Save Some Tax Dollars – 7 Types Of Employee Expenses That May Be Deductible
Many employees today are using their own resources to provide certain miscellaneous items that help their employer’s business run more efficiently. Unfortunately these expenses aren’t being reimbursed or employees are afraid to ask for reimbursement. The good news is that the IRS may allow you to get some tax relief in these circumstances. If you [...]
Lower Business Taxes: How You Can Legally Reduce Your Business Taxes
The end of 2010 will be upon us in about a month and, amid the feasting and gifts, we should perhaps give some consideration to our business taxes for the year. As a self-employed business owner, you’ve already put some tax-planning strategies to work for you but let’s take a closer look at a few [...]
Turn Paying Your Children Into a Tax Deduction
Owning and running a business can be rewarding and challenging. Over the years we haven’ticed that many business owners utilize their spouses and children. If you have children old enough to perform a task, you know what we mean. Not only is it cost effective to have your children help but many times it’s a [...]
What Business Records Should You Keep to Avoid HMRC Knocking 6 Bells Out of You?
In my experience the standard of record keeping in small businesses has deteriorated over the years with many business owners trying to maintain their own records but with little success. So what is good record keeping according to HMRC? They’ve been quoted as saying that “An accurate record of business money in and business money [...]
Spanish Language Resources Available From IRS But Not EA Exam
Enrolled agents can benefit their Spanish-speaking clients by pointing out IRS information available in the Spanish language. Tax professionals with enrolled agent certification must have proficiency in English because the EA exam is not available in Spanish. In spite of this, the IRS does provide resources in Spanish so that an EA is not required [...]
Overview of Federal Tax Extension Forms
Every year the number of people paying taxes increase. With this, also increase the number of people who file their tax late. In case of late payment of taxones needs to file for a federal tax extension. For people who are already experienced in dealing with tax extensions, filling a tax extension form is very [...]
Best Tax-Free Investment
The Truth Behind How The Rich Get Richer Nowadays, we cannot afford to be blind to the financial hardship families are facing. The average family has about 10% less disposable income today compared to 2 years ago. Higher taxes, lower wages, job loss, constant uncertainty, and rising inflation all mean that you have less money [...]
Income Tax Preparation For Expatriates & US Taxpayers Living Abroad
Almost all U.S. Taxpayers living abroad need assistance from a Certified Public Accountant when they calculating their taxable foreign income. Expatriates and overseas U.S. Taxpayers have completely different tax forms to fill out as well as a handful of unique questions for their CPA. Common questions include: • Is the Foreign Tax Credit available to [...]
Income Tax Neon Signs Will Light the Way of Clients to Your Accounting Firm
Some people can have problems with their income taxes and they find somebody that can help them fix the problem and they would pay for that’ssue. That’s why there are accounting firms that offer services regarding with income taxes. And let’s say you own an accounting firm. Since this kind of business is not that [...]
How to Pay the Right Amount of Quarterly Estimated Tax – Small Business Taxes
Do you have trouble calculating quarterly estimated tax payments? Here are some helpful tips to make the process much easier and less stressful. If you are newly self-employed and unfamiliar with the IRS’ estimated tax payment schedule, here are the due dates for the Year 2009 quarterly estimated tax payments (made via Form 1040-ES): QTR [...]