September 24, 2013
Generally speaking, whenever you settle a debt for less than you owed, the difference counts as income – taxable income.
A short sale is a form of debt...
September 19, 2013
In 2001, most people filed their taxes with a pen and a stamp. Today, that's the rarity. Since the millennium, the rate of e-filing IRS forms has grown from about 30 percent of filers to about 80 percent.
September 6, 2013
As we increasingly rely on E-filing tax returns, we increase the efficiency of IRS operations and our convenience. We also strip away some crucial layers of...
July 26, 2013
Nonprofits are organizations designed to forward ideas, beliefs, and initiatives as opposed to one individual, or a group of individuals. This is in stark contrast to corporations or many business entities, which transfer a percentage of profits...
July 19, 2013
You may have noticed the remarkably high self-employment tax on Form 1040 (15.3%) and wondered how Americans – who have such a rich history of entrepreneurship –...
July 16, 2013
Occasionally an article will pop up about the hard-edged stance the IRS takes with small businesses, and particularly sole proprietorships.
Always, the implicit...
July 15, 2013
Modified adjusted gross income (MAGI) can qualify you for a number of credits, benefits and exclusions, which makes it important to calculate for tax purposes.
In 2013, the calculation will be extremely important for students who are...
July 1, 2013
Estimated taxes are simple … in theory.
For salaried employees, estimated tax payments would be fairly simple to calculate, but many small businesses and self-employed persons in the United States can have...
June 25, 2013
Ever heard the saying “There is no such thing as a free lunch?”
Well, it can be true for the IRS, because if your employer provides that lunch free of charge, then the IRS could tax you on it.
June 19, 2013
If you are counting on your tax refund to help you pay the bills, that probably means you don’t have a lot of extra cash to employ an accountant. Fortunately, there are an...