NEW YORK (MainStreet) -- By the end of January, a few million small businesses will have a new tax reporting form in their hands called the Form 1099-K.
As part of it, payment networks such as Amazon, eBay and PayPal as well as banks and credit card processors are now required to report credit card, debit card and gift card payments, among others, made to merchants for goods and services.
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Selling Online? Meet the 1099-K Tax Form
Posted by Kankiller 30 days ago (http://www.thestreet.com)
9 Tax Breaks Set to Expire This Weekend
Posted by Granemor101 35 days ago (http://www.thestreet.com)
NEW YORK (MainStreet) -- While Congress extended the Bush tax cuts through 2012, several popular temporary tax breaks, which have become known as "the extenders," are set to expire Dec. 31.
Don't fret, you'll still be able to use these deductions on your 2011 return, but this will be the last time unless Congress acts to extend these benefits. The following nine tax breaks will disappear on New
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The Tax Answer to Short-Term Capital Gains
Posted by jaguar234 40 days ago (http://www.thestreet.com)
BERKELEY HEIGHTS, N.J. (TheStreet) -- If you want to be proactive about managing your 2011 tax liability, now is the time.
One of the items under every taxpayer's control is managing their realized capital gains and losses. The first thing to determine is what, if any, capital gains you have realized in your taxable accounts for 2011 -- either short term or long term, depending how long you have
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10 Tax Deductions to Squeeze In Before 2012
Posted by MagicDoom 61 days ago (http://www.thestreet.com)
NEW YORK (MainStreet) -- The end of the 2011 is just around the corner, but there's still time to save on your taxes. I have compiled a list of payments you can make this December to increase your 2011 tax refund or reduce your 2011 federal, and perhaps state, income tax liability.
A few things to keep in mind: You can use a bank credit card to buy deductible items in December and be able to dedu
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Tax Angles to Look for When Selling Business
Posted by Granemor101 127 days ago (http://www.thestreet.com)
BERKELEY HEIGHTS, N.J. (TheStreet) -- Small-business owners spend a lifetime building their business. They work countless hours growing it into something of value. When the owners decide to sell, it is critical for them to do some tax planning to maximize their net proceeds. This is even more important for small-business owners when their business is their single biggest asset.
When selling a bu
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401(k) Tax Changes May Be On Fast Track
Posted by FireSyphon 133 days ago (http://www.thestreet.com)
WASHINGTON D.C. (TheStreet) -- In the coming weeks, Americans could face sweeping changes to the tax deferral status of their retirement plans.
The Senate Finance Committee last week held a hearing (a webcast and testimony can be found here) to discuss proposals for strengthening the nation's retirement system as well as dealing with the reality that these plans are a ripe target for deficit red
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Starting a Business? Review Tax Implications
Posted by Darjeeling 153 days ago (http://www.thestreet.com)
BERKELEY HEIGHTS, N.J. (TheStreet) -- New business owners often pay lip service to mundane details such as entity formation -- meaning how your business will be structured for legal and taxation purposes -- but I urge all would-be business owners to work with legal and financial professionals well-versed in the choices.
A new business can be set up as a sole proprietorship, general partnership,
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The True Cost of State Sales Tax Holidays
Posted by Frootloops 175 days ago (http://www.thestreet.com)
By Sheryl Nance-Nash, DailyFinance
NEW YORK (DailyFinance) -- 'Tis the sales-tax-holiday season, when states give the gift of tax-free shopping for clothing, computers and other back-to-school supplies.
It seems like a good thing: Take a little pressure off the pockets of cash-strapped parents, make retailers smile and make politicians look good for supporting tax relief.
But as states grapple
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Retirees Face Social Security Tax on 'Earnings'
Posted by lalala10000 180 days ago (http://www.thestreet.com)
BOSTON (MainStreet) -- If you are nearing retirement and haven't paid much thought to "line 8a," you need to -- or risk losing thousands of dollars of income for years to come.
Line 8a on your tax return is for recording taxable interest. Even shrewd and safe investments can lead to having a portion of Social Security checks kicked back over to the government based on what is claimed.
If y
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Debt Crisis Could Change Estate Tax
Posted by shadowmech 187 days ago (http://www.thestreet.com)
BOSTON (TheStreet) -- Anyone looking to leave a sizable financial legacy to his or her family has dodged a tax bullet -- for now.
Those with significant wealth have watched the debt ceiling debate intently, looking for a hint as to what will happen to the rules and taxes that could affect their estate plan.
The wealthy have watched the Washington debt ceiling debate intently, looking for
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Mike Huckabee: Get rid of the IRS, start a U.S. retail tax
Posted by Mattyboy217 194 days ago (http://www.chron.com)Texas extends small-business tax exemption
Posted by ryancool290 218 days ago (http://www.chron.com)
Texas companies with less than $1 million in annual revenues will continue to be exempted from the state business tax for another two years.
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How to Survive a Tax Audit
Posted by xxUchiahxx 220 days ago (http://www.thestreet.com)
By Eileen P. Gunn
for Entrepreneur
Tax audits can be stressful, time consuming and potentially expensive. Small-business owners, who might be navigating complex business tax rules for the first time or who work in cash businesses like restaurants where mistakes are easy to make, are especially likely to attract unwanted attention from the Internal Revenue Service.
The good news is that an audi
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Supporters say yacht tax break would help Texas
Posted by SS99Vegito0 272 days ago (http://www.chron.com)
Rep. John Davis, R-Houston, sponsored HB 2187, which would impose an $18,000 sales tax cap on the purchase of a yacht in Texas. The bill sailed through the Ways and Means Committee April 28 and could soon be headed to a House vote.
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Top Five Tax Resolutions for the Rest of 2011
Posted by FireSyphon 279 days ago (http://www.thestreet.com)
By Dawn Kawamoto, DailyFinance
NEW YORK (DailyFinance) -- How are you doing on that New Year's resolution? Gained, rather than lost, those few extra pounds? Well, it's time to double-down on resolutions now that the IRS tax deadline has passed.
Here's a list of top 5 tax resolutions for 2011 designed to get you in shape for next year's tax return. It may not shrink your waistline, but it's de
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Critics decry yacht tax break bill sailing in House
Posted by Illuminator 281 days ago (http://www.chron.com)
A tax break for big yachts sailed through a House committee Thursday despite the massive budget shortfall that already has school districts across Texas laying off teachers, nursing homes bracing for Medicaid cuts and lawmakers scrambling for money for key services.
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Texas House panel votes to extend business tax break
Posted by Dimitrios 289 days ago (http://www.chron.com)
Lawmakers voted on Thursday to extend a tax break for businesses with revenues of less than $1 million a year.
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Tax Tip: Deduct Tax Preparation Expenses
Posted by Beowulf309 294 days ago (http://www.thestreet.com)
NEW YORK (MainStreet) -- It is estimated that each year more than 60% of taxpayers use a paid preparer to complete their federal and state income tax returns.
According to the IRS, "expenses paid or incurred by a taxpayer for tax counsel or expenses paid or incurred in connection with the preparation of his tax returns or in connection with any proceedings involved in determining the extent of h
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Tax Tip: Deduct Noncash Contributions
Posted by scudmaster 301 days ago (http://www.thestreet.com)
NEW YORK (MainStreet) -- Did you clean out your closet last year and donate unwanted clothes and household items to Goodwill or the Salvation Army? If so, you can claim a tax deduction for the "fair market value" of used items donated to a church or charity.
You are responsible for determining the fair market value of the items you donated. The charity is not required to and in most cases will
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Tax Tip: Deduct Donations to Charity
Posted by lostdukjr 302 days ago (http://www.thestreet.com)
NEW YORK (MainStreet) -- Most of us know you can deduct on your Schedule A any contributions you make to a qualified church or tax-exempt charity. The IRS says you must have a hard-copy receipt for every single dollar you contribute to claim a tax deduction, though, and those must meet certain criteria.
There are lots of tax-deductible donations you can make. Just be sure to hang on to the
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How to Get a Bigger Tax Refund Next Year
Posted by Aragorn1123 309 days ago (http://www.thestreet.com)
NEW YORK (MainStreet) -- So, you got your refund check and feel more than a little disappointed with this year's kickback.
In theory, it isn't a good thing to receive a big check because that just means the government was handing back the money you loaned it all year -- interest-free. But let's admit it: You'd prefer the bigger check, right?
If you think of a refund check as forced savings, t
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Don't Let These Tax Write-Offs Trip You Up
Posted by Kankiller 311 days ago (http://www.thestreet.com)
By Eileen P. Gunn for Entrepreneur.com
Additional tax write-offs are always welcome at this time of year. But before you go chasing down new credits, it pays to make sure you understand the old ones.
...
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Tax Excuses That the IRS Won't Buy
Posted by Jehezekel 320 days ago (http://www.thestreet.com)
NEW YORK (MainStreet) -- Americans have tried just about everything to get out of paying their taxes, the Internal Revenue Service says, but very few of these excuses are likely to work.
The IRS recently released its annual The Truth About Frivolous Tax Arguments report, which outlines not only the most popular arguments people have presented over the years to avoid paying their taxes, but also
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Cash-strapped states rethink Hollywood tax breaks
Posted by Moltraes12 336 days ago (http://www.chron.com)
Thanks to a tax break used to lure Disney filmmakers away from North Carolina to coastal Georgia, Harry Spirides figures his beachfront hotel raked in an extra $85,000 because Miley Cyrus spent a summer filming here.
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Tax Preparers Get Extra Vetting From IRS
Posted by Tumblyweed 342 days ago (http://www.thestreet.com)
NEW YORK (MainStreet) -- Uncle Sam and his individual states have been cracking down on shady financial advisers, and now they're taking aim at tax preparers. California is leading the way in making sure its tax preparers are on the up and up too.
For consumers, it's worth knowing whether your tax preparer is legitimate since this year there will be more money on the table taxpayers won't want
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