Income Tax Returns

The tax levied on an individual's or corporation's income is known as income tax, which is a direct tax. Individuals are taxed on their total income, taking into account the standard deductions. Corporations or businesses are taxed on their net income, which is the difference between gross receipts and expenditure. Companies would have to pay corporate or corporation tax. Tax is charged on wages, business income and capital gains.

Tax Return Filing Preparations

With a little bit of planning, you could find filing tax returns to be a simple task. First of all, keep documents like your SSN, your spouse's SSN, and dependent's SSN in order. Get together medical expense records, charitable contribution records, accounting records of your business, wages and asset purchase records.

Real Estate Tax Deduction - Have Your Cake And Eat It Too

Owning a property can help you benefit from the real estate tax deduction. This tax deduction can actually be broken down in to several separate advantages. Find out more...

IRS Continues With Collection Plan

Within two weeks, the IRS will turn over data on 12,500 delinquent taxpayers to three collection agencies. The agencies will handles debts of $25,000 or less, with larger debts pursued by the IRS.

Why Is A Hybrid Car Tax Deduction Worthwhile?

Being environmentally conscience can be an advantage when it comes to saving you some money on your taxes with the fairly new hybrid car tax deduction. This is a new provision, since 2004, under the Working Families Tax Relief Act that allows for a hybrid automobile tax reduction. Find out more...

Charitable Donation Tax Deduction - How Can I Give And Get At The Same Time?

A charitable tax deduction seems like a pretty straightforward proposition. It can definitely lend itself to a pretty good size deduction if you carefully itemize your deductions. Find out more...

Hurricane-affected Businesses Receive IRS Filing Extension

The IRS has announced the availability of an additional postponement of filing and payment requirements to businesses in the Gulf Coast. The filing extension comes as part of the continuing effort to assist victims of Hurricane Katrina.

IRS Audits and the Percentages

For most Americans, the mere suggestion of an IRS audit is enough to require the changing of the pants. So, what percent chance do you have of an IRS audit?

IRS Fast Track Settlement Program For Businesses

The tax code is insanely complex. If you are a business having a dispute with the IRS, the fast track settlement program may present you with an option for resolving it quickly.

How Can I Qualify For A Mortgage Tax Deduction?

When buying a home there are many tax benefits you can take advantage of, including a mortgage tax deduction. Besides a real estate deduction, a mortgage tax deduction can be a great benefit. Find out more...

Grassley Pushes For Change To Executive Pay Tax Laws

Senate Finance Chairman Chuck Grassley said on Wednesday that he will continue to examine whether the tax policy that appears to encourage backdating needs to be changed.

What Does It Mean When IRS Assesses You for Certain Tax Years and Who Can Help You?

IRS is driven by Forms; the correct form filled out correctly will change your status with IRS within moments. Most competent Tax Practitioners know and understand this. Sometimes it is only a matter of providing additional information to IRS or amending the tax return

Expired Tax Cuts Get Another Chance

Senate Finance Committee Chairman Chuck Grassley is urging fellow Senators to quickly pass a series of expired tax cuts. Grassley says that without the legislation, taxpayers will face confusion and compliance problems.

Prepare Your Taxes Online and Get Your Refund Fast

Join the millions of people who have discovered how easy, online tax filing can be. The cost will be much less, your tax forms will get to the IRS with no hand-written errors, and you will get your tax refund in as little as 10 days.

Retention of Tax Records - Keep or Toss

The importance of safely retaining financial records. If you have ever applied for a loan or been through a tax examination, you also know the need to have adequate records. But what are adequate records and how long do you need to keep them?