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How To Avoid Double Taxation Of Your Small Business Profits 2008-01-21 02:20:00 Have you been thinking about incorporating your small business or self-employment activity? The advantages are many!For starters, you'll be protecting yourself and your family from the possible of a business ending lawsuit. Forming a corporation is Step One on the path known as "Asset Protection" -- you are moving from the world of unlimited liability to the world of limited liability.( ...

How To Avoid Those Mind-Boggling Depreciation Rules 2008-01-21 02:01:00 Tired of dealing with those complex depreciation rules? Thanks to recent tax law changes, here's how to avoid them completely while benefiting from a lucrative small business tax break that not only puts money in your pocket, but also makes the filing of your income tax return much simpler.What am I talking about? It's called the Section 179 deduction, and if there's one tax law you need to ...

Getting Help With Your Taxes 2008-01-21 01:53:00 Preparing your taxes can be incredibly stressful. In many cases, it just makes sense to get some help with them.Save Me From This Misery!When it comes time to file taxes, you can look to software or a real live person. In this article, we are going to focus on living people, to wit, the tax professional. You might be surprised to learn there are different types of assistance out there.Tax ...

The History of Income Tax 2008-01-21 01:49:00 They say death and taxes are the only two certain things in life. Alas, this wasn’t always the case. Well, at least for the income tax.The History of Income TaxesOur great nation came into existence in fits and starts. Following the revolt against the British, a federal government was elected and the fun began. This “fun” inevitably led to the situation where not everyone could agree on what the ... History

Dealing with the IRS 2008-01-21 01:48:00 It's funny how three simple letters can create such fear and loathing in your average citizen. But the IRS are people too. Keep this in mind and you'll find that dealing with the IRS will be easy and stress free.What does the IRS want from me?Normally a visit from the IRS may be about the most trivial thing. Maybe you just forgot to sign a tax declaration. Or maybe they want to audit your tax ...

In Gratitude 2008-01-21 01:47:00 Dear Taxpayer,Your none too humble servants all too rarely express their deep appreciation for all you have done to make America all that it is today. We hope this message will correct that oversight.First and foremost, we thank you for guaranteeing the national credit. We would be lost without it and debt free. We would be a prosperous nation with a government restricted to its enumerated powers ...

How To Keep The IRS Off Your Back And Out Of Your Life In 2006 2008-01-21 01:45:00 Sorry to crash your party, but as we bring in the New Year, it's also time to bring in a New Tax Season. As a small business owner or self-employed person, one of the easiest ways to keep Uncle Sam off your back and out of your life is to file your forms, payments and other paperwork on time.Over the next four months there are several key dates that you dare not forget! Here they are -- all ...

Individual Taxpayer Identification Number (ITIN) 2008-01-21 01:43:00 What is an ITIN?Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. Individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain a Social Security Number (SSN) from the Social Security Administration (SSA), may apply and obtain ITIN issued by the IRS.ITINs are issued ...

10 Items You Need For Your 2007 Tax Return 2008-01-21 01:41:00 The following list includes the 10 items you are likely to need when preparing your tax return. Although you may be required to provide additional information, this list brings you the most common items we have identified based on hundreds of our clients' tax returns.1. IRS form W2 -Summarizes your annual taxable wages, federal income tax withheld, social security withheld, Medicare withheld and ...

Child and Dependent Care Credit Can Help You Save on Your Taxes 2008-01-21 01:40:00 The cost of raising a child is elevating every day. Paying for baseball leagues, dance lessons, day care, clothing, food and school supplies can add up to be a large sum of money. On the other hand, if you are caring for a parent, a spouse or any other dependent that are physically or mentally incapable of caring for themselves can also add up to be a large sum of money. If you are in either one ...

Scrooge Hasn't Got It All Yet! 2008-01-21 01:39:00 It’s the season of goodwill when ordinary folk tend to give more than they receive and, apparently, the Brits are the most generous of Europeans when it comes to spending on gifts for our friends and family. But it would be nice, wouldn’t it, if we could get a break to recoup some of the endless tax that we seem to pay!Earlier in the year, the EU, that most bureaucratic of bureaucracies, ...

A Simplified Tax 2008-01-21 01:38:00 Congress wrangles over the simplification of income tax when in fact, it is and has always been an issue for the volunteers who pay it. Who on earth has any right to the personal information provided on income tax returns? No one but the person who chooses to disclose – or not. Income taxes are appropriate to corporations which (supposedly) exist at the pleasure of states and somehow rule the ...

Self-Employment - Tax Approaches 2008-01-21 01:36:00 Self-employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are different approaches for minimizing self-employment taxes.Minimize TaxThe good news is being self-employed is one of the best tax situations out there. Unlike a salaried employee, the full scope of tax credits and deductions available in the tax code are now available to you. The key, of course, ...

Innocent Spouses - Help With Ex-Spouse Tax Problems 2008-01-21 01:35:00 Historically, tax issues arising from bad marriages fell into the category of "better or worse" in the marriage vows. The IRS historically considered spouses one person for tax purposes, but has changed its views.Tax ProblemsWhen a marriage has problems, finances are almost always one of the elements that contribute to the strife. This can be particularly true where spouses file a joint tax ...

Know Your Tax Preparer To Avoid Preparer Disasters 2008-01-21 01:34:00 Tax preparation and tax preparer selection is not all that difficult, but there are those who make it difficult by not adhering to a few simple rules. It begins with choosing your tax preparer carefully and carefully communicating with that preparer once he or she is chosen. It begins with choosing your preparer carefully.Here are questions you can ask your tax preparer before you get started.1. ...