Archive for 'Tax Education'

IRS Mileage Deductions

If you want to take advantage of the potential for tax savings by deducting your mileage, it’s important to know the rules as well as to keep accurate records. A standard IRS mileage rate accompanies each type of deduction that you can use for your mileage. Moreover, tolls and parking fees may also be claimed on your tax return when taking the mileage deduction.

Keeping accurate records is as easy as noting your odometer reading on January 1st in any given ...

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IRS Mileage Rate

IRS Mileage Rate

Keep track of your deductible mileage on your vehicle and you could see big savings on your tax return. Remember that you MUST keep accurate records in order for the deductions to be allowed. Listed below are the most common mileage deductions and how you can take advantage of them.

A standard IRS mileage rate applies to each type of deduction. Parking fees and tolls for any of these purposes can be claimed in addition to the mileage.

Medical or Moving Expenses

This ...

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IRS Email Scam

IRS Email Scam

Resource Center – IRS Email Scam

The incidence of “phishing” has grown each year to include new schemes, many of which appear to be legitimate. Phishing is the term used to refer to scams in which individuals attempt to trick someone into revealing information that can then be utilized to “steal” the victim’s identity. Fraudsters steal personal information in order to steal the assets in an individual’s banking accounts, open a credit card or loan without the intent to pay the ...

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IRS Audits & Statutes of Limitations

IRS Audits & Statutes of Limitations

Resource Center – IRS Audits & Statute of Limitations

If you are like most people, the mere thought of an IRS audit sends shivers up-and-down your spine. However, the truth of the matter is

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Income Tax Evasion

Tax Evasion Las VegasWhat is income tax evasion? This phrase describes the purposeful action of defrauding the government (underpayment) or not paying the appropriate amount of tax (nonpayment). Both of these actions (tax fraud and tax evasion) are crimes that are prosecutable and typically involve large fines and penalties. Prosecution and the accompanying sentences may also lead to incarceration and/or foreclosures on real estate properties.

Activities considered as tax evasion ...

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Gift Tax

The laws on gift taxes are complicated due to the fact that technically, any gift is taxable. However, certain exemptions exist to this rule along with specific limits that have been set in place by the government.

What is Included as a Gift and Therefore, Subject to the Gift Tax?

Anything of value that you give to another individual without receiving anything in exchange can be considered a gift. This can ...

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Estate & Inheritance Tax

Inheritance and Estate taxesThe estate tax and the inheritance tax are two separate things. While both of these terms refer to what is commonly called the “death tax,” not everyone is subject to paying both types. The estate tax is imposed by the Federal Government on all heirs as well as by a few states that choose to collect it as well at the state level. Currently, the inheritance tax ...

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Back Taxes & Delinquent Taxes

Each year, people fail to file their tax returns. Some of these individuals don’t do it because they procrastinate so long that they miss the deadline and simply decide not to bother. Other individuals purposely neglect to complete their tax returns and send them off to the IRS because they want to

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Avoiding Tax Problems

If you want to avoid the possibility of a tax audit, penalties, and interest charges, you should always follow a few simple strategies. It is a lot easier and less stressful to take extra time and practice diligence in the completion of your tax return than it is to receive notification that your tax return is incomplete or an audit is being scheduled.

Avoiding Tax Problems with These Strategies and Steps

Avoiding tax problems

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