Taxation Basics

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Taxation Independent Contractors FAQs
Are you an employee or an independent contractor? It's important to know the answer since it'll affect how you pay your taxes. The Internal Revenue Service (IRS) offers guidelines to help you determine the difference. If you're an independent contractor, you'll have more responsibilities when it comes ... READ MORE

Income Tax Fraud Seems Like a Harmless Crime
Income tax fraud usually involves a taxpayer taking steps to either avoid paying taxes, or to pay less than is owed in taxes. It involves lying about what was earned or circumstances that make the taxpayer eligible for deductions or credits. Some tax fraud charges, however, don't involve money at all. ... READ MORE

Divorce and Your Taxes
A divorce will almost certainly affect the amount of income tax you have to pay each year. Once you've rejoined the ranks of single taxpayers, you are more likely to see a tax increase than a tax cut - especially if you are the non-custodial parent. While divorce and taxation can be complicated, you ... READ MORE

Deducting Small Business Start-Up Costs
In most cases, there's nothing "small" about the expenses you have when you start a small business. Dozens of expenses pop up long before you actually open the doors for business. You need a place to work, supplies, furniture and probably employees. For the most part, the expenses you have at start-up ... READ MORE

Deduction for Business Bad Debts
You're in business to make money. That's hard to do when you're not paid by your customers for goods you've sold them. It may not be a total loss, though. You may be able to take a deduction for business bad debts. Generally, you can take this deduction only if you can show: The debt is a bona fide ... READ MORE

Tax Deductions for Employee Lodging
Many employers and employees have work-related expenses. The economics of the matter are simple: The more you have to spend on expenses means less profit for the employer and less take-home pay for the worker. It's not all a loss, though. The federal tax code gives some relief for a number of business ... READ MORE

Treatment of Advance Income Under the Accrual Method
Under an accrual method of accounting, generally you report income in the year it is earned. The right to receive, not actual receipt, triggers the inclusion of an item in income under accrual-basis accounting. Typically, you include an amount as gross income for the tax year in which all events that ... READ MORE

Whistleblowers May Hit the IRS Jackpot
Cheating on income taxes is probably as old as income taxes themselves. The IRS encourages people to report tax fraud, making whistleblowers eligible for cash pay outs if the IRS is able to collect from the dead-beat taxpayers. Blowing the Whistle The IRS has two programs you may use to report various ... READ MORE

 

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Taxation Questions

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Given the facts you present, yes, you may be able to make a case that the properties are not being valued properly, on the grounds that the valuation is not uniform. However, no, it is not up to the t ...Read more

You can work outside NJ. I would check with your accountant on the taxes. For personal services, there are no taxes. 

The tax rate is based on your income. 

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Fast Track Settlement Program for Small Businesses & Self-Employed Taxpayer

The Internal Revenue Service (IRS) announced its formal establishment of the Small Business/Self-Employed Fast Track Settlement Program (SB/SE FTS) to provide an expedited format for resolving dispute ... Read more

Do You Have an Outstanding IRS Tax Liability? Is an OIC Right for You?

Contributing Author: Kristine M. Custodio, Advanced Certified Paralegal The first question you are likely asking is what is an Offer in Compromise or OIC? Basically, an OIC is a settlement offer to th ... Read more

Historic Preservation in Kentucky

May 1st marks the beginning of Historic Preservation Month. Kentucky has the fourth highest number of listings on the National Register of Historic Places. In fact there are more than 3,200 historical ... Read more

Why You Should Consider Tax Diversification in Your Retirement

Many people who set aside money for their retirement are focused on the dollar value of their investments. Contributions may be based on calculating what they need to set aside to live comfortably in ... Read more

PIN Rejections While E-Filing

After spending hours of time plugging in numbers on a tax website or using tax-prep software, you are finally ready to submit your return. Before you can submit your return, you are prompted to enter ... Read more

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