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Posts tagged Income tax

5 Easy Tips to Lower Your Tax Burden

5 Easy Tips to Lower Your Tax Burden
Tweet As and when the deadline for filing your taxes comes, you become more and more anxious about the income that you owe to IRS (Internal Revenue Service). Whether you own a business, do a nine to five corporate job or you are self employed, paying tax is a crucial task that you must perform. But there are a number of ways, applying which y [...]

Grads – Filing for First the Ti...

Grads – Filing for First the Time
Tweet The subtle nuances of tax law have been nothing but confusing to the majority of taxpayers for years. It can be difficult to make sure you have applied for all the deductions and credits available while filing your taxes. The most definitive way to insure you have received all your possible deductions is to sit down with a tax professio [...]

Capital Gains, What you need to know

Capital Gains, What you need to know
Tweet Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the amount you paid for the asset and its sales price is a capital gain or [...]

Employee Relocation in a Suffering Ma...

Employee Relocation in a Suffering Market
Tweet Many companies are asking what to do about an employee’s home when he or she is moved to a new job location. With the real estate market in a downturn throughout much of the country, this is a tough and costly question. Typically, the employer wants to protect the employee against financial loss on a “forced” sale of [...]

Hiring Family Members For your Busine...

Hiring Family Members For your Business
Tweet Employing your Child – A reasonable salary paid to a child reduces the self-employment income and tax of the parents (business owners) by shifting income to the child. If the business is unincorporated and the wages are paid to a child under age 18, he or she will not be subject to FICA – Social Security and Hospital Insurance (aka Medi [...]

Do I have to File a Tax Return?

Do I have to File a Tax Return?
Tweet IRS Tax Tip 2010-17 Do I have to File a Tax Return?  You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. Check the Individuals section of IRS.gov or consult the instructions for Form 1040, 1040A, or 1040EZ for specific details that may [...]

IRS on Publication 17

IRS on Publication 17
Tweet Five Facts about IRS Publication 17  While the Internal Revenue Service provides publications about a wide range of topics, there is one publication every taxpayer should have with them when they are preparing their federal tax return. Publication 17, Your Federal Income Tax is available at IRS.gov and contains a wealth of information f [...]

How do I know if I have to worry abou...

How do I know if I have to worry about the AMT?
Tweet           One of the big problems with the AMT, there’s no good answer to this common question. You can owe AMT liability due to any number of reason/s. Could be just one thing, could be a lot of little things. Some things that can contribute to an AMT liability are mundane items that appear on many tax returns. (See this list Top [...]

The Truth About Paying Fewer Taxes.

The Truth About Paying Fewer Taxes.
Tweet              I read a lot about the taxing world. Often I am searchingto find books to recommend to my clients to give them a better understanding how a tax return works and what is needed to make it work best and what they can do to minimize their liability. The Truth About Paying Fewer Taxes is by far the best book I have ever come ac [...]

Some IRS History. . .

Some IRS History. . .
Tweet              The U.S. government’s privilege to levy taxes was incorporated into the Constitution in 1787. The responsibility for how to collect these taxes fell to the Treasury Department where it has stayed. 30years later the issue of taxes was abandoned due to our governments needs were being met by taxes on imports. So no more taxes [...]

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