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Richard A. Chapo's Articles Display Category|Title|Newest|Oldest Taxes for Day Traders and Investors Whether you are an active day trader or just put money into the market for long term gains, taxes are something you need to address. The IRS views traders and investors differently. List of Tax Records To Keep When preparing your taxes, the goal is obviously to deduct every last penny you can. Many people are amazingly good at it. Just keep in mind you need receipts for the deductions. Filing a Joint Tax Return With Your Spouse They say the world works on a concept known as balance. To counterbalance the joys of your honeymoon, you get the misery of filing a joint tax return with your spouse. Understand IRS Real Estate Auctions While the IRS will auction off just about anything to satisfy a tax bill, seized real estate gets people excited. Here are the basics of IRS real estate auctions you need to know. The Basics of IRS Property Auctions Buy a home, car, helicopter, NFL team or whatever for one measly dollar. Ah, we must be talking about IRS property auction hype. IRS Updates Hybrid Tax Credits Following Industry Audit The Energy Act of 2005 created major tax credit incentives for people purchasing hybrid vehicles. The IRS has recently concluded the quarterly review of manufacturers and issued tax credit status. Convert to Roth IRA Regardless of Income – 2010 An odd quirk in the recent legislation to extend the Bush Tax Cuts is giving IRA holders a huge break. For one year, and one year only, the income cap will be gone. Employer Cash Incentives To Employees For Hybrids Many companies offer their employees cash incentives to undertake certain actions such as buying a hybrid car. It is important to remember that such situations have tax consequences Overview of the Almighty Tax Deduction for Small Businesses Taxes are the great bane of most businesses. Alas, tax deductions act as a salve to cool the burning and itching of your bank account. Tax Credits for Toyota Hybrids To Be Cut In Half If you purchase a new hybrid car after January 1, 2006, you can get a major tax credit for doing so. Alas, the tax credits applicable for Toyota hybrids are about to be cut in half. Latest Email Scam Using IRS Name If you have an email account, and who doesn’t, you are use to receiving scam emails. Well, here is one using the IRS name to watch out for over the next few months. Honda Natural Gas Cars Issued Massive Tax Credits By IRS Between global warming and massive increases in fuel prices, many people are reconsidering their transportation. Honda has two natural gas cars the IRS absolutely loves. IRS Issues Tax Credit Amounts For GM Trucks As 2006 rolls along, the IRS is in the process of issuing tax credit amounts to particular hybrid vehicles. The agency has just issued the amounts for a number of GM vehicles. IRS Approves Saturn Vue Green Line for Tax Credit The IRS is working its way through various automobiles that qualify their owners for tax credits. The Saturn model of cars has just been reviewed with one particular model being approved. The IRS vs Mother Nature The IRS recently met its match in the form of Mother Nature. Yes, the massive flooding in Washington, D.C., took out the IRS headquarters. New Procedure for Settling Tax Debts with the IRS The Tax Increase Prevention and Reconciliation Act of 2005 has ushered in new rules for settling tax debts with the IRS. Here is the scoop on the compromise procedures. Changes to IRS Tax Settlement Rules In recent years, the IRS has made a concerted effort to get people back into good status by reaching deals on overdue taxes. The rules affecting this program have just changed dramatically. IRS Warning Taxpayers About New Email Scams If you have an email account, you know about all the scam emails you get. Scammers are getting braver and using the IRS name in their new tactics. Strategies For Limiting Taxes If You Are Your Own Boss Self-employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are tax strategies for self-employed individuals that reduce those tax amounts. Innocent Spouses And The IRS Historically, tax issues arising from bad marriages fell into the category of “better or worse” for marriages. The IRS granted no innocent spouse tax relief, but has changed its views. Tax Checklist If You Are Getting Married It may not be high on the list of wedding planning activities, but there are a few simple steps that can help keep tax issues from interrupting your newly wedded bliss. If you recently married, check out your new tax situation. You might save money or even prevent the problem of a missing refund check. Per Diem Rates and Business Taxes The tax code for the United States is over 50,000 pages. Buried in this code is the subject of per diem rates, a topic that can save businesses money on their taxes. Battling the IRS There was once a song about battling the law and losing. Fortunately, battling the IRS is possible and sometimes inevitable. Deducting Alimony Payments Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments. Tax Issues for Self-Employed Individuals The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business. Of course, few of you enjoy the paperwork and confusing tax issues that arise from owning your own business. Write-Off Bad Business Debts On Your Taxes Practically every small business has receivables that it cannot obtain from clients. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction. What Can You Write-Off When Paying Your Workers? As your business grows, you are going to need help. This help comes in the form of employees and independent contractors. What you can write-off is dependent upon how your helper is classified – as an employee or independent contractor. Marriage or Divorce — Check Your Social Security Number Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could unexpectedly increase a tax bill or reduce the size of any refund. IRS Announces Tax Credits For Toyota Prius The Toyota Prius is the vehicle that started the entire hybrid vehicle craze. It continues to dominate the market and the IRS has announced the tax credits for this year. Leveraging Rental Property Equity Owning investment property is a tremendous wealth building strategy. Thousands upon thousands of individuals have amassed great wealth by investing in rental properties. IRS Lock-In Letters – What’s An Employer To Do? Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. The IRS will then send a “lock-in” letter on the amount to be withheld. What’s an employer to do? Identity Theft Impacting Your Taxes If your identity is stolen, your finances can quickly become a nightmare. A less obvious problem is the effect identity theft can have on your taxes. Failure To Pay Employment Taxes – Penalties As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade. The Basics of Employment Taxes If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. So, what are employment taxes? Employers - Paying Your Employment Taxes to the IRS If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS. Taxes and Early Distributions From Retirement Plans An early distribution from an Individual Retirement Arrangement (IRA) or a qualified retirement plan need not be a “taxing” experience. Fortunately, there are exceptions to early distributions. Fraudulent Tax Shelters – KMPG Goes Down Hard In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars, but nine of its executives still are under indictment. Correspondence From The IRS – Yikes! It’s a moment every person dreads. You pick up the mail and there is an envelope from the IRS. It’s not a refund check. What do you do? Accounting Methods – Cash and Accrual When starting a business, you have to determine the method you are going to use for accounting and paying taxes. The two choices are the cash method and the accrual method. The Past and Present of Income Tax They say death and taxes are the only two certain things in life. Alas, this wasn’t always the case. Well, at least for the income tax. IIRP - Industry Tax Issue Resolution Program For roughly the last ten years, the internal revenue service has made a fairly major effort to be more taxpayer friendly. The Industry Tax Issue Resolution Program is one such step. Alternative Minimum Tax – Online Tool Hell hath no fury like a person who just found out the alternative minimum tax applies to them. The IRS has set up an online tool to figure out if you do. Small Employers Rejoice – IRS Simplifies Filings 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. Tax Quotes and Jokes 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. The Taxpayer Advocate Can Help With The IRS Every business has a department that deals with complaints from customers. At the IRS, this department is known as the taxpayer advocate office. Tax Returns - Should You Itemize? 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. Getting Help With Your Tax Preparation 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. Home Appreciation and Capital Gains The last seven years has seen tremendous appreciation in home prices. This brings up the issue of home capital gains tax issues for people when they sell. Moving To A New Location – Tax Information In modern America, it is rare to find a person or family living in the same place for thirty years. Most of us move five or ten times, which means taxes become an issue. IRS Crushes Credit Counseling Groups Claiming Non-Profit Status Many credit counseling groups claim they are in it just to help you and not make a profit as indicated by their charitable organization status. The IRS is not happy. IRS Owes You Money If You Paid Long Distance Phone Taxes The IRS has decided to give up the fight on an ongoing legal issue regarding taxes it has collected on long distance telephone services. Here is the scoop. IRS Simplifies Reporting Requirements for Corps The IRS is heavily promoting electronic filing options. This promotion has run into problems with corporations because of complex regulations. The IRS is now moving to correct this problem. Getting a Tax Credit for Your Kids As you know, raising a family is a full time job and can put stress on your finances. Fortunately, you can claim a tax credit to help cut your IRS bill if you have kids. Tax Season - Time for Scams As tax season draws irresistibly closer, the scam artists are polishing their latest techniques. This article should help you keep an eye out for these nasty individuals. Got Wealth? The last ten years has seen massive wealth growth in the United States. This brings up the issue of wealth planning, particularly from a tax perspective. An Overview of Reverse Mortgages If you own a home, you know mortgage products have moved beyond the basic 30 year fixed option. Reverse mortgages are one such product and here is an overview. The Evolving Role of Accountants With products like Turbo Tax improving, many wonder where this leaves accountants. Ironically, the evolving role of accountants is helping people save on their taxes. Make Your Accountant Your Best Friend Many people just assume their accountant will cut their taxes as much as possible. To get the biggest benefit from them, you need to be a bit more proactive. Tax Credits for Retirement Savings It is a well-known fact that Americans are miserable failures when it comes to saving for retirement. Well, the government is offering tax credits to change this for some of us. Refinanced Your Home – Claim a Tax Deduction For Points The mortgage refinance market has cooled off dramatically with recent rate increases. Many people, however, refinanced during 2005 and can claim tax deductions. Tax Deductions for Your 2005 Hybrid Automobile With the recent push by President Bush for alternative fuel strategies, much confusion has arisen regarding tax incentives for hybrid vehicles. This article clarifies the issue for you. Giving Your Car to Charity – The New Tax Rules The IRS has changed the regulations on donating vehicles to charities. If you donated a car last year, you need to read the following to understand the new rules. Giving To Charities – Tax Deductions and Such The tax code in the United States contains many provisions to promote certain behavior. One area of behavior is the promotion of giving to qualified charities. Tax Incentives for Saving for Education Recent statistics show Americans are simply not saving money for the future. To encourage savings, the government has come up with tax incentives. Checking The Status of Your Tax Refund Online More than a few people are happy to learn they are due a tax refund after filling out their tax returns. If you are one of these people, here is how to check the status of your refund online. IRS Wants to Know About Fake Emails Using IRS Name Obviously, you use the Internet or you wouldn’t be reading this article. Since you use the web, you know about phishing scams or should. Some scams are now using fake IRS identification. Dear John Letters From The IRS Undoubtedly, you are aware of Dear John letters. Often a young lady sent them to men in the military, often containing bad news. Well, the IRS sends them to taxpayers as well. Using This Years Taxes to Save On Next Years Taxes You just got done paying taxes or filing an extension and are grumpy. If you are smart, you will use this miserable event to save some cash for next year. Various Toyota Hybrids Get Tax Credit Certification From IRS Starting in 2006, individuals buying hybrid cars will get a tax credit instead of a tax deduction. The IRS has just started to kick out the exact amounts you can claim for your new hybrid. Dealing With Taxes If You Live and Work Outside The United States If you live and work outside of the United States, I may have some very good news for you. Although Americans are taxes on their worldwide income, you may be able to claim a huge deduction. Tax Credit Amount for Lexus GS 450 Hybrid Issued By IRS Prior to January 1, 2006, you were restricted to claiming a $2,000 tax deduction if you purchased a hybrid car. Now you can claim a tax credit, which is much more valuable. IRS Issues Tax Credit Amount For Toyota Camry Hybrid Prior to January 1, 2006, people purchasing hybrid vehicles were eligible to claim a significant tax deduction. Now they can claim a monstrously large tax credit. The IRS Solution If You Cannot Pay Your Taxes The Internal Revenue Service wants you to pay taxes on time. That being said, it understands this is not always possible and has created a program for such situations. Didn’t File Anything with the IRS on April 15th? The magic tax date of April 15th has passed. If you did not file a tax return or extension request, you need to consider the following. IRS Holding $2 Billion In Unclaimed Tax Refunds 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. Tax Records - What You Should Keep And For How Long Many taxpayers are confused about how long they should keep tax records. Tax Jokes and Quotes Tax jokes and quotes to take the edge off of tax season. Tax Deduction for Alimony Payments? - Yes! Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments. Standard Mileage Deduction Rates - 2005 and 2006 If you’re in business, you’re interested in the IRS mileage deduction rates. The 2005 rates fluctuated because of high gas prices and now the 2006 rates have been released. Small Employers Rejoice - IRS Simplifies Filings 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. Small Business Tax Issues for Self-Employed Individuals The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business. Of course, few of you enjoy the paperwork and confusing tax issues that arise from owning your own business. Small Business Tax Deduction - Write-Off Bad Debts Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction. Self-Employed - Tax Approaches Self-employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are different approaches for minimizing self-employment taxes. Section 179 - Tax Relief From Depreciation Rules Depreciation. For business owners, this word is the one most likely to inspire headaches and fits of cussing. The expanded provisions of Section 179 are just the medicine you need to cure the depreciation blues. Rental Property Tax Deductions Own residential rental properties? This article discusses how income from those properties impacts your taxes. Paying Workers - What Can You Write-Off? As your business grows, you are going to need help. This help comes in the form of employees and independent contractors. What you can write-off is dependent upon how your helper is classified – as an employee or independent contractor. IRS Lock-In Letters - What's An Employer To Do? Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. The IRS will then send a “lock-in” letter on the amount to be withheld. What’s an employer to do? Tax Strategy - Leveraging Rental Property Equity Owning investment property is a tremendous wealth building strategy. Thousands upon thousands of individuals have amassed great wealth by investing in rental properties. Help With Ex-Spouse Tax Problems Historically, tax issues arising from bad marriages fell into the category of "better or worse" in the marriage vows. The IRS historically considered spouses one person for tax purposes, but has changed its views. Industry Tax Issue Resolution Program For roughly the last ten years, the internal revenue service has made a fairly major effort to be more taxpayer friendly. The Industry Tax Issue Resolution Program is one such step. Identity Theft - Impacting Your Taxes? If your identity is stolen, your finances can quickly become a nightmare. A less obvious problem is the effect identity theft can have on your taxes. Hurricane Katrina - How To Use Your Business Loss To Get A Refund on 2004 Taxes With the massive losses caused by Katrina, the economy of the Gulf Coast region is in extremely bad shape. Fortunately, there is a quirk in the tax code that can help you generate a large refund from your 2004 taxes. Hurricane Katrina - Businesses Can Claim Casualty Tax Losses Hurricane Katrina has left a wide and long path of destruction. Besides the human toll, businesses on the Gulf Coast have taken a beating. If yours is one, here is how you can write off casualty losses on your taxes. Tax Changes You Should Know for 2005 Returns 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. Capital Assets – Gains and Losses for Taxes 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. Your Tip Earnings and Taxes If you work in a service where you get tips, guess what? The IRS expects you to report them and pay taxes on them. Automatic Extension Requests For Businesses 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. IRS Gives Victims of Hurricane Katrina More Relief The IRS has announced further tax relief for victims of Hurricane Katrina due to slow clean up efforts and obviously devastated areas. Getting Help With Your Taxes Preparing your taxes can be incredibly stressful. In many cases, it just makes sense to get some help with them. Create Tax Savings And Transfer Wealth To Your Child With A Roth IRA Parents must give serious thought to protecting their family through estate tax planning. While life insurance and trusts should be a part of every plan, Roth IRAs can be a simple tool for passing money to your child on a tax-free basis. [1] [2]	Authors Sign Up for a free account. Submit your articles. Publishers Category RSS feeds. Resources Accredited Home Schools Article Directory More Resources

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