Taxes & Tax Help

Each year, small business owners start thinking about tax time, tax returns, profits, losses and the materials they need to gather together to get the job done. A stressful time for any small entrepreneur! Here, Bright Hub experts have pulled together a collection of resources to aid your tax woes.

No matter what type of tax questions you have–common scenarios or something far out–we’ll try to have the answers at your fingertips. We all know how expensive it can be to have the wrong information! Take a look through these tax topics, and let us know what other questions you have.

Are you confused or bewildered by the alternative tax plans being touted? Is it possible to reform the tax code and implement a simpler means of taxation or is that as big a fantasy as reforming healthcare? Here’s what you need to know to understand the talk around the town about these plans.

Are you considering making an offer in compromise (OIC) with the IRS but not sure if that is the best option? If you know you can’t pay all your taxes, there are certain circumstances under which the government will accept a compromise from you. Here are important facts about those circumstances.

What would be the benefits of a capital gains tax cut? Many conservative financial experts believe such a move would increase job growth and tax revenue from the rich. The tax affects businesses and individuals, and here we will explore the issue.

Is it still possible to claim a tax deduction for any financial loss suffered due to theft and other unforeseen events even if the property was insured? Generally, the answer to this is “Yes”, but only for the unreimbursed portion and only if it meets IRS’ criteria. Want to know more? Here’s how.

You’ve prepared your taxes carefully, reviewed them, signed them and even sent them via certified mail to the Internal Revenue Service—good for you! But what if after mailing in that return you find you made an error? Should you expect an IRS agent at the door or an audit? Find out here.

Learn when and how to get a car tax deduction for charity. Find answers to the questions: where can I donate my car for a tax deduction and what documentation do I need to support my deduction on my taxes? By knowing what you’re getting into, you can save yourself trouble down the line.

The Internal Revenue Service does not send emails to taxpayers for any purpose. Learn what steps to take to prevent identity theft after responding to fraudulent IRS emails that are more commonly referred to as phishing links.

There are options available for taxpayers who discover they have underpaid their taxes or that they are facing a possible IRS tax lien. Understanding how to begin negotiations with the IRS is crucial to resolving these problems.

While payroll deductions for Medicaid are the same regardless of how much you make, annual caps on Social Security earnings impact thousands of employees as well as those who are self employed each year. During 2011, Social Security withholding rates have an impact on all workers.

If you have received an inheritance, you may be wondering if you have to claim it on your taxes. Often, the answer is no, the type of inheritance you received is not taxable income. However, there are many types of inheritances that may be taxable or that may create taxable income to you.

The financial ramifications of identity theft are not only mind-numbing but can create issues that many consumers do not even think about. Having your social security number stolen can result in bogus loans, bad credit card debt and fraudulent tax returns. Consumers need accurate information.

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 IRS to help. Tax refund fraud is an ongoing concern and one issue the IRS works hard to address.

Misconceptions about senators and other elected officials abound, a common question is: Do senators pay taxes on retirement income? The answer is often confusing since people have formed a variety of opinions based on snippets of information heard from misleading politically-based sources.

Many of us look at the ‘cash value’ of our potential winning ticket and make plans for that remaining amount. Very few are aware that the cash value of that ticket is subject to IRS laws that deal exclusively with gambling and winnings. Is there federal withholding tax on lottery jackpots? Yes!

When you are looking at unpaid back taxes with hefty penalty charges possibly carrying prison time, where are you going to go? Tax amnesty and voluntary disclosure programs might be a good offer from the governing authorities. Here’s some information on tax amnesty programs

The health reform act that was implemented by Congress means that taxpayers need to understand HSA & FSA changes in 2011 so that they have the appropriate documents needed to use their funds. These changes were implemented on January 1, 2011 and impact all taxpayers who use these benefits.

With the passage of health care reform comes the problem of making it affordable. A solution is to eliminate the tax gap by increasing reportable purchases. The 1099 series was targeted to do this, making not only services but also payments for goods over