Tax >> Browse Articles

Browse Tax Articles

  • +1

    State Tax Forms

    Visit your state's tax site to find out what forms you need to fill out for your business. Remember, not all states have income taxes.AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisiana MaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming
    Rated: +1
  • +2

    Glossary of Tax Terms

    Get in the know with our alphabetical list of tax terms for your business. Accelerated depreciation. A depreciation method that allows larger deductions in the early years of an asset's "life" and smaller deductions at the end of the period. (See "Straight-line depreciation.")Accrual method (or accrual basis). One of two main accounting methods for determining when a transaction has tax significance. ...
    Rated: +2
  • +2

    IRS going after underreported tips at restaurants

    IRS going after underreported tips at restaurants
    Pssst. Want to hear about an occupation in which thousands of people earn up to $50,000 or more annually but pay very low taxes? Here's the deal: You too can become a restaurant waiter, join in the widespread practice of underreporting your tips, and, if you work your way up to a fine-dining gig, achieve an enviably high net income. But ...
    Rated: +2
  • +1

    States Bank on Gambling Taxes

    States Bank on Gambling Taxes
    States are aggressively expanding legalized gambling, eager to shore up battered revenue sources during the economic crisis and concerned that residents will cross state lines to gamble elsewhere if they don't. Gambling will expand in about a dozen states this year in an effort to generate an extra $2 billion in gambling taxes by 2010, a record-breaking increase if state projections ...
    Rated: +1
  • +2

    How to Avoid an Audit of Your Taxes

    How to Avoid an Audit of Your Taxes
    Taxes are high enough; you don’t want to also pay penalties and interest because an audit reveals you’ve broken the rules. And Internal Revenue Service audits aren’t a vanishing anomaly; they’re on the upswing. The IRS “has gotten almost nasty” in its pursuit of tax payments that could help reduce the federal deficit, says Sanford Botkin, a lawyer and CPA. Audit ...
    Rated: +2
  • +1

    Costs of Getting a Divorce

    Costs of Getting a Divorce
    You cannot deduct legal fees and court costs for getting a divorce. But you may be able to deduct legal fees paid for tax advice in connection with a divorce and legal fees to get alimony. In addition, you may be able to deduct fees you pay to appraisers, actuaries, and accountants for services in determining your correct tax or in ...
    Rated: +1
  • +1

    Identity Theft and your Tax Records

    Identity Theft and your Tax Records
    The IRS does not initiate communication with taxpayers through e-mail. Before identity theft happens, safeguard your information. What do I do if the IRS contacts me because of a tax issue that may have been created by an identity theft? If you receive a notice or letter in the mail from the IRS that leads you to believe someone may have ...
    Rated: +1
  • +1

    Income from Abroad is Taxable

    Income from Abroad is Taxable
    Many United States (U.S.) citizens and resident aliens receive income from foreign sources. There have been recent reports about the interest of the Internal Revenue Service (IRS) in taxpayers with accounts in Liechtenstein. The interest of the IRS, however, extends beyond accounts in Liechtenstein to accounts anywhere in the world. Consequently, the IRS reminds you to report your worldwide income on ...
    Rated: +1
  • +1

    Filing Requirements for Filing Status Change from a "C Corp" to an "S Corp"

    Filing Requirements for Filing Status Change from a "C Corp" to an "S Corp"
    C Corporation Requesting a Change to File as an S Corporation In an effort to more accurately receive and process returns from taxpayers who are requesting to change their filing status from a C Corporation (filing Form 1120) to an S Corporation (filing Form 1120S), the Internal Revenue Service recommends that taxpayers follow the steps below and use the following form. ...
    Rated: +1
  • +1

    Alien Taxation - Certain Essential Concepts

    Alien Taxation - Certain Essential Concepts
    The taxation of aliens involves certain essential concepts as follows. Resident Aliens A resident alien's income is generally subject to tax in the same manner as a U.S. citizen. If you are a resident alien, you must report all interest, dividends, wages, or other compensation for services, income from rental property or royalties, and other types of income on your U.S. ...
    Rated: +1
  • +1

    Business or Hobby? Answer Has Implications for Deductions

    Business or Hobby? Answer Has Implications for Deductions
    The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is a business or a hobby, an activity not engaged in for profit. In order to educate taxpayers regarding their filing obligations, this fact sheet, the eleventh in a series, explains the rules for determining if an activity qualifies as a business and what limitations apply ...
    Rated: +1