Amazon’s New Tactic In An Old Fight
Amazon’s ongoing fight with state legislatures over sales tax collection has become a familiar story. In state after state, the company and legislators have followed the same script. But now, in California, both sides are looking for a different ending. The sales tax war began in New York when lawmakers asserted that online retailers could [...]
How to Estimate Mortgage Tax Refunds
There are several deductions that are allowed by the Internal Revenue Service (IRS) when you’re getting ready to file your annual income tax return at the end of each year. If you fall into a higher tax rate, the more you’ll save on your taxes. Your tax deduction should be taken into consideration when you’re [...]
Former IRS Agent, Instructor & Insider | Owe IRS Back Taxes? How IRS Agents Look for Deception
Having worked for the Internal Revenue Service for ten years as an Instructor, there are a few acid tests Revenue Officers/Agents will use when working a taxpayers’ case in their inventory. I also want to mention that when I was an instructor at the IRS, this was the first bit of instruction I would give [...]
Tips For Filing an Amended Tax Return
No one wants to receive an IRS audit. If the IRS discovers a discrepancy in your return, it could lead to future problems. If you find discrepancies in a previous return, the best thing you can do is file an amended tax return. An amended tax return is usually filed if you need to make [...]
Small Business Tax Questions: How Does A Sole Proprietor Get Paid?
If you’re a sole proprietor, are you wondering how to compensate yourself? This article will answer that question. By sole proprietor, we are talking about the self-employed person who reports his or her small business on Schedule C. This also includes people who are the sole owner of a limited liability company (LLC), but who [...]
Common Mistakes When Filing a Rental Income Tax Return
Rental income tax is applicable to you if you’re renting a residential property (such as a house or flat) or a commercial properly (like office space or a warehouse). You’re even subject to tax on rental income if you rent a part of your own property to another tenant, for example if one room is [...]
Advantages of Hiring Professionals With Tax Preparer Certification
As the cost for software to prepare personal tax returns continues to drop, there are questions about the future for paid tax preparers. Additionally, about sixty percent of tax returns are still prepared by professionals. Most taxpayers are buying peace of mind that others do not have. There is a real concern about whether do-it-yourself [...]
Federal Income Tax
Federal income tax is withheld from the pay of almost all employees. Employee pay is inclusive of salaries and wages, bonuses, commissions, and vacation allowances. It’s the responsibility of the employer to provide the employee with a W-4 at the onset of their employment. The determination of tax withheld is computed from the information provided [...]
Sometimes The Right Information Can Be Free – Tax Attorney Blogs
Unlike the stock market, insider information is not only legal but a useful tool when it pertains to taxation. A blog can be found on the internet and is usually created or attached to a website that allows tax accountants and attorneys to publish on the web their views, comments and general knowledge pertaining to [...]
How To Report Income Tax With An LLC
Your business structure is set, so you think it is time to open for business. Not yet. There’s one more issue to resolve before you are ready to open your doors – self-employment taxes and your limited liability company, or LLC. There is conflicting guidance from the IRS when it comes to reporting income tax [...]