Taxes : Business & Finance

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California Welfare Income Restrictions

California Welfare Income Restrictions

California welfare programs are administered at the county level through individual social service agencies. Programs for low-income individuals include food stipends, access to medical care and CalWorks training and employment services, which are available to those who are unemployed. When an indiv......[Read More]
How to Pay Back Taxes in Installments

How to Pay Back Taxes in Installments

You've prepared your income tax return and you discover that you owe more than you can afford to pay right now. Send in your tax return with a contract to pay in monthly installments.......[Read More]
How to take care of the Nanny Tax

How to take care of the Nanny Tax

If you employ someone to take care of your children at home, you cannot just get away with the whole thing by paying the salary to the baby-sitter. There are some more legal obligations on you. Fulfil......[Read More]
Setting Rules and Regulations at the IRS

Setting Rules and Regulations at the IRS

Next to the CIA, there seems to be no more mysterious governmental agency than the IRS. The method used by the agency to set rules and regulations is actually open to the public. ......[Read More]
Filing The Right Fbar Forms

Filing The Right Fbar Forms

A Report of Foreign Bank and Financial Accounts, more generally known as FBAR, is an IRS report that you need to file when you hold a financial interest in or signature authority over a foreign financial account. This form is referred to as form TD F 90-22.1 Any account that you have offshore that i......[Read More]
State Income Tax Refunds - Amt Adjustment

State Income Tax Refunds - Amt Adjustment

The AMT adjustment for State Income Tax Refunds, line 8 on Form 6251, is a reduction to your Alternative Minimum Taxable income. There isn’t much a taxpayer can do about this other than to understand just a little bit of what is going on.......[Read More]
Obtaining a Federal Tax ID Number

Obtaining a Federal Tax ID Number

A tax identification number is used by the Internal Revenue Service to identify a specific taxpayer and to associate them with the various tax-related forms they may have to file. Without this unique identifier there would be no method of tying tax and refund related information to the individual t......[Read More]
How to Find Your W-2 Information

How to Find Your W-2 Information

Your W-2 form is a statement from your employer explaining earned wages and taxes paid. This form must be sent to you by January 31 of each year, which means that it must be in the mail by then. If you have not received your W-2 by January 31, then there are steps you can take to get your W-2 inform......[Read More]
How to Draw IRA While Working

How to Draw IRA While Working

An Individual Retirement Arrangement (IRA) is an IRS-approved savings account that offers investors tax-deferred growth on assets. An IRA is designed to provide income during retirement, but an IRA owner is not limited to drawing upon the IRA while still working. Money put into an IRA is the owner's......[Read More]
End of Year Tax Deduction

End of Year Tax Deduction

A tax deduction affects a taxpayer's income tax at the end of the year. A tax deduction is subtracted from your total gross income when you compute your income taxes. The tax deduction lowers your overall taxable income and the actual amount of tax you pay.......[Read More]
Federal Gift Tax - Limits For 2009

Federal Gift Tax - Limits For 2009

There is a Federal Gift Tax but it is not clearly understood by most Americans. Some folks even think they can get a deduction for a gift to a friend or relative. So you want to give money to your kids or grandkids but wonder about the tax implications; how much is tax free? Or, if the kids are in b......[Read More]
Outsourcing Tax Preparation is a Brilliant Way to Solve Problems Related to Tax Return

Outsourcing Tax Preparation is a Brilliant Way to Solve Problems Related to Tax Return

Usually, it is the custom of small to mid-sized companies to recruit employees, train them accordingly and get them working. The job of an accountant, in a company, is to deal with the tax returns, sa......[Read More]
How to Choose Federal Income Tax Withholding

How to Choose Federal Income Tax Withholding

The Internal Revenue Service requires employers to withhold money from their employees' paychecks during the year to pay for their federal taxes. Each employee must complete a W-4 form that states how many exemptions he or she has chosen to claim. This enables the employer to calculate how much to w......[Read More]
How to Import a TXF From Scottrade to TurboTax

How to Import a TXF From Scottrade to TurboTax

Users of Scottrade, an online brokerage service for individual investors, can export their Scottrade 1099 into TurboTax software via TXF files. Information on the Scottrade 1099 covers closed transactions, interest and dividend information. TXF stands for tax exchange format, which permits the excha......[Read More]
Spreading Tax Around the Family continued

Spreading Tax Around the Family continued

CAPITAL GAINS Husband, wife and civil partners: The gains of each spouse or civil partner are calculated separately. Each is entitled to the annual allowance of 10,600 for 2011/2012. The losses of one spouse or ... ......[Read More]
Oh My God - The Home Office Deduction!

Oh My God - The Home Office Deduction!

Think of everything when considering a home-based business and the home office deduction. Remeber, income tax deductions are but a revenue enhancement. The most important part of starting a true business is its economic benefits, with income tax benefits to be considered later. ......[Read More]
Definition of Tax Lien

Definition of Tax Lien

Governments of all sizes depend on tax revenue for their day-to-day operations and civil services. When property taxes are not paid, a lien may be assessed on the property by the local government. A lien is a claim against the value of the property, and when a property is sold, all liens must be c......[Read More]
How to Make Money in Real Estate Tax Liens

How to Make Money in Real Estate Tax Liens

States, local governments and school districts are dependent on property taxes for revenues. When an owner doesn't pay, government entities place tax liens on the property. A lien means that before the owner can sell the property, the taxes must be paid. Failure to pay a lien can lead to the foreclo......[Read More]
Personal Tax Exemption

Personal Tax Exemption

The only time you can claim a personal tax exemption is if a person claims you as a dependant. Generally, a person who is over 19 years of age and not a fulltime student can not be claimed as dependant. There are some circumstances under which such a person can be claimed as dependent.......[Read More]
How Easy Is Service Tax Payment

How Easy Is Service Tax Payment

Service tax payment has become very easy with the option of E payment. There are many websites that help concerned people make the right approach in this direction. As customers to service providers and the ... ......[Read More]