Q: I was contacted by the city tax collector to say that my business is scheduled to be audited to see if I owe sales tax on items purchased on the Internet. Can they really make me pay sales tax on internet purchase? I thought you could buy things online tax free? — Charlie B.
A:...
As with many fields, having a college education can drastically affect the kind of success you have with accountancy. Everything from salary, position, and company you work for can be impacted by the amount of education you have under your belt. This does not mean you cannot succeed without a...
They say death and taxes are the only two certain things in life. Alas, this wasnt always the case. Well, at least for the income tax.
The History of Income Taxes
Our great nation came into existence in fits and starts. Following the revolt against the British, a federal...
With products like Turbo Tax improving, many wonder where this leaves accountants. Ironically, the evolving role of accountants is helping people save on their taxes.
The Evolving Role of Accountants
Given the fact that paying taxes isnt the most popular of tasks, most people dont...
The Advantage of Tax Software and How to Get It
Tax is most often the bane of all profits. There are those who forget to pay their taxes and suddenly find themselves prosecuted. Tax has a way of creeping up on you. However, we all need to pay taxes, do we not? Tax is just one of those...
Every business has a department that deals with complaints from customers. At the IRS, this department is known as the taxpayer advocate office.
Advocating for You
The purpose of the taxpayer advocate office is to provide taxpayers with a friendly source to handle customer service...
There is an adage that claims that the only things certain in life are taxes and deaths. One could presume that tax laws are as easily determined and understood as one identifies death. When a person stops breathing and his brain stops functioning, he’s dead. However, this is not the case...
* Is Social Security retirement income taxable?
Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay taxes if he/she has annual Social Security retirement income of more than $25,000. If...
Perhaps one shouldnt be surprised that new real estate investors fall into the same tax traps again and again. Real estate burdens investorsespecially new investorswith some tricky tax accounting.
But just because some other newbie makes these mistakes, that doesnt mean you need to. You...
Youve seen the advertisements and news articles. IRA funds can be used to make real estate investments. But before you jump on this bandwagon, make sure you understand some of the tax planning angles related to this opportunity.
Passive Loss Deductions
Almost always,...
New ecommerce entrepreneurs can find them confused and confounded by the tax and accounting requirements of their venture. And thats a shame: If someones spotted a great new category and successfully built a web presence, heck, that someone shouldnt find themselves bogged down with the...
I live and work, quite literally, down the road from the main Microsoft campus. No surprise, then, that Im commonly asked by freelance consultants for free advice about how these self-employed independent contractors can minimize their income taxes.
If I can, I try to weasel my way out of...