business budget. It doesn't matter ... Read More
Tax Scam: Abuse of the Home Based Business
Small business owners who operate exclusively from their homes should be on the lookout for tax schemes aimed at home businesses. It is important to understand how to properly file your taxes and which deductions can be claimed to lower your tax liability. The IRS is aware that tax schemes abound and often times innocent filers ... Read More
Don’t Forget to Take Advantage of the American Opportunity Tax Credit
While many Americans remain unemployed, the federal government has extended further relief in the form of the Unemployment Compensation Extension Act Of 2010. The bill has extended unemployment benefits to November 30, 2010. For many, it is a life preserver the current economic storm. Yet, there is another piece of legislation ... Read More
Tax Scam: Abuse of Charitable Deductions
Paying taxes is something that every American wish they did not have to do. For as long as taxes have existed taxpayers have been trying to find ways to owe less money to the government. Some taxpayers just fail to pay taxes while others may try to cut corners to minimize the amount that they will owe. Others will just engage in ... Read More
Ever Hear of the Inflation Tax – Your Taxes Could be Raised Indirectly
There is little doubt that we are a country in trouble, despite the fact that the government may try to convince us otherwise. American consumers are finally waking up and realizing that we must pay closer attention to what is happening in our country. After seeing retirement and savings accounts almost wiped out in recent years ... Read More
Commonly Asked Questions and Answers about the Federal Gift Tax
If you thought the IRS rules and regulations in general were complex and hard to follow, there is one particular IRS subject that a good majority of people just do not easily understand. It concerns the laws dealing with Estates and Gift Taxes. We’ll take a look at some of the most common questions people have concerning this ... Read More
The 10 Best State Business Tax Climates by the Tax Foundation
About four times a year, the Tax Foundation publishes a paper to explore an economic issue explored by economists and scholars. The foundation is a nonprofit organization for public education and has been in existence since 1937. The 2010 version of the State Business Tax Climate Index has been released to help lawmakers, ... Read More
Basic Guide for Taxes on Vacation Homes
Having a vacation home is an expense few families can afford. Understand the various tax breaks and possibility of making your vacation home pay for itself by renting it out to vacationers when you're not using it yourself, and the door of owning a vacation home is suddenly opened for a much larger population. Here's what you ... Read More
September Tax Review: Factors to Look at to Maximize Deductions
Here we are, more than half way through the year (where does the time go?!) and the time has come for a September tax checkup. If you're like most people, you've put last year's tax filing behind you by now, and the last thing you want to do is bring up bad memories by looking at the current year's tax situation! The thing is, ... Read More
Be Cognizant of the Hobby Loss Rule in this Economy
Since the recession began, a number of new businesses started to supplement or substitute incomes during situations of job loss. It is important for these small businesses and their owners to be cognizant of the hobby loss rule instituted by the IRS. Business or Pleasure? The hobby loss rule relates to business expenses used ... Read More
Guide to Keeping Financial Documents for Tax Purposes
Part of being a diligent taxpayer includes keeping proper documentation. One rule to good organization is keeping up with your tax related documents as soon as you are done with them. There are some documents that need to be kept for years and other that can be tossed away as soon as you have finished using them. Acting ... Read More
