‘Green’ Tax Credits

When you invest in energy-efficient products, you may be saving money on both your energy bills and your tax return. The Internal Revenue Service wants you to know about these six energy-related tax credits created or expanded by the American

Tagged with: ,
Posted in Tax Credit, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Deducting Charitable Contributions

When preparing to file your federal tax return, don’t forget your contributions to charitable organizations. If you made qualified donations last year, you may be able to take a tax deduction if you itemize on IRS Form 1040, Schedule A.

Tagged with:
Posted in Charitable Contribution

Husband and Wife Business

One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. How spouses earn Social Security benefits A spouse is considered

Tagged with:
Posted in Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation

Small Business Health Care Tax Credit Summary with examples

The new health reform law gives a tax credit to certain small employers that provide health care coverage to their employees, effective with tax years beginning in 2010. The following questions and answers provide information on the credit as it

Tagged with: ,
Posted in Health Care Tax Credit, Self Employ, Small Business, Sole Proprietor, Sub-chapter S

Check eligibility for tax credits, deductions and payments

Taxpayers can check their eligibility for these credits and deductions on the IRS Web site at IRS.gov/recovery. This special section also contains instructions on how to claim the available tax incentives and provides answers to frequently asked questions. Detailed information

Tagged with:
Posted in Tax Credit

Innocent Spouse Relief (And Separation of Liability and Equitable Relief)

Many married taxpayers choose to file a joint tax return because of certain benefits this filing status allows. Both taxpayers are jointly and severally liable for the tax and any additions to tax, interest, or penalties that arise as a

Tagged with:
Posted in Injured Spouse Relief, Innocent Spouse Relief

Foreign Earned Income Exclusion

Five important facts about the exclusion: The Foreign Earned Income Exclusion United States Citizens and resident aliens who live and work abroad may be able to exclude all or part of their foreign salary or wages from their income when

Tagged with: ,
Posted in Foreign Income

IRS Audit Red Flags

The IRS has a computer program that targets certain tax returns for closer examination. It’s called Discriminant Inventory Function System (DIF) and it means that some deductions and credits are more likely to attract the government’s attention than others. Some

Tagged with:
Posted in Appeals & Audit Resolution, IRS Audit, IRS Enforcement, IRS Examination, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

501(c)3 Tax Exempt Entity creation

Just as with all other types of business organizations, a certificate of incorporation must be drafted and filed with the secretary of state. In this document the organizers must come to a mutual agreement as to the purpose(s) of forming

Tagged with: ,
Posted in Charitable Contribution

Disqualified Employment Tax Levy

Ack NAEA Generally, the IRS must advise taxpayers of its intent to levy or seize property before doing so. Taxpayers, in turn, have the right to appeal IRS’ intent to levy through a request for a collection due process hearing.

Tagged with:
Posted in Employment Tax
Subscribe via Email

Follow me on Twitter
QuickBooks Advanced Certified ProAdvisors Online

QuickBooks Certified ProAdvisor - QuickBooks Online Advanced Certification