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IRS Summertime Tax Tip 2012-03 School’s out, but the IRS has another lesson for students who will be starting summer jobs. Summer jobs represent an opportunity for students to learn about the tax system. Not all of the money they earn will be included in their paychecks because their employer must withhold taxes. Here are […]
You have a sketchy tax preparer Sometimes your tax preparer is to blame for an audit. If a preparer promises unusually high refunds without asking to see proper documentation for deductions and credits, don’t be fooled, said Vincenzo Villamena, CPA and managing partner at accounting firm Online Taxman. You’re legally responsible for the information on […]
Starting a business? One of the most important decisions youíll make is choosing what type of entity to operate as. A business can operate under five different forms (or entities). Your decision affects how you will be taxed and also plays a role in management, owner liability, ability to raise capital, and the liquidation process. […]
Giving to charitable organizations is a win/win activity for both the giver and the receiver. Gifts help the organization and can provide a tax benefit for the giver. Common Contributions Cash and checks are the most common types of charitable contributions. You can also make monetary gifts by credit card or through payroll deductions. The […]
The loss of business or personal property may provide a deduction on your individual income tax return. But first you need to determine if the loss qualifies for a deduction. What is a Casualty? A casualty is the damage, destruction or loss of property that results from an identifiable event that is sudden, unexpected or […]
Your automobile may provide you with several tax deductions that may lower your income tax. As with all deductions, its important to maintain accurate records of your expenses. Business You cannot deduct commuting mileage ñ that is, mileage from your home to your regular job. If you use your car for business purposes, you may […]
What is AMT & Why Do I Have to Pay it? Congress, like most of us, has a budget to work with. A large part of their budget comes from federal income taxes. The federal income tax system is meant to be fair and progressive. To make sure everyone is paying a fair amount of […]
