Recognizing that the sky rocketing gas prices may be making driving more expensive, the IRS has dramatically increased the standard mileage rate for business miles. When calculating deductions for business auto use, taxpayers can use either actual expenses, or the standard mileage rate. The mileage rate takes into consideration not only fuel prices, but maintenance […]
You Don’t Have to Pay Taxes… Or Do You?
I was on a forum, and there it was. A poster declaring that you don’t have to pay taxes, that taxes are illegal, just watch this video and it will explain everything. I didn’t watch the video, I’ve seen too many of them I know how it goes. There will be a discussion of how […]
Where is My IRS Stimulus Payment?
You might actually be looking for Q&A on The 2020 Stimulus Payments. This post is an old post on the 2008 rebate checks. It is interesting to see the differences! The IRS Stimulus payments are going out. Most single people are getting $600, married couples are getting $1,200 and there is an extra $300 per […]
Tax Freedom Day
This year Tax Freedom Day arrived on Wednesday, April 23, 2008. What is tax freedom day? That is the day that Americans stop working for the government, and start working for themselves. Just think about it, all the money that you have earned up until last Wednesday, went to pay taxes. Not just federal income […]
Starting a Business? Free Online Classes to Get You Started on the Right Foot
Free Business Classes There is more to starting a business than having a great idea. Just to get started you need to learn about marketing, taxes, and accounting. Then you will find you want to know more about developing a website, writing a business plan, and how to get federal grants. Hiring employees or contractors […]
Savers Tax Credit for Retirement Savings
One of the lesser known tax credits out there is the Saver’s Credit. A credit is a dollar amount that reduces your taxes. It is better than a deduction, that reduces your taxable income. The Saver’s Credit allows lower to middle income taxpayers to take a credit based on the amount the taxpayer has contributed […]
How to Get Your Economic Stimulus Payment aka Tax Rebate Check
The official title from the IRS is the Economic Stimulus Payment, but most people still call it the Tax Rebate Check and it’s going out to over 130 million US households beginning in May. 3 Simple Requirements You must have a social security number, an ITIN (individual taxpayer identification number) will not work. You must […]
Changes in the Tax Law for Your 2007 Return
Today’s guest post is by the Internal Revenue Service. Every year there are changes to the tax code. This year is better than most with only a few changes from 2006. I really encourage everyone of low or moderate income to look into the Saver’s Credit. If you qualify the IRS will give you a […]
Traveling for Business
I love being in business for myself. One of my favorite aspects of being self-employed is that business travel is deductible from my business income. As long as the primary purpose of the travel is business, with a few exceptions, all my travel expenses are deductible. I have visited many US destinations on business, next, […]
Free Online Tax Filing
If you are going to do your taxes yourself, (and I can think of a lot of reasons why you should not!) why pay for tax preparation software? There are a number of online sites that will allow you to prepare and efile your federal tax return for free…if you meet certain criteria. Side note:If […]