Money The Government Wants Your Tax Client To Have

Earned Income Tax Credit or EITC as the Internal Revenue calls it is a special tax credit the U.S. government has provided for low income and moderate income individuals. Another way of putting it is, it's money the government is giving your low-income wage earner tax clients, as a bonus for working hard for a low wage.

Six Month Extension to File Form 1040 Now Available

The IRS now allows an automatic extension of six months to file Form 1040. A taxpayer applies for the extension on Form 4868. In prior years, the extension was for four months, but a taxyer could apply for an additional two months extension by showing good cause. Obtaining an extension can reduce the possibility of being assessed the penalty for failure to file a timely return. An extension also allows the taxpayer more time to make many tax elections.

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.

Start-up Costs - How to Deduct Them

A new business incurs start-up costs before beginning the active conduct of a business. How may a business owner deduct start-up costs? The rules changed for start-up costs paid or incurred after October 22, 2004, as a result of the American Jobs Creation Act of 2004. This article explains these rules.

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.

Obligated Tax

It does not take a genius to understand that sharing the burden equally does not mean we divide up the national debt evenly and each pay one share. Sharing the burden equally means we all carry that portion of the total burden we are capable of carrying (paying).

7 Ways To Organize Yourself For Taxes

Don't let your accountant organize your receipts for taxes. You and only you are responsible to the IRS if your receipts are not categorized correctly. Take your time, lay out your reciepts, and place them in the category you think they belong in. Attach each category to a sheet, list the category at the top of the sheet, list each item on each sheet and why it is deductible.

It's Tax Time! Do You Work at Home on the Computer? Use Your Home Office As a Deduction

If you work at home on the computer with a home based business you should be writing some deductions off your taxes! This article can help you find proper direction and offers tips to do this properly.

A Simple Introduction To Filing Electronic Taxes

Our current topic of discussion, is electronic tax filing, it makes use of the digital nervous system of the tax department, and in simple terms, it is the World Wide Web’s way of filing your tax returns.

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.

The IRS Solution If You Cannot Pay Your Taxes

The Internal Revenue Service wants you to pay taxes on time. That being said, it understands this is not always possible and has created a program for such situations.

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.

How to Make Your Child's College Savings or Wedding Expenses Tax Deductible!

The author describes a little known but legal way the average family can make ordinary regular family expenditures tax deductible and save thousands of dollars on their taxes each and every year!

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.

Getting It Right: Taxation and Economic Growth

The article explains which tax policies will lead to sustained business growth and which are just plain old smoking blowing (business as usual). Why is this important--because a slow growing economy will negatively impact both the top and bottom lines of your business. It is best to know which set of policies will work.