Earned Income Tax Credit

Tax Fraud in the American Conscience

With the economy in a serious recession, the worst since the days of the Great Depression, many Americans find themselves strapped for cash. The impact of corporations like Lehman Brothers, A&G, and Fannie Mae and Freddie Mac going into bankruptcy has been felt everywhere from Wall Street to Main Street America.

Undergoing an IRS Audit

IRS tax audits can be devastating. Understand the process involved and what your rights are to ensure the best outcome.

IRS Releases Mile Rate For Business Mile Deduction in 2009

Getting out and conducting business is a basic necessity for any business person these days even with the easy of digital communications coming on like mad. Fortunately, Congress knows as much and tax law has long allowed for the deduction of costs related to driving around on business.

Company Car Tax Information & Advice

If your employer gives you a car to use for both business and private use, then you have to pay a tax based on the use of the car. If you earn more than £8,500 per year and have use of a car, then you have to pay the tax on it. There is also an additional tax if you get free or subsidized fuel for your private use of the car.

The Secret to Saving Money on Your Taxes

Have you ever complained about paying taxes? If you answered no, then you are lying! Everyone complains about them because there is no way around the fact you have to pay a certain percentage of your income to the federal government. Limiting the size of that percentage is the goal of every taxpayer.

Why Your Credit Card Statement Might Not Prove a Tax Deduction

If you think (or you’ve been advised by your tax preparer) that keeping your credit card statements is enough by itself to prove business tax deductions, you could be in trouble if your return ever comes up for examination. That’s the message I got recently at the IRS national phone forum on record keeping requirements for small business owners and self-employed entrepreneurs. Please don’t start shredding your credit card statements; they’re certainly better than no documentation at all and in some circumstances they might be enough proof.

US Taxes For Teachers Abroad

If you’re an American citizen living overseas, you still have to file taxes. Although you may not owe Uncle Sam any money, by law you need to file. It’s a pretty straight forward process and if you fulfill simple requirements, you can be exempt for taxes up to $80,000 every year by filing the 2555EZ and the 1040. The 2555EZ is a simple form and shouldn’t take longer than ten minutes to fill out.

Do You Need to Make Estimated Tax Payments?

The second quarter estimated tax payment is due in less than two weeks (June 15). Do you know if you need to make estimated tax payments? The federal income tax system is a pay-as-you-go tax system. That means you pay taxes as you earn income throughout the year.

Tax Savings - Small Business Doubles Tax Savings Through Children

Many small and home businesses fail due to lack of capital coming in during the first few years. Learn how to create immediate cash flow and double your tax deductions by employing your spouse and children in your business. In addition to all the other advantages you’ll come out ahead and so will your kids.

If Your Company is Not Capturing IP-Related Tax Savings You Are Likely Leaving Money on the Table

How can a corporation capture IP-related tax savings? The first step is certainly to obtain education about the categories of tax savings that can be captured through improved IP management programs. Management would be well-served in this regard by finding the necessary IP and tax expertise to identify opportunities for value capture through tax savings. Due to the highly arcane nature of the interplay between tax and IP, I would advise one to seek specific expertise outside of their organization.

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