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How Likely Are You To Be Audited? (21 Mar 2006) There are many things in life that scare people, but receiving notice of a tax audit is a universal fear. Regardless of the conservative or aggressive nature of your tax return, nobody looks forward to the possibility of an audit. So, what are your chances of being audited?
Deducting Points On Home Refinances (21 Mar 2006) It is no secret that millions of homeowners have been refinancing mortgages to take advantage of low interest rates. If you refinanced your home, you may have paid "points" on your new mortgage. The good news is that you can claim a deduction for these points as well as a deduction if you paid points on your previous mortgage.
Small Business Tax Deduction - Write-Off Bad Debts (21 Mar 2006) Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction.
Small Business Tax Credit - Americans with Disabilities Act (21 Mar 2006) Many small businesses complain when confronted with the expense of complying with the Americans with Disabilities Act. Most do not realize that there are a number of tax incentives available to offset the costs. Importantly, one tax incentive comes in the form of a tax credit, which is far more valuable than a tax deduction when it comes to creating tax savings.
IRS Reports Tax Gap of $300 Billion (21 Mar 2006) The IRS is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals revealed the tax gap. These results indicate a failure of 15 to 16 percent of individual tax payers to fully pay their taxes. IRS enforcement activities recovered roughly $55 billion of that total gap, leaving a net tax gap of $257 billion to $298 billion.
Tax Deduction for Alimony Payments? - Yes! (21 Mar 2006) Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.
2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction (21 Mar 2006) If you are environmentally conscious and purchase a 2005 Ford Escape Hybrid vehicle that combines a gasoline-powered engine with alternative power methods, you are in line for a nice tax deduction.
Truly Bizarre Taxes: The Tax on Illegal Drugs (21 Mar 2006) One can never underestimate the enthusiasm that politicians have for trying to hunt up tax revenues. The creativity of some politicians can lead to bizarre taxes and unfortunate results.
Rental Property Tax Deductions (21 Mar 2006) Own residential rental properties? This article discusses how income from those properties impacts your taxes.
10 Thoughts on Tax Offer in Compromise (21 Mar 2006) Beware of advertisements that claim to settle tax debts for "pennies on the dollar". Check the Offer In Compromise requirements to see if it is right for you.
