Archive for October, 2008
Friday, October 24th, 2008
In previous blog post you learned about how to choose a tax adviser. Now a few words about using him or her to greatest effect. Plan on seeing your preparer at least twice a year –once to have your return prepared and once to explore ways to reduce next year’s ...
Posted in How To Lower Your Taxes | 1 Comment »
Thursday, October 23rd, 2008
If you are called in for a standard office audit, you will probably have at least two weeks after being notified to get your records and arguments together. However, if you need more time, you generally can get at least one reasonable extension.
If you are unable or unwilling to appear ...
Posted in How To Lower Your Taxes | No Comments »
Wednesday, October 22nd, 2008
This is a continuation from previous post about Dealing with the IRS.
Another fairly new wrinkle: audits based on your occupation through its Market Segment Specialization Program. The IRS is in the process of focusing its sights on particular businesses, preparing audits manuals for agents specifically about the likes of every ...
Posted in How To Lower Your Taxes, Uncategorized | No Comments »
Sunday, October 19th, 2008
Over 1 million individual tax returns are audited every year, a figure that’s on the rise. About 80% of the unfortunate tax-payers wind up owing additional tax. What combination of tidal forces or plain bad luck subjects you to audit in the first place? No one outside of the IRS ...
Posted in Uncategorized | 1 Comment »
Saturday, October 18th, 2008
If the IRS has its way, we will all be filing our returns electronically within five years. Electronic filing –the system that zaps your tax information almost instantly to IRS computers over telephone wires –is now available nationwide. The government hype is enormous: electronic filing is convenient, accurate, and quick. ...
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Saturday, October 18th, 2008
Tax software does away with the tedious calculations and math errors that can make April so taxing. It also lets you experiment with different combinations of depreciation, expensing, and Keogh or IRA contributions to save the most tax. Preparing your return electronically lets you correct your return in seconds if ...
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Thursday, October 16th, 2008
Knowing the tax law is only half the battle. Your tax planning will pay off only if you know how to present the results to the IRS. Observing the correct mechanics for filing your tax return will speed up your refund, save you interest and penalties, and keep you out ...
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Tuesday, October 14th, 2008
Americans are up in arms against property taxes. In recent years, California, Colorado, Illinois, New Jersey, and Oregon, to name a few, have been swept up in anti-property tax sentiment. And little wonder: property taxes have risen by as much as 37% a year since 1989. You do not have ...
Posted in Uncategorized | 2 Comments »
Sunday, October 12th, 2008
You can’t do serious tax planning unless you take state and local taxes into account, too. States and municipalities, forced by Congress to shoulder more and more of the burden of social programs, have been hiking levies dramatically in recent years. The result? State and local taxes can no longer ...
Posted in Uncategorized | 3 Comments »
Sunday, October 12th, 2008
Here' s the last batch of our 32 Fool Proof Tax Saving Strategies.
26. Don’t forget about the exclusion from taxes on the sale of your home. In the past, many home sellers felt trapped by the IRS because they knew that if they didn’t buy another home costing as ...
Posted in Uncategorized | 1 Comment »
