Ask a Tax Question - Income Tax
Tax This!: An Insider's Guide to Standing Up to the IRS
by Scott Estill

Tax This! An Insider's Guide to Standing Up to the IRS, is just that. It provides the insight of an insider that will help you stand up to the IRS in any situation. Little known facts and difficult to conceive strategies are revealed that will help any target of the IRS deal effectively with them or help prevent you from becoming their target.

Author Scott Estill discloses all the rights, which are many, that citizens have when confronted with a problem involving the IRS. He gives an insider's look at the culture, attitudes, and seemingly out of control bureaucracy that prevails inside the IRS and prepares you to deal with the IRS at that level also. His information is backed up by references to the Internal Revenue Code, Congressional Law, and established judicial decisions.

Tax This also provides clear examples of completed IRS forms, which are many and varied. Overall, this is an informative, easy read for someone like me with little knowledge of the IRS. It will hold your interest even if the IRS isn't breathing down your neck and may be invaluable if they are.

     

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S-Corp, LLC, C-Corp, Partnership - Your Choice?    Selecting the correct Business Entity is confusing.  We will give you the tax options of each Business Entity.

How not to pay taxes when you sell income property.    We will explain how to do a tax free exchange & not pay taxes when you sell your income property.

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how to compute tax withholding amount   
Steven Chang

Having the correct tax withheld for the year is important for a couple of reasons. Having too little taxes withheld and most likely you will need to pay taxes, and having too much withheld means that you will have overpaid taxes which you could have kept and used during the year, instead of getting it as a lump sum as a tax return. The IRS W4 form contains a worksheet that tells you how to compute tax withholding amount.


Here is a brief summary of how the IRS taxation system works. Every year the IRS requires pretty much everyone to file income taxes (with the exception of those who did not make enough). It is at tax time that people figure out and report how much income they have made in the previous year, and they also report how much taxes were withheld over the year (usually on W2 forms). Then using the IRS tax table one can find out how much taxes were due for the incomes that are reported. If the taxes due is less than the taxes that were withheld over the year, then the taxpayers get a refund, and vice versa.

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Inova Announces Nursing Scholarships (Leesburg Today)
The Ladies Board of Inova Loudoun Hospital has announced that is has $80,000 available to award for nursing scholarships for 2010, with an application deadline of April 6.

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As said before, the IRS W4 form is used to determine the tax withholding amount. To be specific, it determins who many "exemptions" that the taxpayers has. An exemption is kind of like an allowance that the IRS give to taxpayers. For example, one exemption is automatically granted to an individual taxpayer. If that taxpayer has two children then that taxpayer is given two more exemptions for his/her kids. On the tax return, a taxpayer's income is deducted by the amount of exemption the taxpayer has (one exemption translates to $3,200 for your 2005 tax return), thus reducing the taxpayer's "taxable income." In other words, not every dollar that you make in the last year is taxable. The IRS will only tax you on the amount of taxable income.


In summary, to compute the tax withholding amount for yourself, complete the form W4 provided by the IRS to figure out the correct number of exemption you can take. It is based on the number of exemptions that you are claiming that the IRS will withhold a certain amount of tax from your paycheck. If you are claiming more exemptions (thus, decreasing a taxpayer's taxable income), less taxes will be withheld; less exemptions (thus more taxable income) that are claimed, more taxes will be withheld.

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Carlos Boozer Increases Camp Scholarships (Capital City Weekly)
JUNEAU - Utah Jazz forward and Juneau-Douglas High School alum Carlos Boozer has donated 60 scholarships to his basketball camp through United Way of Southeast Alaska in order to encourage kids to learn...

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You may find more tips and advice on http://www.StevenChang.us

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