Category : Taxes : Business & Finance

Penalties on an Audit Report

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Benjamin Franklin, once asked about certainty in life, responded, "Certainty? In this world, nothing is certain but death and taxes." While taxes remain a certainty each year, audits do not have to be such. An audit refers to the systematic process of obtaining and evaluating evidence about financia

Alabama Property Tax Information

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In Alabama, residents pay property taxes, sales and use taxes, business taxes and income taxes. The Alabama Department of Revenue is responsible for collecting the state's tax revenues with the exception of local government taxes imposed by counties. Alabama residents may pay property taxes on a sta

How to File IRS Form 5329

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IRS Form 5329 must be completed to report additional taxes on individual retirement accounts, other qualified retirement plans, modified endowment contracts, Coverdell education savings accounts, qualified tuition programs, Archer medical savings accounts or health savings accounts. Generally, Form

What Counts As a Tax Deduction?

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Those who do not have many expenses will choose the standard deduction when filing their taxes.tax forms image by Chad McDermott from Fotolia.comWhen filing your taxes, you must make many decisions. One of these decisions is choosing to take the standard deduction or to itemize your...

Do Soldiers Pay Federal Income Tax?

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Soldiers serving with the United States armed forces contribute a vital public service to their country by defending it in combat zones across the world. In return for this service, the government has enacted many programs meant to benefit soldiers after they return home. Soldiers are not completely

How to Deduct an In-Kind Donation

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If you itemize your federal tax deductions, you can save money by deducting the money you give to charity. You are not limited to just deducting monetary donations to qualified charities. You can also deduct the value of donated goods--everything from magazines and DVDs to automobiles and houses. To

IRS Circular 230 Tax Advice

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Internal Revenue Service Circular 230 regulates tax preparation professionals who represent a client in a tax case in court. The client's representative does not have to be a lawyer. Other tax professionals that the circular specifies can also argue a tax court case. This circular establishes standa

Tax Tips for Parents

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During tax preparation time, having children means you are eligible for special tax deductions and tax credits. You should know what you can claim and how to maximize those deductions and credits. Tax preparation software or a tax professional can help.

How to Reduce Taxes on High Earnings

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The joy of getting a big paycheck can quickly turn sour when you realize that both the state and federal government may take a sizable chunk out of it when tax time rolls around. Although your income tax goes to support various government projects that may benefit you, no one likes to pay more than