With the growth of work at home professionals, do-it-yourself accounting software has become popular. They long have replaced the pencil and paper. In just seconds, you can quickly calculate your taxes and expenses. There is no need for the middle man. Not only are they fast, but they are relatively easy to use. You don't have to take accounting classes in order to have do-it-yourself accounting software. But are they really good to use? There...more
IR-2009-92, Oct. 14, 2009WASHINGTON The Internal Revenue Service has launched a new case study and video program to help exempt organizations and their tax preparers better understand the newly revised Form 990 series which must be filed for the 2008 tax year.The Form 990 series, redesigned for the first time in nearly 30 years, requires more disclosure and transparency by exempt organizations. With some exceptions, organizations that are exempt...more
If you are hunting for an accounting firm to relieve your own tax burden, selecting the right one is crucial. Handling your taxes the right way is valuable for your business or for yourself as an individual. An accounting firm can help you make sure that all of your taxes are prepared accurately and filed on time. In order to achieve top quality tax services, here are the things to consider while selecting the right accounting firm:Identify What You WantTo save yourself and the firm from the trouble of inaccuracies, its good to determine what tax aspects you want the firm to cover for you. Although its advisable to let the firm handle your entire tax issues, but you first need to identify your own needs. Each firm offers a different service; some provide accounting services on yearly basis and some on daily, some prepare tax while other take care of your books and payrolls. Here, you need to take a break and decide what service your business requires, and then act accordingly.Research Time!Conducting early research will help you discover what tax services an accounting firm is offering and what price is it going to charge for their services. Another thing to look for at this point...more
One of the least-understood tax rules is the federal gift tax. Gift taxes are paid by the grantor, not the recipient. But taxes are seldom owed, even on substantial gifts, because everyone gets a credit that exempts up to $1 million of taxable gifts over your lifetime.Still, you must keep track of your largess and file a gift-tax return Form 709 ...more
Capital gains are income derived from the sale of property, most typically investment property. While capital gains are not directly an AMT preference item, they do have an impact on a taxpayer's Alternative Minimum Tax, and, therefore, are an essential element of AMT planning. One real-life scenario with which the writer is familiar involved a...more
Part of your responsibility as a small business owner who runs a business from home is to know the tax advantages and liabilities that are associated. It is vitally important to understand what tax responsibilities you will have before going into any business, but just as important is understanding the major small business tax deductions available to a HBB. Small business tax responsibilities are extremely important to know about. Ignoring your tax responsibilities could result in serious penalties. And, on top of that, any illegal actions -- even if they are due to lack of knowledge -- can bear civil penalties. Equally important is understanding the substantial tax deductions available to home-business owners. Not understanding them can cause you to overpay your taxes by as much as $5,000 or more every year. Marketing CostsA lot of small business owners tend to forget about this, but you can actually deduct your marketing or advertising costs from your taxes. Your advertising or marketing costs may include business cards, signs to put on your car, promotional flyers, and clothing with your company's logo embroidered on it.Some Personal Expenses become Business DeductionsSince...more
Nowadays, a lot of people have gotten into running their own home-based business. We have seen such a large spike in people running their own home-based business mainly because a lot of people dont want to have the same old 9 to 5 jobs anymore,...more
Preparing the tax returns is not as easy as it seems to be. Filing the tax return is very simple for the tax expert professionals or attorneys. This is the reason for most of the tax payers availing the services of the tax expert professionals or...more
Author: Mark WaughTaxpayers normally have to decide whether they should do taxes with online income tax return preparer to do it on their own. No matter whether your return is prepared by an outside individual or firm, you, the taxpayers, are legally...more
Great tax professionals always keep a watchful eye on the actions of Congress and the IRS, many of which may affect your tax filings. A prime example is the extension and expansion of the first-time homebuyers tax credit President Obama signed in...more
An individual holding an Incentive Stock Option to acquire his employer's stock, and considering taking advantage of this fall's run-up in the price of that stock, needs to be planning for the potential Alternative Minimum Tax impact. Time is...more
I am sure your quest for canadian income tax relief has come to an end as you read this article. Yes, gone are those days when we have to search endlessly for canadian income tax relief information or other such information like steel head fishing,...more