The IRS Cancels Status of Many Credit Counseling Services

The IRS has canceled the tax-exempt status of some of the nation's largest educational credit counseling services after determining that they prey on debt-ridden customers.

Oversea Americans May See Higher Taxes

Many Americans working overseas may experience higher tax bills under the new law signed by President Bush. In some cases, overseas taxpayers could face tens of thousands of more dollars in taxes.

IRS Urgest Taxpayers to Protect Financial and Tax Records

With the approach of hurricane season, the IRS is urging taxpayers to take steps to protect their financial records.

Republicans Push Forward With Repeal on Estate Tax

Republicans in the Senate are moving forward this week with efforts to repeal the estate tax.

IRS Tax Audit - Steps For Prevention

The odds are low that your Internal Revenue Service (IRS) tax return will actually be audited. As it is, it is virtually impossible for IRS to examine each and every tax return due to time and personnel constraints. Also, the greater your income, the more chances you have for being audited. After all, it doesn't make financial sense for IRS to audit somebody's tax return whose income is, say for example, $5000 per year.

Use Your House as a Tax Shelter

A good tax shelter is hard to come by, but the perfect shelter may be right in front of your eyes, most people do not realize that that the government allows us to use our homes as a way of collecting a tax deductions, credits, and benefits.

Learn The Tax Benefits Of A Flexible-Benefits Plan

Flexible-benefits Plan (FBP) is an employee benefits plan which helps the employees’ to save considerable amount of taxes by paying certain expenses from their pre-tax income. Some of the eligible ex...

4 Critical Things You Should Demand From A Tax Professional

1. COMPETENCE AND CREDIBILITY It is very important that you research the credentials of the person you have preparing your taxes. Look for credentials such as enrolled agent or CPA, which will give ...

US House to Continue Fight for Reduction of Estate Taxes

Legislation has been introduced into the US House of Representatives that would reduce the number of Americans subject to the estate tax.

Summary Regulatory History of Cost Segregation

In order to calculate depreciation for Federal income tax purposes, taxpayers must use the correct method and proper recovery period for each asset or property owned. Property often consists of numerous asset types with different recovery periods, which must be separated into individual components or asset groups having the same recovery periods and placed-in-service dates.

Per Diem Rates and Business Taxes

The tax code for the United States is over 50,000 pages. Buried in this code is the subject of per diem rates, a topic that can save businesses money on their taxes.

Tax Deductions

Tax deductions signify the amount deducted from a person’s gross income so as to reduce the taxable income. The basic standard deduction depends on the individual’s tax return filing status. The taxpayer need not pay income tax on expenses termed tax deductible. Expenses such as legal fees, medical expenses, donations, and investments are sometimes listed as tax-deductible expenses. Although investments are tax deductible, the brokerage fees and commissions paid are not considered so. Apart from the basic standard deduction, additional tax deductions can be filed, after taking conditions such as age and blindness into consideration.

Uncle Sam, the IRS, and Your Work at Home Business Tax Deductions

Are you keeping up with everything for your CPA regarding your work at home business? It’s better to be safe than sorry. While on vacation, what you can deduct. Do you employ your kids? Bottom line is, keep good records.

Homeowners Deduct Over $9,000 in Mortgage Interest

The average homeowner deducts $9,650 for mortgage interest, according to analysis released on Thursday.