Heated debate ahead on tax reform proposals
President Obama recently said that he wants a tax reform/deficit
reduction package by August and lawmakers have many proposals to
consider. The President has introduced a $3.77 trillion budget for
FAQ: What is "cost of goods sold"?
A business that manufactures products to be sold, or purchases
products for resale, must value its product inventory at the
beginning and the end of each tax year to determine the cost of
May 2013 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for individu...
Working with the new loss carryback tax break
The Worker, Homeownership, and Business Assistance Act of 2009
(2009 Worker Act), enacted November 6, 2009, gives all businesses
(or their owners in the case of pass-through entities) an
Last-minute strategies for year-end tax savings
2009 is quickly coming to a close but there is still time to
possibly maximize your federal tax savings for the year. Many
year-end tax planning techniques can help you save money. Because
of the rece...
Claiming losses on individual retirement accounts
A consequence of the economic downturn for many investors has been
significant losses on their investments in retirement accounts,
including traditional and Roth individual retirement accounts
FAQ: Does filing my tax return early make sense?
Although individual income tax returns don't have to be filed until
April 15, taxpayers who file early get their refunds a lot sooner.
The IRS begins accepting returns in January but does not start
Tax tips in a falling stock market
In a period of declining stock prices, tax benefits may not be
foremost in your mind. Nevertheless, you may be able to salvage
some benefits from the drop in values. Not only can you reduce your
How Do I? Calculate self-employment taxes?
Individuals with $400 or more of net earnings from self-employment
must pay self-employment tax, in addition to any income tax imposed
on the same income. This article can help you estimate any
FAQ: Should I borrow from my 401(k)?
The flagging state of the economy has left many individuals and
families to cope with rising gas prices and food costs, struggle
with their mortgage and rent payments, and manage credit card debt
How to pay off your tax debt
Often, individuals end up with an unexpected tax liability on April
15. There are several options available to pay off your tax debt,
stop accruing penalties and interest and secure peace of mind.
FAQ: When does a gift require a gift tax return?
If you've made, or are planning to make, a big gift before the end
of 2009, you may be wondering what your gift tax liability, if any,
may be. You may have to file a federal tax return even if you do
FAQ: What kinds of moving expenses are deductible?
Only "qualified moving expenses" under the tax law are generally
deductible. Qualified moving expenses are incurred to move the
taxpayer, members of the taxpayer's household, and their personal
FAQ: Is foreign business travel deductible?
A taxpayer's expenses incurred due to travel outside of the United
States for business activities are deductible, but under a stricter
set of rules than domestic travel. Foreign travel expenses may
FAQ: What are payroll taxes?
Payroll tax" is a blanket term used to address the combination of
social security, Medicare, unemployment insurance, and state and
federal income taxes withheld by an employer from an employee's
How do I ... Split my tax refund?
Instead of getting a paper check, you may want to have your refund
deposited directly into your bank account or other financial
account. Forms 1040, 1040A, and 1040EZ have a line for designating
FAQ: What is tax risk management?
'Tax risk management" is a fairly recent term first used by large
accounting firms to underscore to businesses the opportunities and
pitfalls inherent within the particular tax positions taken by a
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