Farm Income and Deductions

If you are in the business of farming, there are a number of tax issues that you should consider before filing your federal tax return. Crop Insurance Proceeds You must include in income any crop insurance proceeds you receive as

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Posted in Farm Tax

Health Coverage Tax Credit

The Health Coverage Tax Credit pays 80 percent of health insurance premiums for eligible taxpayers and their qualified family members. However, many people who could be receiving this valuable credit don’t know about it, and are missing out on big

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Posted in Health Care Tax Credit, Tax Credit, Tax Guidance & Preparation

IRS Penalties – facts

The tax filing deadline is approaching. If you don’t file your return and pay your tax by the due date you may have to pay a penalty. Here are nine things the IRS wants you to know about the two

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Posted in Appeals & Audit Resolution, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

Request IRS to Release Its Right to Redeem Property Secured by a Federal Tax Lien

There is no standard form available for an application for Requesting the United States to Release Its Right to Redeem Property Secured by a Federal Tax Lien. Prepare your request in the form of a typed letter and submit it

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Posted in Appeals & Audit Resolution, Audit Reconsideration, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Offer In Compromise, Tax Abuse, Tax Court, Tax Guidance & Preparation, Tax Problems & Requests

How to Classify Worker – Independent Contractor or Employee

The IRS uses the common-law factors listed below to determine whether a worker is an independent contractor or an employee. All the factors below must be taken into consideration in determining worker classification Instructions. An employer should not tell an

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Posted in Employee Business Expense, Payroll Tax Problems, Self Employ, Small Business, Social Security, Social Security Tax, Sole Proprietor, Sub-chapter S, Tax Abuse, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Trust Fund Recovery Penalty, Unemployment, Wage Garnish

Mark to market securities transactions IRS Revenue Proceedure 99-17

This revenue procedure provides the exclusive procedure for dealers in commodities and traders in securities or commodities to make an election to use the mark-to-market method of accounting under § 475(e) or (f) of the Internal Revenue Code. BACKGROUND Section

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Posted in Accounting Method, Mark to Market

Traders in Securities – IRS Topic 429

This tax topic explains whether an individual who buys and sells securities qualifies as a "trader in securities," for tax purposes and how traders must report the income and expenses resulting from the trading business. In order to better understand

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Posted in Accounting Method, Mark to Market

Standard or Itemized Deductions

Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. If you have a choice, you can use the method that gives you the lowest tax. Whether to itemize deductions on your tax return depends

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Posted in Accounting Method, Deductible Expense, Tax Deductible Expenses, Tax Guidance & Preparation

IRS outlines steps to assist unemployed taxpayers

Video Owe Taxes But Can't Pay? English Unemployment Compensation: English Spanish Job Search Expenses: English Spanish ASL For these and other videos: YouTube/IRSVideos WASHINGTON — The Internal Revenue Service today announced several additional steps it is taking this tax season

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Posted in Appeals & Audit Resolution, Audit Reconsideration, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

Additional Standard Deduction for Real Estate Taxes

The IRS wants taxpayers who pay state or local real estate taxes but don’t qualify to itemize their tax deductions, to know that they may qualify for an increased standard deduction. This is the last year that the higher standard

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Posted in Paying Taxes, Rental Real Estate, Tax Guidance & Preparation
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