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Make smart, safe tax deductions and avoid a tax audit from the IRS with the right information and advice. Get tips on taxes from an experienced tax accountant in this free video series on personal finances.
There are 20 videos in this series:
Giving money to certain charities that are registered can provide the giver with documentation to file along with their tax return. Deduct charitable contributions on tax returns that do not exceed 20 percent of a person's gross annual income safely and legally with tips from an experienced tax professional in this free video on taxes.
To get tax-free profit from selling a rental property the owner needs to have used and lived in the rental property for at least 24 months out of the past five years. Discover all the requirements to getting tax-free profit from a rental property safely and legally with tips from an experienced tax professional in this free video on taxes.
To deduct home equity loan interest from a tax return, a 1098 form is required as well as a 1040. Understand all the requirements for deducting home equity loan interest from personal taxes safely and legally with tips from an experienced tax professional in this free video on taxes.
When deducting home mortgage loan interest, do not forget to fill out line five on the 1098 form which asks for amount spent on real estate taxes. Understand all the requirements to deducting home mortgage loan interest from personal taxes safely and legally with tips from an experienced tax professional in this free video on taxes.
Goodwill is a 501C3, and that's probably one of the most common charitable organizations that is tax exempt. Donate to an entity that is registered to accept deductible donations and understand how they value those donations with tips from an experienced tax professional in this free video on taxes.
Sometimes people end up owing money to the IRS at the end of the year and there are a few important details to know when writing a check to the government. Write a check to the IRS and pay off taxes owed to the government with tips from an experienced tax professional in this free video on taxes.
The key to writing off gas mileage on taxes is keeping good documentation to be able to justify which percent of a car is used for business. Write off gas mileage driven for business purposes on tax returns safely and legally with tips from an experienced tax professional in this free video on taxes.
Unfortunately, there is no fool proof solution to avoiding an IRS tax audit but there are ways to avoid being a high risk for audit potential. Avoid excessive risk of being audited on a tax return with tips from an experienced tax professional in this free video on taxes.
If a gift of cash is under $12,000 then it does not have to be reported to the IRS and can be tax free and if married it can be up to $24,000. Give the gift of cash and avoid being taxed on it with tips from an experienced tax professional in this free video on taxes.
It is not legal to deduct home improvement costs from tax returns but it is legal to add it to the taxable basis of income. Discover some tax tips and save money with advice from an experienced tax professional in this free video on taxes.
There are five tests that someone needs to pass in order to be claimed as a dependent on any tax return and being a household member is one of them. Understand the literal definition of dependent and who is and who is not one with advice from an experienced tax professional in this free video on taxes.
The easiest way to report tax evasion is to go to www.irs.gov and do a search for tax evasion or call the contact number. Understand the difference between tax evasion and tax avoidance with advice from an experienced tax professional in this free video on taxes.
Inheritance can be taxed by the IRS on several different levels and preparing a schedule K 1 is the correct form to use. Learn how to properly and legally report inheritance income so that it is correctly taxed with advice from an experienced tax professional in this free video on taxes.
It is important to spend the stimulus check received by the government to put the money back into the economy. Discover a few fun and easy ways to spend this money with tips and advice from an experienced tax professional in this free video on taxes.
To find out when a 2008 tax rebate check will come in the mail or be deposited into a bank account, simply go to www.irs.gov and do a quick search. Discover a few different options on finding out the status of a personal tax return check with advice from an experienced tax professional in this free video on taxes.
When selling a business the first thing most buyers want to see is an audited financial statement and it is very important to figure out who's going to give the best audit for the sale. Find a great tax auditor with advice from an experienced tax professional in this free video on taxes.
To start a financial statement audit, the auditor will send a prepared by client request list also called a PBC list. Get a financial statement audit started by beginning this list and using this advice from an experienced tax professional in this free video on taxes.
When preparing tax information for a CPA, organization is the most important facet over all other things. Make sure all financial statements are organized when preparing a tax return with advice from an experienced tax professional in this free video on taxes.
Financial audits can get expensive so knowing the type of audit being done is important to assuring the price stays fair. Ensure the price an auditor has quoted is a fair one and is not too high with advice from an experienced tax professional in this free video on taxes.
Unfortunately, there is no fool proof solution to avoiding an IRS tax audit but controlling the cash flow in a checking account is a good tip to watch when avoiding an audit. Avoid excessive risk of being audited on a tax return with tips from an experienced tax professional in this free video on taxes.
IRS! Most people see those three letters and immediately go into panic mode. Everything about income taxes seems to be a hassle. People that don't know what they are doing may find themselves in a world of trouble. However, how do they learn what tax deductions they are eligible for? What do they do if they get a letter from the IRS? Are they going to have to file a tax extension? Do they have to pay tax penalties? There are so many unanswered questions that loom in the gray world of the Internal Revenue Service. If people are worried about tax deductions Danielle Loughran describes the process in detail, and gives them tips for avoiding audits and making smart and safe deductions when filing taxes. So, don't let April 15th catch you off guard. In this series of tax filing videos, and experienced accountant explains several ways to avoid a tax audit. Learn what the IRS looks for when deciding who to audit. Find out tips for reporting rental income and various other deductions. Should one expect an audit if a company they hold shares in gets audited? Watch this series and find out how to claim gambling winnings and how to deduct donations as a write off on a tax return.
Danielle Loughran Danielle Loughran is a CPA with over nine years of public and private accounting experience at Arthur Anderson and Ernst & Young. Loughran was also responsible for internal controls and acquisition integration for a publicly traded beverage manufacturer. She is currently the director of assurance at Accell.dkdk
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