What Are The Advantages Of A Rental Property Tax Deduction?

So many advantages are available to those who are working as a landlord on rental property in the form of the rental property tax deduction. Rent, payment to cancel a lease, expenses paid by the renter and many other things can be part of the amounts you can claim under the tax deduction. Find out more...

Who Else Wants to Know What the IRS's CP 2000 Notice Is?

If you have received a CP2000 in the mail, the first thing to do is breath deep, not to worry, prepare a cup of tea or coffee, sit down and READ the CP-2000. This form looks very intimidating, however, once you actually read the pages you will understand exactly what must be done. But WAIT.

Are You Getting the Most Out of Your Home?

When you buy a home, you are also buying a lot of different tax breaks. Make sure that you are taking advantage of them.

U.S. Federal Income Tax: Self Employment & Paying Self Employment Tax

As a regular employee of a company, you are required by the Internal Revenue Service to have withheld from you earnings FICA (Federal Insurance Contributions Act) and Medicare taxes. FICA is also known as the Social Security tax. You pay these taxes into the government and they are used for retired, unemployed, and disabled Americans and their dependants in the form of Social Security payments and Medicare benefits. The Self Employment (SE) Tax is similar to these aforementioned taxes except that they are for self employed individuals and are imposed on self employed earnings. It allows those who are self employed to be eligible for these benefits later in life, just as an employee is.

IRS and California To Crackdown On Options Backdating Together

The IRS has joined with California's local stock options backdating task force to investigate alleged backdating of stock options iwth an intent to defraud.

Going Online- Why Accountants and CPAs Should Have Websites

Caught between easy online tax prep and large financial firms, accountants and CPAs might think the Internet has nothing to offer them. Not true, there are customers out there waiting to arrive at your door with a helpful nudge from a professional web presence.

Start a Home Business for Tax Purposes

If you use a part of your home for business, you may qualify to deduct costs related to your home office, including rent, heat, electric, telephone, insurance, utilities, maintenance, repairs and so-on.

Who Loves the Taxman?

The old saying goes, 'No one loves the taxman', but if I must pay taxes, the people at the Inland Revenue Authority of Singapore (IRAS) are the folks I'd rather pay them to. IRAS boasts one of the best programs I have seen for building an energized and dedicated service culture.

Congressional Democrats and Republicans Talk Taxes

The Democrats are pointing at the Republicans, and they are pointing back. Both sides of Congress took their turns portraying the other party of wanting to boost taxes for middle class American taxpayers.

Cut Your Taxes And Receive a Larger Refund - Start A Home Based Business

Did you know that nearly 50% of an employee’s income is paid to the government? Employees basically work to pay the government from January to mid May in the form of taxes. There is a legitimate way to cut your taxes and receive a refund check.

Tax Alternatives: The Negative Income Tax

Nothing gets people more riled up than a discussion of taxes, but what alternatives are there to the current system? The negative income tax is one such possibility.

Home Improvements Qualify For Tax Deductions

It is very important that home owners are aware that improvements to their homes will qualify for tax deductions. However, it is critical to understand what qualifies as an improvement, and what is simply considered a repair.

Understanding The Dreaded Income Tax

Every year in April, Americans are faced with an imposing deadline - tax day. Throughout the year, income is earned and then taxed. Depending on the way in which dependants are claimed and deductibles used, a person would then be entitled to money back come income tax time or they would have to pay taxes.

An Instant Pay Raise Can Help Your Spouse Stay Home With the Kids!

Over 70% of American families have two bread winners. But often the second breadwinner is not bringing home enough to make it worthwhile, particularly if the trade off is putting the children in day care. The author analyzes the typical two income family situation and proposes a solution that will allow many spouses to stay home and get paid by the IRS.

Congress May Crack Down on Homeowner Property Tax Write-Offs

If you've been writing off your property taxes on your federal income tax form every year, you may need to be more careful with your figures if the recommendations of a report are accepted and adopted into legislation by Congress. A congressional committee recently suggested that many homeowners have been deducting more property tax than they should from their taxes, which, according to the report, has been costing the government hundreds of millions of dollars every year.