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Tax and Tax Information * Tax Day
Preparing Ahead For A Pleasant Tax Day
Carl LaFresnaye
How did you spend your last tax day?
In line at a post office at almost midnight, dropping off your taxes? Dreading going on an extension again – knowing if you owe and don't pay it on time, there will be penalties, but having no idea how much you need to send now?
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Let Bush Tax Cuts End, Economists Say (Fox News)
NABE economist said Congress should let the Bush tax cuts expire.
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April the 15th comes around every year. We all know it. We all hate it. We all know what we can do to not hate it so much – but do we do it? Let's take a look at some practical things you can do to make tax day a day of relaxation – since your taxes were sent in already.
Plan Ahead – Information Gathering
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Tax Tips For The Unemployed (CNN Money)
Tax time can be a painful time for many of us, and it's especially tough for people without jobs. If you're unemployed, there are a few twists and turns in the tax code that can work to your benefit.
No Blowing Smoke: Group Discusses SC Cigarette Tax (AP Via Yahoo! Finance)
Doctors and an anti-smoking group discuss efforts to raise South Carolina's 7-cent-a-pack cigarette tax that is the lowest in the nation.
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When things come to you in the mail that are pertinent to your taxes, do you file them away carefully in one place so that you can find them when it is time? For example, your W2's, investment or banking information, tax forms and booklets – these are all important to be able to take with you to the CPA, or to the tax preparer, or to the kitchen table if you do your taxes yourself. Plan ahead – keep these mailed items in one place.
A Year Ahead? You've Got To Be Kidding!
Now that you've got a file folder for the stuff that arrived in January, be a little more ambitious for next year. Tax day will be smoother if you've been keeping all tax pertinent stuff in one spot all year long.
For example, your charitable contribution slips should be kept together. If you are filing a regular 1040, you will be able to itemize deductions – and for many people, charitable contributions is a major deduction. Whether those contributions came in the form of money into the collection plate at church or clothing and shoes donated to the local thrift shop, there are established ways to document your donation. Be sure you are keeping whatever records are needed to substantiate your donations.
You also need to keep track of your medical expenses. Doctor co-pays, prescription medicine, light treatments for your psoriasis – all count toward your medical deduction. Keep track of them.
Many of your business expenses will also be needed. Keep that information divided into the categories for tax purposes. And your childcare expense receipts – and education expenses. There are many things that need to have documentation if you don't want to be audited after tax day. Audits are best avoided at all costs – so no making up numbers for your taxes!
Call Your Tax Preparer Early
If you have someone help with your taxes, call them well before tax day. They will have more time to complete your taxes accurately, and you won't be nearly as stressed.
Enjoy Tax Day!
What Other Authors say about Taxes
Need a Copy of Your Tax Return Information?
by Richard A. Chapo
Taxpayers have two easy and convenient options for getting copies of their federal tax return information. Tax return transcripts and tax account transcripts -- by phone or by mail.A tax return transcript...
What Is An Inheritance Tax And When Is It Applied?
by Gray Rollins
When an individual passes, on the federal government imposes an estate tax. This estate tax only applies to estate properties that are over one million fifty thousand dollars. The federal government is...
IRS Reports Tax Gap of $300 Billion
by Richard A. Chapo
The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals...
Tax Tips for Writers and Authors
by Stephen L. Nelson, CPA
Sometimes, another writer, upon learning that I'm both a book author and tax accountant, asks me for the best ways that authors can minimize their income taxes.If I can, I try to weasel my way out of the...
Solving Common Tax-Preparation Problems
by Stephen L. Nelson
There are some potential pitfalls to using your Quicken data as the one and only source of all your taxable income and tax-deductible expense information. This doesn't mean you shouldn't use Quicken; it...
Knowing The Benefits And Burdens Under Federal Income Tax Principles
by Carl LaFresnaye
There are many different benefits and also burdens that individuals can have under federal income tax principals. It is important for individuals to consult some sort of professional advice when doing...
How Wealth Tax Is Better Than Income Tax
by Jim Thio
Wealth TaxDo you want to move money from the wealthy to the poor? Well, tax wealth.Wealth tax causes far less market distortion, and hence, much fairer than income tax. Wealth tax hurt productivity less....
A History of the Income Tax in the U.S.
by Garry Gamber
After the United States declared its independence and fought the Revolutionary War, the U.S. Congress relied on excise taxes on alcohol, tobacco and a few other products for revenue to pay off its war...
Quick Facts on Disability Insurance
by Tony Novak
Quick Facts About Disability Insurance§The sole purpose of individual disability insurance is to replace your after-tax income in the event of an accident or illness. These policies do not provide protection...
How to Deal with C Corporation Tax
by Nick Braun EA PhD
<p>The difference between C corporations and all the other entities is that C corps pay their own tax â€" they are not pass-through entities. <p>The corporation pays corporate income...
Understanding Business Tax Write Offs
by Wade Robin
A tax write off is the same thing as a tax deduction, and if you don't know what expenses are legitimate deductions on your tax return, you won't know what you can legitimately write off either. In the...
Gambling Income and Expenses - Taxes
by Richard A. Chapo
Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.Gambling income includes, but is not limited...
When To Use A Tax Attorney
by Carl LaFresnaye
While most people would not require the use of a tax attorney, those who own their own businesses or who have a multitude of assets are wise to consult a tax attorney. In addition to the accountant that...
Low-Income Luxury - Your Guide to the Many Affordable Apartments for Rent in Utah
by Heather McKinley-Seymour
Apartments for rent in UtahOften the first thing one does when searching for a home to rent is assess their income. For many Utahans with large families, liabilities or low wages, this can seemingly be...
Who are the CPA Moms? Your Tax Professional Forever!!!!
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“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
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Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
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To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
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Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
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Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
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For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon. To Join CPA Moms
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Index of Articles about Taxes
What Other Authors say about Taxes
Need a Copy of Your Tax Return Information?
by Richard A. Chapo
Taxpayers have two easy and convenient options for getting copies of their federal tax return information. Tax return transcripts and tax account transcripts -- by phone or by mail.A tax return transcript...
What Is An Inheritance Tax And When Is It Applied?
by Gray Rollins
When an individual passes, on the federal government imposes an estate tax. This estate tax only applies to estate properties that are over one million fifty thousand dollars. The federal government is...
IRS Reports Tax Gap of $300 Billion
by Richard A. Chapo
The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals...
Tax Tips for Writers and Authors
by Stephen L. Nelson, CPA
Sometimes, another writer, upon learning that I'm both a book author and tax accountant, asks me for the best ways that authors can minimize their income taxes.If I can, I try to weasel my way out of the...
Solving Common Tax-Preparation Problems
by Stephen L. Nelson
There are some potential pitfalls to using your Quicken data as the one and only source of all your taxable income and tax-deductible expense information. This doesn't mean you shouldn't use Quicken; it...
Knowing The Benefits And Burdens Under Federal Income Tax Principles
by Carl LaFresnaye
There are many different benefits and also burdens that individuals can have under federal income tax principals. It is important for individuals to consult some sort of professional advice when doing...
How Wealth Tax Is Better Than Income Tax
by Jim Thio
Wealth TaxDo you want to move money from the wealthy to the poor? Well, tax wealth.Wealth tax causes far less market distortion, and hence, much fairer than income tax. Wealth tax hurt productivity less....
A History of the Income Tax in the U.S.
by Garry Gamber
After the United States declared its independence and fought the Revolutionary War, the U.S. Congress relied on excise taxes on alcohol, tobacco and a few other products for revenue to pay off its war...
Quick Facts on Disability Insurance
by Tony Novak
Quick Facts About Disability Insurance§The sole purpose of individual disability insurance is to replace your after-tax income in the event of an accident or illness. These policies do not provide protection...
How to Deal with C Corporation Tax
by Nick Braun EA PhD
<p>The difference between C corporations and all the other entities is that C corps pay their own tax â€" they are not pass-through entities. <p>The corporation pays corporate income...
Understanding Business Tax Write Offs
by Wade Robin
A tax write off is the same thing as a tax deduction, and if you don't know what expenses are legitimate deductions on your tax return, you won't know what you can legitimately write off either. In the...
Gambling Income and Expenses - Taxes
by Richard A. Chapo
Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.Gambling income includes, but is not limited...
When To Use A Tax Attorney
by Carl LaFresnaye
While most people would not require the use of a tax attorney, those who own their own businesses or who have a multitude of assets are wise to consult a tax attorney. In addition to the accountant that...
Low-Income Luxury - Your Guide to the Many Affordable Apartments for Rent in Utah
by Heather McKinley-Seymour
Apartments for rent in UtahOften the first thing one does when searching for a home to rent is assess their income. For many Utahans with large families, liabilities or low wages, this can seemingly be...
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