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Tax Deductions

Many home-based and small business owners miss out on valuable tax deductions because of lack of knowledge and organization. Here are a few tips for claiming deductions. As the owner of a small or home-based business, it is important to take full advantage of all available tax breaks and incentives. Let’s face it, taking advantage [...]

Teens and Taxes

Parents have a difficult enough time raising teens without having to worry about whether or not their teen’s earnings or investment income must be claimed on taxes. Under certain circumstances, teens who have worked and earned income during the year must file taxes. Although it is drilled into taxpayers’ heads that everyone who earns money [...]

Home Buyer's Credit Form 5405

IRS Form 5405 is the First Time Home Buyer Credit and Repayment of the Credit form. As the form title indicates, it is used for people who took the first time home buyer credit. Form 5405 is not a stand-alone form. It must be attached to your tax form 1040 or 1040X when filing your [...]

Foreign Earned Income Form 2555

IRS tax form number 2555 is called the Foreign Earned Income form. This form must be filed in conjunction with your tax form 1040. Form 2555 can only be used by US citizens and resident aliens. The form is used to report foreign income and deductions for foreign expenses such as meals, lodging, transportation and [...]

Individual Tax Return 1040A

Each year taxpayers must file Federal income tax returns. The process can be overwhelming if you don’t approach it correctly. Filing taxes is like eating an elephant. The only way to get it done is to do it one step (or one bite) at a time. If you’re about to file Federal form 1040a, you [...]

2009 Individual Tax Form 1040

The Internal Revenue Service requires most working individuals to file their taxes by the April 15th tax due date. IRS Form 1040 (U.S. Individual Tax Return Form) is one of the many available forms for filing taxes. Following the instructions for this form will help individuals, not corporations or partnerships, to successfully file their taxes. [...]

2008 Form 1040

Each year tax filers complete the IRS 1040 tax form. This form is entitled U.S. Individual Income Tax Return. Each year the government makes changes to the form so if you have not filed your 2008 tax returns, you may not use the instructions from 2007 or 2009. You must use the 2008 instructions which [...]

IRS Audit

You go to the mailbox and there it is – a notification from the IRS that you are being audited. Once the blood flow returns to your brain and you come back to your senses, remain calm. This is not a time to panic. Many people have survived an IRS audit and so can you. [...]

Small Business

As a home based or small business owner, is very important to take advantage of every tax benefit the federal government has to offer. Whether your office is located in your home or outside of the house, you can realize tax credits by depreciating your office equipment. The federal government has specific rules and regulations [...]