How to Understand K-1 Taxes

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Schedule K-1 is used as an appendix to several different types of business tax returns to report the proportionate share of the profits or losses of a corporation, partnership (domestic or foreign) or LLC that is allocated to shareholders, partnerships, or members, respectively. The business is resp

How To Ease Tax Preparation

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Sometimes, a person will get caught in a certain situation that the deadlines will be fast approaching and still, he or she has not able to complete all the returns. However, there will be people ...

How Does Property Tax Work?

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HistoryIn the 1790s, the United States government first started charging property tax on its citizens during an undeclared war against France, but later rescinded this tax. Then, to pay debts from the Revolutionary War, the government levied some property taxes, but also instituted...

About Self-Employment Tax

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Taxpayers who work for themselves pay self-employment tax. It is primarily a Social Security and Medical tax similar to the one withheld for taxpayers who work for someone other than themselves. Examples of the self-employed are contractors, sole proprietors, and small business owners. Self-employed

Finding a tax preparer

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Is doing your own taxes getting to be more and more of a challenge? Are you thinking of hiring someone to do it for you? Are you wondering if that will be worth the cost? ...

Can I Claim Assets as Both an Expense & a Deduction?

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When a person buys or sells assets, this may have a number of important tax implications. If the person purchased the asset as a business expense, he may claim it as a deduction, as long as it meets IRS criteria for business expenses. However, the person can't deduct the purchase of the asset twice

IRS Issues Proposed Regulations For Tax Treatment Of Private Annuities

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The Department of the Treasury and the Internal Revenue Service proposed regulations that would address the tax treatment of an exchange of property for an annuity contract. The proposed regulations would apply the same rule to exchanges for both private annuities and commercial annuities.

Can I Deduct Continuing Education on My Taxes?

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Individuals pursuing continuing education for career advancement or personal growth may be able to receive tax credits or deduct education expenses on their annual tax return. There are several options available depending on your filing status and the nature of the expenses. Check with your tax advi

Purpose Of A Itin

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ITIN or Individual Taxpayer Identification Number is a nine digit number issued by the Internal Revenue Service for tax processing in the United States. ITIN is issued to non- resident and resident al

How to Enter a 1099 Miscellaneous Form

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Knowing how to enter a 1099 miscellaneous form is important when you are filing your taxes. You must know what the many entry boxes on the form mean and what the totals represent for tax purposes. The last thing that you want to do is file the information incorrectly on the federal tax form. Learn w

Learning How To Apply For A UTR Number

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If you have been employed by someone else or by an organization, you most likely have been paying your taxes through the PAYE scheme where the employer did all the paperwork that related to your taxes. However, the moment you get self-employed, you will be required to apply for a UTR number so that

Can Gas Expenses to Work Be Used as a Tax Deduction?

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The Internal Revenue Service allows taxpayers to claim various categories of tax deductions as expenses on their tax returns. Taxpayers have the ability to itemize expenses and claim tax specific deductions rather than claiming the standard IRS deduction. As a whole, the ability to claim IRS tax de

Financial Steps After the Death of a Spouse

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Couples at the altar vow they will be married to each other "until death do us part." Death always seems distant until it strikes. Aside from the emotional upheaval, surviving spouses must also deal with the couple's finances. Overwhelmed mourners might not know where to begin, or the task of dealin

An In-Depth Look of IRS and Tax Law

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The most common kind of tax that the IRS collects is personal income tax, which is figured as a percentage of the money an individual earns from employment and investments. This percentage is calculated according to a progressive tax scale, meaning that the more you earn, the higher a percentage you

Tax consultant: why get along with a professional one

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Taxation system is some thing that holds good amount of importance when you own a good big business enterprise. The reason for this is because only when you file all of you taxes on time ...

How to Open an IRA for Tax Savings Purposes

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Individual retirement accounts (IRAs) are investment tools for retirement savings. These accounts are normally started privately and are unaffiliated with your employer. You can open an IRA to help supplement your 401k or pension. Opening one of these accounts is relatively simple, but you'll need t

Franchise Tax

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Franchise Tax. US Business Law / Taxes.

National Group - Income Tax Evasion Canada

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Poor accounting practices, procrastination, failing businesses and major life changes are simply many of the causes of taxation debt. Worry can inevitably set in as time passes and you'll still fall any behind in filling ...

Income Tax Returns- Free Engaging Resource For States Without Income Tax

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If you're looking for info about income tax returns, you'll find the below similar article really helpful. It gives a refreshing perspective that is much related to income tax return

The Cheapest Way to File Business Taxes

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They say that taxes and death are two of life's certainties. While there is not much that you can do about the latter, the former matter is one for which you definitely have options. If you own and operate a business, you want to save money in as many ways as possible. One way to cut down on expense