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Entries Tagged as 'Taxes'

IRS Launches International Data Exchange Service

January 16th, 2015 · No Comments

This week the IRS announced the opening of the International Data Exchange Service(IDES) for enrollment. Financial institutions and host country tax authorities will use IDES to securely send information reports on financial accounts held by U.S. persons to the IRS under the Foreign Account Tax Compliance Act (FATCA) or pursuant to the terms of an [...]

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Tax Tips for Individuals Selling Their Home

August 26th, 2013 · No Comments

Here are some helpful tips for you if you’re selling your main home this summer or sometime this year. Even if you make a profit from the sale of your home, you may not have to report it as income. Here are 10 tips from the IRS to keep in mind when selling your home. [...]

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Simplified Option for Home Office Deduction

July 29th, 2013 · No Comments

Do you work from home? If so, you may be familiar with the home office deduction, available for taxpayers who use their home for business. Beginning with the taxable year 2013, there is a new, simpler option to figure the business use of your home. This simplified option does not change the rules for who [...]

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Tips on Reporting Gambling Income and Losses

July 24th, 2013 · No Comments

Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. Here are six tax tips for the casual gambler. 1. Gambling income includes winnings from lotteries, raffles, horse races and casinos. It also includes cash and the fair market value of prizes you receive, such as cars and [...]

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Tax Tips for Starting a New Business

July 8th, 2013 · No Comments

If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal tax responsibilities. Here are five basic tips that can help you get started. Type of Business: Early on, you will need to decide the type of business you are going to establish. [...]

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Six Facts About the Alternative Minimum Tax

March 9th, 2012 · No Comments

The Alternative Minimum Tax attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. The AMT provides an alternative set of rules for calculating your income tax. In general, these rules should determine the minimum amount of tax that someone with your income should be required [...]

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Inflation Adjustments

November 4th, 2011 · No Comments

For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. By law, the dollar amounts for a variety of tax provisions, affecting virtually every taxpayer, must be revised each year to keep pace with inflation. New dollar amounts affecting 2012 returns, filed by most taxpayers in [...]

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IRS to Go After Wealthy Indian-Americans

April 11th, 2011 · No Comments

Each United States person who has a financial interest in or signature or other authority over any foreign financial accounts, including bank, securities, or other types of financial accounts, in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year, must report that relationship each [...]

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2010 Tax Returns Filing Deadline Extended to April 18, 2011

January 8th, 2011 · No Comments

The IRS has opened the 2011 tax filing season by announcing that individual taxpayers have until April 18 to file their tax returns. Taxpayers will have until Monday, April 18 to file their 2010 tax returns and pay any tax due because Emancipation Day, a holiday observed in the District of Columbia, falls this year [...]

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Filing Deadline to Preserve Tax-Exempt Status

May 7th, 2010 · 1 Comment

Many tax-exempt organizations must file form 990 by May 17 deadline to preserve tax-exempt status with the IRS. This crucial filing deadline is looming for many tax-exempt organizations that are required by law to file their Form 990 with the Internal Revenue Service or risk having their federal tax-exempt status revoked. The Pension Protection Act [...]

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