Tax Information

Deducting Points On Home Refinances


Deduction of Refinance Points

Small Business Tax Deduction - Write-Off Bad Debts


Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction.

Small Business Tax Credit - Americans with Disabilities Act


Many small businesses complain when confronted with the expense of complying with the Americans with Disabilities Act. Most do not realize that there are a number of tax incentives available to offset the costs. Importantly, one tax incentive comes in the form of a tax credit, which is far more valuable than a tax deduction when it comes to creating tax savings.

IRS Reports Tax Gap of $300 Billion


The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals revealed the tax gap. These results indicate a failure of 15 to 16 percent of individual tax payers to fully pay their taxes. IRS enforcement activities recovered roughly $55 billion of that total gap, leaving a net tax gap of $257 billion to $298 billion.

Tax Deduction for Alimony Payments? - Yes!


Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.

2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction


If you are environmentally conscious and purchase a 2005 Ford Escape Hybrid vehicle that combines a gasoline-powered engine with alternative power methods, you are in line for a nice tax deduction.

Truly Bizarre Taxes: The Tax on Illegal Drugs


One can never underestimate the enthusiasm that politicians have for trying to hunt up tax revenues. The creativity of some politicians can lead to bizarre taxes and unfortunate results.

Rental Property Tax Deductions


Own residential rental properties? This article discusses how income from those properties impacts your taxes.

SFR Substitute for Returns: IRS Action on Non-Filers


In the latest Star Wars episode, the evil empire executes a brutal revenge on the Jedi. While the IRS is not an evil empire (and due to the Revenue Reform Act of 1998 not very brutal anymore); it too is executing revenge on those who do not comply with filing their tax returns.

Employment Taxes ? What Are They?


If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. So, what are employment taxes?

Section 179 ? Tax Relief From Depreciation Rules


?Depreciation.? For business owners, this word is the one most likely to inspire headaches and fits of cussing. The expanded provisions of Section 179 are just the medicine you need to cure the depreciation blues.

Highlights of IRS List of 2005 Tax Scams


Each year, the IRS lists various scams taxpayers get caught up in. The top 2005 scams include several that manipulate laws governing charitable groups, abuse credit counseling services or rely on refuted arguments to claim tax exemptions. The agency is warning taxpayers about the growth of identity theft schemes with some particularly bold thieves even pretending to be IRS agents.

Identity Theft ? Impacting Your Taxes?


If your identity is stolen, your finances can quickly become a nightmare. A less obvious problem is the effect identity theft can have on your taxes.

Correspondence From The IRS ? Yikes!


It?s a moment every person dreads. You pick up the mail and there is an envelope from the IRS. It?s not a refund check. What do you do?

Access to E-records by Taxing Authorities: A Case for Pakistan (Part I)


Background issues of access to records

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