Income Tax Help
When you put the words "The" and "IRS" together, it spells "THEIRS".
Many tax payers don't think about taxes until its time to prepare and file their returns. However, those who view taxes as a year-round personal finance matter tend to fare much better than those who view taxes as something that they only care about for a brief period each April.
If you spend some time reading and learning on this site, you'll find much of the information you need to make sure you're not paying more than your required share of taxes, and yet, not running afoul of the IRS. Always remember that if at any point you feel you are trying to handle an issue that's over your head, you should seek professional help.
5 IRS Red Flags That Could Lead to an Audit
In these times of a struggling economy, massive Government spending, and a skyrocketing national deficit, you can be sure that the IRS will work hard to collect every penny of taxes they're owed. The IRS estimates that the gap between what is owed by taxpayers, and what the IRS collects each year, is in the neighborhood of $400 billion. This could lead to higher scrutiny of individual tax returns, and an increasing number of IRS audits.
The IRS keeps their criteria for auditing tax returns a closely guarded secret, but there are a few things that clearly increase the odds of having to explain yourself to the taxman.
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Five Generally Skipped Tax Deductions
Most people over the age of 16 have heard of income taxes and almost all of those over the age of 21 fill them out every year. Very few of us forget the big deductions like property taxes, charity donations and mortgage interest. Some of us even remember student loan interest and the earned income tax credit. However, there are several tax deductions that are routinely overlooked. Mention these to your tax professional to make sure that if this deduction applies to you that you are getting the benefit.
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Tax Tips for Small Businesses
As a small business owner you're constantly on the lookout for ways to make your business more profitable. One way to do that is cut expenses wherever you're able to. Another way is to have some of the actual income become tax deductible, thereby lowering your tax payments. There are a number of methods you can use to take advantage of legitimate tax deductions that improve the profit margin of your business. Following are a few tax tips for small businesses.
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Last Minute Year End Tax Strategies
2011 is coming to a close and you only have a few more days to lower your taxes. There are some who might think it is too late to take any action with less than a month until the end of the year. However, there are a few things you can do to lower that tax bill. The following are a few last minute tax tips.
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