Chances Of Getting An IRS Audit-Near Zero

The chance of getting a random selection audit by the Internal Reveue Service is as close to zero as one can get. Typical triggers of an IRS audit center around their own audit protocols focusing on specific income tax issues. For instance, if you own a subchapter S corporation, chances for an audit are raised as IRS attempts to find out how many of these entities are in compliance with income tax law.

Early Retirement Distributions and Tax Consequences

If you participate in a retirement plan, you can start distributing money at 59 and half years of age. Ah, but what are the tax consequences if you do so at an earlier age?

Don't Make These 7 Fatal Income Tax Mistakes

Here are 7 More Common Tax Mistakes many taxpayers make according to Jeff Schnepper of MSN Money

Is Your eBay Activity a Business or a Hobby?

Many eBay sellers start out as a hobby, or just to clean out their closets. Many times, this hobby can lead to a profitable business. A hobby is an activity that you do simply because you love doing it, but it may also earn you some income. That income must be reported on your tax return, even if it is just a hobby.

Can These 4 Tax Tips From the IRS Save You Money This April 15th

The much Dreaded April 15th tax filing day is fast approaching. Here are 4 tax tips direct from the IRS that can help save you money and aggravation.

Your Home Based Business Tax Deductions-Are They Legal?

The Internal Revenue Service determines whether your claimed home based business tax deductions are legal using various criteria...These are some of the questions that must be answered to ensure your home business tax deductions are legal in the sight of the IRS.

Aren't All Free Tax Preparation And E-File Options Crap?

It's getting closer to the tax filing deadline. Do you have all your documents in order? W-2s? 1099s? Receipts? If you don't, then your anxiety levels are going through the roof right now. Read on to learn how you can manage this situation...

What State Taxes Can Businesses Deduct

If you run a business, you are looking for as many deductions as possible to knock down the tax you have to pay. Following are some highlights of the taxes you can deduct that are collected by anyone other than the federal government.

Tax Records - How Long To Keep Them?

Most tax deadlines are easy to remember like the filing deadline or the due date to pay estimated tax payments however, when it comes to how long to keep tax records, most people do not have a clue. So you want to know, how long to keep tax records?

What Is A Tax Attorney?

The importance of utilizing a personal tax attorney is not recognized by most business owners, not the same way they understand the importance of employing a office manager or accountant. With training and education specific to tax law that distinguishes him or her from other lawyers- a tax attorney's specialized skills are most useful in matters regarding the resolution of tax issues and tax debt relief.

Strange and Bizarre Tax Deductions

It was Albert Einstein who said physics was easy compared to trying to prepare his taxes. You probably feel the same way. The tax code is full of oddities, and here are a few that will make you roll your eyes.

Do You Need A Tax Accountant?

Many taxpayers believe filing taxes is a time consuming, boring and complex chore. A good tax accountant can be the perfect option. Their job is tax planning and helping the client legally pay the minimum in taxes. It must also be taken into account that tax laws and codes tend to be complicated, with rules and guidelines that seem contradictory. Not to mention they are ever changing.

Tax Planning Opportunities and Installment Sales

Before engaging in an installment transaction, review you portfolio to check out the consequences. As usual, careful planning can yield significant tax savings and can allow for the use of tax benefits that have been carried over for years. Knowledge is power.

IRS Auditing Those Abusing Telephone Tax Refund

As you probably know by now, courts have ruled the IRS incorrectly collected a certain long-distance telephone tax. The IRS has implemented a refund program for people to recover the tax.

Taxpayers Rights – How To Handle A Disagreement With The IRS

Do you owe the IRS? Are you constantly being hassled by agents demanding the money you owe be paid immediately, rather than allowing you to make payment arrangements?