Archive for August, 2010

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Ten Tips for Taxpayers Making Charitable Donations

by P. Lewis Robinson
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Aug
31

Did you make a donation to a charity this year? If so, you may be able to take a deduction for it on your 2010 tax return.

Here are the top 10 things the IRS wants every taxpayer to know before deducting charitable donations.

  1. Charitable contributions must be made to qualified organizations to be deductible. You can ask any organization whether it is a qualified organization and most will be able to tell you. You can also check IRS Publication 78, Cumulative List of Organizations, which lists most qualified organizations. IRS Publication 78 is available at IRS.gov. (more…)
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Employee vs. Independent Contractor – Seven Tips for Business Owners

by P. Lewis Robinson
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Aug
26

As a small business owner you may hire people as independent contractors or as employees. There are rules that will help you determine how to classify the people you hire. This will affect how much you pay in taxes, whether you need to withhold from your workers paychecks and what tax documents you need to file.

Here are seven things every business owner should know about hiring people as independent contractors versus hiring them as employees.

1. The IRS uses three characteristics to determine the relationship between businesses and workers:

  • Behavioral Control covers facts that show whether the business has a right to direct or control how the work is done through instructions, training or other means.
  • Financial Control covers facts that show whether the business has a right to direct or control the financial and business aspects of the worker’s job.
  • Type of Relationship factor relates to how the workers and the business owner perceive their relationship. (more…)
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Keeping Good Records Reduces Stress at Tax Time

by P. Lewis Robinson
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Aug
24

You may not be thinking about your tax return right now, but summer is a great time to start planning for next year and to make sure your records are organized.  Maintaining good records now can make filing your return a lot easier and it will help you remember transactions you made during the year.

Here are a few things the IRS wants you to know about recordkeeping. (more…)

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Five Tax Tips for Recently Married Taxpayers

by P. Lewis Robinson
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Aug
19

Are you getting married this summer?  If you recently got married or are planning a wedding, the last thing on your mind is taxes.  However, there are some important steps you need to take to avoid stress at tax time. Here are five tips from the IRS for newlyweds to keep in mind.

  1. Notify the Social Security Administration Report any name change to the Social Security Administration, so your name and Social Security Number will match when you file your next tax return. Informing the SSA of a name change is quite simple. File a Form SS-5, Application for a Social Security Card, at your local SSA office. The form is available on SSA’s website at www.socialsecurity.gov, by calling 800-772-1213 or at local offices. (more…)
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Five Reasons to Visit IRS.gov this Summer

by P. Lewis Robinson
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Aug
19

Did you know the IRS is making it easier to get answers to your tax questions? The IRS Web site – IRS.gov makes it easy to get an answer to a tax question, anytime during the year. The site is available 24 hours a day 7 days a week. Whether you need a form or have tax questions, IRS.gov has a wealth of information. IRS.gov is accessible all day, every day.

Here are five reasons to visit IRS.gov this summer.

  1. Get the latest information on new tax law changes. Several new laws have been enacted and there are provisons that affect almost every taxpayer.
  2. Calculate the right amount of withholding allowances on your W-4. The IRS Withholding Calculator will help you ensure that you don’t have too much or too little income tax withheld from your pay. (more…)
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Seven Facts about the Nonbusiness Energy Property Credit

by P. Lewis Robinson
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Aug
17

Thinking about making some energy saving improvements to your home this summer? Taking some energy saving steps now may lead to bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes was increased as part of the American Recovery and Reinvestment Act of 2009.

Here are seven things the IRS wants you to know about the Nonbusiness Energy Property Credit:

  1. The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 claimed for 2009 and 2010 combined. (more…)
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Nine Tips for Taxpayers Who Owe Money to the IRS

by P. Lewis Robinson
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Aug
12

Did you end up owing taxes this year? The vast majority of Americans get a tax refund from the IRS each spring, but those who receive a bill may not know that the IRS has a number of ways for people to pay. Here are nine tips for taxpayers who owe money to the IRS.

  1. If you get a bill this summer for late taxes, you are expected to promptly pay the tax owed including any penalties and interest. If you are unable to pay the amount due, it is often in your best interest to get a loan to pay the bill in full rather than to make installment payments to the IRS. (more…)
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Top 10 Things Every Taxpayer Should Know about Identity Theft

by P. Lewis Robinson
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Aug
10

Taxpayers need to be careful to protect their personal information. Identity thieves use many methods to steal personal information and then they use the information to file a tax return and get a refund. Here are 10 things the IRS wants you to know about identity theft so you can avoid becoming the victim of an identity thief. (more…)

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Seven Things to know about the Taxpayer Advocate Service

by P. Lewis Robinson
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Aug
5

The Taxpayer Advocate Service is an independent organization within the Internal Revenue Service.  TAS helps taxpayers who are experiencing economic harm such as not being able to provide necessities like housing, transportation, or food, taxpayers who are seeking help in resolving problems with the IRS, and those who believe an IRS system or procedure is not working as it should.  Here are seven things every taxpayer should know about TAS. (more…)

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IRS Drops and Gives You 10…Military Tax Tips

by P. Lewis Robinson
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Aug
3

Summer is a busy time for everyone, but particularly for military members and their families. Whether it’s moving to a new base or traveling to a duty station, members of the military have many obligations that could impact their tax situation. Here are 10 IRS tax tips military members should keep in mind this summer to help with filing a tax return next year.

Moving Expenses If you are a member of the Armed Forces on active duty and you move because of a permanent change of station, you can deduct the reasonable unreimbursed expenses of moving you and members of your household. (more…)

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