Tax Facts For Freelancers (Pt 2)

In these tough times, it becomes more important than ever for freelancers to familiarize themselves with steps that can keep their taxes to a minimum - and, of course, keep them out of legal trouble. If you need additional information or guidance in specific areas, you should contact the IRS or consult your personal tax advisor.

A Look At Taxes In The United States

A look at how state and local taxes work, how to learn how to prepare your own taxes, and the options you have for having your taxes prepared.

2.2 Billion Dollars in Unclaimed Tax Refunds About To Expire

For all the complaining about taxes, it is rather amazing that taxpayers leave so much money on the table each year. The IRS recently announced that 2.2 billion dollars in refunds are about to expire unclaimed.

2007 Federal Excise Tax Refund Warning

This is March 2007, a month yet before the end of the 2006 tax season, and audit letters from the IRS are already going out, some private tax offices have been closed and some people have been charged with fraud. All because of abuse of this years one time Federal Excise Tax Credit.

It's Time for the Flat Tax

As the deadline approaches for filing income taxes, it is appropriate to look at an alternative to our current system.

Have You Overlooked These 2006 Tax Deductions?

Telephone tax refund – This is a one-time refund and many taxpayers are not aware of its existence. Married couples, with no children, can receive a $40 refund. Those with one child can claim $50 & those with two, $60.

Tax Advantages of S Corporations

If you are not familiar with them yet, S Corporations are simply companies (corporation or limited liability corporation) which do not pays any taxes on its corporate profits. Under the Internal Revenue Code’s chapter 1 and Subchapter S, only the shareholders would have to pay their income taxes from the earnings they received from the company. In short, an S Corporation is taxed more like a sole proprietorship rather than a C Corporation.

Free Tax File - Free Electronic Tax Filing Online

The Internal Revenue Service (IRS) has forged an alliance with various tax software companies to offer a free tax file service for lower-income taxpayers. This alliance is known as the Free File Alliance. The Free File Alliance allows individuals to prepare and file their taxes online for free. There are three basic requirements to determine whether you qualify for free electronic tax filing.

Filing Taxes Online - Free Federal Tax Filing Program

In October of 2005, the IRS and group of existing tax software companies reached a new four year partnership agreement for free filing of taxes online. The new Free File Alliance agreement continues to provide free Federal tax filing to those who have an adjusted gross income (AGI) of $52.000 or less. This amount will vary among the tax software partners.

Dodging the IRS - Preventing an Audit

Around one percent of the American population gets audited every year- a number the Internal Revenue Service (IRS) states is going to be rising soon. Even if odds are that you won't see an audit, there are things you can do to prevent such an even occurring- which will save you the hassle and time of going through the mundane process.

Why Use Online Services Such As Tax Brain Online To File Your Tax Returns?

Tax Return Time again. Does this throw you into a panic? Why not consider using an Online Tax Filing Service to take the strain?

Corporation Tax Benefits

Here is a method business owners are using to gain tax benefits.

Tips on How to Survive an IRS Audit

Many people start to panic after they find out that the IRS has selected their tax return to be audited, but an IRS audit is nothing to be afraid of. It does not mean that they are out to get you and that they know you have broken some kind of tax law.