Tuesday, July 30, 2013

Kindle Free Days; How to Neutralize the IRS, Tax Problems? Tax Relief, Tax Resolution



Kindle Free days July 31, through August 4, 2013 - Download FREE App and read on your desk-top or laptop.
 
“How to Neutralize the IRS” is an easy to understand guide, for taxpayer who are having trouble with the IRS, due to unfilled taxes, or money owed to the IRS, which you don’t have.

From IRS payment plans, known as Installment Agreements, to Offer in Compromises, Bankruptcy or Hardship Status, your options are explained. Tips on what to do, to protect your bank account and your wages, and what NOT to do, are explained. Details on how to get your penalties reduced or eliminated are also explained. Hundreds of thousands of taxpayers are getting penalties reduced or eliminated using Tax Penalty Abatement. Knowing which form to file, what to say and why, is an important part of tax relief and tax resolution.

Basically, if you are having problems with the IRS, this Book will inform you of your options and help you make an educated decision on what to do next.

After a taxpayer has received a Notice from the IRS, most people get stressed out and aren’t sure who to call. How to Neutralize the IRS will enable you to understand who to call and what to say.

IRS Customer Service Agents aren’t allowed to provide legal advice. As a result, you may not be aware of all of your options when you make contact with the IRS. This book is intended to reduce your stress-level while providing detailed information on your options.

Once you speak to the IRS, it may be hard or almost impossible to change your approach with them at a later date. Of course, if you are telling the IRS the truth, then most people would say it doesn’t matter what you say in your initial contact with the IRS. WRONG. This belief couldn’t be further from the truth.

Knowing if you want a payment plan, a hardship status, Bankruptcy, or an Offer in Compromise (pennies on the dollar) can make a big difference in how you approach the IRS. Everything you say is typed into your e-tax file. Providing certain information could prevent you from getting what you want and lying to an IRS civil servant is a bad idea.

The IRS operates on Social Security Numbers to identify taxpayers. The IRS uses Forms to make adjustments, and to come to a financial conclusion about taxes you may or may not owe. The forms are governed by formulas, and tax codes, known as tax laws. Over 100 new tax laws are voted on by Congress each year. How to Neutralize the IRS will help you understand your options, the tax codes, and which forms you need to get desired results.

Google's New Knowledge Graph and SEO

The article written below was written by: Travis Bliffen - The link for the entire article is at the bottom of this post.  SEO professionals are getting ready for yet another "Google change"



What is Google’s knowledge graph? You likely have already noticed Google’s Knowledge Graph at work. If you make a search on Google for a person, place, movie, TV show, or basically any noun or word with multiple meanings on the right side of your browser a small box may appear. This box includes semantic-search information for your quarry from a variety of sources. Information typically includes what it is, important dates, people, suggested searches other users made about the search terms or other meanings for the same search. What does Google’s Knowledge graph mean for SEO? 
The answer to that question is just as ambiguous as the secret formula to land on the first page of Google in the first place. However, there are some implications one could stipulate.

Better targeted traffic:

First, Google’s Knowledge Graph is far more likely to have a positive effect on sites than a negative one in regard to search traffic. Before one might type in say, “Dallas” searching for the 2012 TV series and would have to wade through pages of content which may include the city, the other TV series, the football team, the basketball team or any other manner of results that simply managed to rank high for the word, “Dallas.” Now the Google Knowledge Graph box allows a user to quickly say, “I wanted the TV show.” Then results include only those relating to the show.  For webpage owners, this means people who are actually looking for their content are more likely to find it in the massive slush-pile that is the Internet.

Context matters:

While Google’s Knowledge Graph could have a positive effect, it also means webpage owners need to ensure their keywords are supported by secondary keywords that add context. In our example, if Google can’t tell your page is about the Dallas TV show and not Dallas the city, your site isn’t going to be found no matter how optimized your page was for the word, “Dallas.”Thinking like a reader: That tiny box also makes suggestions based on other user’s subsequent searches. So, SEO is no longer a matter of just plugging keywords into an analyzer and seeing what people are searching for. It’s now important to think about how a user would find certain information as well as what other information they may be looking for on that topic. Back in our Dallas example, maybe I’m searching for the TV show Dallas because I wanted to know more about an actor on the show, a natural subsequent search would then be the actor’s name. If my site uses the actors name as a keyword as well as the title of the show I can receive traffic both from people looking for the show who may be recommended to search for the actor and people looking for the actor who may be recommended to search the show.

A quest for more:

Finally, Google’s Knowledge Graph challenges us to provide more. Gone are the days where Web users actually have to click websites to get basic information. The basics appear in the box. If you want readers to click into your site you need to not only offer more, but let users know it’s there. This may entail more precise meta-tags or page summaries that invite readers to learn more than Google’s little smart box can offer.. In the end, only time will tell how Google’s Knowledge Graph will ultimately impact SEO tactics, but the focus is the same as it’s been since the Panda algorithm change poked it’s nose into the game: It’s about quality and real content for real people, not keyword density.

View the entire article

Monday, July 29, 2013

Home Office Deduction Using the New Simplified Option

Simplified Option for Home Office Deduction
 
Do you work from home? If so, you may be familiar with the home office deduction, available for taxpayers who use their home for business. Beginning this year, there is a new, simpler option to figure the business use of your home.

This simplified option does not change the rules for who may claim a home office deduction. It merely simplifies the calculation and recordkeeping requirements. The new option can save you a lot of time and will require less paperwork and recordkeeping.

Here are six facts the IRS wants you to know about the new, simplified method to claim the home office deduction.

1. You may use the simplified method when you file your 2013 tax return next year. If you use this method to claim the home office deduction, you will not need to calculate your deduction based on actual expenses. You may instead multiply the square footage of your home office by a prescribed rate.
 
2. The rate is $5 per square foot of the part of your home used for business. The maximum footage allowed is 300 square feet. This means the most you can deduct using the new method is $1,500 per year.
 
3. You may choose either the simplified method or the actual expense method for any tax year. Once you use a method for a specific tax year, you cannot later change to the other method for that same year.
 
4. If you use the simplified method and you own your home, you cannot depreciate your home office. You can still deduct other qualified home expenses, such as mortgage interest and real estate taxes. You will not need to allocate these expenses between personal and business use. This allocation is required if you use the actual expense method. You’ll claim these deductions on Schedule A, Itemized Deductions.
 
5. You can still fully deduct business expenses that are unrelated to the home if you use the simplified method. These may include costs such as advertising, supplies and wages paid to employees.
 
6. If you use more than one home with a qualified home office in the same year, you can use the simplified method for only one in that year. However, you may use the simplified method for one and actual expenses for any others in that year.
 
Visit IRS.gov for more about this easier way to deduct your home office.

Saturday, July 27, 2013

Money for Sale for Small Business Owners

Money for Sale, working capital, no credit score or financials required.  True and correct. 

Invoice Lines of Credit, Accounts Receivable Funding, Factoring for Transportation (BOL) available for small business owners.  It's a matter of turning your Invoices into working capital without the hassles of completing loan papers or going through the song and dance which most banks require.

Rates between 1.5% to 4.5% (not including commercial construction factoring) which are 100% tax deductible.

We have Lenders who provide Accounts Receivable Funding within a matter of days on corporate invoices and slightly longer for government invoices.  The bottom line is that you don't have to qualify for Invoice Lines of Credit funding, your client does.  The funds are made available based on the credit worthiness of your client.

If you dont have invoices, and need a small business loan, we have Lenders who will provide up to $25,000 based on your bank statements.  Complete the same easy, free and confidential six question app here at:  Taxes Will Travel

We have eight plus years experience finding the right Lenders for our clients.  Give us an opportunity to locate working capital for you and your business.

Time to Retire and Forgot to Save for Retirement? You're Not Alone

If you are nearing retirement and you forgot to save for retirement, you're not alone.  Below are some facts which will help you to understand the situation hundreds of thousands of baby-boomers are in:

  • 26% of all Americans in the 46 to 64-year-old age bracket have no personal savings whatsoever.

  • One survey that covered all American workers found that 46% of them have less than $10,000 saved for retirement

  • A Pew Research survey found that half of all Baby Boomers say that their household financial situations have deteriorated over the past year(s)

  • According to a survey conducted by the Employee Benefit Research Institute, "60 percent of American workers said the total value of their savings and investments is less than $25,000".

What does all this mean?  It means baby-boomers aren't financially prepared to retire.  There are thousands of baby-boomers who are going against all odds and retiring offshore, in luxury.  The web site: Forgot to Save for Retirement.com  Now What?  is five years old this year.  The site is celebrating with an upcoming Book on retiring on less than $1000 a month, offshore of course.  Visit the site and learn how hundreds of thousands of baby-boomers are retiring in luxury, in spite of financially concerns.  We'll keep you updated on the new book and will let you know when it's published.

Friday, July 26, 2013

One of the World's Best Offshore Tax Havens


One of the World’s Best Offshore Havens
By Bob Bauman
As other nations relax bank secrecy, the island nation of Singapore has embraced it. If you are looking for strong banking and business laws in a highly-regulated environment and ultra-secure storage, look no further. This is one of the world’s best havens.
Singapore has beefed up account-secrecy protections, changed trust laws, opened the world’s most secure private vaults, and allowed foreigners who meet minimum wealth requirements to buy land and become residents.
Now that other countries like Switzerland and Liechtenstein, have relaxed their centuries-old tradition of banking secrecy, Singapore has truly come into its own. The city-state has attracted just about every major private bank, including many Swiss banks. Indeed, the number of private banks operating in Singapore has nearly doubled, to 35, in the past six years.
Singapore has tough banking-secrecy laws. Despite meeting the OECD’s tax information-exchange agreement requirements, banking secrecy remains enshrined in Singapore law, with heavy penalties for wrongful disclosure of bank clients’ financial details or accounts.
Ranking at the top of every list for good governance and market freedoms, Singapore also holds the world’s ninth largest foreign exchange reserves. It has become a magnet for significant sums of southeast-Asian money looking for a home in the stable Singapore dollar.
The country has grown into a premier investment and business haven, comparable to Hong Kong, London, New York, or Tokyo. While Hong Kong sees itself as a financial gateway to expanding China, Singapore is the gateway to all of Southeast Asia. It enjoys a remarkably open and corruption-free environment, and offers stable prices.
It has the world’s fourth largest foreign exchange center and a number of companies with direct ties to Burma, Vietnam, Thailand, and other neighboring economies are listed on the Singapore Exchange, a convenient and lucrative way to invest in regional growth.
Because private Singaporean banks generally do not open bank accounts for U.S. citizens individually, an alternative is to open an account in the name of an offshore company or trust.
Private Singaporean banks will also work with an intermediary who submits account applications—although they do require account applicants to appear personally at their offices as part of the application process.
In 2010 "the world’s ultimate safe," as it has been called, opened in Singapore. It is home to a one-of-a-kind facility that perfectly typifies modern Singapore—a place with more gold, art, antique cars, and fine wines than nearly any other place in the world.
Armed guards patrol it 24 hours a day. State-of-the-art security systems with lasers detect the slightest motion. The systems are so advanced that the entire facility has been built to survive a major earthquake and even a plane crash.
It’s essentially a high-tech warehouse, spanning the length and width of five football fields, replete with seven-ton doors. The valuables—be they colored diamonds, gold bars, rare coins, or Monets—are stored in always-locked vaults with reinforced walls.
However, clients need only report what general category their collectables fall under, such as wine, art, cars, and the like.
Visiting is easy and private. The facility’s staff will pick you up by limousine at any time, day or night, from the nearby airport. Your anonymity is of the utmost importance.
Similar to renting a safety-deposit box at a bank, no one knows what items go into it. All you need to give is a code that indicates the broad nature of the item. There’s no value, no ownership, no inventory list.
To make sure nothing illegal passes through its doors, the facility has a security detail that ensures every item goes through cargo scanners. However, all the details are kept confidential.
Convenience and privacy, however, are only part of the attraction. If you have art or an antique car to sell, you could save big on taxes.
This is a tax-free zone, and any transactions that take place here are not subject to Singapore taxes or import duties of any kind. While U.S. citizens are subject to tax on their worldwide income, that is not the case in most other countries.
So, for a French citizen to sell a Picasso worth $10 million to a Hong Kong citizen, transferring the asset would be a legal and potentially significant tax-saving strategy.
And this is exactly why it has become such a hot-spot for those in the know.  To learn more visit International Living Postcards
The above article is sponsored by:
 

 

IRS Tips on Renting Your Vacation Home

A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may not have to report that income if the rental period is short.
In most cases, you can deduct expenses of renting your property. Your deduction may be limited if you also use the home as a residence.

Here are some tips from the IRS about this type of rental property.

• You usually report rental income and deductible rental expenses on Schedule E, Supplemental Income and Loss.
 
You may also be subject to paying Net Investment Income Tax on your rental income.
 
• If you personally use your property and sometimes rent it to others, special rules apply. You must divide your expenses between the rental use and the personal use. The number of days used for each purpose determines how to divide your costs.
 
Report deductible expenses for personal use on Schedule A, Itemized Deductions. These may include costs such as mortgage interest, property taxes and casualty losses.
 
• If the property is “used as a home,” your rental expense deduction is limited. This means your deduction for rental expenses can’t be more than the rent you received. For more about this rule, see Publication 527, Residential Rental Property (Including Rental of Vacation Homes).
 
• If the property is “used as a home” and you rent it out fewer than 15 days per year, you do not have to report the rental income.
 
Get Publication 527 for more details on this topic. It is available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Additional IRS Resources:
  • Publication 527, Residential Rental Property (Including Rental of Vacation Homes)
  • Tax Topic 415 - Renting Residential and Vacation Property

New Information Concerning the Affordable Care Act; IRS Form 720

All of us are becoming more familiar with the mandated Health Care Bill.  Below is information which arrived in my inbox this AM.  Not sure of all the particulars yet, will include in the blog, once I'm 100% sure of what is expected.

Patient-Centered Outcomes Research Institute Fee


The Affordable Care Act imposes a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans to help fund the Patient-Centered Outcomes Research Institute. The fee, required to be reported annually on the second quarter Form 720 and paid by its due date, July 31, is based on the average number of lives covered under the policy or plan.
The fee applies to policy or plan years ending on or after October 1, 2012, and before October 1, 2019.

To learn more visit this page on the IRS web site: Patient-Centered Outcomes Research Institute Fee

Thursday, July 25, 2013

Getting Your Tax Information in a Hurry

How to get your tax information, in a hurry,  when you're buying real estate.  If the escrow company waits on the IRS for the information, it could take a while.  Getting the information you need to close escrow can be speeded up by using the following suggestions.
 
 
***
 
How to Get a Transcript or Copy of a Prior Year Tax Return
 
There are many reasons why you should keep a copy of your federal tax return. For example, you may need it to answer an IRS inquiry. You may also need it to apply for a student loan or a home mortgage. If you can’t find your tax return, the IRS can provide a copy or give you a transcript of the tax information you need.

Here’s how to get your federal tax return information from the IRS:

1. Transcripts are free and you can get them for the current year and the past three years. In most cases, a transcript includes all the information you need.
 
2. A tax return transcript shows most line items from the tax return you originally filed. It also includes items from any accompanying forms and schedules you filed. It does not reflect any changes made after you filed your original return.
 
3. A tax account transcript shows any changes either you or the IRS made to your tax return after you filed it. This transcript includes your marital status, the type of return you filed, your adjusted gross income and taxable income.
 
4. You can get transcripts on the web, by phone or by mail. To request transcripts online, go to IRS.gov and use the Order a Transcript tool. To order by phone, call 800-908-9946 and follow the prompts.
 
5. To request a 1040, 1040A or 1040EZ tax return transcript by mail or fax, complete Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript. Businesses and individuals who need a tax account transcript should use Form 4506-T, Request for Transcript of Tax Return.
6. If you order online or by phone, you should receive your tax return transcript within five to 10 calendar days. You should allow 30 calendar days for delivery of a tax account transcript if you order by mail.
 
7. If you need an actual copy of a filed and processed tax return, it will cost $57 for each tax year. Complete Form 4506, Request for Copy of Tax Return, and mail it to the IRS address listed on the form for your area. Copies are generally available for the current year and past six years. Please allow 60 days for delivery.
 
8. If you live in a Presidentially declared disaster area, the IRS may waive the fee to obtain copies of your tax returns. Visit IRS.gov and select the ‘Disaster Relief’ link in the lower left corner of the page for more about IRS disaster assistance.
 
9. Forms 4506, 4506-T and 4506T-EZ are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Tuesday, July 23, 2013

Tax Tips from the IRS on Gambling Income and Losses

The bottom line is that you can write off your gambling loss to the amount of your gambling winnings.  Example if you won $1500 and you spent $2400 to win $1500; you can deduct $1500.  Below are the particulars on how to report your losses and winnings.
 
Tips on Gambling Income and Losses
 
Whether you roll the dice, play cards or bet on the ponies, all your winnings are taxable. The IRS offers these six tax tips for the casual gambler.

1. Gambling income includes winnings from lotteries, raffles, horse races and casinos. It also includes cash and the fair market value of prizes you receive, such as cars and trips.
 
2. If you win, you may receive a Form W-2G, Certain Gambling Winnings, from the payer. The form reports the amount of your winnings to you and the IRS. The payer issues the form depending on the type of gambling, the amount of winnings, and other factors. You’ll also receive a Form W-2G if the payer withholds federal income tax from your winnings.
 
3. You must report all your gambling winnings as income on your federal income tax return. This is true even if you do not receive a Form W-2G.
 
4. If you’re a casual gambler, report your winnings on the “Other Income” line of your Form 1040, U. S. Individual Income Tax Return.
 
5. You may deduct your gambling losses on Schedule A, Itemized Deductions. The deduction is limited to the amount of your winnings. You must report your winnings as income and claim your allowable losses separately. You cannot reduce your winnings by your losses and report the difference.
 
6. You must keep accurate records of your gambling activity. This includes items such as receipts, tickets or other documentation. You should also keep a diary or similar record of your activity. Your records should show your winnings separately from your losses.
 
To learn more about this topic, see Publication 525, Taxable and Nontaxable Income. Also, see Publication 529, Miscellaneous Deductions. Both are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Monday, July 22, 2013

IRS Tax Obligations, Small Business Owners, Payroll

Use the IRS Small Business Tax Calendar to Keep Up With Important Payroll Tax Dates (See link at end of article)   Even if you outsource your payroll duties, you are ultimately responsible for reporting your payroll tax information correctly.
 
 
Tips for Employers Who Outsource Payroll Duties
 
Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers and reporting agents. Reputable third-party payers can help employers streamline their business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax returns with state and federal authorities.

Though most of these businesses provide very good service, there are, unfortunately, some who do not have their clients’ best interests at heart. Over the past few months, a number of these individuals and companies around the country have been prosecuted for stealing funds intended for the payment of payroll taxes. Examples of these successful prosecutions can be found on IRS.gov.

Like employers who handle their own payroll duties, employers who outsource this function are still legally responsible for any and all payroll taxes due. This includes any federal income taxes withheld as well as both the employer and employee’s share of social security and Medicare taxes. This is true even if the employer forwards tax amounts to a PSP or RA to make the required deposits or payments. For an overview of how the duties and obligations of agents, reporting agents and payroll service providers differ from one another, see the Third Party Arrangement Chart on IRS.gov.
Here are some steps employers can take to protect themselves from unscrupulous third-party payers.
  • Enroll in the Electronic Federal Tax Payment System and make sure the PSP or RA uses EFTPS to make tax deposits. Available free from the Treasury Department, EFTPS gives employers safe and easy online access to their payment history when deposits are made under their Employer Identification Number, enabling them to monitor whether their third-party payer is properly carrying out their tax deposit responsibilities. It also gives them the option of making any missed deposits themselves, as well as paying other individual and business taxes electronically, either online or by phone. To enroll or for more information, call toll-free 800-555-4477or visit www.eftps.gov.

  • Refrain from substituting the third-party’s address for the employer’s address. Though employers are allowed to and have the option of making or agreeing to such a change, the IRS recommends that employer’s continue to use their own address as the address on record with the tax agency. Doing so ensures that the employer will continue to receive bills, notices and other account-related correspondence from the IRS. It also gives employers a way to monitor the third-party payer and easily spot any improper diversion of funds.

  • Contact the IRS about any bills or notices and do so as soon as possible. This is especially important if it involves a payment that the employer believes was made or should have been made by a third-party payer. Call the number on the bill, write to the IRS office that sent the bill, contact the IRS business tax hotline at 800-829-4933 or visit a local IRS office. See Receiving a Bill from the IRS on IRS.gov for more information.

  • For employers who choose to use a reporting agent, be aware of the special rules that apply to RAs. Among other things, reporting agents are generally required to use EFTPS and file payroll tax returns electronically. They are also required to provide employers with a written statement detailing the employer’s responsibilities including a reminder that the employer, not the reporting agent, is still legally required to timely file returns and pay any tax due. This statement must be provided upon entering into a contract with the employer and at least quarterly after that. See Reporting Agents File on IRS.gov for more information.

Thursday, July 18, 2013

Which Business Structure Will Save On Taxes? LLC, S Corporation or C Corporation?

Below are comparisons of different business structures for your new business.  This is an important decision and will determine how your business is taxes for the life of the business.  Avoiding double taxation is the most important element for many small business owners, however, eliminating or lowering liability is equally important.

When it comes to incorporating or forming an LLC, most small businesses tend to focus on one thing… taxes. FREE Business Structure Wizard  

If you decide you’re ready to incorporate your business, it’s natural to wonder what business structure will give you the best results tax-wise. Is there a way to pay less self-employment taxes? Will you be stuck with too much paperwork? What about “double taxation”?

It’s wise to consult with a tax advisor or accountant on the particulars of your own situation, but here are a few things to know about business structures and taxes:

The Sole Proprietor

Sole proprietors report their business income on their own personal tax returns (Schedule C). They also need to pay self-employment tax on the profit (Schedule SE). Note that self-employment tax rate for 2012 is set at 13.3% for the first $106,800.

Let’s say you’re a freelance graphic designer that’s operating as a sole proprietor in the U.S. If you earn $56,000 in profit with the business, you’ll need to pay taxes on the profit at your individual tax rate, in addition to paying self-employment taxes.

The Bottom Line:

The sole proprietorship is the simplest business structure and offers the lowest amount of legal formalities. However, it does not separate your personal finances from your business and does not offer any liability protection. Additionally, in some cases, sole proprietors end up paying more in taxes due to self-employment taxes. Sole proprietorships have some of the highest audit rates with the IRS. (Note from Admin:  When Form 1040 Schedule C tax returns are done correctly, it can lower the chances of an audit)

The C Corporation

A C Corporation is considered a separate business entity and files its own tax returns. Therefore, as a C Corporation owner, you’ll need to file both a personal tax return and a business tax return.

Let’s say you own a small digital media agency and formed a C Corporation for it. Your Corporation will first be taxed on its profits in its corporate tax return. Then, if you want to take that money home, you’ll need to distribute it to yourself (or any other shareholders) in the form of a dividend. These dividends will be taxed on your personal tax return at the qualifying dividend rate. This is what’s known as “Double Taxation” and can be pretty hefty for the small business.

The Bottom Line:

As you can see, double taxation can be a problem for a small business that is profitable and where the owner wants to put the profit in his or her wallet. However, the C Corporation can offer more flexibility and tax benefits in certain circumstances. For example, it can be a good structure if you want to invest the business’ profit to grow the business. Talk to your tax advisor before forming a C Corporation to make sure it’s the right entity for you.

The S Corporation

Small businesses often opt for the S Corporation in order to avoid double taxation. An S Corporation does not file its own taxes. Rather, company profits are “passed through” and reported on the personal income tax return of the shareholders.

S Corporation owners are taxed on the company profits based on the percentage of shares they own (for exForm an S-Corp and Benefit from Tax Advantages!

Example, if you own 50% of an S Corporation, you’ll be taxed on 50% of the profits). If S Corporation owners actively work in the business, the business must pay them a reasonable wage for whatever job they do. If you elect S Corporation Status for your corporation, your business itself will pay no income tax. If you work in the business, you need to pay yourself a reasonable wage for your job and these wages are subject to your personal income tax rate. Then if you decide to distribute the rest of the profits to yourself as a dividend, these will be taxed at the qualifying dividend rate. The

Bottom Line:

The S Corporation avoids the problem of double taxation, but still demands all the legal formalities of a Corporation. It can be beneficial for many small businesses, but there are some restrictions for who can form an S Corporation. An S Corp cannot have more than 100 shareholders. All S Corp shareholders must be individuals (not LLCs or partnerships) and legal residents of the United States.

The LLC

The Limited Liability Company (LLC) offers flexibility when it comes to federal tax treatment. That’s because the LLC is an entity created by the states. The IRS allows the LLC to be taxed as a corporation or sole proprietor, depending on what the LLC members choose.

For example, you can choose to structure your LLC as a single-member disregarded entity and it will be taxed like a sole proprietor. Or you can structure your LLC to be taxed like a C Corporation or S Corporation.

The Bottom Line:

The LLC can be a good choice for small business owners who want liability protection, without all the procedural formality associated with a Corporation. An LLC gives you flexibility in terms of taxation – but after forming an LLC don’t forget that you need to decide how your business should be taxed. Incorporate or Form an LLC in minutes.

In summary

There’s no single “right” business structure for every small business. What’s right for you will ultimately depend on your specific business needs, circumstances, and future plans. Discuss your particular situation with a trusted tax advisor or accountant in order to decide what business structure will give the best tax treatment for both you and your business.


IRS Cancels Next Employee Furlough Day

Washington, D.C. (July 16, 2013)
By Michael Cohn


The Internal Revenue Service told its employees and the union representing them Tuesday that it has taken various budget-related steps that will enable it to cancel the next planned unpaid furlough day for employees on Monday, July 22.

IRS employees already have undergone three such days, according to the National Treasury Employees Union.

“While I am concerned that this announcement comes so close to the planned furlough day, it is a positive development arising from our continuing discussions with the agency on furloughs,” said NTEU president Colleen M. Kelley in a statement. “We have been encouraging the agency, and working with it, in an effort to find savings sufficient to allow it to cancel employee furloughs. As we continue these discussions, we will be pressing for cancellation of the fifth and final planned furlough day, on August 30.”

Kelley added that the NTEU is also pleased that the IRS has embraced the union’s recommendation to allow employees to use unscheduled leave next Monday. She emphasized that the IRS will be open for business next Monday. It was closed to the public on the three furlough days (see IRS Closed Friday Due to Budget Cuts and Sequester).

“Dealing with tax matters is a year-round business, not just during the traditional tax-filing season,” Kelley said. “Whether you have an estate issue, want to know about filing an amended return, are dealing with the growing crime of identity theft or have any of a number of tax-related questions or issues, the IRS needs to be open for America’s taxpayers,” she said. “Closing it is not just unprecedented, it is damage caused by the foolhardy policy of sequestration.”

The NTEU noted that it is still in talks with the IRS about the payment of awards earned by employees for performance in 2012. NTEU earlier had rejected the suggestion from senior IRS leaders that canceling furlough days was contingent upon not paying performance awards. NTEU believes both objectives can be reached.

Last week, IRS principal deputy commissioner Danny Werfel emailed an internal memo to IRS staff saying he hopes to eliminate the estimated $70 million in bonuses this year for IRS employees because of automatic spending cuts imposed by the budget sequester.

According to the Washington Post, Werfel said he had directed senior staff members at the IRS to come up with ways to eliminate the performance awards even though the IRS has collective bargaining agreements with the NTEU guaranteeing the bonuses if certain conditions are met.
“It is my intention to continue to pursue eliminating award payouts this year to bargaining unit employees,” Werfel said in the memo, according to Fox News. “This approach is consistent with government-wide policy, which requires suspension of awards during sequestration to the extent appropriate legal procedures are complied with.”

Wednesday, July 17, 2013

Investment Tip? Hyperloop Tubes Zero to 4,000 Miles Per Hour in 3 Minutes!


Remember how I’m always telling readers that anytime an industry is displaced that there will always be that select group who will make billions!  Well it may be happening again and with one of the largest industries on earth.  There is a new fast speed rail system that was introduced at the D-11 Conference in May of 2013.  This new Hyperloop Tube can enables a tube like transportation system which goes from zero to 4,000 miles in 3 minutes.  This means you can travel from New York to Los Angeles in under an hour.
Just image a high-speed ski lift which is enclosed and travels through a tube, unobstructed.  You can check out the entire story here. Hyperloop Tube

Note:  I don’t have to tell you that investing in this idea may be a good idea.  Of course, I don’t believe air travel will go away anytime soon, but when you have a massive plan like this which will save travelers time (which is money) you invest for your children so they can take care of you in luxury during your old age.

Friday, July 12, 2013

Health Insurance on Delay for Employers, Official Notice from the IRS

Washington, D.C. (July 11, 2013)
By Michael Cohn

The Internal Revenue Service has issued a formal notice that officially delays the employer shared responsibility provisions of the Affordable Care Act, also known as the employer mandate, for a year and postpones the information reporting requirements.
 
The White House and the Treasury Department posted announcements about the delay last week on blogs (see Obama Administration Delays Employer Mandate for Affordable Care Act). But the new Notice 2013-45 from the IRS formalizes and further explains the transition relief.

The announcement gives larger employers an additional year to comply with the health care reform law. The requirements will instead begin in January 2015 for employers with 50 or more full-time employees (or the equivalent in full- and part-time employees) to offer quality affordable health insurance to employees or face a $2,000 fine per employee if the employee receives a premium tax credit for purchasing individual coverage on one of the upcoming health insurance exchanges.

The IRS said in the notice that the transition relief will provide additional time for input from employers and other reporting entities in an effort to simplify information reporting consistent with effective implementation of the law. “This transition relief also is intended to provide employers, insurers, and other providers of minimum essential coverage time to adapt their health coverage and reporting systems,” said the IRS. “Both the information reporting and the Employer Shared Responsibility Provisions will be fully effective for 2015. In preparation for that, once the information reporting rules have been issued, employers and other reporting entities are encouraged to voluntarily comply with the information reporting provisions for 2014.”

The Obama administration emphasized that the delay came in response to demands from businesses to provide more time to adjust to the new requirements.

The IRS added that the transition relief through 2014 for the information reporting and Employer Shared Responsibility Provisions has no effect on the effective date or application of other Affordable Care Act provisions.

The Obama administration still plans to open the health insurance exchanges, or marketplaces, on Oct. 1. It recently shortened the 21-page application for health insurance into a three-page application to make it easier for taxpayers to apply for coverage. House Republicans have introduced legislation once again to try to repeal the Affordable Care Act and have begun pushing the Obama administration to delay the individual mandate for buying health insurance now that the employer mandate has been delayed.

Thursday, July 11, 2013

SEO Tip 003; Commitment to Keywords; Keywords in the Description


 
“A Description” tells the search engine what your web page is about. You have to make your description easy for the search engine to understand and interesting enough for visitors to want to know more.

 A description is part of a web page''s Meta Tag; which is located between the open and closing head tags on a web page. These tags aare NOT seen when you view the page, however the Title and Description are seen in the Search Engines when you search for a keyword. For this reason, your Title and your Description are important.  "The Google allows around 150 spaces for the description.  The description should include your keywords in the first sentence.
 
 
Example of What Meta Tags Look Like:
 
Free SEO Tools<title>Free SEO Tools



Example of What the Title and the Description Look Like in the Search Engine:
 
seoworkinprogress.com/
Make your web site a small city. Get visitors, easy, fast, affordable, reliable ..............
 
***
 

Even when you use professional SEO Software,  you need to clearly understand what your keywords are.  Keywords in the domain name; keywords in the page title; keywords in the description all show a commitment to a keyword(s).  Certainly when you have your keyword in H1 (Heading; size 1) as the beginning text on your web page, and when your content furthers your commitment to your keyword(s), you have in the mind of the search engines, a commitment to your keyword(s).  This is the first and most important steps in the Search Engine Optimization process.

See that wasn't so hard.  Yes, SEO is complex, but when you expand your learning curve, a little each day, the curve becomes easier and more understandable.  Keywords are the foundation for your web site, get it wrong and everything will be off track.

Think of your keyword(s) as your significant other.  Show continued commitment and loyality to your keyword(s) and they will out-perform your competitors for selected keywords in time.  Each of your web pages within your web site are ranked independent of each other.  This gives each of your pages a fair shot at out ranking competitors.

When using professional SEO software, always keep in mind that Google deliberately doesn't allow third parties accesses to certain information about your site, or any one's site.  Some things "the Google" keeps private.  Ranking high in the search engines is a science, which operates based on a formula.  Each SEO tip that I include within this blog is a part of that formula which has over 200 different factors.

To get a better understanding of how to find out more about your keywords, use the free SEO tools on www.seoworkinprogress.com .  Also take a look at the SEO web hosting, by Hostgator. 



How to Protect Your Tax Records from Hurricans, Tornadoes and Floods


Unfortunately, when there is a natural disaster, taxpayers often times lose major tax write-offs, mostly because they don't remember a lot of their small to medium size deductions after hard copies of transactions are lost in a natural disaster.

It's a major event when mother nature intrudes into your life and takes the roof off your home, or the flood waters rise to your knees in a place you always thought of as safe and comforting.  When tax season comes, remembering each and every little deductions becomes secondary in your life.  This is unfortunate because taxpayers who are recovering from a natural disaster often times end-up with a distorted tax return.

The IRS says to keep your information on a CD or a DVD.  The question is, what happens when the CDs or DVDs are loss in the natural disaster as well?  The best solution, especially if you are a small business owner is to use an Online service like QuickBooks, or to have your computer files backed-up by an online service.  You can also use a service like PayPal which will keep records for each and every transaction for you.  PayPal even has credit cards (debit cards) for offline purchases.

(Note:  You can try Quickbooks Online - Choose the plan that's Best for your Business Today! Try Now FREE for 30 Days! )

Below are suggestions from the IRS on how to keep your tax and financial records safe in case of a natural disaster.

***

Hurricanes, tornadoes, floods and other natural disasters are more common in the summer. The IRS encourages you to take a few simple steps to protect your tax and financial records in case a disaster strikes.

Here are five tips from the IRS to help you protect your important records:

1. Backup Records Electronically. Keep an extra set of electronic records in a safe place away from where you store the originals. You can use an external hard drive, CD or DVD to store the most important records. You can take these with you to keep your copies safe. You may want to store items such as bank statements, tax returns and insurance policies.
 
2. Document Valuables. Take pictures or videotape the contents of your home or place of business. These may help you prove the value of your lost items for insurance claims and casualty loss deductions. Publication 584, Casualty, Disaster and Theft Loss Workbook, can help you determine your loss if a disaster strikes.
 
3. Update Emergency Plans. Review your emergency plans every year. You may need to update them if your personal or business situation changes.
 
4. Get Copies of Tax Returns or Transcripts. Visit IRS.gov to get Form 4506, Request for Copy of Tax Return, to replace lost or destroyed tax returns. If you just need information from your return, you can order a transcript online.
 
5. Count on the IRS. The IRS has a Disaster Hotline to help people with tax issues after a disaster. Call the IRS at 1-866-562-5227 to speak with a specialist trained to handle disaster-related tax issues.
 
In the event of a disaster, the IRS stands ready to help. Visit IRS.gov to get more information about IRS disaster assistance. Click on the “Disaster Relief” link in the lower left corner of the home page. You can also get forms and publications anytime at IRS.gov or order them by calling 800-TAX-FORM (800-829-3676).

Wednesday, July 10, 2013

The IRS's Form 2555 is Worth Over $95,000 in Tax-Free Income

There is a reason most Americans have never heard of the IRS Form 2555.  The reason is simple.  The Form is actually worth, in 2013, over $95,000 in excluded income.  Yes, as with most tax laws there are stipulations, considerations and rules.  But the bottom line is that millions of Americans are living tax-free in exotic destinations around the world.

The new book; Tax Loopholes, Tax-Free Living & Retirement explains, in every day language how taxpayers are able to live tax-free, with the IRS's blessings. 

It is necessary to complete a two-step plan in order to protect one's company and personal income.  The book, with was published in the Kindle Store of Amazon explains the entire process.

Millions of Americans complain about the foreign income tax loophole, and perhaps with good reason.  But before you join the crow of disgruntled taxpayers who are upset because the rich understand how to manipulate the tax codes, take a look at how they do what they do, then decide.

Tuesday, July 9, 2013

Kindle Free Days; Tax Loopholes Tax-Free Living & Retirement

Download for free the new book:  Tax Loopholes, Tax-Free Living & Retirement in the Kindle Store on Amazon.com.  Free Days:  July 10th to July 14, 2013.

Tax Evasion is illegal. Tax Avoidance is NOT. This book explains in detail what hundreds of thousands of Americans have done, legally, for decades. This book will show you how U.S. taxpayers, combine the Earned Income Exclusion and Offshore Corporation(s), with the IRS’s blessings, to legally lower or eliminate, their U.S. tax liabilities. The book uses easy to understand language and explains the details and the overall picture which allows U.S. taxpayers to use the IRS Form 2555 to legally eliminate their income taxes. The IRS, of course, has the final say on all Form 2555 elections. This book will explain the tax law and the hurdle(s) one must jump to live a tax-free life,in easy, every day language.

Some would say this isn’t honest or fair. You may be correct. However, let’s explore how it’s done before we join millions of citizens in protest over these tax laws.

Believe it or not, there is such a thing as a tax-free retirement, and more and more Americans are taking advantage of these tax loopholes each year. It’s called the Foreign Earned Income Exclusion, FEIE for short. At the time of publishing the maximum exclusion is $97,600 for 2013 for each taxpayer. The amount of the exclusion increases each year based on inflation. (Exclusion means that you pay zero taxes on that amount)

So what is this retirement tax loophole that nobody’s talking about?

The United States taxes all taxpayers on their worldwide income. This is a fact, this is the law. However, taxpayers who live and work OUTSIDE of the United States can possibly qualify for the Foreign Earned Income Exclusion. Before you close your mind to living and or working offshore, take a look at the facts and understand why so many Americans are making the necessary adjustment, to take advantage of this opportunity.

Regardless if you move offshore or stay in the United States, you can use this book to lower your taxes each year and live a tax-free life or a tax-free retirement. Is it ethical? You be the judge.

First you should realize that Form 2555 Election has been going on for years. It wasn’t until millions of Americans experienced a loss in their retirement funds, due to the recent down-turn in the economy, that the FEIE became so important and popular.

Millions of baby-boomers are now at retirement age. For many Americans, their retirement nest-egg, disseminated right before their eyes..............find book here

Monday, July 8, 2013

Tax Planning in July, What to Do, What to Watch Out For

I know, you just filed your taxes, or worst you have applied for an extension and plan to file by October 15th of this year for 2012.

The truth is, savvy taxpayers are planning for their 2013 tax year now.  Here  is a list of task they complete in order to fine tune their taxes for the coming year:

1.  They have a copy of their last pay check stub in June of 2012.  They will visit either Forbes article and links to tax calculator, or the IRS tax calculator web site and put in the necessary information to determine if they will owe taxes or will receive a refund.

2.  They will input their 2013 tax information into their 2012 tax software to get a solid idea of what they will be up against in 2013.  They will remember that they are using the tax tables for 2012.  They ALSO will remember that Congress may make some last minute tax changes towards the end of the year.

3.  They will try to leave an opening to respond to last minute tax law changes.  (Like giving more to charity or paying a second or third mortgage payment in December, which will increase their mortgage interest for the year.

4.  If they are expecting a new baby in the family, they will check with the doctor to be sure the kid will arrive prior to December 31st!  If the doctor said twins, they will will want to make twice as sure of the delivery date!

5.  If they haven't purchased a home, and their tax planning show an amount owed, then they are making the necessary arrangements to purchase property ASAP

6.  If they have stock that hasn't moved in recent years, and they aren't even sure that the company is still in existence, they will want to prepare to take a lost on the stock.  If they are concerned about a stock that has no possibility of recovering, then they will sell the stock now, to be sure that they get at least a $3000 loss. 

7. They are eyeing certain furniture, clothing and household items that they can truck over to the Goodwill and get a written receipt for the donation.  Of course they are also shopping for the replacement of the furniture, clothing and household items.

8.  They are looking at qualified exempt organizations, which they can write a check (cash) and receive confirmation in writing. 

9.  They actually spend an evening doing "what ifs" to determine if it might be better to turn in the car and lease a car in the business name.  If they don't have a business, yet they have a large write-off in miles driven for work, they are reviewing all of the possibilities to get the largest tax write off.

10.  Most importantly, they are making sure that they don't trigger the AMT (Alternative Minimum Tax) on their 2013 tax-return.  You can learn more about the AMT tax by visiting the IRS web site; AMT Tax.  In summary the AMT  tax is imposed at a nearly flat rate on an adjusted amount of taxable income above a certain threshold.  It can get a little complicated.  If you trigger this tax, contact an experienced tax professional to help determine what you can do to try and avoid the tax.
(Line 45 Form 1040; 2012; Form 6251)

If you are set to earn over $250,000 in 2013, this article won't do you much good, it is highly recommended that you contact your CPA, immediately.

Keywords in Title Tag; Google's Ranking Factors

We must say thank you to Broad Vision Marketing dot com for putting out such a great report on Google's important ranking factors.

With that being said, lets move on to today's information.  Keywords in the "title tag" are important in ranking.  Title tags that start with a keyword are more valuable than tag titles with the keyword at the end of the tag.

It's safe to say that your title tags will serve you better if you try to always place your keywords as the first, or maybe second word in your page"title tags"

If you had to ask yourself what is a "title tag" then it's safe for me to say that you may need a little more hep then just reading a blog to learn more about SEO.  No problem, you're not alone.  There are software programs which can tell you EXACTLY what you need to do to rank higher in the search engines.  In fact these software programs are what I call "SEO smart" they even tell you what your competitors are doing, that you aren't doing.

If SEO isn't your cup of tea, then you might want to check out IBusinessPromotor.  This is the only SEO software that guarantees success.  I must tell you that the task you have to complete in order to get a refund on the software will, in fact, put your site on the fast track to first page placement for select keywords.

This goes to show you that Google's ranking formula, is just that, a formula.  And when you plug in the necessary task to promote your site, it's only a matter of time before you will begin to major results.

PS:  A title tag is the main text that describes an online document. It is the second most important on–page SEO element (the most important being overall content), and appears in three key places: browsers, search engine results pages, and external websites.  (Google allows 70 characters for a title tag)  You can use the free SEO tools at SEO Work in Progress to learn more about your site.

Sunday, July 7, 2013

Three Major Ways to Build Back-links Which Count

1.  Directories
2.  e-Press Releases
3.  Social Media

The summary of all three of the above SEO techniques can take your website from zero back-links to hundreds of thousands of back-links in a short period of time.  (DeVry graduate here)

To find your starting point, go to: http://google.com ; put in these words:  links:  your website name or nick name ; click on search ; at the top of the search you will see the number of back-links  Google has for your site and, or your site's nick name.

Now do the same for your blog. 

Now do your biggest competitor's website. 

Notice how many more links they have then you?  This is because they have spent, time, effort and perhaps even money to build their back-links.  You must do the same.  Not to worry, this won't happen over-night.  In fact give yourself 9 to 12 months.  Don't put pressure on yourself.  Why?  Stress can make you ill, and 2) the search engines sometimes don't work that fast.  Search Engines have more pages to index then they have seconds in a day.  The name of the game for you is patients. 

Submitting your website to Directories is one of the best and fastest ways to create hundreds to thousands of quality back-links.

The best way to do this is to automate the process.  And this can be done by using reliable, accountable and affordable online services.  If you need help in determining your site's position in the search engines you can use the SEO Work in Progress free tools to help you gain more information on your site and your site's performance.

Friday, July 5, 2013

Keywords in the Domain Name; How Do They Rank

Understand the significance of having your keyword in your domain name;  It's important.  And even more interesting is that if your keyword in your domain name is the first word of in the domain name you get better traction with "the Google".

However, it's also clear that sites which don't meet certain standards, won't rank high, even if they have exact keywords in the domain name. 

For tips on how "the Google" ranks sites, stay tuned to this blog, I'll discuss them one by one.  It could take well over a year.

If you're interested in an overall method of Internet Marketing skills, you may want to pick up my book on Amazon:  Profits in Niche Websites, Monthly Income
,
Ups. also know that when you order a domain name with a country designation, your site can rank higher for that particular country, but may limit its ranking in other countries.  So keep this in mind when ordering domain names with country destinations.  (Note:  We think its better to stick with a dot com)

If you want to use our free SEO tools, please find them at SEO Work in Progress.  We are more than happy to help enlighten web site owners on the status of their web sites.

Thursday, July 4, 2013

Free Days for Kindle Book: Profits in Niche Websites, Monthly Income



Profits in Niche Websites, Monthly Income.  Free in Amazon's Kindle Store from July 4th to July 7th.  Down load using the free-app for desk-top or laptop computers, or download onto your e-Reader.  Either way the book is free for 4 days.  Happy 4th of July week-end.

Niche websites do very well online. Classified ad niche sites do even better.

Niche Classified Ad Sites are rare, yet they have ALL the components necessary to rank high in the search engines. Niche websites have very little competition and high income potential. Niche classified is a great home-based business idea. Classified Ad sites can solve problems for visitors, offer solutions and provides information.

Don't know how to build a website? No problem.

I'll show you how to have your site up and running with-in 48 hours. No HTML codes necessary. Don't know how to market an online website online? I'll take you through each step that I use to make my classified ad site more popular.

Tax Loopholes, Tax-Free Living and Retirement, by C. Ingraham, RTRP

 

Linking for SEO Purposes; Video; Information

When I'm not writing books on tax loopholes and tax-free retirement, I am studying the art of Search Engine Optimization.  I am happy to report that one of the sites which I manage T360 Travel Classifieds generated over 1 million hits in half a year.  (This means the site is becoming more popular)  I explained how I did it in a book which is now published in the Kindle Store of Amazon.  Profits in Niche Websites, Montly Income. 

This morning, I finally opened my email from Website Magazine, this is a great online website which I have read from several years to help stay on top of the changes in Internet Marketing.  Below is the information from this very important article.

***

When building a new site or creating new content, the notion of external linking is often a matter of concern for search engine optimization professionals. If there's a best practice when it comes to external linking, particularly for bloggers, the answer is this - be considerate of those reading your material.

In a new video from Google's Matt Cutts, the question of best practices for external linking was raised and the answer from Cutts seemed an honest and reasonable one. Publishers, according to Cutts, should give credit to the primary source when producing content on their sites. Cutts also indicated that it should be best practice to include links at the beginning of a post/article so as not to force the user to seek out the original source of information - essentially, don't make website visitors work hard than they have to in order to locate information. -



Wednesday, July 3, 2013

Tax Tips for Starting a Business; Free Business Structure Wizard

If you're planning on starting a business, the IRS has releases an announcement, which will help you with your business structure.  To receive even more help, you can use the FREE Business Structure Wizard  to help you decide the best business structure which will yield the best tax advantages for you. 
 
Tax Tips if You’re Starting a Business
 
If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal tax responsibilities. Here are five basic tips from the IRS that can help you get started.

1. Type of Business. Early on, you will need to decide the type of business you are going to establish. The most common types are sole proprietorship, partnership, corporation, S corporation and Limited Liability Company. Each type reports its business activity on a different federal tax form.
 
2. Types of Taxes. The type of business you run usually determines the type of taxes you pay. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax.
 
3. Employer Identification Number. A business often needs to get a federal EIN for tax purposes. Check IRS.gov to find out whether you need this number. If you do, you can apply for an EIN online.
 
4. Recordkeeping. Keeping good records will help you when it’s time to file your business tax forms at the end of the year. They help track deductible expenses and support all the items you report on your tax return. Good records will also help you monitor your business’ progress and prepare your financial statements. You may choose any recordkeeping system that clearly shows your income and expenses.
 
5. Accounting Method. Each taxpayer must also use a consistent accounting method, which is a set of rules that determine when to report income and expenses. The most common are the cash method and accrual method. Under the cash method, you normally report income in the year you receive it and deduct expenses in the year you pay them. Under the accrual method, you generally report income in the year you earn it and deduct expenses in the year you incur them. This is true even if you receive the income or pay the expenses in a future year.

For more information, check out the “Business Taxes” page on IRS.gov. From there, review the special section on Starting a Business. Publication 583, Starting a Business and Keeping Records, may also help new business owners with the tax aspects of running a business. The booklet is also available on IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Additional IRS Resources:

Monday, July 1, 2013

Beware if Your New Spouse Owes the IRS; Tips for Newlyweds

Below is an Announcement from the IRS concerning tax tips for newlyweds.  Know that if you are marring a person who has tax problems of any kind, once you notify the IRS that you are married filing jointly, the IRS can levy your personal bank accounts because of your spouse's tax debts.  Be very sure that your new spouse is free and clear of any tax liabilities before notifying the IRS that you are married.
 
What if what they owed the IRS happened years ago, doesn't matter.  It should matter, and it's suppose to matter, but once the IRS has the money, good luck with getting it back!
 
 
Tax Tips for Newlyweds
 
Late spring and early summer are popular times for weddings. Whatever the season, a change in your marital status can affect your taxes. Here are several tips from the IRS for newlyweds.
  • It’s important that the names and Social Security numbers that you put on your tax return match your Social Security Administration records. If you’ve changed your name, report the change to the SSA. To do that, file Form SS-5, Application for a Social Security Card. You can get this form on their website at SSA.gov, by calling 800-772-1213 or by visiting your local SSA office.

  • If your address has changed, file Form 8822, Change of Address to notify the IRS. You should also notify the U.S. Postal Service if your address has changed. You can ask to have your mail forwarded online at USPS.com or report the change at your local post office.

  • If you work, report your name or address change to your employer. This will help to ensure that you receive your Form W-2, Wage and Tax Statement, after the end of the year.

  • If you and your spouse both work, you should check the amount of federal income tax withheld from your pay. Your combined incomes may move you into a higher tax bracket. Use the IRS Withholding Calculator tool at IRS.gov to help you complete a new Form W-4, Employee's Withholding Allowance Certificate. See Publication 505, Tax Withholding and Estimated Tax, for more information.

  • If you didn’t qualify to itemize deductions before you were married, that may have changed. You and your spouse may save money by itemizing rather than taking the standard deduction on your tax return. You’ll need to use Form 1040 with Schedule A, Itemized Deductions. You can’t use Form 1040A or 1040EZ when you itemize.

  • If you are married as of Dec. 31, that’s your marital status for the entire year for tax purposes. You and your spouse usually may choose to file your federal income tax return either jointly or separately in any given year. You may want to figure the tax both ways to determine which filing status results in the lowest tax. In most cases, it’s beneficial to file jointly.
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