Taxes

How Do I File Taxes If I Work As a Freelance Artist?

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If you are a freelance artist, you will need to file a 1040 federal tax return with a Schedule SE, which is for Self-Employment Tax, and Schedule C, which is Profit and Loss from Business. You will be responsible for Social Security and Medicare taxes when you file if you have not filed quarterly es

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SEP Tips

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You can contribute up to $49,000 per year or 25 percent of your gross income to a SEP-IRA plantax forms image by Chad McDermott from Fotolia.comIf you own a business, starting a simplified employee pension plan or SEP is one way to cut your tax bill and save for retirement. SEP retirement...

Federal Income Tax Deductions 2011

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If you are looking for ways to reduce your tax liability and save money during tax time, there are numerous deductable items you can take on your tax return. Before you file your 2011 tax return, find

Tax Credit Values of Donated Items

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Tax credit values are based on the fair market value of the item or property donated. Using past or potential future values is not allowable under Internal Revenue Service regulations. Fair market value is determined by the actual price a consumer would pay for an item on the open market. Valuation

Sources of Free IRS Tax Help

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If you're a low-income family who needs to prepare tax returns, you're probably trying to find way to get free tax help. One of the most popular ways to get free IRS tax help is thro

Are IRS Audit Expenses Deductible As Miscellaneous Expenses?

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If you've had to pay lawyers or accountants to represent you in an IRS tax audit or to help you prepare for an audit, you're eligible to claim those expenses as "miscellaneous" deductions on your income tax return. You can only claim them, however, if you itemize your deductions, and you might not b

How to Talk to the IRS About Back Taxes Owed

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The Internal Revenue Service (IRS) is often reputed to be a scary entity; therefore, many hesitate to communicate with the agency regarding back taxes. However, ignoring back taxes won't make the IRS go away; in fact, penalties and interest keep accruing with each passing year. Talking to the IRS op

Incidence of Taxation in Ancient India

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The evidences suggest that recommendations of sacred texts in matters of fiscal policies were merely in the form of moral code / guide. The state in ancient India most of the time acted independently

Tax Relief: IRS Programs That Can Help Lessen The Burden Of Back Tax Payments

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Thousands of taxpayers find themselves unable to settle their debts with the government each year. Being in debt to the government can be terrifying and stressful, but there are options. The government is actually more lenient than most creditors when it comes to re-negotiating what you owe. Althoug

Expenses of Refinancing

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Refinancing your home can lower your interest rate and save you thousands of dollars over the life of a loan. Or it can give you cash for home improvements or to consolidate debt. But the process of refinancing can be costly because of various expenses incurred by the lender in the process of creati

The Definition of State Income Taxes

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States have the right to tax their residents and corporations that operate within their borders and all states do, though in different ways. Most states -- 43 -- levy an income tax on state residents. However, the form that the tax takes, how much the tax is and state income tax rules vary widely ac

The Consequences of Filing Taxes Late

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The Internal Revenue Service sets deadlines on filing your annual tax return that cannot be broken without some consequences. If you are thinking about filing your taxes past the deadline, you should be prepared for some financial penalties as well as other possible actions taken by the IRS.

Adventist Pastor Salaries

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Adventist pastors shepherd and oversee churches of the Seventh-Day Adventists denomination. As of March 2011, there are over 68,000 Adventist churches in the world with more than 16 million members and over 16,000 ordained ministers. The North American Division of Seventh-Day Adventists (NAD) recent

Recent Updates on the Inheritance Tax

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United Kingdom has enacted many laws that deal with inheritance. In fact, inheritance is such a complex issue that the British government keeps on updating these inheritance laws on a regular basis.

What Can I Change With a 1040X Amendment?

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Taxpayers who file an IRS Form 1040X, Amended U.S. Individual Income Tax Return, change their original IRS Form 1040, U.S. Individual Income Tax Return, and their 1040X return becomes their new tax return. Taxpayers are required to file amended returns to change their filing status, change their or

What Is the IRS Tax on a Cancelled Credit Debt?

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Although it might seem unfair, the Internal Revenue Service can and will tax you for trying to dig your way out of debt. Generally, you must include canceled debt of any sort on your tax return as income, and you pay taxes on it according to your tax bracket. But forgiven debt is included in your gr

4 Things CPA Firms Can Do For You

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There are a lot of names that can be given to those that are working with CPA firms, and it's not usually the full meaning of the acronym. For those that are not familiar with the acronym, it means certified public accountant. Number crunchers, numerical geniuses, and nerds are just some of the

Home Business Tax Deductions - Discover, Apply, and Prosper!

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For most home business owners, tax season can become a major headache. But the truth is it doesn't have to be a terribly gruesome experience. As a matter of fact, the U.S. government has provided many tax deduction opportunities for most home business owners, and when applied, they're sure