New Year's Resolution: No More Tax Problems

With an Internal Revenue Service now more aggressive than ever, it’s not a good time to be cheating Uncle Sam or living with tax problems. Fortunately, you don’t have to have IRS problem.

How Any Business Owner Can Reduce The Likelihood of a Tax Penalty by 31 Times

Here's the latest version of an age-old story: The Tale of Two Small Business Owners.

What Does It Take To Pay Zero Taxes?

Will this be the year you finally pay no taxes?

Selling Your Business - A Tool To Reduce Capital Gains Taxes

When you sell your business, wouldn't it be nice to pay Uncle Sam as little as possible. This article discusses a method to greatly reduce and delay capital gains and depreciation recapture on the sale of your business.

Help Me Prepare My Taxes

Nothing leads to more gnashing of teeth than the thought of preparing your own taxes. Fortunately, there are people out there that do it for a living.

Tax Pitfalls For An Internet Newbie

For those of us new to the Internet, here are some pointers on IRS audits and how vulnerable we are in our naivete.Culled from recent field audit experience!

Capital Assets – Gains and Losses for Taxes

Capital is a unique term when it comes to taxes. If it gains value, you pay a tax. If it loses it, you can write at least some of the loss off.

Tax Changes You Should Know for 2005 Returns

Every year, you have to file tax returns and every year there are changes to the tax code. Here are some key changes for 2005 to keep in mind when you prepare returns.

Where to Deduct Tax Preparation Fees

Are tax preparation fees deductible only as a miscellaneous itemized deduction for all taxpayers? Has the IRS issued a ruling that shows where taxpayers may deduct tax preparation fees to save the most in taxes? If you own rental real estate or you are self-employed, you need to read this article.

Earnings From Abroad and Taxes

With the every expanding global economy, many people receive earnings from foreign entities. Unfortunately, the federal government wants you to pay taxes on it.

Tax Preparation Software: The Good, the Bad and the Ugly

The pros and cons of using software to complete your tax return.

Build Wealth with a Tax-Free Gain on the Sale of Your Home

If you owned and lived in your home for at least two of the five years before you sold it, the gain is tax free up to $250,000 if single or up to $500,000 if married. However, if you ever used part of the home for business purposes, such as a home office, only the gain due to depreciation recapture is taxable. You can maximize the benefits of this exclusion by buying a home below value such as a foreclosure or building a home while acting as your own general contractor.

Ten Tips On Becoming a Tax Preparer and Earning Big While Working P/T

Enrolling and completing tax school will put you in the line up for what I call the “Half-Year Tax Professionals” They do taxes 5 or 6 months out of the year and spend the other half of the year traveling.

How to Deduct Points on a Real Estate Loan

Points represent prepaid interest on a real estate loan. Usually, a taxpayer must amortize the points by deducting them ratably over the life of the loan. However, a taxpayer who uses the cash method of accounting may usually deduct points in the year paid on a mortgage loan to purchase or improve the taxpayer's principal residence. The taxpayer may deduct these points even if the seller pays them.