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Small Businesses Filing Amended Federal Tax Returns to Recover Money
Small Businesses Filing Amended Federal Tax Returns to Recover Money
By Darren Oliver
April 15th may be gone but, but certainly not forgotten - especially if you, like millions of small businesses, unknowingly overpaid your federal taxes and can recover money by filing an amended return.
According to the IRS tax code, you have three years from the filing date for the tax year in question to file an amended return.
Alas! In E-Commerce Taxland
In trying to comply with tax laws for your e-business,
you may find yourself falling down the rabbit-hole,
going through the looking glass, and attending a Mad
Tea-Party.Common sense, logic, and fairness never did apply
fully to the field of taxation but this is especially
true of e-commerce transactions.
Go to the great site with
Go to the great site with
Rearrange Your Affairs For Maximum Tax Savings
One way to maximize your business profits is by reducing your taxes.
Frequently, income and other taxes could be lowered significantly if
only the taxpayer were willing to plan ahead.
Organizing Your Taxes
Does this scene sound familiar? It's April 7. You haven't seen the top of your dining room table in two weeks because of the piles of paid bills, receipts, canceled checks, and unidentified cash register receipts covering it.
Seven Key Tax Deductions for the Self Employed
As a sole proprietor, it's wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004.Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and financial statements.
How To Set Up A Tax-Saving Bookkeeping System
One of the most important, but least understood or appreciated aspects of any business is its bookkeeping or accounting system. And, because very few people know much about the reasons for a bookkeeping system, most people are frightened by the thought of the work involved in setting up such a system, and the drudgery of daily maintenance.
Knock-Knock-KnockWho's there?The IRS!The next quarterly payment of estimated income tax for
the self-employed is not far off. Network marketers who
receive a form 1099 at the end of the year, and/or who
are expected to owe $1,000 or more in taxes, must file
a form 1040-ES Payment Voucher quarterly to avoid
paying a penalty.
How to Reduce the Estate Tax Using the A-B Revocable Living Trust
In a past article I relayed the plight of the widow who stated:"I didn't realize what an A-B Revocable Living Trust meant and that it had to be divided between the survivor and the deceased spouse and that I am limited as to what I can use from his share."She told me that she only learned of this after her husband passed away.
Keeping Your Own Money - NOT Handing It Over To The Taxman
Most people trying to make a crust online (or offline for that matter) are so focused on doing just that, they ignore taking simple steps to ensure that they hang on to just as much of it as they can. Instead, they hand over large lumps of their hard-earned money in tax, usually in one of two mistaken beliefs.
Tax Reform, My Way
We need real tax reform and we need it now. Previous attempts have been made at tax reform, but they have only provided band-aid solutions that have still left us with too many quirks, complication, and read tape.
Surprising Truths About Tax Preparers
Choosing the right tax preparer for your business is a decision best not left until April. A former tax preparer and small business mastermind offers insights into the secret world of tax preparers.
Navigating The Internet Sales Tax Laws
I have been contacted by my local city government to say that my business is scheduled to be audited to determine if I owe any sales tax from items purchased on the Internet. Can they really make me pay this tax? I thought you could buy things online tax free? -- Katie R.
Home Based Business Tax Deductions
Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available.
More Articles from Taxes Information:
On March 6, 2019, the Financial Accounting Standards Board issued an Accounting Standards Update that is intended to help organizations align their accounting for production costs for films and episodic content produced for television and streaming services.
French Finance Minister Bruno Le Maire has provided further details of France's proposed digital services tax, which will be put before the cabinet this week.
The Financial Accounting Standards Board on February 14, 2019, issued a proposed Accounting Standards Update (ASU) on the recognition and measurement of deferred revenue in business combinations.
On February 6, 2019, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would ease transition to the credit losses standard by providing the option to measure certain types of assets at fair value.
Mexican President Andres Manuel Lopez Obrador has signed a decree providing for tax cuts in the Mexican states bordering the United States.
On December 13, 2018, the United States Internal Revenue Service issued proposed regulations on the operation of the base erosion and anti-abuse tax, contained in Section 59A of the Internal Revenue Code.
Last year, the tax burden in OECD countries reached its highest level recorded, at 34.2 percent of gross domestic product, up 20 basis points on 2016, largely due to increasing taxes on personal consumption and companies.
Releasing a progress update, the OECD said international efforts to curb harmful tax practices and prevent the misuse of preferential tax regimes are having a tangible impact worldwide.
The Financial Accounting Standards Board (FASB) on October 31 issued Accounting Standards Update 2018-17, intended to reduce the cost and complexity of financial reporting associated with consolidation of variable interest entities (VIEs), for which consolidation is not based on a majority of voting rights.
Estonia has topped the Tax Foundation's International Tax Competitiveness Index for the fifth successive year, being deemed to have the "best tax code in the OECD."
The Association of International Certified Professional Accountants has issued a policy paper calling for a multilateral approach to solving the tax challenges posed by the digital economy.
On October 10, 2018, the United States Treasury Department and the Internal Revenue Service published a Notice of Proposed Rulemaking in the Federal Register notifying taxpayers of the availability of additional guidance regarding the transition tax under Section 965.
The American Institute of CPAs has urged the Internal Revenue Service and the US Treasury Department to simplify the draft 2019 Form W-4, Employee's Withholding Allowance Certificate, and the accompanying instructions, to reduce administrative burdens on taxpayers.
The International Monetary Fund has recommended that the United States raise indirect taxes to boost revenues, to offset the cost of recent tax cuts and spending increases.
The US Internal Revenue Service has announced plans to streamline
the personal income tax return for the 2019 tax filing season, to reflect changes
brought about by the Tax Cuts and Jobs Act.
The decision by the US Supreme Court to drop the physical presence requirement for states to impose sales tax will have an "incredible impact" on states' tax regimes and revenues, according to Mark Friedlich, Senior Director of Tax and Accounting, North America, Wolters Kluwer.
In a landmark decision on June 21, the Supreme Court of the United States overturned existing case law by ruling that a state can collect sales tax on remote sales even when the vendor does not have a physical presence in the state.
The Mauritius Revenue Authority on June 11, 2018, warned those financial institutions required to report information on the accounts of US persons under the US Financial Account Tax Compliance Act that declarations are required by July 31, 2018.
US congressman Peter DeFazio (D-OR) has introduced legislation designed to amend the Tax Cuts and Jobs Act so that incentives for US corporations to shift income and production overseas are reduced.
Aspects of the tax reform legislation in the United States continue to provide an incentive for companies to shift profits offshore by providing more favorable tax treatment to foreign income than domestic profits, the Institute on Taxation and Economic Policy has said.
The IMF has said that the recent changes to the US tax system could make Canada a less attractive destination for investment.
The American Institute of CPAs has urged the Internal Revenue Service to supplement its guidance on the tax treatment of virtual currency transactions with answers to a set of frequently asked questions.
Both large and small businesses in the United States expect the measures included in the recently enacted tax reform legislation, the Tax Cuts and Jobs Act of 2017, to have a positive effect on their operations, according to Senate Finance Committee Chairman Orrin Hatch.
Ensuring the successful implementation of the Tax Cuts and Jobs Act of 2017 remains the US Internal Revenue Service's highest priority, according to its new five-year Strategic Plan.
Governments raised about USD33bn in carbon pricing revenue last year, a 50 percent increase from 2016, according to a new update by the World Bank.
The American Institute of Certified Public Accountants has recommended that proposed regulations regarding the Centralized Partnership Audit Regime should provide "maximum flexibility" in adjusting the tax attributes of an audited partnership and its partners.
The United States Treasury Department and the Internal Revenue Service will delay a number of guidance projects until later years as they prioritize guidance connected with the tax reform provisions in the Tax Cuts and Jobs Act.
The United States Internal Revenue Service has issued a new fact sheet explaining the
new deprecation and expensing rules included in the Tax Cuts and Jobs Act.
The Federal Association of German Industry has said that proposals for a tax on digital companies will be detrimental to the European economy and exacerbate trade tensions between Europe and the United States.
The Government of Guam, a US territory located in the Pacific, has announced proposals for a temporary tax amnesty program.