Tax Trimming Ideas For Manicurists and Nail Techs

The business end of working in the nail-care profession is of little interest to most independent workers until tax time. Then, as April 15th gets near they begin to stress out over whether or not they owe taxes. Confused about how small business tax laws work, even when these hard-working men and women pay someone…

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The Best Way To Deal With Back Taxes

Given that, there are various approaches to settle the back taxes that you owe the IRS, it is best to choose the right one according to your predicaments. The difficulties brought on by the economic downturn as a result of the sub-prime real estate collapse carries a silver lining with it in case you have…

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Sales Tax – Pros and Cons

Each state has to determine their own ways to obtain income to provide a governing body, services and goods to its people as they operate without any much interference from the Federal government. The sales tax is one such way to meet these kinds of budgets. The consumers, on the other hand don’t see this…

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Reasons For Amending Your Tax Return

It can happen to anyone. You’ve collected all your tax return information. You’ve gathered all your W-2s, 1099s, receipts and statements. You’ve crunched the numbers, doubled checked your calculations and mailed the return or used an eFile provider. And then you realize you’ve left something out, another form comes in the mail or realize you…

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The Difference Between Real Estate Tax And Personal Property

Property is mainly divided into two classes 1. Real Property 2. Personal property When we talk about real estate we talk about land and anything attached to land permanently. Buildings, farmhouses, ranches, fixtures constructively attached to a building are some of the examples of real property. Personal property is any property except real property. It…

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Payroll Tax Penalties, When the IRS Sends a Letter

“Payroll Taxes are Due, with Penalties and Interest” At least that is what the letter from the IRS says. First thing, don’t panic. Quoting Daniel J. Pilla’s study for the Cato Institute “About 40 percent of the revenues the IRS collects through penalty assessments are abated when citizens challenge the penalties.” So we now know…

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Understanding Basic Tax Terms

If your like many, you don’t always understand what people are talking about when it comes to Taxes. It’s important to know the main tax terminology, especially when tax season comes around. Knowing the basics will make tax season less of a hassle for you, and maybe even save you some money. There are hundreds…

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File 2008 Income Taxes – You Still Have a Chance!

Filing late taxes is always a little awkward; there’s the admission of taxes owed, and the discovery that those owed taxes come with some fines and interest attached. But really, if you’re going to file 2008 income taxes, you should know that it’s not so bad: the average late filer is actually more likely to…

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Tax Tips For Self-Employed Barbers And Hair Stylists

No matter how good your tax professional is, if you don’t provide all of the necessary information and figures, your return will be wrong. And, any tax return that is done wrong will fail an audit if exposed. Undocumented cash income, inventory mistakes, overlooked deductions, and missed benefits are common within this industry. Some of…

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