For taxpayers, there’s no worse news to get than news of an impending audit. Audits aren’t known for being kind and easy to get through, even in the best situations. Still, if you’re being audited, there’s nothing you can do about it. Read the rest

The tax benefits of owning a house can be quite substantial, especially in the early years of the mortgage. On your tax return each year you can deduct the real estate taxes paid on the home as well as the interest paid on the mortgage loan. If your loan is less than one million dollars, the the full amount of interest can be deducted. Since most mortgage loans fall into this category, buying a home can be a wise choice because you are basically paying yourself to live in your home, and what you aren’t paying yourself you are deducting from income taxes. Excellent. Read the rest

If you own a second home and decide to sell it, you need to be aware of all of the tax laws. A second home is considered any place that you own in addition to your primary residence where a person can live such as a condo, townhome, or single family home. If you have a boat or trailer that has a sleeping area and toilet, these can also be considered second homes. Understanding these rules is important to getting back all of the taxes that you deserve. Read the rest

Do you earn money from eBay sales? If so, you must report this income to the government. Failure to file taxes can result in fines and penalties. Therefore, it’s important to give Uncle Sam his cut. Here’s how to do it in five easy steps. Read the rest

It comes up every year… tax season. And if you prepare your taxes yourself, this can be an incredibly stressful time, especially if your situation requires more than just a 1040-EZ form. But once you’re finally finished, you have one final decision to make – should you file your taxes electronically, or submit paper forms? More and more the advantages of e-filing outweigh those of submitting the paper version of forms when filing taxes. Read the rest

There are many differences in the way the Internal Revenue Service (IRS) demands payment from small business owners as opposed to large businesses and corporations. Despite the founding fathers’ dream of the “American Way” of each individual being able to make a self-sufficient living, the IRS seems to excessively attack the small business owner. It is much more likely that an audit or penalty is levied against a small, single proprietor business with the results of that business failing. Read the rest

When tax season rolls around, many people choose to have their taxes prepared for them. Becoming a professional tax preparer can make a great career for people who are good with numbers and have a basic understanding of the tax system in this country. Here is what you need to know to become a tax preparer: Read the rest

In these post-crash days, many people who have been cast adrift from their day jobs are working rapidly to establish new ways of making their income. However, it’s not wise to simply jump head-first into establishing a new business without assessing the tax responsibilities that will present themselves. One of the best ways to mitigate those burdens is to establish your new business as a partnership. In this article, we will examine how the U.S. tax code treats business partnerships and how you can make the most of it. Read the rest

The greatest inevitability in doing business is the payment of taxes to the government. The individual worker has tax withheld from each paycheck and only needs to file once a year to balance his tax obligation. A self-employed individual however, must estimate his future tax liability and pay it in to the government every quarter. In order to avoid having too great a discrepancy between the paid in amount and the annual total, one must learn how to accurately estimate the amount due. Read the rest

Having your own business and working at home seems to be a dream for many people. This is especially true of those that are hard pressed to earn money and still devote time to raising a family. Or maybe it is just your long cherished dream to make use of your expertise and the bucks that it can get you, while operating from your own office without having to report to a boss. Read the rest