The IRS Says You Owe Money, But You Disagree

Hard as it is to believe, employees at the IRS are humans just like you and me. This means they make mistakes and you need to let them know when this occurs.

The Alternative Minimum Tax Catch-22

If there is one tax that drives people nuts, it is the alternative minimum tax. Ironically, it may be the one piece of the tax code that forces a complete re-writing of the tax code.

President Bush's Proposed Health Care Tax Deduction

Nothing is more complex and difficult for politicians to deal with in this country than health care. Well, President Bush is about to enter the fray with a new proposal.

What The IRS Has in Store for Limits and Contributions in 2007

Here are the new limits and contributions on IRA contributions, social security wage base, tax brackets, etc. for 2007 as set by the Internal Revenue Service.

Interesting Insider Information on the IRS

If you get behind on your taxes, it can literally ruin your life. You live in fear of the IRS swooping in and taking everything. A recent internal report, however, reveals some interesting things about the IRS.

Free Tax Help From the IRS

We are from the government and we are here to help you. Most people would run screaming at this point. In this case, it is good news. The IRS is offer free tax help

Late Tax Changes Mean IRS Forms are Wrong

There is a general implicit agreement between Congress and the IRS regarding tax changes. Congress agrees to make all tax code changes before November, but broker the agreement this year.

What You Should Know About Kiddie Tax

The new kiddie tax change, which was approved by congress, is good only until a child turns 18, as apposed to the old law where it was done away with on the child's 14th birthday. For 2006 and 2007, a child's investment income that exceeds $1,700 is taxed at the parent's rate. To earn $1,700 of income, the invested principal would have to be at least $21,250, assuming an 8 percent annual yield. The first $850.00 of a child's investment earnings will remain tax-free, whereas, the next $850.00 is taxed at the child's rate, which is 10% for interest income and 5% for qualified dividends, and long-term capital gains. The parent's rate can go as high as 35%.

IRS Data Shows the Growth of the Tax Code

For instance, if tax returns with adjusted gross income (AGI) between $200,000 and $5000.00 account for 9.97 percent of personal income, then they would pay 9.97 percent of the taxes. But if tax returns with AGI between $40,000 and $50,000 account for 6.97 percent of income, then they would pay 6.97 percent of the taxes.

What Do All Those Numbers Mean?

It's tax season once again and you are faced with a list of various tax forms identified by a number that makes no sense to you. Here is a brief description of the most common forms used by both individuals and businesses to file their returns:

Find the Right Tax Accountant

When looking for a professional to handle your taxes, you need to make sure that you make the right choice. There are many benefits of having a tax accountant handle your taxes, but you should ask plenty of questions before you place all of your most important information in a stranger's hands.

The 1099 Deadline Approaches

As you recover from the holidays and New Years, you probably are going through a bit of a lull. Well, it is time to wake up because a few key tax deadlines are quickly approaching.

This Year Early Filers are Not Guaranteed Early Tax Refund

Even though it's only a small percentage, those people who file for state and local sales tax deductions, higher education tuition and fees deductions, and the $250 educator expense deductions are most affected, said the IRS.

To File Or Not To File: That Is The Question

Conversely, Individual taxpayers whose income exceeds $400 are required to file taxes. In the case of the individual having a little side job (for instance, a lawn mowing job) the individual should fill a Schedule C.

CESTAT Must Ensure Delivery Of Orders - HC

By the impugned order dated 15.7.2003 the CESTAT rejected an application filed by the appellant seeking restoration of its appeal No.E/374/90 which had been dismissed for default on 22.7.1997 on account of non-appearance of the appellant.