Archive for Tax Tips
You are browsing the archives of Tax Tips.
Small Business Heaven | Minimizing Costs and Maximizing Benefits
ShoeBooksRight? FreshOutBoxed? OutBoxedBooks?
The small biz warriors at FreshBooks, Outright.com and Shoeboxed are interested in only one thing: helping you spend less time on busy work – like invoicing, bookkeeping and recording expenses – and more time doing what you actually love – running your business. That’s why all three companies have integrated their services. ShoeBooksRight? [...]
Four Online Tools to Make Quarterly Estimated Taxes Easier
With June 15 just around the corner, many of you are starting to think about—and perhaps dread—filing your quarterly estimated tax payments. While QETs can be a nightmare for overworked and unorganized small business owners and self-employed individuals, there are many online tools available to make the process easier, faster and headache-free.
Here’s how they [...]
Harnessing the Web for Faster Quarterly Estimated Taxes
June 15th Deadline: Quarterly Estimated Taxes
Now that we’re under a month away from June 15th, you might be one of the millions of self employed or small business owners that need to file a quarterly estimated tax payment. While not everyone’s cup of tea, the process can certainly be made more manageable by leveraging a few [...]
Tax Tip: Energy-Saving Can Reduce Your Tax Burden
The Internal Revenue Service today reminded individual and business taxpayers that many energy-saving steps taken this year may result in bigger tax savings next year.
The recently enacted American Recovery and Reinvestment (ARRA) of 2009 contained a number of either new or expanded tax benefits on expenditures to reduce energy use or create new energy sources.
The [...]
Top Ten Facts about Amended Returns
Taxpayers who need to make a change or adjustment on a return they already filed can do so by filing an amended return. Here are the top 10 things every taxpayer should know about amending your federal tax return.
What Happens After I File?
Most taxpayers have already filed their federal tax returns but may still have questions. Here’s what you need to know about refund status, recordkeeping, mistakes and what to do if you move.
Refund Information
You can go online to check the status of your 2008 refund 72 hours after IRS acknowledges receipt of your e-filed return, or [...]
Beware of the “Dirty Dozen” Tax Scams
The Internal Revenue Service has issued its 2009 “dirty dozen” list of tax scams, including schemes involving phishing, hiding income offshore and false claims for refunds.
“Taxpayers should be wary of scams to avoid paying taxes that seem too good to be true, especially during these challenging economic times,” IRS Commissioner Doug Shulman said. “There is [...]
Tax Day!
If you are just learning that today is Tax Day, you may be in a bit of trouble. For everyone trying to get them finished today, good luck! And to everyone already done, congrats!
If you think you’ll need more time, make sure to check out FileLater, an easy way to get a tax extension in [...]
What to do if You Receive an IRS Notice
It’s a moment many taxpayers dread. A letter arrives from the IRS — and it’s not a refund check. Don’t panic; many of these letters can be dealt with simply and painlessly.
Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of a change to their [...]
Six Important Facts about Tax-Exempt Organizations
Every year, millions of taxpayers donate money to charitable organizations. Here are six things you should know about the tax treatment of tax-exempt organizations.
Tax returns are made available to public. Exempt organizations generally must make their tax return available for public inspection. This also includes the organization’s application for exemption. These documents must be made [...]
Special Tax Break Available for New Car Purchases This Year
The Internal Revenue Service announced today that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year.
“For those thinking about buying a new car this year, this deduction may give them a little [...]
10 Tips For Last-Minute Tax Filers
With the tax filing deadline close at hand, here are the top 10 tips for taxpayers still working on their tax return.
E-file your return. Consider filing electronically instead of using paper tax forms. Choosing to e-file is the best way to ensure your return is accurate and complete.
Review tax ID numbers. Remember to carefully check [...]
First $2,400 of Unemployment Benefits Tax Free for 2009
All or part of unemployment benefits received in 2009 will be tax free for many unemployed workers, according to the Internal Revenue Service.
“This morning we learned that a record 5.6 million people were receiving unemployment benefits in the middle of March. This underscores the need for the relief provided by the American Recovery and Reinvestment [...]
New Law Extends Net Operating Loss Carryback for Small Businesses
The Internal Revenue Service announced today that small businesses with deductions exceeding their income in 2008 can use a new net operating loss tax provision to get a refund of taxes paid in prior years.
To accommodate the change in tax law, the IRS today updated the instructions for two key forms – Forms 1045 and [...]
Five Tips to Avoid Tax Time Stress
Are you looking for ways to avoid the last-minute rush for doing your taxes? Here are some stress-relieving tips to help you.
Don’t Procrastinate – Resist the temptation to put off your taxes until the very last minute. Your haste to meet the filing deadline may cause you to overlook potential sources of tax savings and [...]
