One Easy Way to Avoid an IRS Tax Penalty

The IRS loves to pile on all the penalties and interest they can when you owe them money. Once these penalties have been assessed against you, it is very difficult to have them abated. Recently, an IRS Revenue Officer gave me an easy tip that should help many people in the future to avoid - at least some IRS penalties and save you money in the long run.

Tax Planning - Gift Tax - What is it?

A gift tax applies to the transfer (by gift) of any property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. You may be making a gift if you sell something at less than its full value or if you make an interest-free or reduced interest loan. As a rule of thumb, any gift is a taxable gift. However, there are exceptions to this rule.

5 Things You Should Know About Tax Deductions

Did you know that with just a little tax time preparation you can save a lot of money that you probably would have overlooked? Tax deductions are bountiful, but unless you are an accountant, it is not likely that you will have all the knowledge you need to save a lot on tax deductions.

What's New for 2006 Form 1040A?

There are a lot of tax forms and it can be difficult to keep them all straight. One of them is the form 1040A for 2006 and it is important to know about the changes this form has for the current tax year. Most tax forms change from year to year at least a little bit so keeping up with the new information is critical in order to file your taxes correctly.

What's New for 2006 Form 1040EZ?

The 1040EZ form has been around for quite a while and each year the form is available to help people file their taxes it does change somewhat from year to year. The form 1040EZ does have some new directions for 2006 and the following information will be very helpful for those filing their 1040 EZ.

Reviews On Top Three Free Online Tax Preparation Services

The IRS has teamed up with nineteen different software companies in order to offer free or low cost tax preparation to the national public. Many people in the United States don’t actually have access to this information and they spend much more than they need to in order to file their taxes.

Tips on How to Survive an IRS Audit

Many people start to panic after they find out that the IRS has selected their tax return to be audited, but an IRS audit is nothing to be afraid of. It does not mean that they are out to get you and that they know you have broken some kind of tax law.

Above the Table, or Not - How to Ensure Tax Compliance For You & Your Eldercare Employees (Part 1)

With the older population in the United States on the rise, the need for household employees to provide care to them, as well as the need for the household employer to comply with payroll tax laws for those employees, is greater than ever.

Tax Refund Estimator - Tax Return Estimator - How to Use it

Would you like to do a quick estimate of your taxes before tackling the real thing? By entering some basic information regarding your earnings, filing status, and deductions you can get a quick estimate of your Federal tax refund or amount you owe Uncle Sam. Turbotax online has a free tax return estimator that you can use for free. Use this handy planning tool to figure out how much of a tax refund you'll get or how much you'll owe.

Filing Those 1099 Forms

It’s important for freelance stock photographers to familiarize themselves with the steps they can take to keep their taxes to the legal minimum. Our tax consultant, Julian Block gives expert advice on tax issues like the example below.

Dodging the IRS - Preventing an Audit

Around one percent of the American population gets audited every year- a number the Internal Revenue Service (IRS) states is going to be rising soon. Even if odds are that you won't see an audit, there are things you can do to prevent such an even occurring- which will save you the hassle and time of going through the mundane process.

Filing Taxes Online - Free Federal Tax Filing Program

In October of 2005, the IRS and group of existing tax software companies reached a new four year partnership agreement for free filing of taxes online. The new Free File Alliance agreement continues to provide free Federal tax filing to those who have an adjusted gross income (AGI) of $52.000 or less. This amount will vary among the tax software partners.

How To Renew Your Claim For The Tax Credits You Deserve

How to renew a claim for a tax credit, proper steps and follow up.

Turbo Tax Free Online Tax Filing - See if You Qualify

The focus of this article is to show you what you need to qualify for free online tax filing. Because of an agreement between the Internal Revenue Service (IRS) and tax software companies, lower income taxpayers can be eligible to file their Federal and (in some cases) their State tax returns for free.

Free Turbo Tax Online Software - How it Works For 2006

Through a partnership between the Internal Revenue Service (IRS) and tax software companies, such as Turbo Tax, lower income taxpayers are able to file their Federal tax returns at no cost. This partnership is known as the the Free File Alliance. If you meet one of 3 of requirements, you can file your Federal tax return for free. Here is a list of those 3 requirements. Remember, you only have to meet one of these to qualify.