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Why is the IRS so slow to pay tax whistleblower rewards?

May 16, 2012 by Kay Bell
with 13 views
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Sen. Charles Grassley is blowing the whistle on the federal tax whistleblower office. The Iowa Republican, a long-time supporter of rewarding those who help track down tax cheats, thinks the Internal Revenue Service's relatively new Whistleblower Office isn't doing its job. [read more]

Tax Cheating and Tax Complexity

May 14, 2012 by James Maule
with 18 views
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If a person does not realize he or she is breaking the tax law, the person is not committing fraud. Depending on the circumstances, the taxpayer could be accused of being negligent, perhaps even reckless. But in order to commit fraud, there needs to be intentionality and knowledge. [read more]

Amazon tax vs. existing state use taxes

May 9, 2012 by Kay Bell
with 49 views
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You've probably heard that Amazon reached deals with Nevada and Texas to start collecting sales taxes from customers in those states who buy online products. [read more]

Lashing out at tax loopholes

April 30, 2012 by Kay Bell
with 32 views
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The typical analysis is that Apple and other companies and individuals are using and/or abusing loopholes, a word that has become synonymous with taxes. The public and politicians decry tax loopholes. And the implication is that the person or business using them is doing something wrong. But the fact is that loopholes usually are quite legal. [read more]

Did You Use the Best Possible Tax Filing Method? Maybe. Maybe not.

April 29, 2012 by Kay Bell
with 51 views
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A lot of us have tax filing remorse. No, that's not being upset that we filed. It's wondering whether we could have achieved a better tax bill result if we'd tried a different way of filing.It is entirely possible that using a tax pro instead of software would have given you a bigger refund. Or maybe if you'd used a more expensive tax... [read more]

Federal Reserve Will Not Change Its Course

April 26, 2012 by Christine Rare
with 15 views
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According to the latest information, the leading policymakers of the Federal Reserve have recently had a private meeting for two days, verifying their economic forecasts and remodeling their strategies as for triggering the U.S. recovery [read more]

Earth Day activity: Tax-deductible donations to environmental groups

April 23, 2012 by Kay Bell
with 22 views
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If you're similarly inclined, today or any other day, there are lots of environmental nonprofits from which to choose. A quick search of "environment" in the Internal Revenue Service's online exempt organizations list (formerly Publication 78) produced 1,437 nonprofits that are OK'd by the tax agency. [read more]

The Futility of Tax Incentives

March 18, 2012 by James Maule
with 24 views
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For many years reaching back to long before MauledAgain existed, and in many postings on that blog, I have rejected the use of tax law to accomplish indirectly what should be handled directly by government agencies other than the IRS and state revenue departments. In posts such as The Problem with Income Tax Vehicle Credits,... [read more]

It’s That Time Again! How to File Taxes for Your Small Business

March 17, 2012 by Alora Chistiakoff
with 21 views
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  With tax season upon us, it’s important to understand the options, requirements and pitfalls of filing for your business. For most people, business taxes are much more complicated than family or personal taxes and for that reason, getting help is well advised. However, if you’re hoping to avoid meeting with a tax... [read more]

12 Most Common Business Tax Questions

March 10, 2012 by Small Biz Bee
with 25 views
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Most people can get away with doing their own taxes. Even if you itemize, there’s not that much that needs to be done in order to square things away with the IRS.For businesses, however, it’s a whole different ballgame. Even a sole proprietorship in a service industry (where you don’t have to deal with much in the way of inventory) can... [read more]

3 Ideas If You Can’t Pay Your Taxes

March 8, 2012 by Barbara Weltman
with 30 views
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Most small business owners pay personal income taxes on their share of business profits: 78% of all small business owners (22 million filers) are self-employed and there are about 5.8 million S corporation shareholders. With the tax filing deadline approaching, if you have to pay tax on your share of business profits, you may be feeling a financial pinch and are unable to pay what you owe on your 2011 tax return. [read more]

Should We Dump the Corporate Income Tax?

March 2, 2012 by Joe Kristan
with 17 views
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The current corporation income tax is ugly. It imposes two levels of tax on the same income while creating all sorts of distortions. The TaxProf explores the issue in "Should We Abolish the Corporate Income Tax?" [read more]

I Agree with the IRS?

March 1, 2012 by Barbara Weltman
with 18 views
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Can it be true that I’m in accord with the often-dreaded federal agency? Yes, with regard to recent remarks by Commissioner Shulman. He outlined various reasons why the agency has experienced various tax risks. However, these risks also apply to businesses. Here are some of these reasons (quoted from his remarks) and why I agree: [read more]

You Get What You Pay For, Refundable Tax Credit Edition

February 27, 2012 by Joe Kristan
with 11 views
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Refundable credits give rise to fraud schemes like day follows night. When you can get a check just for making up numbers and sending a form in, that's irresistible to scammers. A plea agreement in an Iowa case shows how it's done; The Des Moines Register reports: [read more]

Tax Myths, Tax Lies, and Tax Twisting

January 24, 2012 by James Maule
with 20 views
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For me, the difference between a myth and a lie is that the folks believing in the former don’t know any better and those spreading the latter surely do. In between is the twisting, which can reflect ignorance but also can be the consequence of deliberate word choice that suggests one thing even though it literally means something else. [read more]

Taxes and Tornadoes: Two of the Most Stressful Things in Life

January 7, 2012 by Kay Bell
with 53 views
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In Alabama alone, 62 tornadoes touched down, setting a record for the number of twisters to strike the state in a single day and representing one of its worst disasters. [read more]

Tax Moves to Make in January 2012

January 2, 2012 by Kay Bell
with 30 views
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HAPPY NEW YEAR!Are you ready for 2012? Well, are you at least ready to complete your 2011 tax return that's due this April? That's OK. Me neither. We've got time. In fact, we've got even more time this year. Uncle Sam doesn't expect our 1040 forms until Tuesday, April 17. Why the extra days? April 15 is on Sunday and the following... [read more]

What You'll Pay for 12 Days of Political Influence on Capitol Hill

December 26, 2011 by Kay Bell
with 9 views
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The 12 Days of Christmas are used as hooks during the countdown to Dec. 25. I'm guilty, last year doing a 12 Tax Tips of Christmas series. But the 12 days in the song actually begin on Christmas Day and represent the dozen days between the birth of Christ and the arrival of the Magi in Bethlehem, which is then celebrated on Jan. 6 as the... [read more]

Small Business Expenses that are Tax Deductible

December 17, 2011 by Tushar Mathur
with 80 views
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Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit. What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary... [read more]

Why You Don't Want to Ignore Taxes in Other States

December 15, 2011 by Joe Kristan
with 37 views
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Why bother to file taxes in a state you don't live in? If you sell property, or do business across state lines, take heed. [read more]

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