5 Reasons You
Really Do Have to Pay the IRS
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| When you pull your pen out a few weeks from now to pay your federal
income taxes, stop and consider this question: Just who says you have to pay income taxes?
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What Income Is Taxable?
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While most income you
receive is generally considered taxable, there are some situations
when certain types of income are partially taxed or not taxed at
all. |
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Miscellaneous
Deductions Add Up to Big Savings
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| The simple rule of thumb is, if it affects your income and is not
offered as a separate deduction on your tax forms, it may qualify as a miscellaneous
deduction. |
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Business
Accounting Methods and Taxable Income
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An accounting method is a set of
rules used to determine when and how to report income and
expenses in your books and on your income tax returns. |
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Length of Time You Must Keep Certain
Records |
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What to do with last years stuff? The period of time you have to keep records is a function of the
period of limitations for the items you are claiming. Here's a suggested retention
plan to comply with year 2010 regulations. |
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End-of-the Year Tax Saving Tips
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| There's still time to save on taxes. With a little planning, you can
save a bundle on your next return. Successful tax planning summed up here. |
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Tax Deductions Your
Business Shouldn't Miss
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It's very simple: the more tax
deductions your business can legitimately take, the lower its
taxable profit will be. |
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Taking Care of
Year-End-Tax Chores Now
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| Everyone gets
busy at end of the year. There are plenty of year-end chores you'll find yourself
scrambling to deal with — unless you get started now. |
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Cafeteria Plans and Benefit Choices
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| Many employers
offer a cafeteria plan to their employees. This type of plan, also called a flexible
benefit plan, allows employees to choose between cash or a menu of qualified benefits such
as accident and health coverage, group-term life insurance coverage, and/or dependent care
benefits. |
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Time For a
Last-Minute Tax Checkup
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| Although 2009 is
almost over and income tax returns aren't due until next spring, this
is a good time to take stock of your business and see what you can do to lower your tax
bill for this year. |
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Miscellaneous
Itemized Tax Deductions |
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You can only deduct those miscellaneous deductions that exceed a
small percent of your
Adjusted Gross Income. Start saving those receipts now! |
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You can combine business with
pleasure, and deduct it, too
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| The IRS says you can deduct expenses for taking a business trip or
business convention. And there’s no reason the trip shouldn’t coincide with
a
vacation. |
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Ways to Plan Now for Next
Year's Taxes
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| Tax planning is a year-round process. Here are four ways you can plan
today to minimize your contribution to the IRS. Plan, prepare and project now so you won't
have any IRS surprises next April. |
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What is "Modified Accelerated Cost
Recovery System"?
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| As assets wear
out and lose value, you can recover your cost as a business expense. The method of
deducting the cost of property is called depreciation. |
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To Save On Taxes Keep Good
Records
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| It really does pay to get organized. Here's a guide to record-keeping
and a simple system to make it all manageable. |
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Document Your Gifts and Charitable
Contributions
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If you give gifts to clients or charitable organizations, the cost is deductible.
If your self employed, it comes straight off your gross income from self-employment. |
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What if you can't pay the IRS?
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We finish your tax return and
you find you don’t have enough cash to
pay Uncle Sam. You're not alone, and you won't go to jail. The IRS has some options as
well as some more forms for you. |
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What Auditors
Look For When Examining A Business
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| First and
foremost, the IRS training manual tells its auditors that they are examining you, not just
your tax return. Know what an IRS auditor looks for when examining your business and
its records. |
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Never Trust a "Common Law", "Constitutional" or "Pure Trust"
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Scam artists praise these money-saving legal vehicles on
hundreds of Web pages. One big hitch: the trusts don't legally
exist, so they don't work. |
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IRS Targets Gas Stations & Convenience
Stores
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| At a time when
gasoline prices average well over $3.00 per gallon, according to the Energy Information Agency
(EIA), the IRS has quietly revised its field investigative methods so its auditors could
look for increased sources of unreported income at gasoline stations and convenience
stores. |
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