Easy Tax

Play The Game: The IRS knows all the Tax Laws and knows how to use them. So how can you fight back? Educate yourself, and play to win! Learn more of your Rights as a Taxpayer. Taxpayer's Bill of Rights I: The important information. Paying on your terms: Can't pay in full? You have the right to propose an installment agreement plan to the IRS. Does the IRS have to approve it? No. But they do have to stop the collection process and properly review your case. Right to Sue: Did an IRS employee intentionally disregard the law? And can you prove it? If so, you can sue the IRS for up to $100,000 plus compensation for legal costs. But let me warn you. This law has been active for over a[..]

Stop Right There: Don't make a claim unless you know the facts. There are plenty of rumors swirling around about what you can and cannot claim as medical deductions. But the IRS's official list in Publication 502 says otherwise. Watch out, don't fall for the myths and get into trouble. You can include ALL of your insurance premiums in your medical deductions. Wrong. The IRS actually has a list of insurance premiums that you cannot include as medical deductions. These include: - Life insurance policies - Policies providing payment for loss of earnings - Policies for loss of life, limb, sight, etc - Policies that pay you a guaranteed amount each if you are hospitalized for sickness or[..]

Are you extremely worried about your tax debt? Do you think the IRS may decide to come after your assets soon enough? This is not a situation to take lightly. You have to be on your game if you are going to get out of tax debt without any bumps in the road. One thing you definitely want to consider is hiring a tax lawyer. When you do this you are getting many benefits including these three: 1. You do not have to communicate with the IRS direct if you hire a tax lawyer. Instead, your lawyer will do all the talking and all you have to do is stay up to date behind the scenes. This does not mean that you are totally off the hook, because you still have to do some work. But at the very least[..]

year, people are required by law to file the income tax report. This usually takes hours to do given that the person will have to sift through boxes of old receipts to be able to get a correct account of how much will be paid to the government. People who are too busy to do this alone sometimes enlist the help of a tax specialist to take care of this. This doesn’t have to be the practice anymore because the work can be done in a shorter span of time using software that can be downloaded into the computer. There are various income tax programs available in the market. Some of these are free while others require the person to pay a certain amount in order to use it. Those who have[..]

My clients here in Las Vegas often ask me about taking a deduction for their home office. This can be a good deduction for small businesses, but one has to weight whether the deduction is worth the IRS taking a close look at the eligibility of your home office. Small businesses should refer to form 8829 for expenses for business use of your home. There are some eligibility requirements that the IRS requires you to meet they are as follows: • Be a legitimate business - this is pretty self explanatory • Your home should be your principal place of business, do you have other locations? Do you use that location a higher percentage of the time than your home office? • Be used exclusively[..]

Hit Hard: Times are tough. And it's hitting small business harder than anyone else. Many corner stores are forced to shut down. Even ones that have been in business for decades. How can your small business take the pressure when the IRS is breathing down your neck, waiting for you to make one small mistake? Don't let the IRS intimidate you. Arm yourself with the knowledge you need to succeed. Fast Track to Failure: The biggest and easiest way to mess up with the IRS is neglecting to withhold payroll taxes. There's no excuse for this. And the IRS will not take it lightly. The penalty for this equals the amount of taxes owed! It's called the 100% Payroll Penalty or "Trust Fund[..]

I regularly receive email from sincere folks who ask questions like this: "Is it true? If I don't have good records, will I really pay more tax than I could/would/should have?" Or how about this one: "If I don't have receipts, does it really matter? If I get audited, will the IRS nail me for not substantiating my deductions?" The answer to every one of those questions is an emphatic "Yes!" And if you think I'm just making this stuff up to scare you, well, think again. And here's the proof that the IRS does really "nail" the average Joe for not having receipts. I'd like you to meet an average Joe, although his name is really Mike -- Michael Robert Cottrell. Mike was self-employed and made[..]

When a taxpayer owes money on their taxes they need to pay the amount owed before the traditional April 15th deadline. If the amount owed on taxes is not paid before the deadline, then federal and state governments can impose a number of late fees and penalties. While there are penalties for failing to a pay taxes on time, there are no penalties assessed to individuals who are due a refund but fail to file their tax returns on time. Tax season is a stressful time for many taxpayers. With hectic lives and busy schedules it is likely that an individual may not find the time to have their taxes prepared. As previously mentioned, there is the chance of late fees and other additional[..]

Tax season can be a very stressful time for many people. It can be frustrating trying to understand complex tax codes, deductions and earned income credit. Some people become so intimidated by their taxes that they simply chose to ignore them. Although this can be a tempting solution, it is never the right answer. With a little common sense, a calculator, a few hours and a pot of coffee, you can file your own taxes from the comfort of your own home with very little stress. It is really not as difficult as you think and can actually have quite a few advantages. The first thing you should do is decide how you will be filing your taxes. Will you file taxes online? Will you go to an[..]

Cooperation between the IRS and state tax agencies have resulted in one piece of good news: you can file your federal and state tax returns electronically at the same time. The best thing about it is that you can file right from the comfort of your own home or through a tax professional. So, how does this federal and state e-filing work? Electronic filing software puts your federal and state tax returns in separate packets but sends them in one electronic envelope to the IRS. The IRS then acts like a post office that sends the tax return to the concerned state, which then processes the state electronic tax return. The states participating in this electronic filing set-up include Alabama,[..]

OK, you have come to the conclusion that you need an IRS tax law attorney to help with your current tax problems or for tax advice, but there is still one question that needs answering: what kind of tax law attorney specifically do you need? Not only do tax attorneys come in different shapes and sizes, they also come with a range of skills and expertise. Choosing the right kind of tax attorney to handle your case is important so you can not only save on time and money but you can have peace of mind knowing that you have chosen the best tax lawyer to represent you. To know the different types of tax law attorneys, all you have to know is the different types of taxation laws and tax[..]

Just the mention of the word tax would send an eerie feeling to many individuals. However, every person must accept the fact that paying tax burdens is part of the duty as a citizen of a state. You are left with no choice but to pay tax liabilities. If you don't, you are to suffer tax penalties, fines, or even imprisonment. Moreover, it is better to comply with your duties on time to preclude you from further troubles with the government.Before a taxpayer can pay his taxes, he must first prepare his tax return. Tax return preparation is one ordinary thing to individuals earning income. This is because all income earners are duty-bound to pay taxes to the government. Taxes are paid[..]

IRS Debt Help: Do you owe the IRS? Are you struggling with IRS debts and cannot figure out what to do? Don't despair, you are not alone. Many Americans owe back taxes, or cannot afford to pay their IRS debts. If you want to get IRS debt help, it's important to understand the different IRS tax debt strategies. There are five strategies for getting out of IRS tax debt. 1.Offer in Compromise: a program where you can settle your tax debts for less than what you owe. Requires making a lump sum or short term payment plan to pay off the IRS at a reduced dollar amount. 2.Installment agreement: a monthly payment plan for paying off the IRS. 3.Partial payment installment agreement: a somewhat new[..]

ally, federal income tax is the percentage that the federal government takes from an individual's or business' earnings. The amount of that percentage will be based on the amount one earns. This percentage will be the payment of the citizens of the United States to the various services the federal government provides, like construction of roads, schools and other infrastructures intended for the general good of the public. Federal income tax covers areas of concerns like import duties as well as the taxes being paid certain commodities and those asked of from employers and employees. Computing for your annual tax returns can be an added confusion from the already convoluted world[..]

ome tax time again! It's when Uncle Same wants to know how much money you earned and how much income tax you owe him. We all want to pay less income tax each year. Instead of looking for tax loopholes and grey area deductions, at J.M. Trippon & Company CPA's we specialize on tax planning to not only save you money on this year's taxes, but also focus on the years ahead to reduce tax liability for the future. Here are five basic tips that we have used to save our clients millions of dollars over the last 25 years in processing over 10,000 income tax returns. Travel Expenses The key to deducting the most from mileage on your income tax return is keeping complete and accurate logs of your[..]

You can legally hire members of your family to work for you and make them a tax deduction. He or she must provide a value to your business for you to justify their hiring. Hiring your husband or wife could also make some everyday expenses tax-deductible. Life insurance payments, health insurance payments, tuition for education related to work, and work travel and entertainment expenses are tax deductible. You can hire your kids or grand-kids to work for your business part time doing jobs like cleaning the office, maintaining the work vehicle, addressing envelopes, answering the phone, tracking inventory, making deliveries, data entry, or just running errands. The money you pay them[..]

Every permanent resident residing in the United States are required by law to pay their taxes, but every state has their own rules and regulations to follow which may not be relevant in others. It is for this reason that one should always be aware of the specific tax regulations enforced by the state that he or she is living in, as ignorance of the law is not a good ground for disobeying it. The New York state tax forms, more specifically, also comes with some set of tax laws that every taxpayer should know. According to the New York Taxpayers' Bill of Rights, the tax department should provide taxpayers with a guide that would explain their rights, along with the duties and[..]

If you owe the Internal Revenue Service tax money and cannot pay in one lump sum, you may want to seek to make an installment arrangement with the IRS. In order to qualify for a partial payment plan with the IRS you will need to be current with your most recent income tax filing and you must have submitted all previous years' income tax returns, as well. An installment agreement can be reached under the terms of partial payment. That is to say, that if you owe the IRS back taxes and you come to an agreement to make a settlement payment, say fifty cents on the dollar, to satisfy the claim, you can make those payments on an installment plan even though the IRS will not collect your debt[..]

Let's get one thing clear from the start; if you qualify for the IRS Debt Statute of Limitations, I can absolutely guarantee that NO ONE from the IRS is going to advise you of this information. You ask, "But why wouldn't they?" Simply put, it would mean they, (being the IRS) wouldn't get paid. And if you think the IRS is going to help you resolve your back taxes, you've got another coming! No IRS Revenue agent or anyone involved in the IRS collection process is going to help you or show you any mercy. They are trained and indoctrinated to do one thing and one thing only and that is to collect taxes. Helping taxpayers IS NOT part of their program! Reducing the taxes owed is not part of[..]

If you filed your tax return electronically, you should be able to access the status of your refund within 48 to 72 hours. Since the return is coming into the database electronically, it should be assimilated into the system fairly speedily. If you do not file your tax return online, you are going to have to wait three weeks or more before the status of your return can be checked. As you can imagine, the IRS is receiving an enormous amount of paper tax returns and it takes time to organize and enter the returns into the system. If you are expecting a refund fast!!! The time to issue the refund will depend upon how you file your return. If you filed a paper return via regular mail then[..]

Do you owe the government taxes? Are you being audited by the Internal Revenue Services? Are you being accused of committing tax crime? If you answer affirmatively in one or more of the aforementioned queries, then you certainly needed the services of a tax attorney. How can you be certain that you need tax attorney's services? Well, you have to consider several things. First, if you think that the tax problem will not complicate things if ignored then; the answer is on the negative. However, if it will worsen when ignored, better get yourself an attorney before it's too late to do so. You might be subject to penalties or worst imprisonment. Tax penalties include fines, liens, levies,[..]

Co-authored by Jordan L. Eftekari, Esq. (1)     Introduction On November 2, 2007, the Wall Street Journal published an article: “Got $500,000?  The U.S. Awaits (Government’s EB-5 Program Offers Foreign Investors Green Cards for Job Creation)”. A Federal program known as EB-5 (Immigrant-Investor Visa), administered by the U.S. Citizenship & Immigration Services (“USCIS”), encourages foreign investors to invest their way to living in the U.S.A. Morrie Berez, chief of the EB-5 program at USCIS, stated: “The opportunity is truly beautiful to individuals who want to live and contribute their energy in the United States, and it creates economic growth and especially jobs[..]

Are you looking for a way to find tax debt relief? If so, you need to know who you can turn to for help. You may think you are on your own against the IRS, but this is not true. It is easy to feel alone when you owe the IRS money, but you do not have to take them on without the help of another. There are many professionals who specialize in providing tax debt relief. You need to know who they are, what they can do for you, and how to get started. Most people are aware of the basic tax professional who helps them file their return every year. This can be somebody such as a CPA or a local professional who works at a chain tax prep firm such as H&R Block. There is absolutely nothing[..]

One day at a time...You have a debt to the IRS and you've been in a monthly payment plan for a couple of years. You're paying what you're able, and your tax refunds from the last couple of years have been applied to your debt. However your IRS debt doesn't seem to be going down and you are understandably frustrated. Adding on and on...The problem is that the IRS is constantly adding on interest and penalties to your debt. Your debt is accruing about 2% per month in combined interest and penalties for a total of 24-25% added on to your debt each year. For example if you owe $10,000, after one year your debt increases to $12,400. And the best part is that the IRS applies any payments or[..]

One of the most stressful things that adults are required to do is file their taxes. What a lot of people do not know is that filing taxes can be a quick, stress free experience that can be done without putting it off until the last minute. There are many online, and not to mention free services that the Internal Revenue Service and 19 other software companies have set up for the average American worker. A great way to do your taxes is using free e-file software that is easy to access, easy to use, and guaranteed accurate. Software like Turbo Tax Free Version will help you organize all the forms you need to fill out and automatically calculate what you need to calculate for you. It[..]

Every year, the IRS announces that it is holding unclaimed tax refunds. Taxpayers have a limited time to claim the $2 billion dollars the IRS is currently holding. Three years is a magical number when it comes to tax returns. It refers to the statute of limitations on certain tax issues such as when an audit can occur, when refunds can be claimed and when amended tax returns can be filed. The IRS is currently holding $2 billion dollars in unclaimed tax refunds for the 2002 tax year and taxpayers must file their claims by April 17, 2006 or lose the refunds forever. Approximately 1.7 million people are due refunds out of the $2 billion dollars currently held by the IRS. These people have[..]

Though Income Tax preparation is not easy but it is not something that you cannot do yourself as well. If your tax situation is not complex, you can do your taxes on your using tax software and programs available. For preparing income taxes you need to either choose paper filing option or you can prefer e-filing your income tax online. If you get a professional tax preparer for doing your taxes, you may have to spend your money. You'll hardy find an efficient tax preparer during the hassle of tax season. In such cases, you can do it on your own using online income tax programs easily. You can visit the IRS website irs.gov to learn about issues related to taxes. The IRS offers Free File[..]

Someone recently asked me what they could do now to make tax time easier for this upcoming tax season. The best thing you can do is to think about taxes before then year ends. Most people wait until the tax filing deadline before they ask how they can reduce their income taxes. Unfortunately, once 2008 ends, there's very little you can do to minimize your taxes for 2008. To start your tax planning, you should review your income, deductions and tax withholding before the year ends. Which means you need to get your bookkeeping caught up! You should use a software program, such as QuickBooks, Quicken Home and Business, or spreadsheets to keep track of your income and expenses for your[..]

The countdown from Thanksgiving to Christmas is a magical time of year, but it's also a warning to real estate investors that December 31 - the end of the tax year - is almost upon us. If you haven't yet gotten your financial house in order you're running out of time to gather your records and do some last-minute planning to minimize your tax burden. The good news is, if you start now, you still have time to save yourself some money on the tax bill you're going to have to pay in April. Here are 10 great money-saving tax tips that will put a warm smile on your face regardless of the temperature outside. 1. Home Office Deduction - If you're new to real estate investing, you may not be[..]

Though Income Tax preparation is not easy but it is not something that you cannot do yourself as well. If your tax situation is not complex, you can do your taxes on your using tax software and programs available. For preparing income taxes you need to either choose paper filing option or you can prefer e-filing your income tax online. If you get a professional tax preparer for doing your taxes, you may have to spend your money. You'll hardy find an efficient tax preparer during the hassle of tax season. In such cases, you can do it on your own using online income tax programs easily. You can visit the IRS website irs.gov to learn about issues related to taxes. The IRS offers Free File[..]