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April 15th may be gone but, but certainly not forgotten – especially if you, like millions of small businesses, unknowingly overpaid your federal taxes and can recover money by filing an amended return.
According to the IRS tax code, you have three years from the filing...
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With the rush to file your taxes by April 15th, you probably did not consider the possibility that you overpaid. According to the General Accounting Office, in 1998 alone, there was $311 million paid unnecessarily to the IRS. Do not count on the IRS to tell you if you have...
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Starting and operating your own home based business is the ultimate tax shelter.
Although this article has been written from a Canadian income tax perspective, the principles should be practical in other tax jurisdictions.
1. Non-Deductible Personal Living Expenses
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One way to maximize your business profits is by reducing your taxes. Frequently, income and other taxes could be lowered significantly if only the taxpayer were willing to plan ahead. By taking some simple steps to rearrange your affairs, you could save a fortune!
1. Are...
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When Richard Hatch bared it all on "Survivor," he took home a million bucks. But when he was less revealing about his windfall with the Internal Revenue Service, he wound up facing possible prison time as a tax evader.
Steve Kassel, a former IRS revenue officer sees such...
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It is the most dreaded letter a taxpayer can receive.
Dear Taxpayer,
Some of the information that you provided to us does not agree with the information we received from other sources. -- The Internal Revenue Service
You've just joined an elite club, one where the...
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