Every year, the IRS announces that it is holding unclaimed tax refunds. Taxpayers have a limited time to claim the $2 billion dollars the IRS is currently holding. Three years is a magical number when it comes to tax returns. It refers to the statute o...

The IRS has announced further tax relief for victims of Hurricane Katrina due to slow clean up efforts and obviously devastated areas. The IRS is giving relief to both businesses and individual taxpayers in certain areas that have been absolutely wipe...

The internal revenue service has recently been taking steps to cut down on clutter and streamline the tax filing process. Now they've simplified business tax return extensions. Automatic Extension Requests For Businesses In past years, some busines...

If you work in a service where you get tips, guess what? The IRS expects you to report them and pay taxes on them. Your Tip Earnings and Taxes The internal revenue service takes a very simple approach to tips. It views all tips you make in your job...

Capital is a unique term when it comes to taxes. If it gains value, you pay a tax. If it loses it, you can write at least some of the loss off. Capital Assets – Gains and Losses for Taxes Practically everything you own is a capital asset. This is t...

Every year, you have to file tax returns and every year there are changes to the tax code. Here are some key changes for 2005 to keep in mind when you prepare returns. Tax Changes You Should Know for 2005 Returns 2005 was a fairly quite year when i...

Nothing leads to more gnashing of teeth than the thought of preparing your own taxes. Fortunately, there are people out there that do it for a living. Here Are My Receipts If the thought of preparing your own taxes makes you queasy, don't worry. Pr...

When you finally decide it is time to prepare your taxes, the first question is whether you should itemize your deductions or take the standard deduction provided by the IRS. Choices, Choices… Tax deductions are a very simple part of a theoreticall...

Getting married is the greatest day for 50 percent of couples. The other 50 percent get divorced. Perhaps the marriage tax penalty has something to do with it. Family Values – Hardly For all the chatter from politicians about family values, it is i...

Two things in life are certain – death and taxes. Here's what to do if the two are combined as far as filing a tax return. Tax Returns for the Deceased If a person dies, their finances are immediately converted into something called an estate. The ...

Every business has a department that deals with complaints from customers. At the IRS, this department is known as the taxpayer advocate office. Advocating for You The purpose of the taxpayer advocate office is to provide taxpayers with a friendly ...

You have to love car dealers. With the passage of the Energy Policy Act of 2005, car dealers are screaming about the tax benefits of buying these vehicles. Here's the scoop. Deductions and Credits The Energy Policy Act of 2005 made a major modifica...

Every year, the IRS issues a list of tax scams. The goal is to alert taxpayers to the lack of merit of certain strategies as well as letting everyone know the IRS will not accept them. 2006 Scams The IRS has kicked out its annual list of highly dubi...

Like death, paying taxes is inevitable. In the case of most Americans, tax season is just around the corner. If only paying taxes was so easy. As you begin pulling out those receipts, the eraser and reading plain English tax instructions that Einstein ...

One of the largest burdens on very small employers is dealing with taxes. Fortunately, the IRS has taken a major step to reduce this burden. Quarterly Federal Tax Returns – Not! There are millions of small businesses that labor under the burden of f...