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How to Check the Status of Your Tax Refund Online 2008-01-02 09:31:00 So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The question for most taxpayers expecting a return is, "Where is my refund?"Check Your Refund Status OnlineThe easiest way to check on your refund is to ask the IRS through IRS.gov. On the home page of the site, you will see a "Where's My Refund?" link. Using the service is fairly easy. You ...

How To Get An Extension To File Your Business Tax Returns 2008-01-02 09:29:00 Yes, the tax season is upon with the first filing date for some businesses being March 15, 2005. If you can’t imagine getting your tax returns together by that date, you need not worry. The IRS automatically gives you an extension if your file the appropriate form. As you might expect, there are different forms for different businesses.An Important NoteIt is vitally important that you ...

Tax Records - What You Should Keep And For How Long 2008-01-02 09:28:00 Many taxpayers are confused about how long they should keep tax records. The term "tax records" refers to your tax returns and the documents that support the information in the returns. These documents can include receipts, bank statements, 1099s, etc. If you are one of the unlucky few to be audited, these records will be vital to fending off the IRS.Tax ReturnsTo protect yourself ...

Home Based Business Tax Deductions 2008-01-02 09:27:00 Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available.Most of the time any expenses that are related to your business can be added as a deduction on your taxes. If you ...

How to Cut Duty Cost and Increase Profit as an Importer 2008-01-02 09:26:00 Import duties continue to be significant elements in the cost of international trade. Yet many companies and businesses still pay more duties than the law requires – which impacts adversely on landed cost and ultimately on business profitability. A planned approach to managing customs duty costs would look to eliminate, reduce and delay payment of customs duties.How to reduce customs duties in ...

Keeping Your Own Money - NOT Handing It Over To The Taxman 2008-01-02 09:24:00 Most people trying to make a crust online (or offline for that matter) are so focused on doing just that, they ignore taking simple steps to ensure that they hang on to just as much of it as they can. Instead, they hand over large lumps of their hard-earned money in tax, usually in one of two mistaken beliefs. Either:It’s a good thing, a sure sign of a civilised society. Or,If they don’t, the ...

How to Reduce the Estate Tax Using the A-B Revocable Living Trust 2008-01-02 09:20:00 In a past article I relayed the plight of the widow who stated:"I didn't realize what an A-B Revocable Living Trust meant and that it had to be divided between the survivor and the deceased spouse and that I am limited as to what I can use from his share."She told me that she only learned of this after her husband passed away. This is too late for many (there is a way to collapse an A-B Revocable ...

Deadlines Approaching For Filing 1099s For Independent Contractors 2008-01-02 09:15:00 While the middle of January may seem a bit early to begin thinking about taxes, 1099-MISC filing deadlines are looming for businesses. Generally speaking, IRS 1099-MISC is the form used to report miscellaneous income that you paid to persons during 2004 in the course of your trade or business.Does This Apply To My Business?The 1099-MISC forms must be issued to any person that you have ...

Knock-Knock-Knock 2008-01-02 08:36:00 Knock-Knock-KnockWho's there?The IRS!The next quarterly payment of estimated income tax for the self-employed is not far off. Network marketers who receive a form 1099 at the end of the year, and/or who are expected to owe $1,000 or more in taxes, must file a form 1040-ES Payment Voucher quarterly to avoid paying a penalty.When it comes to paying income tax, I'm like Arthur Godfrey who said ...

Organizing Your Taxes 2008-01-02 08:34:00 Does this scene sound familiar? It’s April 7. You haven’t seen the top of your dining room table in two weeks because of the piles of paid bills, receipts, canceled checks, and unidentified cash register receipts covering it. Your head pounds and your stomach churns as the countdown to April 15 begins.You might hate to pay taxes, think the system is unfair, dislike the forms, and even stage a ...

How To Set Up A Tax-Saving Bookkeeping System 2008-01-02 08:32:00 One of the most important, but least understood or appreciated aspects of any business is its bookkeeping or accounting system. And, because very few people know much about the reasons for a bookkeeping system, most people are frightened by the thought of the work involved in setting up such a system, and the drudgery of daily maintenance. Why bookkeeping is important for your business? First of ...

Seven Key Tax Deductions for the Self Employed 2008-01-02 08:30:00 As a sole proprietor, it’s wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004.Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and financial statements. But you should also meet with your accountant well before the year-end rush to discuss such matters as tax planning, and record keeping ...

Small Businesses Filing Amended Federal Tax Returns to Recover Money 2008-01-02 08:27:00 April 15th may be gone but, but certainly not forgotten – especially if you, like millions of small businesses, unknowingly overpaid your federal taxes and can recover money by filing an amended return. According to the IRS tax code, you have three years from the filing date for the tax year in question to file an amended return. For example, if returns for the 2003 tax year were filed on ...

Need an Offshore Sales Office in a Tax Free Environment? 2008-01-02 08:26:00 The 100 year old investment-banking firm of Warburg, Dillon Read (on Park Ave. N.Y.) (now UBS Warburg) has offices in 39 foreign countries - including the Bahamas, the tiny Cayman Islands, Hong Kong and the Channel Islands. Makes you wonder why, doesn't it? Non-resident foreign companies, trusts, banks and individuals can trade stocks, bonds, commodity contracts and options 100% free from U.S. ...

How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share 2008-01-02 08:23:00 With the rush to file your taxes by April 15th, you probably did not consider the possibility that you overpaid. According to the General Accounting Office, in 1998 alone, there was $311 million paid unnecessarily to the IRS. Do not count on the IRS to tell you if you have overpaid because they are not required to but you can file an amended return for up to three years. Chances are, you ...