Applicable ITR Forms for Different Categories of Assessees

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Again, it is that point in time of the year when all your income for the current financial year is in and you need to file your income tax returns and tax planning in this period also gains a imperati

Estate Planning & Its Advantages

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Estate planning is about the life of your family and loved ones – and the peace of mind you get from helping to preserve their financial security.Property planning is a difficult subject to discuss by its very nature, – even more so to plan for because it forces us to come to terms with

How to Calculate Proper Tax Withholding Amounts

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The Internal Revenue Service requires employers to withhold money from employees' paychecks because taxes are to be paid on income as it is earned. If an employee doesn't have enough tax withheld during the year, he may have to pay interest and penalties when he files his taxes at the end of the yea

Tax Tips - Capital Gains Tax

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CGT is payable, in full, on the sale of your PPR if it is not in the name of an individual who lives there. So, if the property is held in the name of a company, trust or anyone else, such as your parents, you will not enjoy a CGT exemption.

Beware of the Payroll Tax Obligations While Running Your Small Business

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If you are running your own business, sometimes you may inadvertently neglect your obligation to pay payroll taxes. If you get stuck in some financial crunch and the payroll taxes are filed late, you may promptly receive notices from IRS about not submitting the 941 payroll returns.

How to Report a False W-2 to the IRS

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Reporting a false W-2 to the Internal Revenue Service (IRS) helps prevent fraud that costs all taxpayers money over time and is required by law if you are a paid preparer. A W-2 is a tax document from an employer that reports all of the income received and taxes paid by an employee for the year to t

What Is a Nonqualified Annuity?

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An annuity is an investment contract that allows an individual to make regular contributions to a portfolio of stocks, bonds, mutual funds or other investment vehicles. There are various kinds of annuities, but for tax purposes, they fall into two basic groups: qualified and non-qualified.

How to Claim International Income on a U.S. Tax File

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Many United States citizens earn foreign income. Even when living abroad, it is important to know that as long as you maintain your U.S. citizenship you are responsible for paying taxes on earned income. Though paying taxes on internationally earned income may sound daunting, the IRS has streamlined

401k Inheritance Laws

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When somebody dies, her estate usually has to go through probate before heirs can receive their inheritances. However, if the deceased named you as a beneficiary on a retirement account such as a 401k, you can receive the account much more quickly. You must pay taxes on 401k distributions, but you m

How to Become a Certified Tax Preparer in Ohio

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A little known fact is that anyone can prepare taxes in Ohio. You do not have to be registered or have a license to prepare taxes. Should you want to work for a tax company, such as H&R Block, there are requirements specific to that company. Overall however, to become a certified tax preparer in Ohi

Email Manipulators Use IRS Deception to Lure Taxpayers

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One of the biggest scams on the Internet is the sending of fake emails purported to be from the Internal Revenue Service. One of the most recent uses the threat of unreported income to attract your attention.

How to Estimate Corporate Taxes

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It is not uncommon for analysts to estimate the amount a company will have to pay in taxes. This is done to create earnings forecasts, confirm valuations and determine the effectiveness of management. While corporations must pay the same tax rate for a given amount of income, there are ways to chang

What is Tax Penalty Abatement

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When you file late or if you intentionally file a falsified tax return, the IRS is going to hit you with fines, interests, and penalties big time. You are going to be subjected to so many fines it may be unimaginable for you to conceive.

The Tax Deduction for a Home Office & Telecommuting

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The home office tax deduction allows a taxpayer who uses part of his house for business, including those who telecommute rather than going to an office every day, to deduct a portion of his housing expenses from his taxable income. To claim the home office deduction, the business use of the house mu

Instructions for IRS Form 1099C

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Internal Revenue Service Form 1099-C, Cancellation of Debt, is sent to debtors from certain qualified creditors who have canceled debt for them during the tax year. In general, taxpayers receiving Form 1099-C must report the amount of canceled debt as income on their individual income tax returns fo

Get Tax Relief From an Attorney at Law

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If you have government issues with your taxes that require the assistance from a tax relief attorney you can find ample contacts in the yellow pages of your phone book or on the web by searching on Google for tax lawyers in your area. These attorneys specialize in a plethora of issues such as when t

Can Grandchildren Be Considered Dependents on Taxes?

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When parents hit serious financial troubles or other major hurdles, grandparents often step in to support their grandchildren. In some situations, the Internal Revenue Service allows grandparents to claim their grandchildren as qualifying dependents on their tax returns. By claiming grandchildren as

Florida Real Estate and Property Tax Cuts

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The Florida legislators are looking at several different tax cuts in order to help homeowners save money and put a spark the Florida real estate market. This is one of Gov. Chist's top priorities.

Top Tips For Self Assessment

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If you plan on doing taxes yourself, then you need to know a few tips to ensure that you do not mess up during tax season. Tax time can be particularly expensive if you do not know what you are doing. The first thing that you need to do is make sure that you have the right papers when filing.

How to Check on Your 2009 Alabama Income Tax Refund Status

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If you have filed your 2009, 2010 and current year Alabama State Income Tax, you may be expecting a refund. Like many others from your state, you may be wondering how you can check on the status of your refund. After all, it is such an exciting time, and it is very difficult to just keep waiting.