How Long Should I Keep My State Tax Records?
An explanation of how long you should keep your state tax records and how long the state has to audit your tax return.
Category : Taxes : Business & Finance
The Best Ways to Cut Tax Expenses
Everyone wants to reduce their tax liability. None of us want to pay Uncle Sam more than he deserves. It is your right; some might argue it's your obligation, to reduce the amount you owe, legitimately. In attempting to accomplish this, you do not want to miss out on any honest opportunity to c
Taxes Must Never Overburden You Go For Certified Audits
Every individual has a keen set of priorities pertaining to his or her tax planning regime. The basis is to ensure that every aspect pertaining to the income and expense is done before the time to file returns.
Is Indiana a Reciprocal Tax State With Illinois?
The Indiana Department of Revenue participates in tax reciprocity agreements with several states. Although Indiana residents are subject to taxation by Indiana and will not be taxed again by the state in which they work, the reciprocity agreements apply only to wage income.Thus, any nonw
Magento Payment Gateways to Help Your E-Store
With the increase of technology and the comfort it provides to users, putting up an e-store has become one of the fastest growing investments that is sure to provide benefits today and in the future. You can sell almost anything online including clothing, sports equipment, gadgets, computers, shoes,
How to Annuitize an Annuity
Deferred annuities are investments purchased through insurance companies offering investors the ability to defer taxes on the growth of assets in the annuity. At some point, annuity owners will take an income from the assets. When an income stream is taken, this is called annuitization. The income t
How to Claim a Capital Loss on Federal Income Taxes
The only consolation that comes from realizing a capital loss in your investment portfolio is getting to declare it on your tax return against your taxable income. Although the calculations required to determine your losses may be somewhat complex in some cases, the reporting process is relatively s
Do Not Allow Federal Tax Lien to Destroy Your Financial Life
Do you have any unpaid tax bill? Then check out if you have received any notice of Federal Tax Lien. This is a tool used by IRS to declare to the world that you are the defaulter and have not paid the taxes.
Can You File Head of Household if You're Single?
One of the most basic yet crucial decisions you must make when filing your taxes is which filing status you should choose. This one selection can significantly affect your total tax due. As a single person you may find yourself torn between choosing to file as single or head of household.
Chapter 11 Business Bankruptcy
Chapter 11 business bankruptcy
2009 Real Estate Capital Gains Tax Law
The Internal Revenue Service, as of 2010, requires taxpayers to report all sales of capital assets that occur during the tax year. Taxpayers who sell a home must provide the IRS with all details of the transaction to determine whether a taxable gain exists. However, unlike most other capital assets,
Common Federal Tax Deductions
Taking advantage of tax deductions can put some of your hard-earned money back in your pocket.tax forms image by Stephen VanHorn from Fotolia.comFor most Americans, April 15 is a day of dread--the day that income taxes are due. The government will tax your birth, your death, and...
How to Transfer a Title By Seller
Know the correct procedure to transfer the title as a seller before you sell your vehicle. Make sure your transfer isn't invalidated by missing a requirement such as having a notary signature. As all states vary their process slightly or may require additional forms, review your state's policy on t
When to File Taxes Yourself?
You have the option of preparing and filing your own federal and state income taxes, but whether you should depends on your particular circumstances. Errors and omissions on your tax return can open you to tax penalties, or you may miss out on credits and deductions that could save you money. On the
New York's 'Wiseguy' Revenue Raisers
Many states are struggling to find ways to balance their budgets, but it seems New York is borrowing some of its approaches from The Sopranos: a combination of intimidation and, shall we say, less-than-perfect bookkeeping.It seems New York was not only counting on the additional revenue from the cha
Benefits of Preparing Taxes Online
When you file taxes online for free or even for a fee it is really simple and convenient. When you file your taxes online you can be walked through the tax preparation process so that you don't have the headache or the stress that goes along with filing your taxes on your own. This can save you
Secrets to Surviving a Tax Audit
Being audited? You need help! The most important help I can give you is to adjust your mental state. Then maybe, just maybe, you can listen to some good advice about not just surviving, but enjoying and possibly flourishing in a tax audit.
Audit & Compliance Tax Software Technology
Technology has made it possible for individuals and businesses to do their own bookkeeping without the use of professionals. The computer software available provides step-by-step instructions for users to withhold of all applicable taxes and send those taxes to the appropriate authorities. Failure t
Pay Your Property Tax Or Lose Your Property
We have many obligations to face in life. And, one of these obligations is to pay different taxes like income tax, property tax and many others. Since we have many obligations and not just these taxes, we sometimes take paying taxes for granted. This will cause a very big problem to non-payers.
Tax Records to Keep
One of the most confusing aspects of taxes is tax records. How long is one supposed to keep these important records is often up for debate and most people do not bother saving them all.