Tax Preparation

When filing tax returns during a divorce proceeding, there are two options for the parties involved. One option is that the parties can file a joint return where all income and expenses of the...

Commuting expenses to and from work are not tax deductible, but if you have a second job, you work at a temporary location, or your home is your main place of business, you may be able to deduct...

Tax-exempt bonds are favored among investors due to the tax-free nature of interest earned on the bonds. The interest is tax-exempt at the federal level and sometimes at the state level as well....

Employers are required to mail W-2s to all employees by January 31st. However, the information contained on the W-2 is the same information contained on your last pay stub for the calendar year....

Estimating the value of used books you have given away or donated to charity is important to filing an accurate itemized tax return with the IRS. There are several aspects about the condition of...

Filling out a tax return does not have to be intimidating. Unless you have a complicated tax situation, you should be able to fill out your form in a few hours. Even if you decide to prepare your...

Preparing and filing taxes for the deceased can be a complicated process, depending on how large the estate is. At the minimum, you need to file an individual return (form 1040) that claims all...

Most people that take advantage of the $8000 first time homebuyer tax credit do not realize how to file for the credit at tax time. Before you rush out to buy your first home, you need to know...

Many taxpayers aren't aware that their Social Security benefits are taxable and often neglect to report the benefits on their income tax returns. Unfortunately, even though the tax rate on Social...

There are two tax return filing options when you are married and not legally separated: the married filing joint option or the married filing separate option. If you file a joint return, you will...

If you receive Form K-1 from an interest held in a partnership, the information reported on the K-1 will need to be included on your personal tax return, Form 1040. The K-1 reports information...

When tax time rolls around, you may not be able to locate your previous year's tax return. While the previous year's return is useful, it is not necessary to prepare your current-year return. Take...

Health Savings Accounts allow you to pay for out-of-pocket medical expenses with pre-tax money. This gives you more buying power for your medical dollars but creates more work for you when it...

In order to file your stimulus check on your tax return, you must calculate your recovery rebate credit. In most cases, this credit will be 0. However, certain people are eligible to receive an...

According to Internal Revenue Service (IRS) Publication 554, distributions from most retirement plans such 401(k) accounts and pension plans are considered taxable income. Generally,distributions...

Food and beverage servers are paid far below minimum wage by restaurants and bars because of their earnings from tips. Servers pay taxes on tips by declaring the amount of tip earnings from each...

The Form 1040EZ is available for taxpayers with simple filing requirements. Taxpayers using the Form 1040EZ usually have a regular employer that issues a W-2, do not have business or...

This article would introduce the basic deductions a sole proprietor can deduct on their form 1040 Schedule C. It will also describe some of the terminology that the IRS uses.

If you pay a household employee $1,700 or more in 2009, than you must withhold Social Security and Medicare tax from the employee's cash wages. This threshold may be revised in future years. Check...

Whether you've made a mistake on last year's tax return or you found out you can claim your new home for a credit, sometimes completed tax returns need to be corrected. This process is known as...

According to the Social Security Administration, approximately one-third of people pay taxes on Social Security benefits they receive. The percentage of Social Security benefits that is taxable...

If you are not comfortable or satisfied with the job your current tax preparer is doing, then you are going to want to change tax preparers. The U.S. General Accounting Office made a suggestion in...

Do you do your own taxes? Are you confused about all the different educations breaks there are? At times it can be overwhelming when trying to do your own taxes, especially when so many breaks...

Preparing an accurate tax return may require some skill and training. One can use a knowledge of tax preparation to earn extra income during tax season or to file his own tax return. The state of...

If you have filed your tax returns and realize afterwards that you forgot to enter a W-2, 1099 or any other tax information that could change your refund amount or the amount that you owe to the...

After receiving unemployment, the government allows individuals to be tax exempt from $2,400 of the payments. Understand the taxes relating to unemployment with help from an enrolled agent in this...

When claiming cash purchases on a tax return, be sure to include detailed receipts that illustrate what was purchased and how it was paid for. Deduct even cash transactions with help from an...

A low income tax credit, known as the Earned Income Tax Credit, is available in varying amounts for families who make up to $43,000 per year. Understand the eligibility requirements for a low...

There are various companies that offer free online state tax filing, especially for low income households. Find help when filing state taxes with help from an enrolled agent in this free video on...

Travel expenses can sometimes be claimed to get a tax credit if it is business-related and if the company does not reimburse travel costs. Itemize travel expenses on a tax return with help from an...

A T-balance, also known as a trial balance, is calculated by recording total income for the year and all of the individual expenses. Subtract the expenses from the total income to get the trial...

When filing taxes on a long-term disability, be sure to find out whether the employer paid for it, which is fully taxable, or if you paid for it after taxes, which is not taxable. Find out how to...

Off balance sheet tax structures are sometimes necessary to accommodate various situations, such as Key man Insurance contracts and land agreements. Understand when off balance sheet contracts are...

A health savings plan can be set up by deducting up to $2,500 a year for tax-free medical use. Find ways to pay for medical expenses that are tax deductible with help from an enrolled agent in...

Clothing donations are tax deductible if they are donated to a recognized charity and if accurate receipts are kept. Deduct large amounts of donated goods with help from an enrolled agent in this...

Starting up a business that does tax preparation involves first purchasing the right software. Obtain any locally-required licensing and credentials to start up a tax business with help from an...

Medical expenses can be deducted on a tax return if they exceed 7.5 percent of your total income. Find out how to deduct medical bills with help from a tax specialist in this free video on filing...

Donated items can be deducted on your taxes by entering them in on line 17 of a 1040 form. Keep the receipts for donated items with help from a tax specialist in this free video on filing taxes.

Anyone can file their taxes online at no charge by filing through the IRS Web site and filing out the proper forms. Find out how to e-file an income tax return with help from a tax specialist in...

The best way to prepare small business taxes is to use a good-quality accounting software to keep track of all business expenses and earnings. Find out how to organize small business finances with...

To pay property taxes online, visit the local county tax Web site that offers ways to pay bills and make payments over the Internet. Find ways to pay taxes electronically with help from a tax...

Tax brackets are dependent upon an individual's total taxable income for a given year, and each bracket is assigned a percentage rate. Determine your tax bracket based on total household income...

A tax ID number can be obtained through the IRS Web site by filling out an online application. Get a tax identification number for a small business with help from a tax specialist in this free...

Taxes can really sneak up on you at the wrong moment but you can put a stop to that right away.

Each year, new tax laws send taxpayers scrambling to professional services for assistance in preparing tax forms and submissions. As tax preparation software improves and new laws are incorporated...

Turbo Tax is a popular, easy to use tax software program made by Intuit. Turbo Tax software makes it easy to prepare other people's taxes. Interview-style questions allow you to input a person's...

Paid income tax preparers usually require a W-2 form to complete and E-file your federal and state income taxes. However, there are websites on the Internet that allow individuals to E-file their...

Knowing how to calculate withholding tax is important for anyone from businesses with employees to sole proprietors. Withholding tax is included in the payroll tax accounting field. Modern...

Although the IRS would prefer that everyone files their taxes using a W-2, they have established a procedure for filing without one. This procedure will allow you to file on time and without...

IRS Tax Form 982 is a tax form for individuals, not businesses, to complete with their federal income tax returns. Form 982 does not have to be completed by all taxpayers because it is for...