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Richard A. Chapo Profile and Articles
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51). Home Office Tax Expenses
Self-employed individuals often work out of their own home. If this is the case with you, here’s a primer on home office tax expenses you can claim on your taxes.
Home Office Tax Expenses
America is a country built on small businesses. Yes, the big companies are the darlings of the media, but the guts of our economy are the little guys pursuing the American Dream from the extra bedroom.
52). How to Check the Status of Your Tax Refund Online
So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The question for most taxpayers expecting a return is, "Where is my refund?"
Check Your Refund Status Online
The easiest way to check on your refund is to ask the IRS through IRS.gov. On the home page of the site, you will see a "Where's My Refund?" link.
53). How To Give Notice of Copyright On Your Works
The use of a copyright notice is no longer required under U. S. law, but you should still give notice whenever possible. Because prior law did contain
54). Hurricane Katrina – IRS Waiving Diesel Fuel Penalties
Obviously, the destruction caused by Hurricane Katrina has had a major impact on fuel supplies. The IRS is temporarily waiving regulations that ba
55). Hybrid Vehicles and Tax Benefits
You have to love car dealers. With the passage of the Energy Policy Act of 2005, car dealers are screaming about the tax benefits of buying these vehicles. Here’s the scoop.
Deductions and Credits
The Energy Policy Act of 2005 made a major modification to the tax benefits of owning a hybrid vehicle in an effort to entice businesses and individuals to pursue cleaner fuel uses.
56). 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.
Identity Theft
Generally, thieves steal your personal data for the purpose of running up credit card charges or opening and abusing new accounts. A developing trend in the identity theft field concerns schemes impacting your taxes.
57). Incorporating Tips – Capitalization
Capitalizing a new business entity is a critical step of the formation process. Failing to take the step can lead to serious legal problems if the ent
58). Industry Tax Issue Resolution Program
For roughly the last ten years, the internal revenue service has made a fairly major effort to be more taxpayer friendly. The Industry Tax Issue Resolution Program is one such step.
Industry Issue Resolution Program
After years of living in denial, the IRS has come around to admitting tax forms and procedures may be a mess for certain industries. As one IRS agent put it, the agency doesn’t actually work in the industries, so it doesn’t have a lot of practical knowledge in how things work financially for the businesses on a day-to-day basis.
59). Innocent Spouses - Relief from Taxes
Historically, tax issues arising from bad marriages fell into the category of “better or worse” for marriages. The IRS granted no innocent spouse tax relief, but has changed its views.
Tax Relief
When a marriage has problems, finances are almost always one of the elements that contribute to the strife. This can be particularly true where spouses file a joint tax return, which the both sign as tax payers.
60). IRS Gives Victims of Hurricane Katrina More Relief
The IRS has announced further tax relief for victims of Hurricane Katrina due to slow clean up efforts and obviously devastated areas.
The IRS is giving relief to both businesses and individual taxpayers in certain areas that have been absolutely wiped out. Instead of being required to file in March or April, depending on whether the payer is a business or individual, all taxpayers in certain regions will have till August 28, 2006.
61). IRS Holding $2 Billion In Unclaimed Tax Refunds
Every year, the IRS announces that it is holding unclaimed tax refunds. Taxpayers have a limited time to claim the $2 billion dollars the IRS is currently holding.
Three years is a magical number when it comes to tax returns. It refers to the statute of limitations on certain tax issues such as when an audit can occur, when refunds can be claimed and when amended tax returns can be filed.
62). IRS Issues Tax Credit Amount For Toyota Camry Hybrid
Prior to January 1, 2006, people purchasing hybrid vehicles were eligible to claim a significant tax deduction. Now they can claim a monstrously large tax credit.
IRS Issues Tax Credit Amount For Toyota Camry Hybrid
The government attempts to modify the behavior of taxpayers by applying or reducing taxes on certain activities. Alcohol and cigarettes are viewed as health risks, so the government adds excessive taxes to them to try to discourage their use.
63). IRS Lock-In Letters – What’s An Employer To Do?
Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. The IRS will then send a “lock-in” letter on the amount to be withheld. What’s an employer to do?
Withholdings
Four taxes must be withheld from employee paychecks – Medicare, Social Security, Federal Income and State Income tax.
64). IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters
The IRS has obtained civil injunctions against more than 100 promoters of illegal tax avoidance schemes and fraudulent return preparers in an ongoing crackdown that began in 2001. Many of the injunctions, obtained in cooperation with the Department of Justice, also order the promoters to turn over client lists and to cease preparing federal income tax returns for others.
65). IRS Wants to Know About Fake Emails Using IRS Name
Obviously, you use the Internet or you wouldn’t be reading this article. Since you use the web, you know about phishing scams or should. Some scams are now using fake IRS identification.
IRS Wants to Know About Fake Emails Using IRS Name
The IRS has sent out numerous press releases and warning about phishing scams involving tax and IRS logos and fake sites.
66). John Roberts – Supreme Court Nominee
President Bush’s selection of the Hon. John Roberts is an interesting choice. The betting, and there had been betting, was on a minority or female can
67). Licensing Your Copyrighted Materials
If you’ve taken the necessary steps to register your copyrighted works, you inevitably will have an opportunity to royalties off of them. To take adva
68). Marriage and Taxes
Getting married is the greatest day for 50 percent of couples. The other 50 percent get divorced. Perhaps the marriage tax penalty has something to do with it.
Family Values – Hardly
For all the chatter from politicians about family values, it is ironic that the tax code actually penalizes people for getting married. At its heart, the tax code is designed to modify behavior.
69). Marriage or Divorce — Check Your Social Security Number
Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could unexpectedly increase a tax bill or reduce the size of any refund.
For newlyweds, the tax scenario can begin when the bride says "I do" and takes her husband's surname, but doesn't tell the SSA about the name change.
70). Minority Shareholders – Fighting The Man
Investing in a corporate entity is fairly standard practice in our society. Problems arise when you own a small percentage of shares, but disagree wit
71). Need a Copy of Your Tax Return Information?
Taxpayers have two easy and convenient options for getting copies of their federal tax return information — tax return transcripts and tax account transcripts — by phone or by mail.
A tax return transcript shows most line items from the tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules.
72). Non-Compete Agreements In Action – Microsoft v. Google
Non-Compete Agreements are controversial documents that restrict a person’s right to work with competitors of a former employer. The effectiveness of
73). Not To Late To Make 2005 IRA Contribution
Many Americans make annual contributions to individual retirement accounts. If you haven’t done so for the 2005 tax year, you still can.
Not To Late To Make 2005 IRA Contribution
Contributing to individual retirement accounts just makes sense. Most don’t believe social security is going to survive for long. Even if it does, one has to wonder how small the distributions are going to be.
74). Oscars and Taxes
Ratings for the Oscars were down a whopping 10 percent compared to 2005. Well, at least the Internal Revenue Service was watching.
Goodie Bags – Not So Goodie
Actors that get nominated for an Oscar are might happy indeed. Praise rains down upon them for a good performance and better parts are often in the offering. Win an Oscar and the world is their oyster.
75). Paying Workers – What Can You Write-Off?
As your business grows, you are going to need help. This help comes in the form of employees and independent contractors. What you can write-off is dependent upon how your helper is classified – as an employee or independent contractor.
Independent Contractor
Whenever possible, you want to use independent contractors to assist you. Payments to independent contractors are completely deductible.
76). Privacy Rights - Big Brother's Bumbling
The General Accounting Office has reported the federal government is ignoring individual privacy rights of citizens. Not only is it ignoring guideline
77). Refinanced Your Home – Claim a Tax Deduction For Points
The mortgage refinance market has cooled off dramatically with recent rate increases. Many people, however, refinanced during 2005 and can claim tax deductions.
Refinanced Your Home – Claim a Tax Deduction For Points
Mortgage rates have been shockingly low over the last few years. This is hardly news to anyone that owns a home. The nominal rates, however, did result in a major boom for the mortgage industry.
78). Rental Property Tax Deductions
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.
79). Resolve Disputes With Your Partners Before They Happen
A majority of businesses have ownership groups of less than five individuals. While this provides for efficient and effective management, difficulties
80). S Corporation – What Is It?
For many small businesses, the “S” corporation is the business entity of choice. The “S” in S corporation refers to a tax designation. All corporation
81). S Corporations – Filing The Election
Getting a corporation designated as an “S” can be a bit confusing. If you are committed to getting an “S” corporation, here is how you do it.
82). 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.
Depreciation
Traditionally, if your business property had a life of more than one year, the cost had to be deducted over several tax years.
83). Self-Employed Tax Strategies
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.
Tax Strategies
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.
84). 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.
Bad Debt Tax Deduction
A small business can write-off bad debt losses if it meets nominal requirements.
85). Small Business Tax Issues for Self-Employed Individuals
The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business. Of course, few of you enjoy the paperwork and confusing tax issues that arise from owning your own business.
Many self-employed individuals are considered "sole proprietors" or "independent contractors" for legal and tax purposes.
86). Small Employers Rejoice – IRS Simplifies Filings
One of the largest burdens on very small employers is dealing with taxes. Fortunately, the IRS has taken a major step to reduce this burden.
Quarterly Federal Tax Returns – Not!
There are millions of small businesses that labor under the burden of filing federal tax returns each quarter of the calendar year. These quarterly returns have been a major gripe of business owners who often feel they see their CPAs more than their families.
87). Standard Mileage Deduction Rates – 2005 and 2006
If you’re in business, you’re interested in the IRS mileage deduction rates. The 2005 rates fluctuated because of high gas prices and now the 2006 rates have been released.
Standard Mileage Deduction – 2005
In a move not seen for some time, the IRS actually issued two different mileage deduction rates in 2005. Mileage deduction rates are the dollar value per business mile traveled that you can claim as a deduction.
88). Supreme Court Decides Against Grokster In File Sharing Decis
The U.S. Supreme Court has ruled peer-to-peer sites such as Grokster, Kazaa and Morpheus can be held responsible for copyright infringement by their u
89). Tax Benefits of "C" Corporations – Business Failure
Statistics show that many businesses will fail. If you can survive the first two years, chances of your business succeeding go up dramatically. But wh
90). Tax Benefits of A “C” Corporation - Funding
If you are going to form a corporation, you might be surprised to learn a “C” corporation comes with a lot of tax benefits. While this article isn’t i
91). Tax Changes You Should Know for 2005 Returns
Every year, you have to file tax returns and every year there are changes to the tax code. Here are some key changes for 2005 to keep in mind when you prepare returns.
Tax Changes You Should Know for 2005 Returns
2005 was a fairly quite year when it came to changes to the tax code. Most changes were in the form of tweaks, instead of major overhauls.
92). Tax Credit Amount for Lexus GS 450 Hybrid Issued By IRS
Prior to January 1, 2006, you were restricted to claiming a $2,000 tax deduction if you purchased a hybrid car. Now you can claim a tax credit, which is much more valuable.
Tax Credit Amount for Lexus GS 450 Hybrid Issued By IRS
Conspiracy theorists often offer rather exotic arguments about how the government tries to control us. When it comes to taxes, they are absolutely correct.
93). Tax Credits for Retirement Savings
It is a well-known fact that Americans are miserable failures when it comes to saving for retirement. Well, the government is offering tax credits to change this for some of us.
Tax Credits for Retirement Savings
Social security is going to be under siege as baby boomers hit retirements. Fortunately, many baby boomers have put away piles of cash in 401ks and IRAs.
94). 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.
According to the IRS, alimony payments are taxable to the recipient in the year received.
95). Tax Deductions for Your 2005 Hybrid Automobile
With the recent push by President Bush for alternative fuel strategies, much confusion has arisen regarding tax incentives for hybrid vehicles. This article clarifies the issue for you.
Tax Deductions for Your 2005 Hybrid Automobile
People buy hybrid vehicles for different reason. They are good for the environment. They get much better mileage, which saves money.
96). Tax Incentives for Saving for Education
Recent statistics show Americans are simply not saving money for the future. To encourage savings, the government has come up with tax incentives.
Tax Incentives for Saving for Education
Higher education in America is an expensive proposition. If you have a child in college, I hardly need to tell you this. While every parent is proud of a child pursuing education, the glorious event can make for some sleepless night when thinking about how to pay for it.
97). Tax Jokes and Quotes
Do you realize that some tax forms ask you to check a box if you are BLIND?
Quote: “Two years ago it was impossible to get through on the phone to the IRS. Now it's just hard to get through. That's progress.” -Charles Rossotti, former IRS Commissioner
Disappointed that you never had time to write the great American novel? Don’t fret, just go dig out your past tax returns.
98). Tax Quotes and Jokes for Tax Season
Like death, paying taxes is inevitable. In the case of most Americans, tax season is just around the corner. If only paying taxes was so easy.
As you begin pulling out those receipts, the eraser and reading plain English tax instructions that Einstein couldn’t figure out, you’re going to need a good laugh. Here you go:
1. I am proud to be paying taxes in the United States.
99). Tax Records - What You Should Keep And For How Long
Many taxpayers are confused about how long they should keep tax records. The term "tax records" refers to your tax returns and the documents that support the information in the returns. These documents can include receipts, bank statements, 1099s, etc. If you are one of the unlucky few to be audited, these records will be vital to fending off the IRS.
100). Tax Refund Email Scam – IRS Warning
The IRS has issued a warning regarding a phishing email scam. The scam claims you are due a tax refund, but is really designed to obtain your personal information.
Tax Refund Email Scam
Phishing scams are designed to swindle you into providing private information that can be used to your detriment. This information typically includes things like credit card numbers, social security numbers, bank accounts and so on.
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