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IRS Audit - A True Story 2008-01-20 10:32:00 Who does not fear an IRS audit? We all do. We all fear the face to face, exhausting, unpredictable and time consuming interaction with the Internal Revenue Service's agent.We all have that scary feeling when submitting our tax return... Would I be audited? Was I too aggressive? Will the IRS "red flag" my tax return? Maybe I should ask for a lower refund so I will not be audited...And then the ...

Tax Basics For Startup Home Businesses 2008-01-20 10:30:00 I don't claim to be an accountant, nor very well versed in the art of creative tax preparation, but I do have a bit of experience in handling the day to day and month to month taxes. For the past five years, I have learned first and foremost that the most important thing in business is to keep accurate records for tax purposes.I always dread the end of each physical year when it's time to do the ...

Tax Relief Program Information 2008-01-20 10:29:00 Just about everyone in the U.S. tax system tries to voluntarily comply with the tax laws. We are required to file tax returns and pay the correct tax amount owed to the government. Not complying, threatens the stability of the tax system. Sometimes, if not most of the time, non-compliance is due to the lack of knowledge by the taxpayer. Usually the IRS will help the taxpayer become compliant. If ...

The Attractive Tax Break for Home Loans 2008-01-20 10:28:00 So, you’ve decided on the house, you’ve researched your mortgage product options, and you know which product you need. Have you taken into consideration the tax advantages that are being touted as an attractive benefit of the interest only loan?No, you haven’t. Nor have very many of the consumers out there shopping for mortgage financing. The impact their mortgage might have on their tax return, ...

Seven Ways To Save On Taxes Next Year 2008-01-20 10:26:00 Nobody likes paying taxes, so the procrastination factor when preparing them tends to be high. But the good news is that there are some things you can do now that will help you prepare for next years taxes. Here are seven great tax saving tips so that you can keep more of your hard earned dough!1. Pay your January 1st mortgage payment a day early. If you mail out your mortgage check on December ...

New Tax Law Changes 2008-01-20 10:14:00 Tax laws change around year end just in time to take advantage of year end planning. This year is no exception. Congress has been busy making new laws that may affect your tax bill when you file your tax return in 2006. Some taxpayers will benefit from these new laws. Inflation adjustments for personal exemptions have increased, as well as standard itemized deductions, tax bracket adjustments, ...

Tax Refund Email Scam - IRS Warning 2008-01-20 10:13:00 The IRS has issued a warning regarding a phishing email scam. The scam claims you are due a tax refund, but is really designed to obtain your personal information.Tax Refund Email ScamPhishing scams are designed to swindle you into providing private information that can be used to your detriment. This information typically includes things like credit card numbers, social security numbers, bank ...

Standard Mileage Deduction Rates - 2005 and 2006 2008-01-20 10:12:00 If you’re in business, you’re interested in the IRS mileage deduction rates. The 2005 rates fluctuated because of high gas prices and now the 2006 rates have been released.Standard Mileage Deduction – 2005In a move not seen for some time, the IRS actually issued two different mileage deduction rates in 2005. Mileage deduction rates are the dollar value per business mile traveled that you can ...

Your Rebate Check 2008-01-20 10:11:00 In the coming weeks nearly 25 million Americans are going to be receiving a check in the mail from the U.S. Government. The money is certainly nothing to sneeze at since it can be as much as $400 per child under the age of 17.This is happening (the first batch of checks has already been sent out) because of the new tax cut bill that went into law back in June. Part of this tax law said that ...

Charitable Giving 2008-01-20 10:09:00 Americans contributed $248 billion to charity last year.As your wealth grows and the tax burden increases, you have probably thought about how making a charitable donation could best be used to benefit others — and yourself. Charitable trusts can help you increase the value of your donation by reducing your costs in capital gains, income, and estate taxes.Charitable Remainder TrustsA charitable ...

Year End Planning 2008-01-20 10:06:00 Can anybody tell me what is so important about the next four weeks? Christmas and New Year's Eve parties do not count as valid answers. Instead, you are given a few last opportunities to get your 2003 finances in order to minimize the tax bill you'll pay next April.We all know about mortgage deductions, and charity giving being deductible and a few other things like that. We also know about ...

Gift Giving Strategies 2008-01-20 09:34:00 The estate tax may or may not eventually be repealed in 2010, but its counterpart — the gift tax — will remain. Beginning in 2002, gifts bestowed during a person’s lifetime are treated differently from bequests at death.The adjustments in transfer tax rates and exclusion levels could affect the tax planning of those who want to transfer their wealth to others while they are living.Lifetime ...

Understanding Tax 2008-01-15 09:47:00 Tax is the way the government pays for things. This could be any number of things including their salaries. But, it is important for every citizen to know what taxes they pay and where the money goes. It is also important to be aware of tax increases and to vote based on your wishes as well. The government is there to serve us, but unless we actively participate, there is no way that we can ...

The Tax Connection: Small Businesses and Tax Time 2008-01-15 09:46:00 I’m sure you’ve heard the daunting statistics that only 1 out of every 5 businesses makes it to their 5th year. But do you know why this is true?While I can only speculate, I have heard one of the biggest reasons for business bankruptcy is taxes.The problem is a cyclic one. The owner starts making money hand over fist, and of course, spends it just as quickly. Money comes in and goes right back ...

Tax Benefits of Selling Your Home 2008-01-15 09:45:00 Selling your home has many benefits in the tax world. The biggest tax break in selling your home is that you can exclude from taxes up to $250,000 in profit if you're a single owner, which translates into $500,000 for couples filing jointly. In addition, you will not owe any capital gains taxes. This exclusion also covers the sale of a parcel of land adjacent to your house, unless it's used for ...