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IRS has officially announced the inflation adjustment factor and phase-out amount for the enhanced oil recovery credit for taxable years beginning in the 2009 calendar year. The IRS Notice 2009-73 also contains the previously published figures for taxable years beginning in the 1991 through 2008 calendar years.
The notice contains a major update on Oil Recovery Tax [...]
Although most people won’t be filing their tax returns for several months, the dog days of summer are actually a great time to start planning for the tax filing season by ensuring your records are organized. Whether you are an individual taxpayer or a business owner, you can avoid headaches at tax time with good [...]
If you are a small business owner, whether you hire people as independent contractors or as employees will impact how much taxes you pay and the amount of taxes you withhold from their paychecks. The tax rate structure differs a lot for employee and a independent contracts. Lets understand the tax implications for hiring them.
IRS [...]
IRS (internal revenue service) charges interest rates to everyone who doesn’t meet the IRS deadline for filing taxes.
IRS charges interest on underpayments and late payments or even on family loans.
Internal Revenue Service announced that interest rates for the calendar quarter beginning October 1, 2009, will remain the same. The rates will be:
four (4%) percent for [...]
If you are a victim of a natural disaster or theft this summer, you should know the rules for deducting your casualty losses next year when you file your federal tax return. Generally, you may deduct losses to your home, household items and vehicles on your federal income tax return.
IRS gives ten top tips for [...]
It might just be possible that IRS owes you money instead of your owing them The IRS basically collected more taxes from your and would like to return to you. Now lets understand how this whole process works.
If you have not filed a prior year tax return and are due a refund, you should [...]
Anyone starting a new business this year should be aware of their federal tax responsibilities. Here are the top seven things the IRS wants you to know if you plan on opening a new business this year.
First, you must decide what type of business entity you are going to establish. The type your business takes [...]
IRS is reminding all Individuals and organizations reporting 25 or more vehicles on Form 2290, Heavy Highway Vehicle Use Tax Return, are required to file electronically. The annual filing season for most Forms 2290, Heavy Highway Vehicle Use Tax Return, is approaching and the IRS reminds taxpayers that electronic filing is now required for individuals [...]
Internal Revenue Service reminds individual taxpayers there is no better time to check their 2009 federal income tax withholding levels to make sure they do not face any surprises when returns are due next year.
The Making Work Pay Credit lowered tax withholding rates this year for 120 million American households. However, particular taxpayers who fall [...]
IRS might be enforcing a new Cell Phone Tax for 2009-2010 for those who have a work cell phone and make personal calls on it, then you must pay a tax on those personal calls through your employer.
Employees are supposed to log those personal calls and report them to their business office but [...]
