Introduction to Taxes and Basic Information

07/31/2008 11:26:20 PM

You might think that taxes are a necessary evil better left for professionals, but understanding the basics can help you minimize the total amount of taxes that you pay.

When planning for taxes, we usually think of the Federal filing deadline of April 15, however, you are required to pay ...

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A Guide to Filing Your Tax Returns

07/31/2008 11:26:20 PM

Filing returns

Unless you are a dependent or you did not make any money during the year, you will have to file a tax return using Form 1040 (or one of its variants, such as 1040EZ or 1040-NR). Most people need to file by April 15 for the previous year's tax return. You sta...

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Explanation of the Major Factors Affecting Your Tax Returns

07/31/2008 11:26:20 PM

Deductions

Deductions are expenses that are subtracted from your adjusted gross income when calculating taxable income. There are three types of standard deductions depending on your filing status (single, married filing jointly, or head of household). In certain cases, we...

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Explanation of the Capital Gains Tax and Related Issues

07/31/2008 11:26:20 PM

Whenever you sell an investment at a profit, you will (in most cases) owe the IRS a tax known as a capital gains tax. This is true for most investments, including mutual funds, bonds, options, collectibles, your home, or business. Capital gains are the amount by which an asset's selling price excee...

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Tax Issues Related to Wash Sales, Lottery Winnings etc.

07/31/2008 11:26:20 PM

Wash Sale Rule

The IRS defines a wash sale as the selling of a security at a loss and the immediate repurchase of the identical security within 30 days of the initial sale in order to reduce your taxes. The wash sale rule was created to prevent a person from buying back th...

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Tax Issues Related to Your Business

07/31/2008 11:26:20 PM

Small Business

Small businesses must withhold federal income taxes from their employee's wages and pay them directly to the IRS. The amount depends on the size of the payments, the number of exemptions claimed by each employee, their marital status, and the frequency of th...

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Different Types of Credits to be Aware of While Filing Taxes

07/31/2008 11:26:20 PM

Credits

• Social Security Credit
  
  You begin earning Social Security Credits when you start working in a job that has Social Security benefits. Every year, your wages are posted on your record; those wages determine the number of credits for each indiv...

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End of the Year Tax Planning Tips

07/31/2008 11:26:20 PM

End of the year

Many people don't even think about their taxes until March. But there are good reasons not to wait until the deadline looms in the near future. As the end of the year approaches, there might be some things you can do to reduce the burden you will have when ...

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IRS Audits and How to Deal With Them

07/31/2008 11:26:20 PM

Audits
An audit is an IRS examination of an individual or corporation's tax return, to verify its accuracy. There are three types of audits: correspondence audits (the IRS mails you a request for additional information), office audits (an interview is conducted at a local IRS o...

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Tax Implications of Different Types of Investments

07/31/2008 11:26:20 PM

Stocks

When you sell a stock at a profit you incur capital gains taxes, which are calculated according to the amount of time that the stock is actually held .

There are other considerations when investing in stocks.

Selling short is borrowing a security...

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