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Guide to the Internal Revenue Service: Real Answers to Questions

Uncle Sam pointing finger Wikimedia CommonsEver wonder what happened to the new and friendly Internal Revenue Service? While the idea seemed like a good idea, finding answers to your tax-related questions through a phone call to the IRS is often confusing. What’s the Nanny Tax and how to you itemize deductions? Should you use a 1040 or a 1040A when filing your taxes?

Is your severance pay taxed and how does donating a car to charity work in the eyes of the Internal Revenue Service? Bright Hub’s one-stop IRS guide answers not only these questions but delves deeper into topics such as when to use a Schedule C or how to report farm losses on your return. Learn what a K-1 is and how they’re used if you are a partner in a pass-through entity such as a Limited Liability Company or S-Corp.

Learn how to calculate retained earnings for a S Corp and how the Internal Revenue Service looks at your accumulated adjustment account or the Triple A. Finally, for employers, you’ll get the correct answers you need on both 941 and 940 employee taxes and what your obligations are in this one-stop guide to the Internal Revenue Service.

Latest Articles on Internal Revenue Service
A Collection of Resources on How to Avoid Tax Problems for Small Businesses

Simply mentioning business taxes, IRS audits or corporate taxation issues can strike fear into the most business savvy entrepreneur. Many small business owners do not realize what deductions...

Career Changes and Company Retirement Plans

With all of the preparation that goes into changing jobs, you may overlook your company retirement plan. Understanding your options will help you make a decision about what to do with...

How do I Calculate a Stock Basis with Dividends?

Investing in the stock market can be interesting and profitable but income taxes can't be overlooked. How do dividends affect the basis of a stock? Find out about some of the...

Taking the Standard Mileage Deduction for Business Use of Your Vehicle

Even if you routinely itemize your tax deductions, you probably opted for the standard mileage deduction rather than itemizing your car expenses. However, there is a better way to determine...

Most Popular Articles on Internal Revenue Service
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    Sample of Personal Receipt for Services

    A receipt for payment is inevitable in any business transaction. Download a sample of a personal receipt for services from the Bright Hub Media Gallery....

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    Can You Sell Your House to Your Children for a Dollar?

    Parents who are interested in transferring the title of their homes to their children are often seeking an answer to the question "can I sell my house to my son for a dollar"? While this method...

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    Adding Insult to Injury: Tax on Severance Pay

    Educate yourself on the possible tax implications related to job loss to ensure compliance with tax regulations. Just what is the tax on severance pay?...

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    Basic Accounting Rules for Depreciation

    Confused about depreciation on fixed assets? Depreciation is simply the calculation of wear and tear on assets and is reported annually on your financial statements and utilized as a business expense...

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    How Does the IRS Reimburse Employee Tax Overpayments?

    Business owners with employees must deposit 941 employee tax withheld from paychecks and also match the Social Security and Medicare (FICA) tax. When are these taxes paid and where and what if...

More About Internal Revenue Service
How Does the IRS Keep My Personal Information Safe?

Dealing with personal information of taxpayers means that the IRS is under a certain obligation to protect taxpayers from identity thieves. There are a number of tools provided by the...

Is Buying a Second Home with Your IRA before Retiring a Good Investment?

If you are considering buying a second home, you may wonder whether to take the funds out of your IRA account. While real estate is still considered by many to be a solid investment...