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Gambling Income and Expenses - Tax Requirements
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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 to, winnings from lotteries, ra ...
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By Richard A. Chapo Hits: 5322
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Highlights of IRS List of 2005 Tax Scams
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Each year, the IRS lists various scams taxpayers get caught up in. The top 2005 scams include several that manipulate laws governing charitable groups, abuse credit counseling services or rely on refuted arguments to claim tax exemptions. The agency ...
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By Richard A. Chapo Hits: 8860
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How to Check the Status of Your Tax Refund Online
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So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The question for most taxpayers expecting a return is, "Where is my refund?"
Check Your Refund Status Online
The ea ...
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By Richard A. Chapo Hits: 20859
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Identity Theft ?¨C Impacting Your Taxes?
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If your identity is stolen, your finances can quickly become a nightmare. A less obvious problem is the effect identity theft can have on your taxes.
Identity Theft
Generally, thieves steal your personal data for the pur ...
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By Richard A. Chapo Hits: 8161
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IRS Lock-In Letters ?¨C What?¡¯s An Employer To Do?
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Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. The IRS will then send a ?¡°lock-in?¡± letter on the amount to be withhel ...
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By Richard A. Chapo Hits: 19280
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IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters
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The IRS has obtained civil injunctions against more than 100 promoters of illegal tax avoidance schemes and fraudulent return preparers in an ongoing crackdown that began in 2001. Many of the injunctions, obtained in cooperation with the Department o ...
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By Richard A. Chapo Hits: 20369
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Need a Copy of Your Tax Return Information?
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Taxpayers have two easy and convenient options for getting copies of their federal tax return information ?¡ª tax return transcripts and tax account transcripts ?¡ª by phone or by mail.
A tax return transcript shows most line items from ...
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By Richard A. Chapo Hits: 3470
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Rental Property Tax Deductions
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Own residential rental properties? This article discusses how income from those properties impacts your taxes.
What Constitutes Revenue?
Generally, rental income is defined as any revenue you receive from the occupancy o ...
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By Richard A. Chapo Hits: 12568
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Section 179 ?¨C Tax Relief From Depreciation Rules
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?¡°Depreciation.?¡± For business owners, this word is the one most likely to inspire headaches and fits of cussing. The expanded provisions of Section 179 are just the medicine you need to cure the depreciation blues.
Depreciation
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By Richard A. Chapo Hits: 20079
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Small Business Tax Deduction - Write-Off Bad Debts
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Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. For those small businesses that suffer from uncollected receivables, solace can be ...
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By Richard A. Chapo Hits: 4136
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Income Tax Help
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There are many websites on the Internet today that gives much needed income tax help for those who have no idea of what's going on during tax time. Income tax is a tax paid on income, unfortunately no matter how little it is. It's paid by employees a ...
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By LeeAnna Hits: 2342
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Innocent Spouses - Relief from Taxes
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Historically, tax issues arising from bad marriages fell into the category of ?¡°better or worse?¡± for marriages. The IRS granted no innocent spouse tax relief, but has changed its views.
Tax Relief
When a marriage has pr ...
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By Richard A. Chapo Hits: 24109
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Self-Employed Tax Strategies
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Self-employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are tax strategies for self-employed individuals that reduce those tax amounts.
Tax Strategies
The good news is being se ...
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By Richard A. Chapo Hits: 28323
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Automobile Tax Expenses
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If you use a vehicle for conducting business, you can deduct certain automobile tax expenses from your tax bill. This is true even if you use the vehicle for personal and business needs.
Automobile Tax Expenses
The powe ...
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By Richard A. Chapo Hits: 7821
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Home Office Tax Expenses
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Self-employed individuals often work out of their own home. If this is the case with you, here?¡¯s a primer on home office tax expenses you can claim on your taxes.
Home Office Tax Expenses
America is a country built on ...
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By Richard A. Chapo Hits: 1350
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