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Highlights of IRS List of 2005 Tax Scams 2008-01-02 12:11:00 Each year, the IRS lists various scams taxpayers get caught up in. The top 2005 scams include several that manipulate laws governing charitable groups, abuse credit counseling services or rely on refuted arguments to claim tax exemptions. The agency is warning taxpayers about the growth of identity theft schemes with some particularly bold thieves even pretending to be IRS agents.2005 Scam ...

Section 179 - Tax Relief From Depreciation Rules 2008-01-02 12:09:00 “Depreciation.” For business owners, this word is the one most likely to inspire headaches and fits of cussing. The expanded provisions of Section 179 are just the medicine you need to cure the depreciation blues.DepreciationTraditionally, if your business property had a life of more than one year, the cost had to be deducted over several tax years. The number of years depended on the ...

SFR Substitute for Returns: IRS Action on Non-Filers 2008-01-02 12:07:00 In the latest Star Wars episode, the evil empire executes a brutal revenge on the Jedi. While the IRS is not an evil empire (and due to the Revenue Reform Act of 1998 not very brutal anymore); it too is executing revenge on those who do not comply with filing their tax returns.The IRS is agressively using the "Substitute for Return" (SFR) program to file tax returns on behalf of those who fail to ...

Employment Taxes - What Are They? 2008-01-02 12:06:00 If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. So, what are employment taxes?Employment taxes include the following.1. Federal income tax withholding2. Social Security and Medicare taxes3. Federal unemployment tax (FUTA).Federal Income Taxes/Social Security ...

Truly Bizarre Taxes: The Tax on Illegal Drugs 2008-01-02 12:05:00 One can never underestimate the enthusiasm that politicians have for trying to hunt up tax revenues. The creativity of some politicians can lead to bizarre taxes and unfortunate results.Taxes on Illegal DrugsOne argument for the legalization of various narcotics is that massive tax revenues would be created. Interestingly, a few states already are trying to collect such taxes!More than 10 states ...

2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction 2008-01-02 12:03:00 If you are environmentally conscious and purchase a 2005 Ford Escape Hybrid vehicle that combines a gasoline-powered engine with alternative power methods, you are in line for a nice tax deduction.Ostensibly, the government uses clean power tax deductions as a method to promote the use of vehicles that are less harmful to the environment. The clean-fuel tax deduction is based on the incremental ... Hybrid

Tax Deduction for Alimony Payments? - Yes! 2008-01-02 12:01:00 Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.According to the IRS, alimony payments are taxable to the recipient in the year received. In turn, the person paying the alimony ...

IRS Reports Tax Gap of $300 Billion 2008-01-02 12:00:00 The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals revealed the tax gap. These results indicate a failure of 15 to 16 percent of individual tax payers to fully pay their taxes. IRS enforcement activities recovered roughly $55 billion of that ...

Small Business Tax Credit - Americans With Disabilities Act 2008-01-02 11:59:00 Many small businesses complain when confronted with the expense of complying with the Americans with Disabilities Act. Most do not realize that there are a number of tax incentives available to offset the costs. Importantly, one tax incentive comes in the form of a tax credit, which is far more valuable than a tax deduction when it comes to creating tax savings.Disable Access Tax CreditIf you ...

Small Business Tax Deduction - Write-Off Bad Debts 2008-01-02 11:58:00 Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction.Bad Debt Tax DeductionA small business can write-off bad debt losses if it meets nominal ...

Deducting Points On Home Refinances 2008-01-02 11:57:00 Deduction of Refinance PointsAny points that you pay in the refinancing of your residence are tax deductible over the length of the loan in question. The deduction is allowable only if the residence is your primary home and the new mortgage replaces a previous one and/or is used to improve the residence. To the extent that money is taken out to pay off credit cards and non-residence costs, the ...

How Likely Are You To Be Audited? 2008-01-02 11:56:00 Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing individuals in 2003 when compared to 2002. The increase was approximately 14%, but still constituted only 6.5 audits for every 1,000 taxpayers. Put another way, the risk of being audited on your personal return is less than 1 in 100.In regard to the above numbers, it is important to note that the IRS pursued a large ...

Understanding Marketing Tax Deductions 2008-01-02 11:54:00 Marketing is a necessary expense in running practically any business and the IRS acknowledges as much. You may run advertisements on or in the Internet, radio, television, magazines, newspapers and other media to sell your products or services. You should be deducting all of the associated costs on your tax returns.Ordinary Marketing ExpensesMarketing costs must be "ordinary and necessary" ... Marketing

Small Business Tax Issues for Self-Employed Individuals 2008-01-02 11:52:00 The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business. Of course, few of you enjoy the paperwork and confusing tax issues that arise from owning your own business.Many self-employed individuals are considered "sole proprietors" or "independent contractors" for legal and tax purposes. This is true ...

Are You Overpaying Taxes If You Use Tax Preparation Software? 2008-01-02 11:51:00 For many business owners the answer to this quandary is tax preparation software. Fill out a fairly simple interview, click “print” and out comes a completed return that will pass muster with the IRS. The answer to all your problems…or is it?Can One Software Program Cover All Businesses?Take a moment to consider the wide range of businesses that exist in the United States. Now cut that number ...