Today I was reading I Help You Blog’s “101 Great Posting Ideas For Your Blog”. It is a great post with lots of ideas and it inspired me to write 101 Tax Deductions for Your Online Business. These deductions are all perfectly legal, however, the IRS is picky about how you take them. So make […]
Seven Ways to Get a Jump Start on Your Taxes
Earlier is better when it comes to working on your taxes. Taxpayers are encouraged to get a head start on tax preparation, especially since early filers avoid the last minute rush and get their refunds sooner. Here are seven easy ways to get a good jump on your taxes long before the April deadline is […]
Tips for Choosing a Tax Preparer
If you pay someone to prepare your tax return, choose that preparer wisely. Taxpayers are legally responsible for what’s on their own tax returns even if prepared by someone else. So, it is important to choose carefully when hiring an individual or firm to prepare personal returns. Most return preparers are professional, honest and provide […]
2008 Standard Mileage Rates
Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be: 50.5 cents per mile for business miles driven; 19 cents per mile driven for medical or moving purposes; and 14 cents per mile driven in service of charitable organizations. The new rate for […]
What the IRS Wants You to Know About Your E-bay Income
Many people don’t realize the income they earn from auctions and consignment sales may be taxable. What’s Taxable All income from auctions, traditional or online, and consignment sales is generally taxable unless certain exceptions are met. This income is usually considered either “business” or “ordinary” income.
Identity Theft and Your Tax Records
How can someone steal your identity? Identity theft occurs when someone uses your personal information such as your name, Social Security number, or other identifying information, without your permission, to commit fraud or other crimes.
Construction Income and Deductions
Income Contractors, subcontractors, and workers must pay taxes on income received for all work, including side jobs and work that is paid for with cash. This includes work in exchange for credit on a bill. It also includes work that is done in exchange for goods or services in a barter exchange. You are required […]
Rental Property Income and Deductions
Rental Income In the simplest terms, rental income is any payment received for the use or occupation of property. Most landlords operate on a cash basis. That means they count payments as income in the period they are received and deduct expenses in the period they are paid. Landlords also need to be aware of […]
Reporting Capital Gains
Almost everything you own and use for personal purposes, pleasure, business or investment is a capital asset, including: Your home Household furnishings Stocks or bonds Coin or stamp collections Gems and jewelry Gold, silver or any other metal, and Business property Understanding Basis The difference between the amount for which you sell the capital asset […]
Deducting Travel, Entertainment and Gift Expenses
The Internal Revenue Service reminds taxpayers that there are specific guidelines to be followed when deducting travel, entertainment and gift expenses.In order to educate taxpayers regarding their filing obligations, this fact sheet, the eighth in a series, explains the rules for deducting these expenses. Travel, entertainment and gift expenses account for just part of the […]