Tax Preparation

More in Tax Preparation

Where Do I Put My 1099 Miscellaneous Income on My Tax Return?

you work for an entity as a non-employee and earn more than $600 in income, you receive an Internal Revenue Service Form 1099-MISC typically by the end of January of the following year. The IRS receives the same information from the entity for which you worked. You report ...

IRS Requirements for Receipts

aiming deductions for things like charitable donations, business expenses, childcare or tuition payments can lower your tax bill and potentially result in a larger refund. If you plan to claim these or other deductions, you'll need to be able to verify your expenses if the ...

Tax Treatment of Domain Name Costs

the early days of the Internet, little precedent existed for how domain names were handled from an income tax standpoint. Central to the debate was whether they should be considered assets or expenses, but a 2003 U.S. Appeals Court ruling helped answer that question. Since ...

How Many Years Should I Save My Income Tax Returns?

e Internal Revenue Service recommends that you keep a copy of your income tax return after you file. How long you should hold onto that copy depends on a couple of factors. For the typical taxpayer, though, the IRS suggests saving a copy for at least three years after you file ...

If I Didn't File My Taxes Will I Get My Child Tax Benefits?

e IRS allows a wide variety of deductions, exemptions and credits for dependent children. The rules are designed to defray the cost of basic living expenses, education and medical treatment. However, there are conditions attached to these tax benefits, with one of the most ...

IRS Mileage Log Requirements

e Internal Revenue Service allows you to deduct expenses you incur while conducting business, including any vehicle expenses you run up. Because fraud is common in vehicle expense claims, the IRS wants to be sure all expenses claimed are legitimate and honest. To help with this, ...

Tax Preparation Checklist for a Homeowner

me ownership carries many hidden costs. Fortunately, some of these costs can be used to substantially lighten your IRS tax burden. To maximize your tax benefits you must keep careful records, and you must understand how the tax code applies to homeowners. You must itemize your ...

How Far Back Can You Amend Tax Returns?

you have discovered a mistake in a tax return that has already been filed, you can file an amended return, also known as Form 1040X. The Internal Revenue Service allows you to amend a return if your filing status is incorrect, your income is wrong, or you have incorrectly ...

Can I File My Income Tax Electronically If I Owe From a Previous Year?

ch spring, the taxman comes knocking on your door asking for his share. If you owe on a previous year, it may muck up the waters of your financial portfolio. E-file is the quickest and easiest method of filing your tax return to the IRS. Even if you owe on a previous year, you ...

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