What has IRS Packaged Up for You for 2006?

What are some of the new tax provisions that can help you or create problems for you for the 2006 tax year? Learn what you are now required to provide to make deductible charitable contributions.

Deducting the Home Office: Who Cares About Recapture?

The home office deduction is one of the least understood deductions. Many taxpayers avoid the deduction, frequently on the advice of their tax accountant or attorney, for fear of an IRS audit or concerns over the recapture of depreciation when their personal residence is later sold. This article will provide a brief description of the tax savings components associated with the home office deduction for both itemizer and non-itemizer taxpayers and provide some net present value illustrations so that you can see the impact of the recapture of depreciation when your personal residence is sold. The impact is modest.

Tax Preparation and Filing Online

Using the internet to file your taxes online is a convenient way to complete your tax return. If you are thinking about preparing your taxes online this year, then don't worry because it's easier than ever. Here is a quick guide to help you get your tax preparation and tax filing online done fast and easy.

Child Care Tax Deduction 101

For parents of children 12 and under, the child care tax deduction can be a life saver to working parents. Parents should become familiar with the tax information regarding the child care tax deduction. If they aren’t sure what to do, there are many tax professionals which can offer tax advice on how to claim this deduction. All of this can help them when it comes time to file taxes online.

Practical Tips for Filing Taxes Online

Tax season can be a very stressful time for many people. It can be frustrating trying to understand complex tax codes, deductions and earned income credit. Some people become so intimidated by their taxes that they simply chose to ignore them. Although this can be a tempting solution, it is never the right answer.

How to Settle Your Tax Debt for Pennies on the Dollar

When you owe the IRS for back taxes, you probably owe a large sum. Most people who fall behind in their taxes, owe for more than just one year. When you owe back taxes, you know that the penalties and interest will end up costing you more than the original debt - usually MUCH MORE!

Act Now to Limit Your 2006 Tax Bill

Much like the Swallows returning to Capistrano each year, nothing is more consistent than taxpayers grumbling about the amount they owe in April each year. This need not be so.

Small Business Tax Tips

Any small business owner knows that they may live or die by the financial decisions that they make. While many cut corners by making prudent purchase decisions, few realize the opportunities that are available to them when it comes to working out the taxes for their business.

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.

IRS Warns Churches It Will Be Watching

The IRS has warned that it will be watching churches closely to make sure that they do not violate tax-exempt regulations. Both liberal and conservative factions have been filing numerous complaints against churches with the IRS.

Low-Tax States Have Stronger Economies

A new study of state tax burdens ound that low-tax states outperform the higher tax states in employment, personal income and population.

IRS and Private Debt Collectors

The terror of most Americans is to be hunted by the IRS for overdue taxes. Well, the terror has evolved a bit as the IRS is now using private debt collectors to do much of the work.

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.

Tax Tips for Small Businesses

The IRS has come out with a special program known as STEP, or Small Business Tax Education that you can read to understand the overall tax structure. There are a few things that can be done to make sure that the process of filing your taxes is smooth and easy.

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?