When you donate something that isn't straight cash, you are responsible for recording its value if you want to get a deduction for it when you file taxes for the year. Because much of what we donate is used, we cannot record its original value,...
Explains the difference between tax planning (legal), tax evasion (illegal) and tax avoidance (somewhere in between) and the risks involved.
Don't let old furniture sit around and collect dust—donate it! You will be surprised to find how easy it is to donate furniture—many organizations pick it up for you, plus you can enjoy a nice tax deduction.
Flat tax success stories are fairly easy to find. A number of countries have seen impressive economic growth after adopting the flat tax idea. This is especially true since the fall of the Soviet Union. As countries formerly under Soviet communist...
Read this complete review of FreeTaxUSA before you start your taxes. How do they match up against TurboTax, H&R Block, and other providers? Can they handle your complex tax return. Read more...
Learn all the various advantages and disadvantages of direct taxes. This articles explains all the merits and demerits or advantages and disadvantages of direct taxes.
Do you know the pros and cons of a car donation? When you donate your car, how much of the car's value goes to charitable causes? Find out the good, bad and ugly side of car donations. Read more...
If you are willing to pay extra for an easy, user-friendly tax-experience, just follow TurboTax' s advice on which version fits your needs: Basic, Deluxe, Premier, or Home & Business. But you may be able to pay less and still get your taxes done.
Utilities include: gas, water, sewer, electric, and heat. These utilities will go on form 8829 as they are deductions through the business use of the home. When you are filing for a business use of home, there is a space to place your utilities....
IRS Form 1099 is used to report income or earnings paid to you. Self-employed receive a 1099-MISC and must report it on a Schedule C. Other common Form 1099s that can be received include 1099-INT, 1099-DIV, 1099-R, 1099-B, and SSA-1099. Form 1099-C is used to report cancellation of debt. Form 1099-K is used to report third party or credit card transactions paid to you.
Investors often fork over thousands of dollars for capital gains taxes that they could defer indefinitely with 1031 exchanges. Learn the basics about how IRS code Section 1031 can preserve wealth.
Did you know that your clothing donations can lead to a tax deduction? Here's how to get rid of un-used clothing *and* save some money.
Businesses can now write off nearly all of their HVAC equipment upgrades in the same year as opposed to depreciating them over time. This is great news for the HVAC industry and companies in need of new HVAC equipment.
This information given here will help you to update your KRA pin to iTax. All old pins processed using ITMS are required to be updated to iTax. This is done by logging in to iTax portal.
You can claim your girlfriend or fiancée on your taxes provided she meets certain qualifications. Here's how to do it and how much you can get back from the IRS.
Tax time doesn't need to be a stressful event if you maintain records throughout the year. Follow these tips to make filing your taxes a breeze.
An overview of the earned income tax credit, including what it is, who qualifies, and the high rate of tax fraud involved with it.
A complete guide to submitting/e-filing income tax returns and wealth statements for tax years 2014, 2015, 2016 and 2017 via FBR's IRIS system. How to get NTN before submitting returns.
For Filipino taxpayers, filing taxes online is not yet the norm. If you are one of those thinking of enrolling in the EFPS and filing your taxes online, here are some of the things you need to consider before you go through the enrollment.
The Earned Income Tax Credit (EITC) is a refundable federal tax credit. It is designed to help low and moderate-income individuals and families keep more of what they earn. Claiming a qualifying child can increase your EITC. The 4 criteria that must be passed for a qualifying child include relationship, age, residence, and joint return.
The one thing that everyone always wants to make sure to think about first is tax write-offs. This list will ensure you don't miss anything if you're a freelancer or work-from-home employee.
A complete guide to file income tax return and wealth statement for tax year 2015 as a salaried or business individual, an AOP or a company using iris system.
Certain red flags that the IRS looks for can put you at risk for a tax audit. Stay out of trouble by reporting all of your income and only taking credits and deductions that your are entitled to and can support with proper documentation or receipts for all expenses.
I used TurboTax over 15 years for my business and personal taxes, so I can tell you about it's benefits and help you find the version you need. It helps with filing late taxes too. Updated for taxes due April 2018.
Figuring out how to calculate your taxes can be very challenging, even with the help of a tax professional. If your dependent child collects unearned income from government benefits such as Supplemental Security Income (SSI), figuring out what to...