How IRS Audits Work

The process of selecting a return for an audit usually occurs in one of two ways.

Free Online Income Tax Filing

Ok, it's time to get going on your tax return and you want to do it for free, (or as cheap as possible). Yes, you can file your taxes online for free, but there's a catch. Most online tax filing websites offer free online tax filing but - there's usually a service charge for using their services.

The New Bush Energy Tax Credit Can Save You Money on Taxes

To your credit, you've practiced energy conservation and just purchased energy efficient windows and insulation for your house. You can transform this into an energy tax credit on your income tax. This is a true tax credit not just a deduction, in other words you can take a reduction (credit) on your taxable income.

Maximize Small Business Tax Deductions and Tax Credits

Owning a small business can give you an edge at income tax time, if you are armed with as much information about small business tax credits and deductions as you can. Since small business owners are three times more likely to be audited by the IRS than a non-owner, it is very important to have accurate information, and to make sure you qualify for the credits and deductions you are claiming.

VAT Compliance - International Tax Liability

When the average person thinks of VAT taxes (Value Added Tax), they usually think of what they are paying above the actual sale price of an item and how they can reclaim the tax. They might also think of it as a regular cost of living if the taxes applied are done so by their home country. The businessperson, however, has to think of VAT in terms of compliance with a country's tax laws.

IRS Has New Rules for Charity Deductions

A good rule would be to deduct the fair market value (value of the item in your local thrift store) of the item. If, for instance, you bought a pair of shoes for $40 dollars, you would have to deduct less than $40 if you used them, irrespective of the fact that you may have wore them only once. A woman's dress may be valued at $4.00 to $19.00 while a man's pants at $3.50 to $10.00 according to the Salvation Army Valuation Guide. Deduction for items (such as underwear and socks) with low monetary value will be denied.

Bill That Provides Tax Relief Signed By The President

Another one-year benefit for 2007 will allow military personnel to use combat pay (which is tax free) in the calculation that determines earned income. This will allow some personnel to qualify for the Earned Income Tax Credit, and others to increase the credit they receive.

Home Based Business Tax Deductions: Neat, Sweet, and Complete

Wouldn’t it be great if you could deduct some of your home costs as business expenses on your federal income tax return? Along with the regular business deductions you can take, you may be able to deduct part of your home mortgage interest, utilities, and repairs of your current home.

Setting Rules and Regulations at the IRS

Next to the CIA, there seems to be no more mysterious governmental agency than the IRS. The method used by the agency to set rules and regulations is actually open to the public.

CESTAT Must Ensure Delivery Of Orders - HC

By the impugned order dated 15.7.2003 the CESTAT rejected an application filed by the appellant seeking restoration of its appeal No.E/374/90 which had been dismissed for default on 22.7.1997 on account of non-appearance of the appellant.

Consider Electronic Tax Filing, You'll Be Glad You Did!

If you're looking for an easier way to do your taxes this year, then consider electronic income tax filing. Electronically filed tax returns are processed in about half the time of a paper return, according to the IRS. And that means you get your tax refund quicker.

To File Or Not To File: That Is The Question

Conversely, Individual taxpayers whose income exceeds $400 are required to file taxes. In the case of the individual having a little side job (for instance, a lawn mowing job) the individual should fill a Schedule C.

How to Estimate Your IRS Tax Refund in Advance, for Free!

Wouldn't it be nice to know how much your income tax refund will be. It's like having money in the bank. Well, almost... Now, there's a simple way to estimate your tax refund and it won't cost you a dime. I'm about to show you how you can estimate your Federal IRS income tax refund or return in advance, for free!

The 1099 Deadline Approaches

As you recover from the holidays and New Years, you probably are going through a bit of a lull. Well, it is time to wake up because a few key tax deadlines are quickly approaching.