The Seven Deadly Tax Sins: Commonly Missed Deductions

It's that time again, the April 15 tax deadline is looming large. If youre like most people, you havent gathered all of your tax records, let alone filled your return.

Before you dig in and get started, take this opportunity to first review a list of a few tax deductions to which you may be entitled if you itemize deductions but most people overlook. Many of these deductions are subject to various limitations, so consider getting professional help from your tax advisor and accountant to determine which deductions you qualify for and which items apply to your specific circumstances. Remember, there are hundreds of deductions throughout the tax laws; many of them can be quite obscure but also quite lucrative. Here are seven commonly missed deductions to keep top of mind:

  • Points on Refinancing: With interest rates so low in 2003, there was a great deal of refinancing activity. Any points you pay to refinance your home can be deducted ratably over the life of the new loan. Furthermore, all unamortized points on old refinancing are deducted in the year of the new refinancing.

  • Health Insurance Premiums: Any health insurance premiums you pay, including some long-term care premiums based on your age, are potentially deductible. Medical expenses have to reach 7.5% of your adjusted gross income before they give you any tax benefit. Self-employed people can deduct 100% of health insurance premiums paid for themselves, their spouses and their dependents.

  • Non-Cash Charitable Contributions: If you have used your charge card for contributions to charity, remember that the deduction is allowed in the year that you made the charge, not when you actually pay the bill. Also, you may write off certain out-of-pocket expenses related to charitable activities. Appraisal fees paid to value property donated to charities may be taken as a miscellaneous deduction subject to the 2% floor on miscellaneous deductions.

  • Higher-Education Expenses: If your adjusted gross income wasnt more than $65,000 ($130,000 for married, filing jointly) in 2003, you can get an above-the-line deduction for as much as $3,000 for any higher-education tuition and fee expense you paid. For 2004, the deduction can be as much as $4,000. For those at higher adjusted gross incomes limits ($80,000 single, $160,000 married filing jointly) the deduction is limited to $2,000 for 2004. This deduction must be coordinated with other education credits and savings vehicles.

  • Work-Related Expenses: You can write off many work-related and work-search expenses, such as education that maintains or improves your skills, certain business tools, dues to labor unions, cell phone depreciation, certain expenses to search for job in your present occupation, including employment agency fees, resum preparation, and travel expenses (local and out of town) and cleaning and laundry bills when on a business trip. Work-related expenses are subject to the 2% floor on miscellaneous deductions. Furthermore, if you buy a new SUV for business use that weighs more 6,000 pounds, and file Schedule C or other business tax return you may be allowed to write off the full amount (up to $102,000 in 2004) in one year as a business expense subject to limitations.

  • Clean-Fuel Deduction: If you are not in the market for a large SUV for business, you still can get a deduction for your personal car, another above-the-line deduction of up to $2,000 for 2003 ($1,500 for 2004) of the cost of buying a clean-fuel vehicle or a car that uses a significant source of energy other than gasoline. That includes hybrid cars, such as the Toyota Prius, the Honda Insight and the Honda Civic Hybrid. You get the deduction in the year you start using the car, and you must be the original owner.

  • Investment and Tax Expenses: In addition to forgetting to deduct tax-preparation fees and the portion of your legal, accounting or financial planner fees that relate to tax planning, many people miss deducting investment expenses. Those include certain fees paid to your financial advisor and/or broker and certain IRA fees you may pay directly. It also may include mileage for meetings and long-distance phone calls to your advisor or broker. Dont forget to include deductions for the cost of your investment publications or subscriptions, safe deposit boxes used for investment-related documents, these deductions are subject to the 2% floor on miscellaneous deductions.

About The Author

Sandra N. Salter, Personal Finance Expert, is an American Express Financial Advisor and owner of American Express Financial Advisors Branch Office in Newark, NJ. She focuses on providing comprehensive financial planning services paying close attention to the long-term financial health of their clients, building customized financial plans that help clients achieve both short-term and long-term goals. The types of services she offers clients include: Income Tax Planning, Saving and Investing for Retirement, Working with Retirees, Financial Strategies for Small Business, Domestic Partner Planning, Risk Protection Planning, Estate Planning, Charitable Giving , Investment Strategies for Education , Asset Allocation and Comprehensive Financial Planning, among other areas. They can be reached at [email protected].

In The News:

Govt panel gets time till Monday to submit direct tax code report  LivemintThe panel, led by CBDT member Akhilesh Ranjan, was earlier required to submit its recommendations on Friday.The new direct tax code will try to simplify tax ...
Will a new direct tax law push up compliance?  LivemintNumerous amendments over five decades, as well as the influence of case laws, often made it difficult to interpret the rules.Mint takes a look at what the new ...
Income Tax filing: Here's what'll happen if you miss ITR filing last date  Business TodayITR filing last date: Late filers will be required to pay a penalty if taxes are filed after August 31.
How To Reduce Taxes In Retirement  ForbesEven though you may be retired, the tax man is ready to take a slice of your Social Security and retirement fund payouts. How can you minimize his cut? Stephen ...
Sajid Javid will 'simplify' the tax system in first Budget  BBC NewsChancellor Sajid Javid has said he wants to simplify the tax system ahead of his Budget in the autumn. In his first interview since becoming chancellor, Mr Javid ...
Income Tax Department issues checklist to trace unaccounted demonetisation cash  Economic TimesNEW DELHI: In a bid to seize illegal cash, the Income Tax Department has issued a 17-point checklist to tax commissioners across the country to track those ...
When Public Schools Rely on Local Property Taxes: Letters  The AtlanticReaders discuss the phenomenon of school districts being isolated from financial resources in their communities.
How a small tax-paying elite funds the Indian state  LivemintThe move to raise surcharges on the incomes of India's super-rich taxpayers has led to a barrage of criticism from tax experts who have questioned such ...
The IRS will waive this 2018 tax penalty for more than 400,000 filers  CNBCIf you paid at least 80% of last year's tax liability and you paid a penalty, the taxman is about to send you some relief. The IRS will automatically waive a tax ...
These cities have the highest sales taxes in the US  Fox BusinessThis Midwest hub isn't the only city putting the tax squeeze on residents.
Google, Facebook, Twitter may be affected: Framework to tax big tech companies being finalised  Economic TimesRevenue threshold of Rs 20 cr & a limit of 500000 users may be set for a non-resident technology firm to pay tax.
ITR Filing 2019: 5 incomes you must not miss to report in your Income Tax Return for AY 2019-20  The Financial ExpressIt is advisable to be extra careful while filing income tax return this year as even a small mistake can result in the issue of a notice from the Income Tax ...
Send harassment-related cases directly for necessary relief: FM to tax payers  BusinessLineTo consider uniform 25 per cent corporate tax rate for all categories after buoyancy in tax collections.
Here's why Jeffrey Epstein likely paid little in the way of taxes  CNBCJeffrey Epstein was worth an estimated $559 million, yet he may have paid little in the way of personal income taxes. The late financier, accused of sexually ...
CBDT extends angel tax relief to startups facing tax demands  LivemintThe move seeks to ensure that genuine entrepreneurs are not affected by the provision that allows the government to demand tax on share premium, treating it ...
Govt looks to exempt foreign portfolio investors from higher taxes: Report  Business StandardThe Centre is likely to exempt foreign portfolio investors from an increase in taxes that was part of the Union Budget approved by Parliament but heavily criticised ...
VG Siddhartha death: CBDT starts probe into coffee king's allegations against Income Tax Dept  Business TodayCafe Coffee Day founder VG Siddhartha's purported suicide note had triggered intense speculation because he had alleged that harassment from the Income ...
As Mamata Slams Durga Puja Tax, Top I-T Officer Says Clamour Based on 'Misleading Facts'  News18Kolkata: Income Tax officials have rubbished West Bengal Chief Minister Mamata Banerjee's claim that the I-T department had issued notices to Durga Puja ...
Deadline for filing income tax returns extended to 31 August  LivemintNEW DELHI: The government on Tuesday extended the deadline for filing income-tax returns for the FY20 assessment year by individuals and certain ...
‘Taxes making Indian capital market unattractive globally’  The HinduAs part of their attempts to lower the trading costs in the Indian stock markets - which is among the highest globally - the Association of National Exchanges ...
Reaching the zero income tax level of ₹5 lakh  LivemintMUMBAI: Did you know you could pay zero taxes even if you earn more than ₹5 lakh? According to the current tax laws, there are three tax slabs depending on ...
Tax and office tax  The Arunachal Times[ M Panging Pao ]. The common citizens pay taxes to the government for buying every commodity and good from the market. The citizens pay tax for buying ...
Finance Ministry to cut tax on prize post PM nudge  Economic TimesNEW DELHI: The Finance Ministry has withdrawn the tax exemption it had granted to the cash prize of Rs 1.3 crore received through the Seoul Peace Prize by ...
FM Sitharaman silent on higher taxes for FPIs :sources  Business TodayFinance Minister Nirmala Sitharaman gave no indication at a meeting with foreign portfolio investors on Friday that she would withdraw a proposal to raise their ...
Nirmala Sitharaman silent on withdrawing higher taxes for foreign investors  LivemintNew Delhi: Finance Minister Nirmala Sitharaman gave no indication at a meeting with foreign portfolio investors on Friday that she would withdraw a proposal to ...
Angel tax row: Income Tax department gives a breather to start-ups  Business StandardRead more about Angel tax row: Income Tax department gives a breather to start-ups on Business Standard. After protests by start-ups, the government had ...
Direct tax report likely to be submitted on August 16  Economic TimesNEW DELHI: The report on Direct Tax Code, which was to be submitted on Wednesday, has been deferred and is now likely to be presented on August 16, ...
Freedom from tax burden for angel funds  Economic TimesExemption from angel tax even if assessment order was passed before February 19.
Hiking income tax appeal limit to reduce litigation, help govt focus on high-value cases: Experts  MoneycontrolThe finance ministry's decision to significantly increase the limit for the income tax department to appeal disputes in higher forums will reduce litigation and ...
California Is Headed Toward a Titanic Battle Over Raising Property Taxes  New York MagazineUnless a legislative compromise is worked out, California will host a classic left-versus-right ballot initiative fight in 2020 over a bid to remove commercial ...
Oregon governor supports push for candidates to disclose tax returns to appear on ballot  CNNOregon Democratic Gov. Kate Brown said she would sign a law requiring presidential candidates to disclose income tax returns before they can appear on the ...
How to show your trading and F&O income in the tax returns?  BusinessLineBL Research BureauFor traders, aside from predicting the stock market, reporting income from intra-day trading or Futures & Options (F&O) in the tax ...
Income tax notice to Durga puja committee; Trinamool Congress to protest  LivemintKolkata: The Banga Janani wing of West Bengal's ruling Trinamool Congress will hold a demonstration on Tuesday to protest against Income Tax Department's ...
Todd and Julie Chrisley Plead Not Guilty to Tax Evasion and Bank Fraud  The New York TimesTodd and Julie Chrisley, a wealthy Southern couple who project a public image as a God-loving, straight-talking husband and wife on the reality TV show ...
Shrinking your tax burden can come with consequences. Here's what to avoid  USA TODAYNobody likes to pay more taxes than necessary. But there's also a danger of letting the "tax tail wag the investment dog," to quote a common saying. You don't ...
Two billionaires explain why they shouldn't pay more taxes  Los Angeles TimesStatements by billionaires explaining why they already pay plenty in taxes and shouldn't have to pay any more have become so much a part of the political ...
Africa's financial inclusion at risk from mobile money taxes  Quartz AfricaMuch has been written about the need for African countries to collect more tax revenue from citizens and businesses. The IMF has been imploring sub-Saharan ...
These Portfolio Tracking Tools Will Also Prepare Your Crypto Taxes  Bitcoin NewsTax season is months away, which is why you need to start preparing for it now. Leave everything to the last minute and you'll only end up cursing your.
Taxman will need approval for unrecognised startups’ scrutiny  Economic TimesNEW DELHI: Scrutiny of startups not recognised by the Department for Promotion of Industry and Internal Trade on the angel tax issue will be conducted only ...
Bill de Blasio’s “tax the hell” out of rich people plan, explained  Vox.comThe New York City mayor is basically taking a bunch of progressive tax proposals and making them bigger.
Proposition 13 treats all California property taxes the same. Voters could change that in 2020  Los Angeles TimesNo brand in California politics has ever had the staying power of Proposition 13, the 1978 tax cut that served as a primal scream from angry voters and became a ...
State and Local Taxes Are Worsening Inequality  The New York TimesEconomic inequality is on the rise in Illinois, and the state government is part of the problem. Illinois taxes low-income families at much higher rates than ...
Mistrial Declared in Case of Anti-Abortion Christian Who Refuses to Pay Taxes  PatheosIn an incredibly frustrating decision, a mistrial was declared in the case of Michael Bowman, the Christian from Oregon who refuses to pay his taxes because he ...
AIFs bat for parity in tax treatment with public market investors  BusinessLineAlternative Investment Funds (AIFs) should have the same tax rates as public market investors — irrespective of whether their exits are through listed markets or ...
GST on electric vehicles, chargers slashed  BusinessLineThe Goods & *Service* Tax (GST) Council on Saturday decided to lower the duty on all electric vehicles (EVs) and the charger for such vehicles. This is the ...
Textile companies seek tax incentives, DBT for farmers  Economic TimesNEW DELHI: Indian textile and clothing industry players say one-third of their production capacity is lying idle due to sluggish exports, poor domestic demand, ...
FMCG companies seek tax relief on dealer discounts to lift sales  Economic TimesFMCG industry has petitioned to remove GST on amount received by dealers as reimbursement against discounts.
IRS Warnings to Bitcoin Traders Offer Clues to Coming Tax Guidance  CoinDeskThe Takeaway: The IRS' recent warning letters to 10,000 traders offer hints at what its forthcoming guidance on crypto taxes might say. While the letters are not ...
BMC to impose property tax on individual flat owners directly to improve accountability: Report  MoneycontrolIn a move aimed at improving accountability, the Brihanmumbai Municipal Corporation (BMC) will tax individual flat owners directly, rather than buildings.
ITR filing: Penalty for late filing of Income Tax Return  MoneycontrolThe last date for filing of returns is July 31. For 2018-19, the last date filing Income Tax returns was extended to August 31, 2018. If you fail to file your returns by ...
Tax department to appeal in fewer disputes to give relief to tax payers, cut litigation  LivemintNew Delhi: The Central Board of Direct Taxes (CBDT) on Thursday sharply raised the threshold for filing appeals in tax disputes to reduce tax litigation and to ...
Trump's tax cut isn't giving the US economy the boost it needs  CNBCBenefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, ...
Don’t Ban Assault Weapons—Tax Them  The AtlanticThe nation is debating what to do about assault-style weapons, what gun-rights advocates like to call modern sporting rifles. Gun-rights champions argue that ...
Tax rise for high earners may trigger fund flight: Ex-RBI governor  Economic TimesNEW DELHI: Former Reserve Bank of India governor, Bimal Jalan, has warned that the higher income taxes the government introduced in its budget could lead ...
Big tech firms must pay taxes  Deccan HeraldThe government's dealing with multinational technology firms has always been a messy affair. The Centre has till date been unable to come up with an ...
If you owe the IRS back taxes, you may lose your passport  CNBCYou may not be able to get a new passport or renew your existing one if you owe the IRS more than $52000. Worse, your existing one might simply be revoked.
Amazon.com defeats IRS appeal in U.S. tax dispute  ReutersAmazon.com Inc on Friday defeated an appeal by the U.S. Internal Revenue *Service* in what the online retailer has called a $1.5 billion dispute over its tax ...
New working paper makes case for "modest" carbon taxes  AxiosEven "modest" carbon taxes, like those seen in the chart above, would cut emissions as much as the Obama-era vehicle and power plant rules that President ...
Have you filed your income tax return correctly? Find out  Economic TimesHere's a short quiz to help you understand if you are on the right track to file your income tax return.
You might need to maintain tax returns records for seven years  LivemintIn today's digital age, income tax records can be maintained at little or no expense for long periods of time in a digital format. However, it is important to know the ...
Germany weighs taxing meat to help animals and the climate  Vox.comHere's one way to discourage people from indulging in a damaging habit: tax the hell out of it. Cigarettes and alcohol are already taxed. In some cities, soda is ...
WeWork founder may miss out on tax break for $1bn charity pledge  Financial TimesAmong the many unusual revelations in WeWork's prospectus for an initial public offering, co-founder Adam Neumann and his wife Rebekah have promised to ...
Sajid Javid says taxes could be cut for middle class earners this Autumn  Telegraph.co.ukTaxes could be cut for the middle class earners in the Budget this Autumn, Sajid Javid has said.
We can’t fund the progressive agenda by taxing the 1% alone  Vox.comThe tricky politics of taxing the 1%, the middle class, and everyone in between.
Home improvements and your taxes  AOLAs a homeowner you may be asking, "Do I get a tax break for all the money I've spent fixing up my house?" The answer depends on the kinds of improvements ...
Mistrial declared in case against Oregon man who cited religious objection to filing income tax returns  OregonLiveA judge declared the mistrial Friday afternoon after the 12-member jury couldn't come to a consensus on the crux of the case: whether Michael E. Bowman ...
How to File Income Tax Returns aka ITR Online in India  Gadgets 360ITR aka income tax returns can be easily filed online for free in India. Here's how you can do that.
Trump sues over California law forcing candidates to turn over tax returns  CNNPresident Donald Trump sued California Tuesday challenging a state law that requires candidates for president to disclose income tax returns before they can ...
India’s tax administration needs a mindset change: Nirmala Sitharaman  Times of IndiaIndia Business News: Amid allegations of “tax terrorism”, finance minister Nirmala Sitharaman has sought a mindset change in tax officials while advocating a ...
I-T dept to change the way it communicates, be friendlier  Times of IndiaIndia Business News: The income-tax department is set to adopt a 'non-threatening' language that asks whether an expense has been accounted for or not ...
Three different routes to save tax on long-term capital gains  LivemintThere are provisions under different sections of the Income-tax Act that can help you save on LTCG tax.Capital gains exemption will be reversed if you sell the ...
IRS is going after cryptocurrency users with warning letters about back taxes  CNNIRS has begun sending thousands of letters to US cryptocurrency holders warning them they may have incorrectly reported the taxes they owe on their ...
Sajid Javid unveils radical plans for sellers to pay stamp duty as he declares himself a ‘low tax guy’  The SunSAJID Javid is considering a radical shake-up to stamp duty so the property seller pays instead of the buyer. The new Chancellor unveiled the plan as he ...
Mahindra SOS: Cut taxes or rollback cess as auto gloom deepens  Economic TimesMahindra said that a welcome first aid would be temporary relief on the GST front or rollback of cess.
When Is Connecticut's Tax Free Week 2019 & What Qualifies?  Heavy.comTax-free week time is back again in Connecticut. The tax-free holiday starts at 12:00 a.m. on Sunday, August 18 and ends at 11:59 p.m. on Saturday, August 24.
Uber Created a $6.1 Billion Dutch Weapon to Avoid Paying Taxes  BloombergUber Technologies Inc., responding to a European crackdown on offshore tax havens, created a $6.1 billion Dutch tax deduction that will help the company ...
Income Tax Filing 2019: Check your income tax refund status  The Hans IndiaOnce the income tax department process you Income Tax Return (ITR), your bank account will get tax refund directly.
Do I have to pay tax for the capital gains earned by my homemaker wife?  Economic TimesMy wife is a homemaker and she has invested Rs 40,000 of her savings in stocks. If she sells these stocks and earns short-term capital gains, will I have to pay ...
Elizabeth Warren Wants To Raise Taxes On Guns And Ammunition  HuffPostSen. Elizabeth Warren (D-Mass.) wants to sharply increase taxes on guns and ammunition as part of a comprehensive new plan to reduce gun deaths in the ...
Liquidity very serious issue for FPIs, not taxes or surcharges: Raj Bhatt, Elara Capital  Economic TimesTaxes or surcharges are not an issue for FPIs. But liquidity crises and poor confidence in the market which led to a major slowdown are worrying them, said Raj ...
Reducing sky-high aviation taxes will help the economy take off  Telegraph.co.ukAs the new Chancellor considers his inaugural budget, his focus will rightly be on ensuring that our economy continues to grow and that businesses are free to ...
FM to Launch Taxpayer E-assistance Campaign at 'Income Tax Day' Event on Wednesday  News18New Delhi: A country-wide 'taxpayer e-assistance campaign' will be launched on Wednesday by Finance Minister Nirmala Sitharaman to mark the 159th ...
Judge blocks New York from turning over Trump's tax information to Democrats  CNNWashington (CNN) A federal judge on Thursday issued an order blocking New York state from turning over President Donald Trump's tax returns to ...
GOP tax cuts are a national security threat | TheHill  The HillThe legacy of GOP tax cuts – and the 2017 law in particular – is clear: enormous increases in federal debt, with striking implications for national security.
5 Common Components Of Salary That Are Exempt From Income Tax  GoodreturnsWhen you receive your salary payslip, you may have observed that your salary has a break-up of different components. These components include allowances ...
10 salary components that can help employees reduce tax burden  Economic TimesYour salary structure consists of several components which can help you reduce your tax burden. While some of these components are fully or partially taxable, ...
10 reasons why you may get a notice from the income tax department  Economic TimesYou may anytime come under the taxman's lens. Here are 10 reasons taxpayers can get an income tax notice.
'The taxes are killing us'  Thegardenisland.comLIHUE — Haunani Pacheco's family has had their Anini property for 108 years. She came to Wednesday's public hearing to thank the County Council for a bill ...
Interest from bank FDs, savings accounts: Income tax rules, how to fill in ITRs  LivemintMost of us earn some interest from deposits in banks or post offices. From Assessment Year 2019-20, tax-payers are required to submit a break-up of interest ...
Do I have to pay capital gains tax if I switch between schemes of same mutual fund?  Economic Times"The switching of schemes would be considered as redemption or sale of units of one scheme and purchase of units of the other scheme."
SBI Tax Saving Fixed Deposit (FD): Interest Rate, Lock-In Period, Key Features  NDTV NewsMost commercial banks in the country such as State Bank of India (SBI) offer income tax benefits under a special type of fixed deposit (FD) account. This income ...
Missed filing income tax return? Face penalty or even jail term  LivemintDid you know that the Income Tax (I-T) department allows you to file your ITR even after the due date? If you fail to pay by the deadline, you have the option to ...
More than super-rich tax, the dull equity market is putting FPIs off  BusinessLineAfter all, they continue to invest in debt even when paying the levy on the interest income.
Trump files lawsuit against California election law that requires his tax returns  Vox.comTrump must provide five years' worth of income tax filings by November if he wants to secure a spot in the state's March 3 primary.
Mary J. Blige Reportedly Owes Over $1 Million in Back Taxes  ComplexThe singer-songwriter allegedly failed to pay taxes on income from 2016 and 2017.
Sensex surges over 600 points on tax rollback hope  LivemintNSE auto index surged over 3% while many banking stocks also posted strong gains.Higher tax on FPIs has adversely impacted market sentiments: Analysts.
Alternate dispute resolution mechanism expected in new tax code  Business TodayThe new Direct Tax Code to be submitted on August 16 by the committee headed by Principal Chief Commissioner of Income Tax Akhilesh Ranjan will have, ...
Sajid Javid hints higher earners could benefit from tax cuts  The London EconomicSajid Javid has hinted that higher earners could benefit from changes to the tax system when he delivers his first Budget, which could include stamp duty ...
U.S. spares a few Chinese items from tax  The HinduThe Trump administration is sparing some Chinese-made household furniture, baby items and Internet modems and routers from its next round of 10% tariffs.
Big U.S. Banks Are Earning Billions. Trump's Tax Cuts Are Helping.  The New York TimesThe five largest banks in the United States reaped tens of billions of dollars in profits in the first half of the year, thanks in part to a strong economy and to the ...

Hurricane Katrina ? How To Use Your Business Loss To Get A Refund on 2004 Taxes

With the massive losses caused by Katrina, the economy of... Read More

Uncle Sam is Ready...Are You? Organizing Tips for Tax Time

Anyone who is closely related to an accountant knows that... Read More

Deducting Points On Home Refinances

Deduction of Refinance PointsAny points that you pay in the... Read More

Rental Property Tax Deductions

Own residential rental properties? This article discusses how income from... Read More

Fiscal Deity: Tax Consultant

Strategic planning throughout the year results in a minimal tax... Read More

Render Unto Caesar

Once a year Canadian taxpayers are required, by law, to... Read More

Tax Trap #1 -- Waiting to Incorporate: What A Difference A Date Can Make

NOTE: This is the first in a series of 5... Read More

Small Business Tax Deductions for Year End 2004

As a small business owner, it's wise to familiarize yourself... Read More

Highlights of IRS List of 2005 Tax Scams

Each year, the IRS lists various scams taxpayers get caught... Read More

Paying Workers ? What Can You Write-Off?

As your business grows, you are going to need help.... Read More

Euro Tax Haven Threat

Media reporting of a new EU savings tax directive has... Read More

Back To School ? Educators Deduct School Expenses

As teachers and students head back to school following a... Read More

Complaince of Tax Return in Electronic Commerce Taxation

Emerging Legal issues of Tax compliance of e-business Self-assessment system... Read More

Surprising Truths About Tax Preparers

Choosing the right tax preparer for your business is a... Read More

10 Thoughts on Tax Offer in Compromise

Beware of advertisements that claim to settle tax debts for... Read More

How Likely Are You To Be Audited?

Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing... Read More

Failure To Pay Employment Taxes ? Penalties

As an employer, you must pay employment taxes if you... Read More

Fraudulent Tax Shelters ? KMPG Goes Down Hard

In the largest criminal tax case ever filed, KMPG has... Read More

Alas! In E-Commerce Taxland

In trying to comply with tax laws for your e-business,... Read More

State Tax Information

All states also have their own tax system. Typically there... Read More

Requirements To Produce Tax Information (Whats Up With That?)

"What we've got here is a failure to communicate." ... Read More

How to Maximize Your Home Business Tax Deductions for 2005

Someone once said, 'the best way to calculate your taxes... Read More

Marriage or Divorce ? Check Your Social Security Number

Newlyweds and the recently divorced should make sure that names... Read More

A Taxing Investment

April 15 - The most dreaded day of the year... Read More

Employment Taxes ? What Are They?

If you have employees, you are responsible for paying a... Read More