Tax Tip of the Week – Visit the IRS Website!!

by | Apr 30, 2010 | Business Profit & Cash Flow Tips, Cost Cutting, Current Affairs, Income Taxes, Other, Small Business Owners, Tax Tip of The Week, Web/Tech

You may not know this, but the IRS has a website! www.IRS.gov has a lot of useful information and features. You can check the status of your refund, get most IRS forms, and apply for an EIN and payment plans. It also has access to publications that relate to business...

Tax Tip of the Week – “I Hit the Jackpot!! What Do You Mean I Have To Pay Taxes On It?”

by | Apr 22, 2010 | Income Taxes, Tax Tip of The Week

Yup! That is right. When you go to the casino and actually win big, you will be taxed on it. Normally, when you win a big jackpot, the casino will ask you for information such as, your name, address and social security number. This information will be reported to the...

Tax Tip of the Week – I’m Not Going to Have My Tax Information Ready by the Deadline! What can I Do?!

by | Apr 2, 2010 | Current Affairs, Income Taxes, Tax Tip of The Week

File an extension!!!! All taxpayers have an option to file a Form 4868, Application for Automatic Extension of Time to File Tax Return. This form notifies the IRS that you need more time to prepare your taxes for the current year and allots you six more months to get...

Tax Tip of the Week- Proper Documentation Needed for Charitable Gifts Deduction

by | Mar 12, 2010 | Current Affairs, Income Taxes, Tax Tip of The Week

People like to help out by donating to various charities. Beginning in 2007, the IRS imposed tougher substantiation rules for charitable donations of cash. Some taxpayers are still getting used to the idea of getting back up information in order to take the tax...

Tax Tip of the Week – Warning Employment Tax Audits Underway!!

by | Feb 26, 2010 | Current Affairs, Income Taxes, Small Business Owners, Tax Tip of The Week

The IRS has announced it has selected taxpayers for the first round of employment tax audits under its National Research Program. (IRS News Release 2010-012) Expect small businesses to comprise about 80% of the group. Eventually, about 6,000 businesses will be...

Tax Tip of the Week – The American Opportunity Tax Credit

by | Feb 19, 2010 | Current Affairs, Income Taxes, Tax Tip of The Week

One major tax change this year is the expansion of the education credit. If you or your dependents have qualifying education expenses you can save big money when you file your income taxes. If you have taken this credit in the past, you are familiar with the education...