|
|
 SIGN
UP FOR FREE |
|
|
|
Sign Up for a free account or
learn more. |
|
|
 |
|
|
|
|
|
|
|
|
|
|
Advertisement
|
|
Most Recent Articles
|
- How To Increase Cash Flow
Hidden wealth can be turned into cash flow-if you know where to look for it.
Discovering and using such assets can help a business succeed, says best-selling author Janet Switzer in her new book, "Instant Income." - Reforming How Businesses Are Taxed
Tax reform is a lot like the weather-everyone talks about it but no one seems to do anything about it. Incoming Treasury Secretary Henry Paulson could change that by focusing on the need for corporate tax reform.
Congress should not ignore the tax rules governing individuals, but modernizing America's business tax system is critical to promoting growth, creating jobs and narrowing the budget deficit. In deciding how best to proceed, Secretary Paulson and Congress must recognize four things. - Make The Switch: You Can Do Your Own Taxes
Donna Wexler of Catskill, N.Y. used to go to a local H&R Block office to have her taxes prepared. After waiting in line and making two separate trips to complete her return, she decided enough was enough.
"I realized I was just paying them to enter my information into a computer," Wexler said. "I figured I could do that myself." - Put Your W-2 To Work For You When Filing Taxes
Your W-2 form is more important than you realize. Both your income tax and Social Security benefits are based on the information contained on Form W-2, Wage and Tax Statement. Reviewing the form carefully when you get it from your employer can save you time and money.
The American Payroll Association-a leader in payroll education-offers these tips on how to put your W-2 to work at tax time: - Take Credit For Energy Improvements
Uncle Sam is ready to give you credit for the steps you take to reduce energy consumption in your home. The Energy Policy Act of 2005 provides valuable tax credits-as much as $300 to consumers who purchase qualified high-efficiency heating, cooling and water-heating equipment.
These new tax credits took effect in January 2006. Unlike a tax deduction, which reduces the amount of income subject to tax, a tax credit directly reduces the amount of federal income tax you pay or increases the tax refund you receive. - Overlooked Credits, Deductions Can Block Big Tax Savings
By this tax season's April 16 filing deadline, an estimated $1 billion in credits and deductions will have gone unclaimed by Americans who were eligible for them.
For the 75 percent of taxpayers who received refunds last year, the $2,400 average amount could have been more. What's more, the taxpayers who missed out on refunds might have avoided owing anything had they capitalized on all possible credits and deductions. - Giving Businesses A Big Assist With Taxes
Anytime of year can be the right time for a business to get its records in order, particularly when it comes to taxes.
Fortunately, to help make things easier and faster for business owners, the U.S. government provides downloadable federal tax forms, guidance and documents on a compliance Web site called Business.gov. The site, created to save businesses time and money, makes it possible to quickly search for answers to questions and download tax forms and documents over the Internet. - File Your Federal Income Tax Return Electronically For Free
A lot of Americans jumpy over filing their tax returns will be getting a nice jolt of comfort thanks to electronic filing.
If you're one of the 95 million Americans who earns $52,000 or less a year-that's 70 percent of all taxpayers-you may be able to electronically file your taxes this year for free. And that would mean not only less chance for errors in preparing your return, but also a quicker refund. - Young And Taxed: Common Questions For New Tax Filers
Along with the first job and a first apartment, another rite of passage into adulthood happens for millions of young Americans each spring: their first time filing their income tax returns by themselves. And although hundreds of millions of Americans have made this transition over the 90-plus-year history of the modern U.S. income tax, it really has gotten more complex to do your taxes than it was even a decade ago.
"The full instruction manual for the Form 1040 is more than 140 pages," said David Bergstein, CPA, a tax analyst for CCH CompleteTax. "That's intimidating for anyone, let alone someone filing his taxes on his own for the first time." - How To Make This Year's Tax Returns Quicker And Easier: File And Pay 2006 Taxes Electronically
Millions of Americans have discovered an easy way to make the annual ritual of preparing and completing tax returns less daunting: filing electronically. According to the IRS, more than 60 percent of taxes were filed electronically through April 29, 2005.
Filing electronically helps taxpayers by providing increased privacy and security, along with faster processing time. Americans can also benefit from fewer errors on returns and quicker refunds. Refunds can be automatically deposited into a checking or savings account via Direct Deposit in as few as seven business days. - Get Your Tax Refund Back-fast
April Johnson used to spend hours at her Sacramento, Calif. kitchen table with a pencil, calculator and telephone. Johnson would wait on hold for long periods of time just to ask the Internal Revenue Service questions about the new tax law changes. This painful process meant she spent days preparing her tax return before sending it off in the mail.
"It was torture and the IRS jargon made me feel stupid because I didn't understand all that 'tax speak,'" said Johnson. Her husband suggested they switch to do-it-yourself tax software and leave the pencils and miscalculations behind. After she used it once, she was hooked. - Tax Break For Working Families
You may be eligible for money from the government.
The Earned Income Tax Credit (EITC) is a refundable federal income tax credit for low-income working individuals and families. - Majority Of Investors Support Extending Reduced Taxes On Dividends, Cap Gains
According to a recent study released by Boston-based asset manager, Eaton Vance Corp., the vast majority of U.S. investors support an extension of the 15 percent tax rate on qualified dividends and capital gains or believe the tax rate should be made permanent. The survey, conducted by Penn, Schoen & Berland Associates, Inc., also revealed that the reduced tax rate on qualified dividends was a factor in investors' decisions to invest in dividend-paying stocks.
In fact, if Congress were to make the reduced dividend tax rate permanent, nearly half of investors said either they would start investing in dividend payers or invest more in such stocks. This viewpoint was even more widespread among GenXers, with more than half saying either they would start investing or increase investment in dividend-paying stocks if Congress makes the tax cut permanent. - As Tax Season Looms, Study Up On Tax Benefits, Deductions For College Expenses
You've heard the statistics: It pays to get a college education. During tax season, that is especially true. And with the April 17 deadline fast approaching to file 2006 tax returns, it is well worth doing "extra credit" work to find the tax benefits and deductions you're entitled to for college expenses.
In late 2006, Congress renewed three key deductions affecting millions of taxpayers. One of those deductions focused on qualified higher education expenses. For students and parents, this means potential savings on 2006 tax returns-savings that could amount to thousands of dollars in some cases. - Feeling Taxed? Give Yourself More Credit
Tax credits are available to homeowners who purchase high-efficiency heating and cooling equipment this year. The Energy Policy Act contains tax incentives that allow consumers to reduce their tax bills on a dollar-for-dollar basis up to the amount allowed under the law. The home energy efficiency tax credit is in effect for consumers who purchased qualifying equipment and had it installed in 2006 or 2007.
The Energy Policy Act offers homeowners as much as $300 in tax credits with the purchase of qualified high-efficiency heating, cooling and water-heating equipment. The legislation defines the type of equipment and the amount of the credit in this way: - Rewarding Illegal Earnings
A loophole in the law threatens to add unsustainable new costs to Social Security and Medicare.
Under "temporary worker" proposals, current illegal immigrants would receive authorization to work in this country and access to valid, work-authorized Social Security numbers. - Tax Tips For Late Filers
If you have filed for a tax filing extension but have not yet done your income tax returns, here's some good advice that can save you time and money.
First, prepare and submit your returns online. Not only is it quicker, but those who e-file make fewer mistakes and get quicker refunds. It's also the safest way to send a return and you'll get an e-mailed confirmation to say the IRS received it. Since the IRS began accepting e-filed returns in 1986, more than half a billion returns have been electronically received. And in those 21 years, not one transmission has been broken into or compromised. - Protecting Taxpayers' Rights-and Wallets
Taxes are certain. How they're spent is not. But while stories of $200 hammers bought by the Pentagon or mismanaged spending on disaster relief have become all too common, many may not know that the IRS-the very agency charged with watching how our money is earned and spent-could be wasting millions each year.
The IRS now pays debt collectors a bounty of up to 25 percent of the money they recover from people's back taxes-even though estimates show the job could be done for less money by the IRS itself.
|
|
|
