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Taxes : Business & Finance

Tips for Avoiding an IRS Audit This Tax Season

Each year, the Internal Revenue Service chooses to reexamine certain taxpayers' tax returns, in a process known as an audit. The reasons why the IRS might find your return to be suspicious can vary, but you can take certain measures to reduce your audit risk.

Tax Refund Status Online Is The Best Way For Check Status Of Tax Refund 2010

Tax refund status is important for tax payers. Want a quick way to learn about a preview of your tax refund for 2010? You can check the status of your federal return after you have completed it and send it to the IRS. If you E-filed then you should be able to check the status of your return within 7

How to Claim a Fire Loss in Taxes

A fire is devastating not only because of the trauma of suddenly losing your home, but also because you may well lose expensive possessions. Many people do not know that a loss of home and possessions is a qualifying deduction on your yearly taxes. This can help not only to reduce your tax bill but

Get Free Tax Filing With Free Tax

The IRS provides free tax filing online with their Free Tax program. They have partnered with major income tax software companies to give many taxpayers free preparation and filing online. It's a good way for people to get no cost assistance in preparing their federal income tax returns.

New Fiscal Approach Needed For Govt Revenue Collection

Through the proposed DTC / GST legislations, the Government has acknowledged the need of new revenue system but the proposed new laws apparently appear to be even more complicated then the present one. India needs a very very simple legal system, which can be understood and complied by all concerned

How to Determine If You Have a Tax Lien in Florida

Various government entities can file tax liens on your property. If you fail to pay property taxes, the city and/or county (depending on which one assessed the tax that is past due) will place a lien on the property for the amount of the unpaid property taxes. If you fail to pay income taxes, the lo

$8,000 Tax Credit For Home Buyers

President Obama's latest plan to save the housing market includes an $8,000 tax credit to first time home buyers. How does this affect you if you bought a home in 2008? Does the $8,000 have to be repaid? This part of the plan does not affect current homeowners who are either current on their mo

How to Write Off Donations and Charity Gifts

You're a modern day Good Samaritan. You regularly donate clothes to the poor, stock up the food pantry, support local and foreign missions or give your used cell phones, computers or cars to the Salvation Army. Perhaps you've even traveled hundreds of miles to help the victims of a natural disaster.

Earned Income Tax Information

The Internal Revenue Service (IRS) offers the Earned Income Tax Credit (EITC) to working individuals who earn low wages. The purpose of the tax credit is to reduce the amount of taxes an individual owes. You may also qualify for a refund under the the Earned Income Tax Credit program.

About Connecticut Clothing Donation Tax Deductions

When you donate used clothing to a Connecticut charity, the value of your generosity may allow you to save some money on your income tax bill. However, before you even start calculating your deduction, make sure that your clothes are in good condition. The IRS doesn't allow a charitable deduction un

How to Know if a Tax Preparer is Qualified

There are three types of tax preparers: The competent, the incompetent and the unscrupulous. The reason? Except for California, New York and Oregon there are no standardized requirements for paid tax

FBAR Attorneys - A Solution for All Your Offshore Bank Account Problems

The word IRS itself is scary for many of us since when we have to deal with them, fear will automatically creep into our hearts. It will be much higher when we have tax issues with the IRS FBAR reporting. So are you aware of the steps that need to be taken for FBAR problems?

FAQs - Tax Return Lodgement

Government return in Australia can be filed in two ways, online and paper mode. The online process takes around 10-12 days for processing. The paper mode takes longer, around 50 days. The Australian Taxation Office ...

How to Read Federal Tax Tables

The federal income tax is a progressive tax, meaning that higher amounts of income are subject to higher income tax rates. Each year, the Internal Revenue Service adjusts the income tax tables for inflation. In order to read the federal income taxes, you need to know your filing status and total tax

Do I Have to Keep a Copy of Tax Returns As a Tax Preparer?

Tax laws are extensive and ever-changing. Sometimes these laws make preparing your annual tax return frustrating and time consuming. Because of this, each year many people take the option to pay a tax professional to prepare it for them. Although taxpayers sometimes make the mistake of assuming the

5 Things You Didn't Know About How To Prepare Tax

Unless you're one of very few experts, the tax code is a big mystery and a confusing mess. It's hard to learn how to prepare tax, even if you have the tax code explained to ...

How Long Should a Paid Preparer Keep Tax Returns?

Keeping copies of tax returns allows preparers to minimize problems with the forms image by Chad McDermott from Fotolia.comMinimum Record KeepingThe Internal Revenue Service (IRS) stipulates that tax preparers must keep return records on file for a maximum of seven years. This...