Tax Tips for Home-Based Business Owners

As tax time approaches, many home-based business owners begin completing their forms or paying their accountants with trepidation. This nervousness comes from two sources: a fear of being audited and a fear of having to pay a lot. For the most part, both of these fears are unfounded.

For one, audits are rare. In fact, only 0.5% of taxpayers are subjected to audits every year. And if you do beat the odds, keeping good records and maintaining receipts will help you weather the IRS storm.

Obviously you have not control over whether or not your return is chosen for an audit, but you can control how much you are going to owe the government this year. Most people who own small or home-based businesses end up paying more than they should in taxes simply because they are not taking advantage of all their deduction possibilities, even those that are right around them every day.

Your Automobile

You may not realize it, but one of your biggest potential tax savers is sitting in your garage right now. Most people realize that their car can be a tax write-off if it is used for advertising purposes, but the majority of home-based business owners don't realize that it they may also be eligible for deductions as well.

For example, if you drive your car to the post office to buy stamps for your business or if you drive to the office supply store to stock up on paper clips, you can claim that mileage on your taxes. You can even claim the mileage if your business-related stop was made on the way to picking your daughter up from ballet class or dropping your dog off at the vet.

In addition, you can write-off other automobile related expenses such as gas, insurance, and parking costs if they pertain to any business related activity.

Be sure to keep records, however. You will want to have a small notebook in your car at all times so you can jot down your start and stop mileage as well as a note about the business activity in which you are engaged. Keep all gas, parking, and insurance receipts as well if you plan to claim those as business expenses.

Your Family

If you pay your children an allowance, you can also count these as deductions if you hire them as part of your staff. Any business owner knows that the money he or she pays to employees does not count as part of their profit. The same is true for home-based businesses.

Most business owners also know they can find employees among their own family without raising any eyebrows. The same is true for home-based businesses. You can hire your fourteen year old to help you answer phones, file, or type up correspondence. You can offer your eight year old a job emptying wastebaskets, straightening your office, etc. Then you pay them a certain amount of money every week for their labor.

Again keeping records is essential. Keep track of the hours your children work for you as well as the activities they do. Pay them, if possible, by check from your business account. You can set up a checking or savings account for the children in which the money can be deposited.

Your Home

Obviously if you worked in a small office building you could deduct the amount of rent you paid for that property from your taxes, as well as the costs of all the equipment and expenses. Well, just because you work out of your home that does not mean you lose out on those deductions.

Chances are you have a small area of your home that is set aside for your business purposes. Now while you cannot write-off the cost of your entire house, you can write-off the cost of that area.

What you do is determine what percentage of your home's total square feet is dedicated to your business. For example, if your office takes up 10% of your home's total area and you pay $600 per month for the property, you can claim $60 per month as a business expense which would be $720 per year.

The same formula works for your utilities, such as electricity, water, and telephone (unless you have a separate line just for business). All of your equipment - your computer, printer, scanner, cell phone, printer ink, etc - is also tax deductible.

Remember to keep track of those expenses and hold on to your receipts in order to claim them on your taxes.

When it comes to tax time, no home-based business owner needs to feel afraid. By taking advantage of all your potential deductions and keeping thorough records, you can not only significantly reduce your yearly tax bill, but you can also prepare yourself in the rare event you may be chosen for an audit.

Vishal P. Rao is the owner of: http://www.work-at-home-forum.com/ An online community of people who work at home.

In The News:

How to correct mistakes made at the time of paying income tax  Economic TimesAt the time of filing income tax return (ITR), if there is any income tax payable pending, then you are required to pay it before completing the process of ITR filing.
The new tax plan |India Today Insight  India TodayThe Modi government considers a Donald Trump-style overhaul of India's direct taxes to increase compliance and reduce 'tax terror'.
Stimulus package: How the rollback of surcharge works  BusinessLineNo relief for other capital gains, such as the sale of unlisted equity shares, debt instruments, salaries, income from house property, business income, and other ...
India needs single corporate tax rate of 25%: report  LivemintNEW DELHI : The Indian government should move towards a simple tax structure with a single corporate tax rate of 25%, without any surcharge or cess above it, ...
View: NDA government could reform India's regressive taxation philosophy  Economic TimesBy Puja Mehra Key direct taxation proposals in the July 5 budget triggered a sharp precipitation in business and market sentiment. On Friday, finance minister ...
Govt withdraws higher surcharge tax on FPIs and domestic investors  Economic TimesThe FM said Rs 70000 crore will released upfront to PSU banks for additional credit facilities.
Govt gives businesses four months to settle indirect tax disputes  LivemintNEW DELHI : Businesses can now settle their pending disputes relating to central excise duty and *service* tax within four months starting 1 September under the ...
Small startups may not get promised tax holiday  Economic TimesNEW DELHI: Indian startups with turnover in excess of Rs 25 crore may have to pay income tax even though they may be eligible for the three-year tax holiday ...
Enhanced limits to reduce pending direct tax litigation in one stroke  Business StandardA recent circular (number 17/2019) issued by the Central Board of Direct Taxes (CBDT) on August 8, 2019 is in one stroke set to dramatically reduce pending ...
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 ...
How to claim and track income tax refund  LivemintThe only way to get an income tax refund is to file your income tax returns (ITR).It is important to keep an eye on processing of ITR and refund claim status.
How a small tax-paying elite funds the Indian state  LivemintThe top 1% individual taxpayers contribute nearly one-third of India's taxes, while the top 5% contribute nearly two-thirds of all the taxes collected.
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 ...
Direct Tax Code may help bring change in mindset of taxpayers, authorities  Business StandardThe report by the panel on the Direct Tax Code, currently under the consideration of the government, is believed to have suggested several measures to reduce ...
Got an income tax notice? Now you can check if it is real or not  Economic TimesYou can now check if the income tax notice or order that you have received is genuine or not. The income tax department has launched a facility on its e-filing ...
Policy | Put an end to tax terrorism  Moneycontrol.comAbhijit Kumar Dutta. The unfortunate death of Cafe Coffee Day founder V G Siddhartha last month has left an unlikely sufferer — the income tax department.
Govt forms committee to rationalise additional taxes on Aviation Turbine Fuel  MoneycontrolThe Aviation Ministry has formed a committee to rationalise additional taxes that airlines have to pay while uplifting Air Turbine Fuel (ATF) at airports across India ...
Solution to India’s economic malaise lies in cutting taxes and regulation  BusinessLineRather than lower the role of government, Modi has stepped up regulations and enforcement to draconian levels all to justify good governance.
In relief to tax-payers, 2 more ITR forms will be pre-filled from FY21  BusinessLineTwo more forms for filing Income-Tax Returns (ITR) will be pre-filled from the next financial year (FY21), which will provide relief to taxpayers who do not seek ...
Income Tax filing: Here's what'll happen if you miss ITR filing last date  Business TodayIf you still haven't filled your Income Tax Returns then you must act fast! August 31 is the deadline to file your I-T Returns. If you fail to file your taxes then you will ...
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 ...
Direct tax committee calls for major changes to reassessment rules  Business StandardThe government-constituted task force for re-writing the direct tax legislation has suggested major changes in provisions for reopening and reassessment, in a ...
ITR forms with pre-filled investment data soon  Economic TimesPre-filled forms will soon be able to pick salary breakup directly from an individuals Form 16.
Software firms want SEZ sops to stay, seek tax cut  Economic TimesPropose extension of Special Economic Zones benefits for 20 more years; cite lower tax in other nations.
Cheer for the startup sector as FM relaxes angel tax rules  LivemintBENGALURU : Finance minister Nirmala Sitharaman said startups registered with the Department for Promotion of Industry and Internal Trade (DPIIT) will be ...
Study: Franklin County has second-lowest tax burden in state  NNY360For the second year in a row, a financial advice website has designated Franklin County as having the second-lowest tax burden among counties in New York ...
Small startups with turnover up to Rs 25Cr to get promised tax holiday: CBDT  YourStoryIn a statement, the CBDT stated that startups will continue to receive the tax holiday as specified in the Section 80-IAC of the Income Tax Act, 1961.
The Moneycontrol Show | Investing in NCDs, Direct Tax Code, Market Strategies  MoneycontrolSantosh Nair, Editor, Moneycontrol wraps the week's market action.
British citizens born in US risk having UK bank accounts frozen  The GuardianTens of thousands of British citizens born in the US but who left when only a few months or years old risk having their bank accounts in Britain frozen because of ...
In Reversal, Trump Says He Is No Longer Considering Tax Cuts  The Wall Street JournalPresident Trump ruled out a cut in the payroll tax and also said he wasn't looking to reduce capital-gains taxes by indexing gains to inflation.
Grandfathering clause to provide partial tax relief to foreign investors  India TodayIn a major relief to Foreign Portfolio Investors (FPI) hit by budget proposal to levy higher surcharge on income tax, the government is considering a plan to ...
Trump's wild week of tax ideas continues with new promise if GOP sweeps in 2020  NNY360President Donald Trump on Saturday promised to cut taxes if Republicans win the White House and retake the House of Representatives next year, saying he ...
How a Totally Hypothetical Payroll Tax Cut Would Impact Your Paycheck  Lifehacker AustraliaFor a portion of this calendar week, President Donald Trump considered cutting payroll taxes. “I've been thinking about payroll taxes for a long time,” he told ...
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 ...
DTC panel's proposals may focus on cleaning up, making tax code more efficient, says A Prasanna  MoneycontrolThe focus of the Direct Taxes Code (DTC) panel, which has submitted its recommendations to finance minister (FM) Nirmala Sitharaman, is likely to be on ...
European Council President Warns EU Will Retaliate If Donald Trump Taxes French Wine  HuffPostEuropean Council President Donald Tusk warned Saturday that the European Union will retaliate if President Donald Trump pushes forward with his threatened ...
Amazon is under scrutiny for not paying federal income taxes. Here's how it got its tax burden down to less than $0.  Business InsiderAmazon recorded a net federal tax credit for 2017 and 2018 and the company has paid a low tax rate for years. Here's how it did it.
Brave New World: Uncle Sam is taxing robots as companies invest in advanced tech  New York Post Uncle Sam is padding the Treasury with millions of dollars to assess bots at the same time that corporations invest more in advanced technology and ...
Income Tax Returns filing: DIAL to help 1200 taxi drivers file I-T Returns for free at Delhi airport  Business TodayThe Delhi International Airport Limited (DIAL) has announced that as part of its social responsibility, they will help 1,200 taxi drivers in Delhi-NCR file their ...
What is Direct Tax Code? Report likely today  LivemintThe new direct tax code will try to make personal income tax rates more 'progressive'.Prime Minister Narendra Modi had last year told tax officials that the old ...
US to strike back against France's digital tax on tech firms  Aljazeera.comAfter French president approves digital tax targeting US companies, Trump threatens 'substantial reciprocal' action.
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 ...
Tighten scrutiny of tax exemption claims on farm income: CAG to I-T Departement  LivemintClaims of tax exemption on farm income have attracted the attention of the Comptroller and Auditor General of India (CAG), which has called for greater efforts to ...
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 ...
Income tax changes to 'cheaper' home, auto loans explained in 10 points  LivemintFinance Minister Nirmala Sitharaman today announced a host of measures to revive the economy and shore up market sentiment, including steps to bring down ...
Tax resolution, amnesty scheme announced  The HinduThe government has announced a new scheme aimed at eliminating the bulk of pending tax dispute cases besides providing partial amnesty to those having tax ...
Nicotine-free 'vape juice' will not escape new taxes  The NationalUAE issues new information amid growing concern about safety of e-cigarettes.
Lawsuit: Ark Encounter Didn't Pay Its Fair Share of Taxes, Hurting Local Schools  PatheosThere's a local battle brewing in Grant County, Kentucky between Ark Encounter, the Grant County Board of Education, and the local government.
Abolish income tax, hike FD interest, cut it on loans: Subramanian Swamy  Moneycontrol.comSwamy made the remarks when asked if the steps taken by Finance Minister Nirmala Sitharaman would revive the growth.
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, ...
Capital gains: For FPIs, new SEBI norm is a tax-free ‘gift’  BusinessLineRegulator lets them invest from Gujarat Gift city, which enjoys a 10-year tax holiday.
Trump's banks won't tell court if they have his tax returns  CNNLawyers for Deutsche Bank and Capital One repeatedly refused Friday to tell an appellate court in New York whether the banks are in possession of President ...
If monthly rent paid is below ₹50,000, there is no need to deduct tax at source  LivemintI live in a flat and the monthly rent is ₹36,000. My employer contributes ₹19,000 towards the rent and I bear the remaining. Should the employer deduct tax ...
Property assessments rise countywide, could affect property taxes  Journal TimesRACINE COUNTY — After the most recent round of property assessments, homeowners throughout the county have seen a rise in their property values.
Trump Floats a Tax Cut, Then Calls It Unneeded and Not Imminent  BloombergPresident Donald Trump said “a lot of people” would like a cut in payroll taxes, but the White House isn't likely to immediately reduce that levy -- in part because ...
All tax letters, notices to carry identification numbers to be verifiable online from Oct 1, 2019  Economic TimesStarting October 1, 2019, all letters and notices from the income tax department will carry a computer-generated Document Identification Number (DIN) which will ...
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 ...
ATO slugs Shell with $755m bill in fight against multinational tax avoidance  The GuardianExclusive: Senior official says pursuit of resources groups over offshore projects has brought forward tax revenue by a decade.
Even before vetoes, poll by anti-tax Gov. Dunleavy shows Alaskans, narrowly, favoring more taxes  Alaska Public Media NewsA newly-released poll commissioned by Republican Alaska Gov. Mike Dunleavy's office found that a narrow majority of respondents support raising taxes to help ...
Red Meat Could Be the Next Sin Tax After Sugar, Fitch Says  BloombergMeat could be a target for higher taxes given criticism of the industry's role in climate change, deforestation and animal cruelty, according to a report by Fitch ...
'Woo Private Sector, Keep Corporate Tax At 10%'  BW BusinessworldToday, the private sector feels harassed. They, instead, need to be wooed. So many people are going abroad. Create incentives for them. Corporate taxes ...
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.
Radio host criticizes Dems using Bible to push taxes, economic policy  Fox NewsDemocrats shouldn't use Jesus to justify socialist economic policies and doing so cheapens the historic figure, radio host Mike Slater argued on Saturday.
HMRC targets GSK contractors in UK tax crackdown  Financial TimesUK pharma group GlaxoSmithKline has found itself at the centre of a tax crackdown after authorities accused nearly 1,500 of its self-employed contractors of ...
Whistleblower gives House Dems evidence of "inappropriate" conduct on Trump tax returns  SalonHouse Democrats say a federal employee has given them evidence of "inappropriate efforts" on Trump tax audit.
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 ...
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.
German finance minister backs plans for wealth tax: Handelsblatt  Reuters IndiaGerman Finance Minister Olaf Scholz is backing plans for a wealth tax that his Social Democrats (SPD) want to introduce, the online edition of business daily ...
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.
Julie Jason: Enrolled agents are another option for tax help  East Bay TimesThis year, it will be important to start the process of interacting with your tax professional early — perhaps even now. Why? Last year's tax-act changes caused ...
Cut taxes to reduce entrepreneurs’ burden: Kotak Mahindra AMC MD Nilesh Shah  The Financial ExpressOur market is currently compartmentalised in four parts. Super large-caps are trading above their historical average. Large-caps are trading around their ...
Trump, GOP tax cuts, TCJA opportunity zones were good idea: opinion  INSIDER"Opportunity zones" are designed to try and revitalize distressed communities, and there is some good evidence that may just happen.
Monroe Fire Protection District Bloomington Van Buren Merger Taxes Firefighters  Firehouse.comMonroe Fire Protection District officials say the higher taxes resulting from a planned merger of Bloomington and Van Buren townships will increase services.
Arun Jaitley, the man who brought India under one-tax regime  India TodayFormer finance minister Arun Jaitley was the man at the forefront of reforms that formed the cornerstone of the first term of the Narendra Modi-led government.
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.
Trump Says He Can Order Capital Gains Tax Break Without Congress  BloombergPresident Donald Trump said he can cut taxes by indexing capital gains to inflation without congressional approval, a move the White House has been ...
Naresh Goyal created tax evading schemes to siphon off funds abroad: ED  Business TodayThe Enforcement Directorate on Saturday alleged Jet Airways founder Naresh Goyal "structured" a number of tax evading schemes and siphoned off huge funds ...
Officials: Global approach to digital tax is still on track  SF GateBIARRITZ, France (AP) — A global attempt by more than 120 countries to find a way to more fairly tax global internet giants is moving ahead despite individual ...
Deadline For Filing Income Tax Return (ITR) Is Just 9 Days Away: 10 Latest Details To Know  NDTV NewsThe last date for filing of income tax returns for assessment year 2019-20 (financial year 2018-19) is August 31, 2019. Last month, the government extended 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, ...
Higher alcohol taxes will improve population health and augment UHC funds  BusinessWorld OnlineNoncommunicable diseases have become the leading cause of death and illness in the Philippines. Alcohol consumption is associated with more than 10% of ...
IMF raises doubts about Indias tax revenue estimates, GDP growth target  Business StandardThe International Monetary Fund (IMF) has posed questions for policymakers in India over steep tax revenue collection estimates for 2019-20 and the ...
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.
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 ...
Colorado Collecting Record Cannabis Taxes, but Readers Wonder Where Money Is Going | Westword  WestwordThe state is on track to collect a record amount in marijuana-related taxes in 2019, but some readers think they should be getting more for the money.
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 ...
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 ...
Amazon is passing along costs of a new digital tax to thousands of French sellers  CNBCAmazon is raising seller fees for thousands of small and medium-sized businesses in France because of a new digital tax passed by the French government.
Man must pay income tax on $15 flea market watch now worth$20,000: Money Matters  cleveland.comI bought a "Rolex" watch at a flea market 20 years ago for $15. Assumed it was a knock off due to the low price. Threw it in a dresser drawer at home and forgot ...
What is the Capital Gains tax Rate for 2019? And how is it calculated  Business Insider IndiaWhen you have built a low cost diversified portfolio, and your assets value more than what you paid for them, you might have the idea of selling some of your.
Tax notices to soon carry an identification number  LivemintDIN is likely to improve transparency and bring down the processing time of notices.DIN won't be limited to new tax notices. It will also be issued to all the ...
Dividend income, partnership firms two ways to reduce income tax liability  Business StandardMumbai-based M K Rajendran (name changed on request), director at a leading private bank, has been calling his chartered accountant regularly since July 5 ...
ITR filing: TDS related queries answered by income tax department  Economic TimesAt the time of filing your income tax return (ITR) it is important to ensure that all TDS-related details are correctly filed in the form. Consequently, questions ...
Retain tax sops for genuine R&D  Economic TimesEven as the Direct Tax Code's call to prune tax exemptions is unexceptionable, it would be sensible to retain those for research and development (R&D).
An error in the excise tax structure  BusinessWorld OnlineAn amendment to the excise tax structure for alcohol and tobacco products recently passed the third reading in the lower house. It will now be deliberated upon ...
MARKET: Sensex up 228 pts on reports govt may rollback higher tax on FPIs  Business StandardFM Nirmala Sitharaman will address media wherein announcements on steps to revive the economy, clarity on super-rich tax on FPIs, and direct tax code are ...
Income Tax Department conducts searches at Oberoi Realty, Capacite Infra  MoneycontrolConfirming the development, a senior official of the I-T Department told Moneycontrol there was suspicion on related party transaction within Oberoi and also of ...
IRS begins tax clampdown on unreported cryptocurrency profits  ZDNetIf you've been trading but not declaring, the tax *service* might be on your case.
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 ...

IRS Reports Tax Gap of $300 Billion

The Internal Revenue Service is reporting that the difference between... Read More

How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share

How Home-Based Businesses Can Avoid Giving Uncle Sam... Read More

Early Distributions From Retirement Plans

An early distribution from an Individual Retirement Arrangement (IRA) or... Read More

Rearrange Your Affairs For Maximum Tax Savings

One way to maximize your business profits is by reducing... Read More

How To Get An Extension To File Your Business Tax Returns

Yes, the tax season is upon with the first filing... Read More

Tax Trap #2 -- Double Taxation: Isnt Once Enough?

Have you been thinking about incorporating your small business or... Read More

Small Businesses Filing Amended Federal Tax Returns to Recover Money

Small Businesses Filing Amended Federal Tax Returns to... Read More

Six Urban Myths About Taxation

Six Urban Myths ? Taxation"I am proud to be paying... Read More

Send Your Kids To Summer Camp and Write It Off

If you paid someone to care for a child so... Read More

Slash Tax when Buying a Business

When buying a business, how the "purchase price" is made... Read More

Employment Taxes ? Depositing With The IRS

If your business has employees, you must pay employment taxes.... Read More

Small Businesses: Company Car Vs. Personal Mileage Reimbursement In Hurricane Katrinas Wake

With gas prices at an all time high before Hurricane... Read More

The Tax Man Cometh... To Search

You're at your office, or home, and the doorbell rings... Read More

Tax Time Tune Up

Excerpted from the new book, "How to Do Space Age... Read More

Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000

Does your incorporated business pay alternative minimum tax ["AMT]? If... Read More

How to Cut Duty Cost and Increase Profit as an Importer

Import duties continue to be significant elements in the cost... Read More

Need an Offshore Sales Office in a Tax Free Environment?

The 100 year old investment-banking firm of... Read More

What is a Federal Tax Lien?

A Federal Tax Lien (FTL) is a legal instrument that... Read More

10 Tax Tips to Reduce Costs and Increase Income

No one likes paying tax. Everyone understands that tax is... Read More

Understanding Basic Tax Terms

If your like many, you don't always understand what people... Read More

Electronic Commerce Taxation and Pakistan

Assume a buyer in Pakistan downloads software from the Internet... Read More

Access to E-records by Taxing Authorities: A Case for Pakistan (Part I)

Background issues of access to recordsTo assess the records at... Read More

Business Tax Deductions

As we enter mid-March, taxpayers begin to become very interested... Read More

Donating Cars To Charity - New Tax Rules

On June 3, 2005, the IRS released guidance on charitable... Read More

Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent?

Tilting the Tax Laws in Your Favor.In order to accelerate... Read More