Every year, millions of Americans dread the inevitable; they have to gather all of their receipts and records and get ready to file their Federal Income Tax Returns. When was tax season first initiated, Here, we will take a look at that magic day of April 15 and why it was chosen as tax day. […]

On June 3, 2005, the IRS released guidance on charitable deductions for donated vehicles. The American Jobs Creation Act (AJCA) radically changed the amount of the deduction taxpayers can claim for their donated car. Fair Market Value v. Actual Sales Price When donating a car to charity, a taxpayer traditionally was allowed to deduct the […]

Donating a car to charity is not that difficult. However, you need to be aware of the tax regulations before you donate your car to a non-profit organization. The IRS provides some general rules of thumb on car donations: Starting in 2005, if the claimed value of your donated car exceeds $500 and the item […]

As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade. Penalties If you have employees, you absolutely must deduct and withhold various taxes from the paychecks of your employees. Since you are deducting money from the employees paycheck, you are handling […]

Americans are speaking out against a proposal by the Federal Communications Commission (FCC) that could raise millions of people’s phone bills. The proposal by FCC Chairman Kevin Martin has to do with a tax called the Universal Service Fund (USF). The USF tax was established to help ensure that low-income and rural consumers have access […]

For many Americans, the 2005 tax season will tax the nerves, take a lot of time and maybe cost a bundle, too. Happily, there are ways to make doing taxes a lot faster, stress free and, possibly, cost free. This is all possible because a tax industry maverick has broken down the barrier to free […]

Organizing your taxes can get quite nerve-racking. This is the main reason why many people would find some assistance in preparing their taxes. When you file your taxes, you can find someone who can do the job for you. Look for a person who is knowledgeable, an experienced expert with tax specialization. There are actually […]

Homeowners who purchase high-efficiency heating and cooling equipment may benefit from legislation recently signed into law. Last August, President Bush signed the Energy Policy Act of 2005. The act includes the home- energy efficiency tax credit, which offers homeowners as much as $300 in tax credits with the purchase of qualified high-efficiency heating, cooling and […]

If youve done much web research about setting up a limited liability company, or llc, youve seen the advertisements that tout Nevada. The pitch is pretty simple. Because Nevada doesnt levy an income tax on individuals or corporations, you should form your llc in Nevada. The implied promise is that youll save big on state […]

Accelerated depreciation in the fourth quarter of 2004 can provide significant tax shelter to many parts production job shops or tool and die shops, according to capitol equipment financing specialists at Makino, a global provider of advanced machining technology. Operations that invest in new equipment technology and receive delivery before December 31, 2004, may see […]