How to Amend Past Tax Returns

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If you discover that you've made an error, file the IRS 1040X form to amend a past year's tax return. Usually, the IRS will catch any math errors and correct those for you, but other mistakes may go undetected. If you've neglected to report all income or overstated your deductions, amend your return

Example of an Itemized Tax Filing

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An itemized tax filing means listing and calculating all your qualified deductions to lower your taxable income. Both itemized and standard deductions are subtracted from your adjusted gross income (line 41 on form 1040) before calculating your tax. You may be able to lower your tax burden by itemiz

The Different Tax Breaks You Can Actually Enjoy

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They say that there are only three permanent things in the world: death, change, and tax. A country will never be able to survive and generate income if it doesn't tax people. The problem is taxes mean a reduction of income and an increase of an expense.

What Is Provincial Sales Tax?

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The Provincial Sales Tax was a Canadian tax on goods and services within the provinces. To qualify for this tax, retailers had to obtain a special license. This tax was replaced by the Harmonization Sales Tax in July 2010.

British Columbia Voters Do Away With HST

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The people of British Columbia have decided, by some 55 percent, that the Harmonized Sales Tax, or HST, is not welcome in the province.

Democrats Set the Stage for Aggressive Campaign on Tax Reform

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In a move designed to establish a platform for an aggressive campaign on taxes and jobs, the Democratic National Committee is preparing to set a firm stance on the payroll tax. They plan to place ...

Real Alternatives to Bankruptcy

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Bankruptcy might be avoided by taking one of these steps.Debt concept - cutting a credit card image by Sophia Winters from Fotolia.comOver 6,000 bankruptcies were filed each day in 2009, according to USA Today. Whether due to illness, job loss, investment losses, or other financial...

What Should I Mark on My W-4 if I Am Married With Dependents?

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The Internal Revenue Service requires your employer to withhold federal income tax from all of your wages, unless you are exempt. Federal income tax withholding depends on your filing status, allowances and income. Your W-4 form is an important part of your withholding process. As a married individu

Filing Form 3921

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All corporations must file Form 3921 if they have transferred a share of stock to an employee during the calendar year.

Furnished Holiday Lettings ~ A Tax Guide

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Where a furnished rental property is designated as a ‘furnished holiday letting’ (FHL) there are several advantages over a normal let property as it is basically treated as a trade for certain tax purposes. This includes tax relief to be claimed on expenditure on fixtures and fittings an

How to Incorporate in South Dakota

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How to incorporate in South Dakota, including information necessary to file Articles of Incorporation with the state of South Dakota.

There Is No Substitute for an IRS Tax Attorney

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The first thing to carry out is inquire about the type of cases the tax attorney deals with. It may very well be personal income tax or charity tax problem as well as business tax or estate tax issue. If you're experiencing issues with personal income tax, select the expert on this issue. Aim t

Long-Term Capital Gains Holding Period for Stock Options

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According to the IRS, any capital good -- including stock options -- must be held for 365 days for any profit to be treated as a long-term capital gain. However, few marketable stock options contracts are valid for more than a year. Employee stock options receive slightly different treatment because

The CRA Will Accept Payment Plans! - Some Conditions Apply

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If you have or, are about to have a large tax debt you may be thinking "how am I going to pay this?" I want to start this article by clearly stating that if you have a tax debt (even if you have a dispute over the amount) and you have the ability to pay your tax debt, pay it.

Do Lottery Trust Funds Get Taxed?

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When you win the lottery, you must pay income taxes on your winnings. However, you might not have to pay taxes on all your winnings at once. You can set up a blind trust -- a trust in which you do not communicate with the trustees about what they are doing with your money and receive distributions o

Can I Write Off Education Expenses on My Taxes?

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The Internal Revenue Code provides incentives for American taxpayers to pursue higher education through tax credits and deductions. Each educational related tax benefit is authorized by separate rules and eligibility requirements. Many of the benefits overlap but provide different levels of benefits

Are Private School Tuitions Tax Deductible?

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Sending your children to a private school can greatly enhance their learning experience and open up opportunities for their future. The cost of private schooling for your children from kindergarten through 12th grade is not tax deductible. However, for tax purposes, sending your children to a privat

Acceptable Payment Methods for Federal Income Tax

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Everyone has to pay federal income tax on their earnings. This tax revenue is used to fund federal programs. There are many acceptable methods for federal income tax payments.

Tax Filing Software

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Today's tax software is very sophisticated and can handle most small business, corporations, and self employed people. It will guide you step by step, asking you for basic information like name, social security number, and address, then moving on to required documents.

Tax Information for Actors

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Much is made of the downside of working as an actor. The competition, the income instability and the criticisms are touted as reasons to avoid the profession. An upside that is rarely mentioned is that the actor who earns money as an independent contractor is eligible for an array of tax deductions.