Would You Like To Have the IRS Do Your Taxes?

To paraphrase Will Rogers, more liars were made of the American people from income tax than from golf.

But if the IRS made it easy and almost impossible to lie on a tax return, would anyone be interested?

Doug Shulman, the IRS Commissioner, recently hinted that if the IRS would prepare taxpayers’ returns the potential for tax fraud would be reduced. No-one would have to prepare their own returns at tax time because the IRS would do it for them.

The common name for this idea is a “ready return” or “simple return.” The IRS would complete the … Read more at 2010 Tax.

Changes For 2011 Tax Filing

Tax season is upon us and even though the filing deadline is months away we all need to be prepared ahead of time. The required documents for each of us will arrive in the mail in the month of January so everyone who plans to file taxes needs to start preparing files and documents that have tax implications.

New for 2012 is the fact that the The Internal Revenue Service (IRS) gave taxpayers an extra two days to file taxes this year. April 15th falls on a Sunday and the 16th is Emancipation Day (an observed District of Colombia holiday) … Read more at 2010 Tax.

Keeping track of your business mileage

The guidelines that are in place from the IRS enable workers and business owners to claim for mileage as a business deduction if you are using your vehicle for business purposes. Some people who are employed are able to deduct business mileage if it is not reimbursed by employers or is only partially reimbursed at a rate that is lower than the official business mileage rate.

Owners of small businesses also often use their vehicles for business related purposes and in this event they too can claim their mileage as a business expense. However, it is important that no matter … Read more at 2010 Tax.

Top 10 Reasons for a Tax Audit

A tax audit can occur for several different reasons that most people are not aware of. You will have to comply with at least two of these factors before you have anything to worry about.

The most popular reason for a tax audit is unreported income. Here, there is a lot of paperwork that must be filled out and completed. When the paperwork contains errors or does not get turned it at all, issues can start to occur. This type of paperwork is also time sensitive and should be received in order to file by January 31st.

Improperly prepared tax … Read more at 2010 Tax.

Tax Scams To Be Aware Of

The IRS wishes taxpayers to be on the look out for 2010 tax scams. These rip-offs are not legal and could cause severe troubles for taxpayers which include paying huge interest and fines, and facing jail time. Tax scams come in a few forms ranging from a promise of a big tax refund or methods to avoid paying taxes that are illegal also called ‘untaxing’ yourself.

You should always remember the proceeding three hints.

* The content provided in your 2010 tax return is your sole responsibility.
* Don’t sign the return unless you have examined everything closely to … Read more at 2010 Tax.

Ten Terrific Tax Tips

It is that time of the year again. Yes, tax time. There are many people that like to procrastinate and wait until the last minute to fill out their taxes. For this, there are ten tax tips to help anyone to fill out their taxes each year.

1. The first thing that anyone needs to do is to gather all their records and information. Being organized in this situation really comes in handy. Keeping all records together and in one place will help greatly. Some of these documents include canceled checks, receipts, and any other possible documentation that shows proof … Read more at 2010 Tax.