Tax Records (How long to Hold onto)
December 6, 2013 by admin in category Taxes tagged as Tax Records, tax returnsTax Records There are two kinds of people in this world–those who save receipts and those who don’t. Even for the second type of person however, there is a tendency to hang on to tax paperwork for a very long time. There is a problem with this, even beyond the threat of being buried under […]
0 0 Read moreTeaching Your Kids About Taxes
December 5, 2013 by admin in category Taxes tagged as kids, taxesHow to Teach Your Kids About Taxes They say the only things that are inevitable are death and taxes, and of those two things it’s taxes that occupy much of our time and our lives. There are a lot of disagreements when it comes to taxes, but at least some taxes are necessary in order […]
0 0 Read moreMistakes on your tax return?
December 4, 2013 by admin in category Taxes tagged as 1040X, mistake, tax returnYou’ve worked through all of your 2013 expenses and you have your tax forms ready to submit. You send them on to the IRS, and within a matter of hours you realize you’ve made a mistake. Whether you’ve left out a deduction, or filled out the wrong form on accident, it’s not as difficult as […]
0 0 Read moreReceipts to Keep for Tax Write-offs
December 1, 2013 by admin in category Taxes tagged as home office expenses, Other work expenses, Personal care, Sales tax, Self-employment expensesWhich Receipts Should You Keep for Tax Write-offs? Now that a new year has arrived, many of us find ourselves worrying about how many deductions we can scrape up for the IRS, and which receipts we need to support those claims. But the first question you must ask yourself is whether you plan to take […]
0 0 Read moreLargest tax returns ever
November 28, 2013 by admin in category Taxes tagged as $2.1 Million Tax Refund, $54, 000 for a Family of 9, 712 Mistake, Largest tax returns ever, The $434Tax season. It’s a time of year that most people dread. This is partly because it’s a tremendous hassle for most people to do their taxes, despite all the new software and companies that will help with this process, and partly because it can be a costly time of year. Those who don’t pay taxes […]
0 0 Read moreCommon Tax Return Mistakes
November 27, 2013 by admin in category Avoiding Audits, Taxes tagged as Entering things on the wrong line, Leaving out info about your income sources, Math errors, Missing social security numbers, Not including all the forms, Not selecting the right status, Not signing your return, Not taking all deductions, Tax Return Mistakes8 Common Tax Return Mistakes and How to Avoid Them The tax code is complicated and there’s a lot of ways to make mistakes when filling out your tax returns. While you may be tempted to decide tax mistakes are unavoidable and it’s too difficult to make sure your return is perfect, preventing the most […]
0 0 Read moreHow to Manage Payroll Taxes
November 21, 2013 by admin in category Taxes tagged as EIN, Employer Identification Number, Federal Income Tax Withholding, Internal Revenue Service, Manage, Payroll TaxesManaging payroll taxes is an important part of doing business. It is a task that should never be left on the back burner, because it is much easier to take care of the details as they come. As a business owner, you are responsible for recording and paying all payroll taxes due to the state […]
0 0 Read moreFiling Head of Household to IRS
November 19, 2013 by admin in category irs, Taxes tagged as Head of Household, Tax StatusWhat is Head of Household and when should you file that status with the IRS Head of Household is a tax filing status that allows unmarried individuals to receive numerous benefits ranging from lower tax rates to the ability to receive a higher standard deduction. Before checking the box on your tax form stating that […]
0 0 Read moreWhat is the Tax Gap
November 17, 2013 by admin in category Taxes tagged as Noncompliance, Tax GapThe Dreaded Tax Gap: Definition And Implications Despite American residents’ constant complaints regarding the alleged efficacy of the Internal Revenue Service (IRS), the federal government — and many state and local governments — struggles to gather all income, property and other varieties of taxes owed by individuals and businesses. The area between what is owed […]
0 0 Read moreUnderstanding your W-2 Form
November 17, 2013 by admin in category Taxes tagged as W-2 FormThe W-2 form looks like a lot of numbers all in tiny boxes that don’t mean much to most people. However it actually is an important form regarding income that is used by both employer and employee. It is important for the employee for filing the income tax paperwork and it is important for the […]
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