Its tax time again and you must be sure to receive all the necessary forms. What is a 1099 tax form and who gets one? A Tax Form 1099 is used to report income other than wages, salaries and tips. Here of late, this term is used more and more frequently as many employers are opting to use contract labor versus hiring employees, who can turn out to be quite expensive when you factor in the insurance, payroll taxes, and other possible liability.
Tax Incentives for Saving for Education
Recent statistics show Americans are simply not saving money for the future. To encourage savings, the government has come up with tax incentives.
The Purpose of Your Accountant
Many people are confused about the purpose of accountants given tax software and so on. To get the biggest benefit for the fees you pay, you need to understand what your accountant can do.
Will You Make The 39 Cent Mistake This Tax Season?
When it comes to filing your tax return, spending 39 cents could be the biggest mistake you ever make.
Millions of taxpayers make the mistake of putting their income tax return in a regular letter-sized envelope, sticking on a 39 cent stamp, and placing the envelope in the mailbox.
And millions of taxpayers “get away” with this mistake year after year.
Why do I say that putting your tax return in the mailbox is a mistake? Let me explain.
Every year, a small perce…
New Procedure for Settling Tax Debts with the IRS
The Tax Increase Prevention and Reconciliation Act of 2005 has ushered in new rules for settling tax debts with the IRS. Here is the scoop on the compromise procedures.
Tax Invoice
A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.
You can easily learn what the general requirements are for keeping tax invoices and what you can do if you receive a tax invoice too late to claim a GST credit, as well as what the requirements are for issuing tax invoices that are specific to the value of the supplies, an…
The Role Of A Tax Collector
The County Tax Collector is as independent government agency and is elected for a four-year term in the Presidential election year. It is essential that a County Tax Collector is independent to ensure that it can serve the taxpayers, local businesses and local and state agencies correctly.
The duties of a County Tax Collector are:
Collecting property taxes for every local government agency with the power to levy taxes
Serving the state as an agent for the Depa…
Write-Off Bad Business Debts On Your Taxes
Practically every small business has receivables that it cannot obtain from clients. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction.
Obtaining a Federal Income Tax Refund
Youre getting an income tax refund! Those are the words that every taxpayer would love to hear. A federal income tax refund occurs if the tax you owe is less than the sum of the total amount of refundable tax credits claimed and the total amount of withholding paid. For many individual taxpayers those federal tax refunds can be obtained through Earned Income credit, a real refund of overpayment of tax, or through an overpayment from previous years. Some people really believe that getting a large income tax refund is not the greatest thing.
Tax Issues for Self-Employed Individuals
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.
The Skinny on 1031 Exchange: Maximizing Profits by Minimizing your Tax Liability
A 1031 exchange refers to Section 1.1031 of the Internal Revenue Code which was passed in 1990. Normally, when you sell all real and personal property, the tax code requires the payment of the Capital Gains Tax.
Your Appeal Rights When Fighting The IRS
Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your case.