Financial News, Tips & More!
If You Win a Super Bowl Bet, It’s Taxable!
This is America. An obsession with football is rampant. The most watched football event of the year is the Super Bowl. The 2 teams playing this year are the Baltimore Ravens and the San Francisco 49ers. The Ravens have won the Super Bowl once in 2000, and the 49ers have won the...
Earned Income Tax Credit Audits of Tax Preparers, CPAs and Enrolled Agents
Tax Preparers, are they safe from Audit? Most tax preparers, Enrolled Agents and CPAs think completing the Form 8867 and EIC worksheets meets the due diligence requirements of Reg.Sec 1.6995-2(b)(3). Â This is false! Â You must additionally document your knowledge and due...
What Happens if you Don’t Pay Your Taxes?
Death and Taxes. These two aspects are famously stated to be the only two certainties in life. But with this inevitability of having to pay taxes baring down on all individuals in America there are more than a few who have failed to do so. People fail to pay taxes to the...
What Happened to the Fiscal Cliff?
The fiscal cliff has been pushed back at the beginning of this year with a bill. President Obama put it in ink on Wednesday, January 2nd with his a famed auto-pen. The fiscal cliff was all anyone could talk about in the last months leading up to 2013. News stories never stopped...
Companies Not Paying Taxes
Think you’re the only one struggling to pay your taxes this year? There are hundreds of companies who are in the same boat as you are. The only thing that separates them is that they’ve found a way to not pay taxes. They found opportunities within the tax codes to escape...
Does the IRS Levy at Christmas
You're a mean one Mr. IRS Tax Levy IRS was hit with a lot of negative press a few years ago when they sent out levies during the holiday season. These levies hit accounts set up for the minor kids of the taxpayers. Congress got an earful, put pressure on the IRS, and the IRS...
Four Holiday Tax Tips
When you think about the end of the year and the holiday season, your mind is probably not brought to the thought of your taxes. Dealing with some taxes before the year is over can be a great way to save you some money and ensure that your tax season goes smoothly. You don’t...
Year End Tax Tips for Your Small Business
As 2012 begins to wind down, you should be sure that you are in a good position to file your small business’ taxes in 2013. By doing your research and homework ahead of time, you can make sure that you save money on your taxes this upcoming tax season. These deductions may...
Some Very Odd Taxes
Taxes are a major part of our lives. We have to plan ahead for them and compensate our finances to meet their deductions. Most people understand that taxes are needed in order to keep the country going, so these payments are an accepted part of living in our country. While our...
A Brief History of Income Tax
Income taxes are part of life for us in the United States. We pay taxes in order to build infrastructure, fund defense and the government, and to help progress research and technology. Our taxes (while perhaps not gleefully given) serve an important purpose as it pertains to...