Browsing Category

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 Rates on Salary

Federal tax rates on salary use a progressive scale that increases as the level of net income increases. The effective tax rate on a salary can be lowered by claiming as many deductions and credits as apply. In late 2010, the federal government postponed the expiration of tax cuts from the Bush pre

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

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.

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

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 ...

Are Kindergarten Costs Tax Deductible, or Can You Get a Tax Credit?

Raising a child may be more expensive than you thought, but there's good news at tax time. Though you cannot use kindergarten or higher-grade expenses to receive a credit, there are other child care-related expenses that may make you eligible for a deduction. If you pay for your kindergarten-age chi

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...

Property Tax Assessment Appeals to the Rescue

Are you watching your property taxes go up while your property value goes down?Somehow it seems that even though property values are dropping, the taxes on property are still going up.If this is the case for you, then exercise your right to the appeals process; it's a fairly simple process.