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Taxes : Business & Finance

S Corporation Tax Tips - How to Begin Preparing Form 1120S

If your business is an S Corporation, you must file Form 1120S, U.S. Income Tax Return for an S Corporation. The purpose of this article is to help you get started preparing this return. Form 1120S is only four pages, but don't let it's length fool you. If you are going to do this return y

How to Use Income Averaging on Your Taxes

If you are a farmer or a fisherman, the Internal Revenue Service allows you to reduce your tax liability by spreading out your income over a three-year period. Because many farmers and fisherman experience widely varying income from one year to the next, the IRS developed a federal tax code provisio

How to Find Out if Taxes Were Not Filed in a Previous Year

There are a number of life circumstances that can prevent a taxpayer from filing his previous year's taxes. Moving and relocation further complicate the issue as the Internal Revenue Service (IRS), as well as the department of revenue for most states, does not send delinquency filing notices via ema

Can I File Taxes If I Get SSI and Child Support?

Taxpayers who receive child support or Supplementary Security Income (SSI) may be required to file income tax returns. The determining factors include the amount of any other income received during the tax year, the individual's filing status and the number of exemptions claimed. Even taxpayers who

The British Public Should Embrace Tax Increases

by Integral Search, the taxation jobs [] search & selection specialist Just over 6 months ago, the Chancellor announced plans for an increased higher tax rate, up to 50% for those earning £150,000 or more, ...

Tips for Single Moms on a Fixed Income

Parenting can be expensive, especially when your income is slashed in half because the child's other parent is no longer living with you. Newly single parents may find themselves overwhelmed by the sheer amount of things they need to buy, and child support may not cover enough of their expenses. For

Savings & Loan Problems

The savings and loans, or S&L, crisis of the late 1980s and early 1990s had its roots in falling real estate prices and loose lending standards. Declining housing prices caused hundreds of S&Ls to fail, sending the U.S. economy into recession. In many respects the housing collapse of the late 2000s

How to Do Form 941

If you are an employer, you are required to file quarterly federal tax returns. The form used for reporting employee wages is Form 941. It must be updated quarterly and filed 30 days after the close of the quarter. Therefore, if you are filing Form 941 for the first quarter of the year, the form is

Reporting Reimbursements of Employee Business Expenses on Your Tax Return

As an employee you get several reimbursements for the expenses you incurred on behalf of the employer.Most of them are not required to be reported on your tax return.However IRS has specific rules relating to such reimbursements and you should know them well as they affect your tax return.

Double Tax Avoidance Agreements

If you work abroad, you could have to pay income taxes to your country of residence and your country of origin. Fortunately, many countries have signed bilateral agreements, double tax avoidance agreements, exempting workers from taxation in one of the two countries.

How To Negotiate With The Irs - Tax Settlement Specialists

When you need a tax professional to help you decide how to negotiate with the IRS to pay back taxes, you'll definitely want to consider an enrolled agent (EA). Many people don't even know that such a person exists. If they do know enrolled agents exist, they're not sure what they do a

Is Buying a Timeshare Tax Deductible?

Owning a timeshare can have tax advantages. The tax rules vary between pure users of the property and those owners who choose to rent out the timeshares to others. Some owners treat timeshares as simply a low-cost vacation option. Others treat timeshares as an investment. Depending on the use of the

Approved Methods of Property Assessment

There are many different factors that determine what a piece of land is worth, and a variety of methods used to assess the corresponding value.Countryside land image by Rose from Fotolia.comThere are really only two instances in which one might want to assess the value of a piece of...

Hong Kong Urged to Reduce Corporate Taxes

Throughout the past decade, the Hong Kong government has maintained a low Hong Kong corporation tax rate, for minimizing the influence taxation has on business in general. Early in the decade, the gov

How to Find an Authorized Service Center

You do not want to have just anyone repair or modify your purchase, and your warranty calls for repairs by a service center authorized by the manufacturer. How do you find one?

Tax Breaks For Homeowners

Here's a look at homeowner expenses you can deduct, ones you can't and some tips to get the most tax advantages out of your property owning status.Mortgage interestYour biggest tax break is reflected in the house payment you make each month since, for most homeowners, the bulk of that chec

What a Year

What a year this one has become. All the new tax law changes that were put into law in 2009 (which is helping lower income, middle class taxpayers, new home buyers and my favorite the new education credit) are creating more work for the preparers. The most confusing new form is Schedule M - Making W