Taxes, Tax Strategies and Tax Planning

Taxes are one of the few things in life that are certain. The complex US tax code, and no doubt of many other countries, have spawned an industry of tax accountants and planners. We try to cut through the maze and provide answers to many common tax questions. Of course, as with anything to do with your money, you should look for professional guidance by a qualified tax professional who is aware of your own unique situation.

Tax Preparation and Planning

• Tax Preparation Checklist – Make sure you cover all your basics, specially if you run a small business, as you prepare to meet your tax advisor
• What is the Right Choice to Help With Taxes? A Chain, Agent, CPA or an Attorney?
• Documents to Take to Your Tax Appointment – Includes a downloadable tax data itemizer
• Tax Filing Assumptions – Just because someone suggested it is true, it may not be. Some of the common mis-conceptions about tax filing can come back and bite you.
• 2010 Tax Moves – There are things you can do this year to minimize your tax burden
• Important Changes to 2010 Tax Laws – Laws for 2010 Tax season have changed and it is important to be aware of the key changes so you are better prepared
• Tax Strategies – Make sure you go through these tax strategies before the year ends
• 10 Ways to Save on taxes Now – December is still not too late to make some tax efficient moves
• Next Year’s Taxes – It is not too early to start preparing for the next year’s tax season
• Do You Have to Itemize – Tax laws change and so does your financial situation. You may have been taking the standard deduction in the past but do you know if you can do so again this time?
• Tax Planning 2011
• Ways to Reduce Your Taxes in 2011
• Should Married Couples File  Taxes Jointly
• Getting Faster Tax Refunds
• Recognize and Avoid Common Tax Scams
• Options for When You Fall Behind on Doing Your Taxes
• Did You Forget to File Taxes? Here is What to Do

Working With a Tax Preparer

• Tax Professional Services – Should you hire a professional tax preparer to do your taxes?
• Choosing a Tax Professional – How do you go about choosing the right tax professional?

Tax Credits, Tax Deductions and More

• Categories of Tax Deductions – You can utilize 4 different categories of tax deductions. See which ones apply to you.
• Tax Breaks Children – Your children are an asset in more ways than you can imagine. They also bring tax benefits that you should take advantage of. After all, raising a child is expensive.
• Home Buyers Tax Credit – The government wants you to buy a house and is willing to give up some of its revenue so you can go out and stimulate the economy.
• Tax Deductions vs. Tax Credits – Tax deductions and tax credits are two completely different things. One of them is better for you than the other. Understanding the differences and how these work can help you save money during the tax time.
• Tax Deductions You Can Take If You Work From Home
• Are You Overlooking These Tax Deductions
• Deducting Business Travel for Home Business

Tax Return Gotchas and Dealing with the IRS

• Amended Tax Return – It happens. You send in your tax return only to realize later that you made a mistake. Or forgot to list a source of income. Surely, the IRS will find out about it. So how do you amend your tax return and fix the mistake?
• Tax Audit Flags – Certain items in your tax return may trigger an IRS audit. While many times it may be unavoidable, you should know what the most common tax audit flags are so you can minimize your audit chances (or keep proper documentation to back it up in case an audit does occur)
• IRS Notice – What should you do if you receive an IRS tax notice? First of all, don’t panic!
• IRS Payment Plan – You might end up owing more in taxes to the IRS than you can afford to pay. Good news is that you can negotiate a payment plan and/or an extension with the IRS to alleviate some of the tax strain.
• Common IRS Penalties

Investments and Retirement

• Investment Taxes – We may be on the verge of rising tax rates on Capital Gains and Dividends.
• Tax Friendly Retirement States – When you are ready to retire, consider relocating to a state that will allow your retirement savings to go further.

Other Taxes

• Sin Taxes – Sin Taxes are cropping up everywhere. What is one to do?
• Taxes for the Rich – Should rich pay more in taxes? The question is taking more import now as the Bush tax cuts are due to expire

Personal Finance Tips