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Like most bureaucratic organizations in the world today whose function involves a large amount of paperwork, the Internal Revenue Service (IRS) is now actively encouraging people to file their annual income tax returns electronically. This makes the annual filing faster and easier, ensures that the return is received on time and means it can be processed sooner, resulting in faster … more
in Tax Deductions
Tags: small business deductions
As most small business owners already know, tax planning plays a big role in maximizing profit and minimizing expenses, and tax deductions are a big part of this. The American tax system is designed for more than merely collecting revenue, but is specifically designed to encourage behavior that the government feels is beneficial to society and the state. Among the … more
in Tax Information
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Although many people consider the April 15 deadline for filing their personal tax return as non-negotiable, in reality getting an extension is an easy and painless process that is available to all American taxpayers. Almost anyone is allowed to file a Form 4868, which will grant them a four to six month extension of their tax filing deadline. However, it … more
in Tax Deductions
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Generally speaking, the Internal Revenue Service (IRS) does allow tax payers to deduct the costs associated with their tax preparation as a miscellaneous deduction on Schedule A (Itemized Deductions) of the form 1040. However, as is the case with most things related to tax deductions, this deduction does have specific limitations and restrictions. Further, there are new changes that have … more
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Prior to 2008, the real estate market was essentially the prime driver of the United States economy after consumer spending. The housing bubble began to burst in 2008 and the subsequent collapse of the housing market continues to be a major problem into 2010 and is project to remain so through 2011 at the earliest. As a consequence, the United … more
in Tax Information
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When most people think of likely errors on their tax returns, the first thing that comes to mind is mathematical errors; incorrectly calculating or reporting the various amounts asked for on the return. Although it is true that mathematical errors are common, they have been declining as more and more people use some form of tax software to fill out … more
in Tax Information
Tags: filing taxes
Most American tax payers know that their annual income tax return is due on April 15 each year. Every year this date is marked by traffic disruptions and lengthy lines at the post office as people filing at the very last minute try to get their tax returns postmarked by the deadline. These disruptions have decreased some in recent years … more
in Tax Deductions
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It should come as no surprise to anyone familiar with the American tax system that it can be a rather complicated matter to determine whether or not your child in college can be claimed as a dependent for purposes of your annual tax return. There are a series of factors that have to be taken into account to make this … more
in Tax Deductions
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On January 12, 2010, Haiti – already the poorest and least developed country in the Western Hemisphere – was hit by a massive 7.0 Mw earthquake. This resulted in one of the largest humanitarian disasters in recent history, with more than 225,000 people being killed, 300,000 be injured and more than a million people being left … more
in Tax Deductions
Tags: Tax Deductions
The rise of the Internet has resulted in a boom of home businesses, usually based on some sort of Internet related activity. At the same time there has been a proliferation of outfits promoting what the Internal Revenue Service (IRS) defines as “abusive home-based business tax schemes” or schemes that sell the notion that by claiming a home-based business you … more