Failure To Pay Employment Taxes – Penalties

Top Taxes Articles
1). What Your Tax Dollars Do For You By : Ken Snowie In this article, we will take a look at the influence the government exerts over our daily lives through our taxation, and the good and bad aspects of that influence. Through direct spending, the U.S. government controls approximately 43-45% of the economy. Today, government spending accounts for almost as much of the economy as spending in the private sector.
2). Three Dumbest LLC Formation Mistakes By : Stephen L. Nelson, CPA I see a lot of dumb llc formation mistakes. Maybe more than most people because I occasionally teach a graduate tax class on LLC formation. Some of the mistakes are made by entrepreneurs and investors trying to save money on accountants and attorney fees. And I guess that’s okay--albeit penny-wise and pound-foolish. But you know what really irks me? Some of these mistakes—in fact, most of them—are made by attorneys and paralegal services… Professionals who should know better.
3). How To Keep The IRS Off Your Back And Out Of Your Life In 2006 By : Wayne M. Davies Sorry to crash your party, but as we bring in the New Year, it's also time to bring in a New Tax Season. As a small business owner or self-employed person, one of the easiest ways to keep Uncle Sam off your back and out of your life is to file your forms, payments and other paperwork on time. Over the next four months there are several key dates that you dare not forget! Here they are -- all in one place, along with links to the IRS website PDF file for that particular form, where appropriate.
4). Tax Returns - Should You Itemize? By : Richard A. Chapo When you finally decide it is time to prepare your taxes, the first question is whether you should itemize your deductions or take the standard deduction provided by the IRS. Choices, Choices… Tax deductions are a very simple part of a theoretically simple tax reporting system. If you’ve ever prepared your own taxes, you know this simply isn’t true.
5). Strategies For Limiting Taxes If You Are Your Own Boss By : Richard A. Chapo Self-employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are tax strategies for self-employed individuals that reduce those tax amounts. Strategies For Limiting Taxes If You Are Your Own Boss The good news is being self-employed is one of the best tax strategies out there. Unlike a salaried employee, the full scope of tax credits and deductions available in the tax code are now available to you.
6). Moving Expenses – What Can You Deduct? By : Richard A. Chapo You are moving to a new town to take a job. It is going to cost money to make the move. The question that should come to your mind is whether you can deduct any of this stuff. Moving Expenses – What Can You Deduct? If you are moving to a new location seeking employment or because you have a job, you could be in luck. Yep, you can deduct some or all of your expenses.
7). Rental Property Tax Deductions By : Richard A. Chapo Own residential rental properties? This article discusses how income from those properties impacts your taxes. What Constitutes Revenue? Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes rent advancements, expenses paid by a tenant and any security deposits not returned to the tenant.
8). Section 179 – Tax Relief From Depreciation Rules By : Richard A. Chapo “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. Depreciation Traditionally, if your business property had a life of more than one year, the cost had to be deducted over several tax years.
9). Fraudulent Tax Shelters – KMPG Goes Down Hard By : Richard A. Chapo In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars, but nine of its executives still are under indictment. Son of Boss Tax Shelters From 1996 to 2003, KMPG promoted a tax strategy known as the Son of Boss.
10). Tips For Preparing Your Taxes from the Internet By : Cal Golden When it comes to preparing our taxes, many of us could use some help. The following websites offer guidance and information that may assist you in learning about how to get the most out of filing your returns. Fairmark.com www.fairmark.com Recommended by Forbes.com, Fairmark.com sia tax site dedicated to helping investors file their taxes correctly, offering a Tax Help Center and guidance when dealing with Roth IRAs, capital gains, and financing for college.

New Taxes Articles
1). What Can A Real Estate Tax Deduction Do For You? By : Michael Williams Owning a property can help you benefit from the real estate tax deduction. This tax deduction can actually be broken down in to several separate advantages. Find out more...
2). What Is A Deferred 1031 Tax Exchange? By : Nationwide1031 A tax deferred exchange represents a simple, strategic method for selling one qualifying property and the subsequent acquisition of another qualifying property within a specific time frame. Although the logistics of selling one property and buying another are virtually identical to any standard sale and purchase scenario, an exchange is different because the entire transaction is memorialized as an exchange and not a sale.
3). Three Dumbest LLC Formation Mistakes By : Stephen L. Nelson, CPA I see a lot of dumb llc formation mistakes. Maybe more than most people because I occasionally teach a graduate tax class on LLC formation. Some of the mistakes are made by entrepreneurs and investors trying to save money on accountants and attorney fees. And I guess that’s okay--albeit penny-wise and pound-foolish. But you know what really irks me? Some of these mistakes—in fact, most of them—are made by attorneys and paralegal services… Professionals who should know better.
4). Tax Tips for New Ecommerce Entrepreneurs By : Stephen L. Nelson, CPA New ecommerce entrepreneurs can find them confused and confounded by the tax and accounting requirements of their venture. And that’s a shame: If someone’s spotted a great new category and successfully built a web presence, heck, that someone shouldn’t find themselves bogged down with the accounting minutia. The entrepreneur should focus on increasing traffic, expanding margins, and growing cash profits.
5). Tax Tips for IT Consultants and Contractors By : Stephen L. Nelson, CPA I live and work, quite literally, down the road from the main Microsoft campus. No surprise, then, that I’m commonly asked by freelance consultants for free advice about how these self-employed independent contractors can minimize their income taxes. If I can, I try to weasel my way out of the discussion, offering up such basic tidbits as, “Well, be sure to look at the home office deduction.
6). Forming Your LLC in Nevada: Does it really work? By : Stephen L. Nelson, CPA If you’ve done much web research about setting up a limited liability company, or llc, you’ve seen the advertisements that tout Nevada. The pitch is pretty simple. Because Nevada doesn’t levy an income tax on individuals or corporations, you should form your llc in Nevada. The implied promise is that you’ll save big on state income taxes. Okay. Don’t get me wrong.
7). Tax Tips for Real Estate Investors Using IRA Funds By : Stephen L. Nelson, CPA You’ve seen the advertisements and news articles. IRA funds can be used to make real estate investments. But before you jump on this bandwagon, make sure you understand some of the tax planning angles related to this opportunity. Passive Loss Deductions Almost always, an important component of your real estate profits comes from the tax savings associated with depreciation.
8). Tax Traps for New Real Estate Investors By : Stephen L. Nelson, CPA Perhaps one shouldn’t be surprised that new real estate investors fall into the same tax traps again and again. Real estate burdens investors—especially new investors—with some tricky tax accounting. But just because some other newbie makes these mistakes, that doesn’t mean you need to. You just need to know where the traps are so you avoid them. And here are the biggest real estate tax traps you don’t want to fall into: Tax Trap 1: Passive Loss Limitation On paper at least, real estate often loses money.
9). Taxes Q&A: Understanding What Is And Is Not Taxable By : Travis Partrige * Is Social Security retirement income taxable? Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay taxes if he/she has annual Social Security retirement income of more than $25,000. If he/she has a married status, they must pay such taxes if the income is more than $32,000.
10). Car Donation Tax Deduction By : Thomas Morva Next to wanting to contribute to charitable causes, perhaps your biggest motivation to donate your car is the substantial tax break it can give you. Don’t be misled by information about your return, because the tax breaks you can get from a car donation may not be as big as you think. If your car donation is worth more than $500, then you should read “Revenue Provisions” in Section 884 of Title VIII.