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.

Do You Make These 9 Common Income Tax Mistakes?

Its income tax time again. With the April 15th Deadline fast approaching you need to beware of these 9 common income tax mistakes as stated by Intuit the makers of Turbo-Tax.

Types of Income that are Not Taxable

As you know, the income you earn is taxed by the government. Alas, not all income is treated the same. In fact, some is considered off limits and is not taxed at all.

Home Based Business Tax Deduction Scams - Don't Believe The Hype

The Internal Revenue Service (IRS) reports, home based business tax deduction scams have increased in popularity in recent years...Be Aware: Creating or being a party to a bogus home based business or other scheme to claim home business tax deductions puts YOU, the taxpayer on a slippery slope-

Structured Sales For CPAs-Attorneys-And Financial Advisors

While Installment Sales of real property, businesses, and collections are long established and understood by most tax professionals, Structured Sales and the concept of utilizing an assignment company and an annuity to guarantee payment may be new to many professional advisors including CPAs, attorneys, financial planners, and other insurance professionals.

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.

UK Self-Assessment - How the Tax System Works

If you’re all new to this self-employment lark, then here’s your easy-to-understand guide to how it will work for you. This helps you get your head round the UK tax system- when you need to submit your tax return, and when you make your payments.

How Much Is That Business In The Window-Do You Know The Worth Of Your Business?

Amazingly enough, as I continue to practice the art of public accounting, I find that many small business owners are unaware of their business' value. They have made no plan for retirement, estate planning, or a possible sale. When a business' value is known, it becomes possible to put a plan in place that will cover just about every possible scenario the small business owner will face.

Tax Filing Time-A Necessary Evil

Get you taxes done early and get ahead of the crowd.

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.

Online Tax Filing: Why File Taxes Online?

More and more Americans are filing their taxes online. Online tax filing is secured, convenient, and helps you stay on top of new deductions. In addition, you don't have to worry about getting to the post office just before the midnight deadline.

Depreciation-Residual Tax Deductions-Break The Tax Code For Profit

As a home based business, your deductions may be limited by 'red flag awareness' but the bottom line is, those deductions were written to be used by the common man to prevent overpayment of Taxable Income, while Maximizing Business Benefit to the Small Business. Nobody wants to set off an Audit by abusing the system. However, the system is designed to protect the Tax Payer while providing Income for the Nation. So use it for that purpose and maximize your business benefits.

Tax Deductions For Freelance Writers

As a freelance writer, you are allowed various tax deductions. Since these tax deductions will help offset the money you will have to pay in self-employment taxes, it will probably be worth your while to keep track of your expenses and take advantage of these deduction allowances. The following tips will help you learn what qualifies as a legitimate business expense and what else you can deduct.

Pros and Cons for Small Businesses that Use Home Office Deduction

Having a computer and other office supplies in your office isn't the only way you can gain full benefits of the deduction to use your home for business. The space you use in your home to manufacture goods or to store inventory can also be deducted. That's also the case if you run a day-care business or a nail salon in your home.

How To Pay a LOT Less Tax Using The IRS Travel Deduction

The IRS allows you to deduct many of your expenses related to business travel. If you do a lot of travel for work, this deduction could be quite large, but keeping track of your mileage and expenses can be difficult. A PocketPC software application can make this easier while keeping the detail of your deductions at the required level. You save time and reduce your taxes to save money.