Richard A. Chapo Profile and Articles
1). Overview of the Almighty Tax Deduction for Small Businesses
Taxes are the great bane of most businesses. Alas, tax deductions act as a salve to cool the burning and itching of your bank account.
Overview of the Almighty Tax Deduction for Small Businesses
The tax system in the United States is an undeniable mess. With tens of thousands of pages of laws and regulations, the phrase cruel and unusual comes to mind when it is time to pay your taxes.
2). Considering Being an Accountant?
If number crunching, math skills and organization are your strong points, the profession of accounting may be for you. Here is a primer on how.
Considering Being an Accountant?
Accounting is no longer the stereotyped dull job that it used to be. The change in the corporate culture has resulted in adding more glamour and importance to an accountant’s job.
3). Figuring Out Your W-4 Withholdings
If you are employed by a business, you have the ability to play with the withholding on your paycheck. Fortunately, there is an easy way to do this online these days.
Figuring Out Your W-4 Withholdings
What is one of the happiest days of the year? Holidays excluded, for many people it is the day they get their tax refund check. Yep, cold, hard cash they can spend anyway they want.
4). Strategies For Limiting Taxes If You Are Your Own Boss
Self-employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are tax strategies for self-employed individuals that reduce those tax amounts.
Strategies For Limiting Taxes If You Are Your Own Boss
The good news is being self-employed is one of the best tax strategies out there. Unlike a salaried employee, the full scope of tax credits and deductions available in the tax code are now available to you.
5). Moving Expenses – What Can You Deduct?
You are moving to a new town to take a job. It is going to cost money to make the move. The question that should come to your mind is whether you can deduct any of this stuff.
Moving Expenses – What Can You Deduct?
If you are moving to a new location seeking employment or because you have a job, you could be in luck. Yep, you can deduct some or all of your expenses.
6). Understand IRS Real Estate Auctions
While the IRS will auction off just about anything to satisfy a tax bill, seized real estate gets people excited. Here are the basics of IRS real estate auctions you need to know.
Understand IRS Real Estate Auctions
Does the IRS really seize homes and then auction them off? Yes. The seizures occur from wayward taxpayers who never pay their taxes and seizures of crime-inspired purchases such as those from drug dealers and such.
7). Employer Cash Incentives To Employees For Hybrids
Many companies offer their employees cash incentives to undertake certain actions such as buying a hybrid car. It is important to remember that such situations have tax consequences
Employer Cash Incentives To Employees For Hybrids
Purchasing a hybrid vehicle makes sense on many fronts. It is a financial windfall given tax credits provided under the Energy Policy Act of 2005.
8). IRS Issues Tax Credit Amounts For GM Trucks
As 2006 rolls along, the IRS is in the process of issuing tax credit amounts to particular hybrid vehicles. The agency has just issued the amounts for a number of GM vehicles.
IRS Issues Tax Credit Amounts For GM Trucks
As part of the Energy Policy Act of 2005, the tax advantages of owning a hybrid vehicle have been seriously upgraded. Prior to the Act, a person that purchased such a vehicle could claim a tax deduction of up to $2,000.
9). Honda Natural Gas Cars Issued Massive Tax Credits By IRS
Between global warming and massive increases in fuel prices, many people are reconsidering their transportation. Honda has two natural gas cars the IRS absolutely loves.
Honda Natural Gas Cars Issued Massive Tax Credits By IRS
In 2005, the federal government passed a new energy policy act that created tax benefits for the use of alternative fuel vehicles.
10). IRS Announces Tax Credits For Toyota Prius
The Toyota Prius is the vehicle that started the entire hybrid vehicle craze. It continues to dominate the market and the IRS has announced the tax credits for this year.
IRS Announces Tax Credits For Toyota Prius
In an effort to promote energy efficiency, the federal government has instituted an energy program that provides financial rewards for energy efficient products.
11). Taxes for Day Traders and Investors
Whether you are an active day trader or just put money into the market for long term gains, taxes are something you need to address. The IRS views traders and investors differently.
Taxes for Day Traders and Investors
As odd as it may sound, the tax code is fairly vague on the issue of taxes for day traders versus investors. Alas, the IRS has instituted a more definitive view on the subject.
12). 40 Million Credit Card Numbers Stolen – Failure To Encrypt
CardSystems Solutions moronic security efforts have resulted in the potential theft of information for 40 million credit cards. Hackers were able to i
13). Deducting Alimony Payments
Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.
According to the IRS, alimony payments are taxable to the recipient in the year received.
14). Tax Credits for Energy Efficient Air Conditioning In Your Home
The government often tries to influence our behavior through taxes. The tax credit for new energy efficient cooling systems in our homes is one example.
Tax Credits for Energy Efficient Air Conditioning In Your Home
As part of the provisions in the Energy Policy Act 2005, homeowners are entitled to claim tax credits on use of a few energy saving items.
15). Microsoft v. Google - Kai-Fu Lee's Non-Compete Agreement
Unless you've been on vacation all summer, the brawl between Google and Microsoft should be old news. New developments, however, have occurred with pu
16). Anti-Phishing Bill Introduced To Congress
Sen. Partick J. Leahy has introduced the Anti-Phishing Act of 2005 to Congress for consideration. The Act would allow federal prosecutors to
17). Licensing Your Copyrighted Materials
If you’ve taken the necessary steps to register your copyrighted works, you inevitably will have an opportunity to royalties off of them. To take adva
18). The Evolving Role of Accountants
With products like Turbo Tax improving, many wonder where this leaves accountants. Ironically, the evolving role of accountants is helping people save on their taxes.
The Evolving Role of Accountants
Given the fact that paying taxes isn’t the most popular of tasks, most people don’t give much thought to the role of accountants. Going to your accountant is often viewed much like going to the dentist.
19). IRS Crushes Credit Counseling Groups Claiming Non-Profit Status
Many credit counseling groups claim they are in it just to help you and not make a profit as indicated by their charitable organization status. The IRS is not happy.
IRS Crushes Credit Counseling Groups Claiming Non-Profit Status
For the last five years, the IRS has been taking a much closer look at businesses claiming to be non-profit organizations.
20). Convert To Roth IRA Regardless of Income – 2010
An odd quirk in the recent legislation to extend the Bush Tax Cuts is giving IRA holders a huge break. For one year, and one year only, the income cap will be gone.
Convert To Roth IRA Regardless of Income – 2010
2010 may seem like a long way off, but something magical is going to happen then if you prepare for it. The recent legislation extending the Bush tax cuts contains a unique clause regarding the Roth IRA.
21). Back To School – Educators Deduct School Expenses
As teachers and students head back to school following a glorious summer, it’s time to remind teachers to organize 2004 school expenses. Under a tempo
22). A Lawyers Favorite Lawyer Jokes
Lawyer JokesQ: How does a pregnant woman know she is carrying a future lawyer?A: She has an extreme craving for baloney.Q: Wha
23). Google's Book Scanning and Copyright Laws
As you may know, Google is making an effort to scan every book in the world. The goal is to create a giant online database of every book that can be s
24). How To Give Notice of Copyright On Your Works
The use of a copyright notice is no longer required under U. S. law, but you should still give notice whenever possible. Because prior law did contain
25). Non-Compete Agreements In Action – Microsoft v. Google
Non-Compete Agreements are controversial documents that restrict a person’s right to work with competitors of a former employer. The effectiveness of
26). Got Wealth?
The last ten years has seen massive wealth growth in the United States. This brings up the issue of wealth planning, particularly from a tax perspective.
There is little doubt that the overall wealth of a significant percentage of Americans has grown like a weed in your garden over the last 10 years. There are a variety of reasons for this growth.
27). Tax Issues for Self-Employed Individuals
The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business. Of course, few of you enjoy the paperwork and confusing tax issues that arise from owning your own business.
Many self-employed individuals are considered "sole proprietors" or "independent contractors" for legal and tax purposes.
28). Tax Credits for Toyota Hybrids To Be Cut In Half
If you purchase a new hybrid car after January 1, 2006, you can get a major tax credit for doing so. Alas, the tax credits applicable for Toyota hybrids are about to be cut in half.
Tax Credits for Toyota Hybrids To Be Cut In Half
The government uses all types of methodology to modify our behavior. While many look for nefarious conspiracies and such, the government usually does it right before our eyes.
29). IRS Updates Hybrid Tax Credits Following Industry Audit
The Energy Act of 2005 created major tax credit incentives for people purchasing hybrid vehicles. The IRS has recently concluded the quarterly review of manufacturers and issued tax credit status.
IRS Updates Hybrid Tax Credits Following Industry Audit
As part of the Energy Act of 2005, the federal government took a major step towards promoting the use of hybrid vehicles.
30). The Basics of IRS Property Auctions
Buy a home, car, helicopter, NFL team or whatever for one measly dollar. Ah, we must be talking about IRS property auction hype.
The Basics of IRS Property Auctions
You may have seen commercials or advertisements on the web about the steals you can get at IRS property auctions. Whether you can actually get such deals is questionable, but there is no doubt the IRS does hold auctions.
31). Business Name – How To Pick One
A business name can be a huge factor in the ultimate success or failure of the entity. Unfortunately, many people fail to give a lot of thought to it
32). Home Appreciation and Capital Gains
The last seven years has seen tremendous appreciation in home prices. This brings up the issue of home capital gains tax issues for people when they sell.
Home Appreciation and Capital Gains
Owning home is considered part of the American Dream. Unless you are extremely unlucky, homeownership leads to tremendous wealth building. You simply sit in your home, make the monthly payment and reap the benefits of appreciation and increased equity.
33). New Procedure for Settling Tax Debts with the IRS
The Tax Increase Prevention and Reconciliation Act of 2005 has ushered in new rules for settling tax debts with the IRS. Here is the scoop on the compromise procedures.
New Procedure for Settling Tax Debts with the IRS
If you owe the federal government back taxes, there are two approaches you can take to resolve the issue. The first is to file an installment agreement wherein you agree to pay off the debt by making monthly payments.
34). IRS Approves Saturn Vue Green Line for Tax Credit
The IRS is working its way through various automobiles that qualify their owners for tax credits. The Saturn model of cars has just been reviewed with one particular model being approved.
IRS Approves Saturn Vue Green Line for Tax Credit
Owning a hybrid car was pretty much a financial windfall from the outset. The cars provided tremendous savings on fuel costs.
35). Filing a Joint Tax Return With Your Spouse
They say the world works on a concept known as balance. To counterbalance the joys of your honeymoon, you get the misery of filing a joint tax return with your spouse.
Filing a Joint Tax Return With Your Spouse
If you have recently married, you are hopefully living a blissful life of humor and happiness. The birds are singing, everyday is sunny and so on.
36). List of Tax Records To Keep
When preparing your taxes, the goal is obviously to deduct every last penny you can. Many people are amazingly good at it. Just keep in mind you need receipts for the deductions.
List of Tax Records To Keep
Filling out and filing tax returns is really a quest to conquer the mountain. In this case, the mountain is your gross income. The IRS helpfully lets you know this by making you write it down right away and repeat it in various places on your 1040 form.
37). IRS Sets Telephone Tax Refund Amounts
In a recent decision, a federal court overturned a telephone tax that has been charged for years. Given the result, the IRS has decided to issue refunds for past collected taxes.
IRS Sets Telephone Tax Refund Amounts
In 1898, the federal government passed a law assessing taxes on long distance phone use in the United States. The tax was so relatively small, ranging from one to three percent, that it was never questioned.
38). Make Your Accountant Your Best Friend
Many people just assume their accountant will cut their taxes as much as possible. To get the biggest benefit from them, you need to be a bit more proactive.
Make Your Accountant Your Best Friend
Accountants tend to come in two types. The first is a reactive accountant, one that waits for you to send in your financial information and then prepares your taxes.
39). The IRS vs Mother Nature
The IRS recently met its match in the form of Mother Nature. Yes, the massive flooding in Washington, D.C., took out the IRS headquarters.
The IRS vs Mother Nature
As you know, Washington, D.C. suffered through some serious flooding problems recently. The headquarters of the IRS are located at 1111 Constitution Avenue and took a beating. Nobody messes with the IRS and comes out on top, except for Mother Nature.
40). Do You Own Your Web Site Design?
Your web site has been up for a few months and you are making money hand over foot. While surfing sites one evening, you are shocked to f
41). Forming a Corporation – Investors
You’ve come up with the best idea since sliced bread, figured out a business name and formed a corporation. There is, however, one small problem. You
42). John Roberts – Supreme Court Nominee
President Bush’s selection of the Hon. John Roberts is an interesting choice. The betting, and there had been betting, was on a minority or female can
43). Hurricane Katrina – IRS Waiving Diesel Fuel Penalties
Obviously, the destruction caused by Hurricane Katrina has had a major impact on fuel supplies. The IRS is temporarily waiving regulations that ba
44). Per Diem Rates and Business Taxes
The tax code for the United States is over 50,000 pages. Buried in this code is the subject of per diem rates, a topic that can save businesses money on their taxes.
Per Diem Rates and Business Taxes
Understanding the Internal Revenue Service and all of its workings when trying to fill out your tax forms can be a monumental undertaking indeed. There are many complicated factors that work their way into gross revenues and potential deductions.
45). IRS Makes Life Easier For People That Can’t Pay Their Taxes
Most people go into panic mode when they realize they don’t have enough money to pay the taxes they owe. The IRS offers fairly painless solutions and is making them easier to access.
IRS Makes Life Easier For People That Can’t Pay Their Taxes
Contrary to popular belief, the Internet Revenue Service is not particularly interested in making your life hell.
46). Deducting The Cost of Moving To A New Job
In our modern society, moving to a new location because of a job is a fairly frequent event. While moving is hardly enjoyable, you do get some deductions out of it.
Deducting The Cost of Moving To A New Job
The days of spending 30 years in one town at one job seem to be a thing of the past. Even huge companies like General Motors are being forced to redefine themselves.
47). California Financial Privacy Law Partially Invalidated
The 9th Circuit Federal Court of Appeals has dealt a blow to privacy advocates by invalidating a California privacy law. In litigation brought by the
48). The Purpose of Your Accountant
Many people are confused about the purpose of accountants given tax software and so on. To get the biggest benefit for the fees you pay, you need to understand what your accountant can do.
The Purpose of Your Accountant
An accountant is a licensed profession who has gone to hell and back to gain their designation as a certified public accountant. The testing for the certification is beyond brutal.
49). An Overview of Reverse Mortgages
If you own a home, you know mortgage products have moved beyond the basic 30 year fixed option. Reverse mortgages are one such product and here is an overview.
An Overview of Reverse Mortgages
A typical mortgage is created when a lender provides you with a lump sum amount of cash to purchase real estate. In consideration of this, you agree to repay the mortgage on a monthly basis for a defined time period at a particular interest rate.
50). IRS Simplifies Reporting Requirements for Corps and Shareholders
The IRS is heavily promoting electronic filing options. This promotion has run into problems with corporations because of complex regulations. The IRS is now moving to correct this problem.
IRS Simplifies Reporting Requirements for Corps and Shareholders
Corporate tax filings are legendary for their complexity, number of forms that must be filed and general burden they create.
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