March 10, 2011 – 11:17 pm
Small business expenses are those expenses that you incur every other day as you run your business. These expenses are usually allowed as deductibles when filing your tax returns. The IRS has defined business expenses as those expenses that must exist and are therefore necessary and ordinary in the business.
In a business that produces goods, any costs that are incurred in the production of a good are considered to be deductibles. A business that deals in the production of quilts is expected to incur expenses in fabric, thread or even batting. Other expenses that it may encounter include … Read the rest
By Steve
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Posted in tax credit, tax filing, tax preparation, tax tips
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Also tagged Business, Capital expenditure, Expense, internal revenue service, Small business, Tax, tax deduction, Turbo Tax Free Edition
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February 2, 2011 – 9:19 pm
Just about everyone fears a tax audit from the IRS, but why? If you haven’t done anything wrong, there may really be no reason to fear such an inspection of your financial matters. Maybe this fear comes from the knowledge that we aren’t always sure we’re doing our taxes correctly in the first place. Maybe it comes from the fact that the tax code is so bloated with exceptions, exemptions, and deductions, that it leaves most us wondering if we indeed have a clue as to what we are doing when we fill in those simple looking tax forms that … Read the rest
By Steve
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Posted in tax filing, tax preparation, tax tips
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Also tagged Audit, Business, Houston, internal revenue service, Tax, tax audit, tax return, Tax return (United States), Turbo Tax Free Edition, United States
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January 12, 2011 – 1:30 am
When you get into debt with the IRS it’s not a happy time. There’s stress and more stress as you worry about how you’re going to pay the income tax debt. There’s a lot of uncertainty too about what your options are and what kind of penalties you might incur. As I said, it’s not a happy time.
Fortunately, all is not bleak. The IRS is surprisingly reasonable when it comes to paying back your tax debt. They in fact allow you to enter into a repayment agreement to do just that.
Now there’s not a lot of … Read the rest
By Steve
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Posted in tax credit, tax filing, tax forms, tax tips
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Also tagged Accounting, Business, Debt, income tax debt, internal revenue service, irs repayment agreements, Payment, Tax, tax liabilities, tax settlement, Turbo Tax Free Edition, turbotax, United States
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FreeTaxUSA is Just as Effective as a Paid Tax Service
For a company that offers their services at absolutely no charge, it might seem surprising that FreeTaxUSA is every bit as effective as any other paid tax services. Regardless of whether you are doing a simple tax return and efiling, or if you are handling more complicated tax returns involving self employment, the purchase or sale of a home, marriage, divorce, or Earned Income Credit (just to name a few), FreeTaxUSA can effectively handle and simplify the process for you while still ensuring the maximum return possible.
Though the … Read the rest
February 9, 2010 – 1:29 pm
The Mistakes a Taxpayer Should Avoid When Filing Tax Returns
The season for filing tax returns often finds people confused and nervous. The IRS assumes the role of an enormous vengeful monster ready to gobble you up. It is very unfortunate, and very common, that a considerable number of taxpayers will postpone filing their tax returns and straightening out tax affairs until the deadline looms high; this is where the nervousness comes into play.
If you are not clear about tax laws, depreciation formulae and deductibility rules, you may find yourself in some trouble. This could also cause you to … Read the rest
By Steve
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Posted in e-file, tax filing, tax forms, tax tips
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Also tagged deadline, even ceos, filing tax returns, internal revenue service, irs rules, IRS tax forms, Mistake (contract law), Read, Return, social security number, Tax, tax affairs, tax laws, Tax return (United States), taxpayers, turbotax, United States
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February 5, 2010 – 4:17 pm
Checking the Status Online of Your Tax Refunds
It might feel good to know that there is a tax refund waiting for you. Congrats! The most common question asked by every expectant taxpayer is; “Where is my refund?” Check status of your refund online.
The quickest and easiest way to check your tax refund is asking the IRS through their web site www.IRS.gov. There is a link called “Where’s My Refund?” on the home page itself. It’s fairly simple to use this service. You only need to have your tax return copy so as to be able to provide the … Read the rest
By Steve
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Posted in e-file, tax filing, tax tips
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Also tagged Accounting, check status, efile, internal revenue service, irs gov, refund, Return, social security number, Tax, tax filing, Tax preparation, tax refund, tax return, United States
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