Tax Articles
 Audit Facts and Information
How often do Tax Returns get audited? Opinions vary
from almost never to the other extreme of every Tax Return getting audited.
Both extremes are true. How can that be true? Find out how.
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Audit Misconceptions
Most consumers believe that certain things target
them for audits. Common misconceptions include that if one takes the
Home Office deduction that they are a target for an audit. Learn how
to avoid paying more tax than your or your clients need to and still
not incur additional audit risk. The IRS would love nothing more than
for you to be cheated out of the legal deductions that you are entitled
to. Misinformation and fear can cost you and your clients plenty!
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Common Tax Form Mistakes
Most errors that flag Tax Returns for review or audit
can be avoided. Some of these errors will be quite obvious, like math
errors (and easily preventable). Others, such as how to deal with filing
of tax when you cannot make the April 15 deadline may be less intuitive.
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Electronic Filing
As you and your clients opt to file your taxes electronically
rather than by traditional mail, there are some additional issues to
be aware of. Additional fees often exist to electronically file your
taxes, but you or your clients may be eligable to e-file for free. Learn
what you need to know and what records that you need to retain if you
e-File this year.
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Tax Classifications
Single, Married Filing Jointly, Head of Household
... which is right for you and your clients? Knowing what they should
file as can save a great deal of tax liability. Learn when one can legally
use each of the classifications to prevent the most tax burden possible
by law.
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Tax Filing Tips
This article gives great common-sense Tax tips that
may not occur to your or your clients. These tips will speed the preparation
of taxes this year and make them easier in the years to come or in the
case of an audit. An audit is nothing to fear if you keep proper records
and are accurate in your calculations.
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W-2 or 1099?
In the work that you and your clients do, it is critical
to determine whether they are an employee or a contractor or they may
pay a great deal of tax that might appropriately be paid by an employer.
Many employers incorrectly designate employees as contractors to avoid
paying tax, placing the burden upon the employee. This article will give
you the guidelines to determine definitively whether one is acting in
the role of an employee or contractor and save up to 50% of certain taxes
paid by individuals.
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Which Tax Form?
An individual wants to get all of the tax benefits
that they are legally entitled to while still making the preparation
of their taxes as easy as possible. Learn when it is appropriate to use
the simpler tax forms and when the tax savings of using more involved
forms is worth the trouble.
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Pay Taxes With a Credit Card
While paying owed taxes by check is still the most
common way, there are hidden benefits to paying your taxes with a credit
card, even if you are just going to pay it off immediately anyway. Learn
why sometimes paying your taxes with a credit card pays you.
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