Six Ways To Make Filing Your Taxes Easier Getting all of your paperwork in order for tax season doesn't have to be a hassle. The Internal Revenue Service has these six suggestions that should make preparing your taxes a simple matter this season. 1. Don't wait. Instead of ignoring your tax issues until right before the due date, prepare your tax documents as soon as you have all necessary information. Getting done right...more
How To Choose A Taxes Accountancy Firm If you need complex domestic plumbing carried out on your home, purchase any local plumber. If you'd like have a small business, and want small company talking to, then hire a company consultant. Of course, if you've got intricate income taxes, and want your own fees done, then hire an actual duty accountant. You actually do have all of the tax planning software applications then you...more
Keeping Your Tax Records: What and How Long Many taxpayers are confused about how long they should keep tax records. The term "tax records" refers to your tax returns and the documents that support the information in the returns. These documents can include receipts, bank statements, 1099s, etc. If you are one of the unlucky few to be audited, these records will be vital to fending off the IRS.Tax ReturnsTo protect yourself from a nasty audit, you should keep all of your tax returns indefinitely. The IRS has been known to lose or misplace tax returns. While conspiracy advocates argue that this is evidence of a nefarious scheme, the simple fact is that the IRS receives millions of returns over a three-month period and lost returns are inevitable. So how do you protect yourself? You keep copies of every single tax return.A quick word on the IRS e-file program. If you file your returns electronically, make sure you get copies from the company that filed your return. All such entities are required by law to provide you with paper copies.Records Supporting Tax ReturnsYou should keep supporting tax records for a period of six years from the date the returns were actually...more
The Texas Approach to Taxes There is an adage that claims that the only things certain in life are taxes and deaths. One could presume that tax laws are as easily determined and understood as one identifies death. When a person stops breathing and his brain stops functioning, he's dead. However, this is not the case with taxes....more
Up With Income and Down With Tax Liability A 1031 exchange refers to Section 1.1031 of the Internal Revenue Code which was passed in 1990. Normally, when you sell all real and personal property, the tax code requires the payment of the Capital Gains Tax. That is to say, when you sell your office for $100,000 more than you bought...more
Getting all The Documentation to Your Tax Preparer Getting all The Documentation to Your Tax PreparerOne of the biggest mistakes individuals make at tax time is to be disorganized. As tax documentation begins to accumulate, it becomes a habit of many to tuck these important pieces of information away in a drawer and forget about them.Many tax payers rush off to their Kissimmee tax planning expert in a panic as the tax deadline is drawing near. Then they soon discover that they are missing necessary documents that the individual preparing the taxes needs. A tax preparer cannot prepare a tax return with missing information. You will find that they will put your return on hold until you can provide them with what is missing.There are occasions where you simply did not get all of the required documentation or you have lost it. You then need to explain this to the tax preparer. His option is to prepare the tax preparer as completely as you can with what he has got.Then a letter of explanation will need to be attached to the return, explaining the reasons for the missing documents and what steps you are taking to rectify the issue.It is better to take this course of...more
A Fair Share of Tax – A rant in four parts; Lies, Lies and Damn Statistics 1) The anarchists occupy Fortnum & MasonAccording to HMRC and HM Treasury we in the so called tax avoidance industry should be looked at and...more
What is Needed for Tax Preparation Hoping for a tax return this year and needing to find tax preparation in Portland? Since people can't get away from taxes, it is important to keep accurate records and receipts. Families bringing...more
Paying Someone Else's Taxes Can Benefit You Did you know that you could make money by paying someone else's property taxes? Thirty-one states provide a little-known investment opportunity that might be perfect for you.You...more
What Is A Tax Invoice? A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.You can...more
Differences Between Various Federal Income Tax Forms The Internal Revenue Service (IRS) of the United States is constantly improving the taxation system thus a remarkable change has been seen in to tax payment as well as increasing...more
It Is the Season for Tax Breaks! With April 15 rapidly approaching many are scrambling to complete their taxes. For those who have recently bought or sold a home, there are a number of tax deductions that that may be available to...more