Tax Accounting

Accounting is the recording, interpretation and reporting of financial transactions. Each and every business must keep proper record of all such transactions. There are several branches of accounting such as financial accounting, managerial accounting and tax accounting.

Help Me Prepare My Taxes

Nothing leads to more gnashing of teeth than the thought of preparing your own taxes. Fortunately, there are people out there that do it for a living.

Tax Returns for the Deceased

Two things in life are certain – death and taxes. Here’s what to do if the two are combined as far as filing a tax return.

Tax Pitfalls For An Internet Newbie

For those of us new to the Internet, here are some pointers on IRS audits and how vulnerable we are in our naivete.Culled from recent field audit experience!

What To Do If You Didn't Get a Form 1099

If you earned revenues as an independent contractor in 2005, you should have received a 1099 Form for the work. So, what if you haven’t received one?

Tax Preparation Software: The Good, the Bad and the Ugly

The pros and cons of using software to complete your tax return.

What Happens If You Give More Than $12,000 To Someone in 2006?

In an earlier article, we discussed the annual gift tax exclusion and how it works. In summary, we said that you could give up to $12,000 in cash or property to any one person during 2006 and not have to pay a federal gift tax. In fact, you don't even have to file a gift tax return. This is not the result of a kind and benevolent federal government at work. Rather, it is simply an effort to avoid an administrative nightmare keeping track of everyone's nominal gifts for weddings, birthdays, holidays, etc. Can you image having to file a gift tax return every time you took a bottle of wine over to your neighbors' for dinner?

Take a Two-Week Vacation and Rent Your Home for Tax-Free Income

All income is taxable unless the law allows a specific exclusion. One of the allowable exclusions is the rental of your home for up to 14 days a year. This article provides an explanation of how a taxpayer can take advantage of this exclusion to generate tax-free income while enjoying a two-week vacation.

Build Wealth with a Tax-Free Gain on the Sale of Your Home

If you owned and lived in your home for at least two of the five years before you sold it, the gain is tax free up to $250,000 if single or up to $500,000 if married. However, if you ever used part of the home for business purposes, such as a home office, only the gain due to depreciation recapture is taxable. You can maximize the benefits of this exclusion by buying a home below value such as a foreclosure or building a home while acting as your own general contractor.

Ten Tips On Becoming a Tax Preparer and Earning Big While Working P/T

Enrolling and completing tax school will put you in the line up for what I call the “Half-Year Tax Professionals” They do taxes 5 or 6 months out of the year and spend the other half of the year traveling.

How To Choose A Good Tax Advisor

There is a major difference between a tax preparer and a tax advisor. Tax preparers, although many may advertise that they can save you money with your taxes or get you a better return, their actual job is really focused on the actual paperwork of filing out your taxes. A tax advisor is actually what you should look for if you are hoping to save money on your income tax.

Six Month Extension to File Form 1040 Now Available

The IRS now allows an automatic extension of six months to file Form 1040. A taxpayer applies for the extension on Form 4868. In prior years, the extension was for four months, but a taxyer could apply for an additional two months extension by showing good cause. Obtaining an extension can reduce the possibility of being assessed the penalty for failure to file a timely return. An extension also allows the taxpayer more time to make many tax elections.

Common Tax Mistakes

People make a lot of mistakes when it comes to their taxes... here's a few of them.

Checking The Status of Your Tax Refund Online

More than a few people are happy to learn they are due a tax refund after filling out their tax returns. If you are one of these people, here is how to check the status of your refund online.