How To Reduce The Chance Of An Audit By Over 50 Percent

Looking for a way to significantly decrease the chance of an audit?

Small Business Tax Deductions - Top 5

With tax season just around the corner it is never too early to start thinking about available tax deductions. Which deductions can you claim this year? Find out more ...

Your Home and the IRS

How to calculate the cost basis of your home for tax return preparation.

Hybrid Vehicles and Tax Benefits

You have to love car dealers. With the passage of the Energy Policy Act of 2005, car dealers are screaming about the tax benefits of buying these vehicles. Here’s the scoop.

Tax Preparation and Electronic Tax Preparation Options

Just in time for tax season you will find yourself presented with this years editions of popular tax preparation programs that promise to make tax filing a breeze for the average person. Which one is right for you and what are some of the most popular electronic tax filing solutions? Read on as we discuss your tax preparation options and explore the popularity of electronic tax filing.

Your Tip Earnings and Taxes

If you work in a service where you get tips, guess what? The IRS expects you to report them and pay taxes on them.

Prepaid Tuition Costs Can Save Thousands of Dollars in Gift and Estate Taxes

With education costs soaring to all time highs, making tuition payments for grandchildren and others can save lots of money in gift and estate taxes down the road - even if the donor is not alive when the tuition money is actually used.

Minister's Housing Allowance

The housing allowance that a minister of the gospel receives as a part of the minister's compensation is not subject to income tax. May the minister deduct mortgage interest and real estate taxes on a home the minister owns for which the church provides a tax-free housing allowance? This article answers that question and explains the tax consequences of a minister's housing allowance.

The Advantages of Accountable Plans for Employee Business Expenses

What is the best way to handle business expenses incurred by employees? Should a business simply provide a fixed amount to each employee to spend according to the discretion of the employee with no requirement to substantiate the expense? This article shows the tax advantages of an accountable plan over a simple expense allowance.

Cyprus Buying Investment Property - How to handle CGT

Everyone knows about capital gains taxes these days and tips to reduce the tax paid are welcome. This article tells how you can reduce this to a minimum when you come to realise your property investment in Cyprus. But you will still have to pay UK CGT but the good news is that you can set off what you have paid in Cyprus. Finally the article tells you how to avoid paying Cyprus CGT all together.

Minimizing the Income Tax on the Receipt of Lump-Sum Social Security Benefits

Taxpayers who receive Social Security benefits in one lump sum might have to pay taxes on up to 85 percent of those benefits. This article explains to how minimize the income tax burden from the receipt of lump-sum Social Security benefits by making the proper election under Section 86(e) of the Internal Revenue Code.

Do You Know The Major Tax Return Mistakes To Avoid?

Tax season always brings out talk about 1040 EZ forms and W-2s, but most of us are in the dark about what to do with our tax returns even with the long set of directions the IRS puts in with the forms. There is always the option of paying someone else to take care of it, and for many people it is best option.

How To Find A Good Tax Accountant

A tax accountant has been trained as an accountant and is able to inspect, prepare, and maintain financial records for a business or individual. However a tax accountants main focus is on preparing and maintaining tax information.

IRS Won't Forgive Taxes Owed by eBay, Amazon 'Hobby' Sellers

Many part-time online sellers believe they aren't liable for paying federal income tax. But even if you have a full-time job where income is withheld for taxes, Uncle Sam still wants his cut from your part-time selling profits.

Top Tips For Saving Money On Your Tax Bill

Getting Ready To Submit Your Tax Return? Read these tips to save money before the tax year ends.