Tax time can be extra taxing for the self-employed. What really do you count as income? What can you deduct as expenses? And why do you have to pay self-employment tax? Here are a few tax tips to help you prepare your self-employed tax return. 1. What is Self-Employment Income? Self employment income can be … Read more5 Tax Tips for The Self-Employed
Congratulations! You have your own business! Now the bad news. Uncle Sam wants a big portion of your income. When you start your own business, one of the first things you must plan for is paying your taxes. How Often Do You Pay Estimated Taxes? As an employee, your employer takes taxes out of each … Read moreHow To Pay Estimated Taxes When You Run Your Own Business
Image via Wikipedia Once again the IRS has extended the First Time Home Buyer credit and now is a great time to buy a house! What I find really exciting is now you don’t have to be a first time home buyer to get a modified version of the credit. Here is the scoop. If … Read moreThe Home Buyer’s Tax Credits, Now The IRS Will Help You Buy A Home
The man sitting across my desk had been a client for years. He had come in to tell me that he would not be using my services ever again. “Why?”, I asked. He had found a lawyer who had told him that income and social security taxes were illegal. All my former client needed to … Read moreTaxes are Illegal?
Now is a great time to buy a new car. The recession has hit the major car dealers hard and they are offering great deals on new cars. And to make the deal even getter, the IRS is allowing a deduction on your 2009 income taxes for state and local sales and excise taxes you … Read moreBuy a New Car With Help From The IRS
April 15th has arrived, and you don’t have enough money to pay your taxes. What are you going to do? First of all, don’t panic. You are not alone. Every year thousands of people come up short when it comes time to pay the IRS. Here is what you can do when you can’t pay … Read moreWhat To Do When You Can’t Pay Your Taxes
Have you filed your 2005 Income tax return yet? That is not a typo, I am asking about your 2005 tax return, not your 2008. The reason I am asking, is because I don’t want the IRS to be able to keep over a billion dollars in uncollected refunds. (Of course, used right that might … Read moreOver $1 Billion in Refunds Available
Are your unpaid back taxes overwhelming you? Are you looking for tax debt relief? If you don’t think you will ever be able to pay off your tax debt, you may be able to eliminate a large portion of your tax debt with an IRS Offer in Compromise. With an Offer in Compromise, the IRS … Read moreEliminate Tax Debt with an IRS Offer in Compromise
Many years ago I was doing a tax return for a couple who had had quite a few major financial setbacks the previous year. They had just barely managed to stay in their home. They had avoided foreclosure because their lender was willing to work with them. Their loan had been totally redone and the … Read moreHelp From the IRS for Struggling Home Owners
Have you filed your 2007 tax return, (even if you don’t normally file), waited at least 6 weeks, yet you still haven’t received your stimulus payment? It sure could come in handy this time of year! What should you do? First, check this Stimulus Payment Calculator to make sure you qualify. Some of the reasons … Read moreAre You Still Asking- Where is My Stimulus Payment?