Frequently Asked Tax Questions and Answers
Ilyce Glink interviews Chet Burgess, Enrolled Agent. They discuss the biggest mistakes individuals and small business owners make on their tax returns.
Income Taxes: Save Money, Give Less Legally To IRS
There are several legal ways to save money on your income taxes and give less to the IRS. One way to legally save money on your income taxes and give less to the IRS is by paying your January mortgage payment in December. You can also save money legally on your income taxes and give less to the IRS by donating appreciated stock to your favorite charity.
IRS Tax Deductions: Small Business Owners Can Save Money On Taxes
In this column, Ilyce itemizes several IRS tax deductions small business owners can use to save money before filing taxes. One of the IRS tax deductions small business owners can use to save on taxes is the Section 179 Deduction. Another IRS tax deduction small business owners can use to save money on taxes is a retirement plan deduction.
New Tax Rules For Individual Taxpayers
There are plenty of important new tax rules for individuuals that you need to know about. Chet Burgess, an enrolled agent who owns Brookwood Tax Service in Atlanta, Georgia, explains some of the new rules. The tax breaks are related to Hurricane Katrina, dependent children and investment property,
Smart Year-End Money Moves
Are you and your money ready for the New Year? Here are some smart money moves that you can make that will save you big-time in April 2006.
Auto Tax Bill Thirteen Years Late
A collection agency sent a letter regarding a thirteen year old bill that they never received. Unfortunately, it looks like the bill and the interest needs to be paid because the bill was for a city tax. It is always your responsibility to pay taxes, even if you never receive the bill. Make sure you don't ruin your credit score and keep track of your responsibilities to pay property tax, car tax, and any other bills.
Taxes Owed When Flipping Properties
A new real estate investor has questions about the taxes they will be required to pay when flipping a property. If you are able to make a successful business out of buying, rehabbing and flipping properties, you may want to talk to your attorney and your tax preparer about whether it makes sense to start a company, which may help clarify your tax and any future liability issues.
IRS Allows Exemption For Medical Reasons
Typically, you have to live in your home as a primary resident for two of the past five years in order to take a certain amount of profits capital gains tax-free. However, the IRS has recently loosened some of these restrictions for people who have to sell for medical reasons, divorce and other personal calamities. The IRS allows you to take a proportionate share of the sale tax free.
Deductions For Home Office Expenses
Considering taking a deduction for home office expenses? If so, this article on home office deductions is a must read.
Taxes For Contest Winners
When you win a contest, it's like winning the lottery. You get the goods but you have to pay tax on your winnings as personal income rather than capital gains. The difference can be pretty dramatic in terms of taxes owed. Many people choose to take a cash payment instead of the prize, because they will have the cash to pay any applicable taxes.