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Tax InformationTax Records - What You Should Keep And For How LongMany taxpayers are confused about how long they should keep tax records. The term "tax records" refers to your tax returns and the documents that support the information in the returns. These documents can include receipts, bank statements, 1099s, etc. If you are one of the unlucky few to be audited, these records will be vital to fending off the IRS. How to Cut Duty Cost and Increase Profit as an ImporterImport duties continue to be significant elements in the cost of international trade. Yet many companies and businesses still pay more duties than the law requires ? which impacts adversely on landed cost and ultimately on business profitability. A planned approach to managing customs duty costs would look to eliminate, reduce and delay payment of customs duties. Tax Trap #1 -- Waiting to Incorporate: What A Difference A Date Can MakeNOTE: This is the first in a series of 5 articles:"Small Business Tax Traps and How To Avoid Them" Tax Trap #2 -- Double Taxation: Isnt Once Enough?Have you been thinking about incorporating your smallbusiness or self-employment activity? The advantagesare many! Tax Trap #3 -- IRS Penalties, Interest and Love LettersAs a small business owner or self-employed person,one of the easiest ways to keep Uncle Sam off your backand out of your life is to file your forms, payments andother paperwork on time. Tax Trap #4 -- The Quagmire of DepreciationIf you are a Small Business Owner or Self-Employed Person,there's one especially lucrative tax break that not onlyputs money in your pocket, it also makes the filing ofyour business tax return much simpler. Tax Trap #5 -- Ignoring The IRS (and the 5 best ways to contact them!)We all love to criticize the IRS, don't we? And I'mjust as guilty as anyone. It's easy to ridicule a hugeorganization of government bureaucrats who often seemto be Public Enemy #1. How To Get An Extension To File Your Business Tax ReturnsYes, the tax season is upon with the first filing date for some businesses being March 15, 2005. If you can?t imagine getting your tax returns together by that date, you need not worry. The IRS automatically gives you an extension if your file the appropriate form. As you might expect, there are different forms for different businesses. How to Check the Status of Your Tax Refund OnlineSo, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The question for most taxpayers expecting a return is, "Where is my refund?" The Internet Tax Man ComethQ: I was contacted by the city tax collector to say that my business is scheduled to be audited to see if I owe sales tax on items purchased on the Internet. Can they really make me pay sales tax on internet purchase? I thought you could buy things online tax free? -- Charlie B. Tax Time Tune UpExcerpted from the new book, ?How to Do Space Age Work with a Stone Age Brain? TM The Seven Deadly Tax Sins: Commonly Missed DeductionsIt's that time again, the April 15 tax deadline is looming large. If youre like most people, you havent gathered all of your tax records, let alone filled your return. How To Claim CHILD TAX CREDIT The Right Way And Add An Extra $2,000 To Your RefundThe U.S. Department of Agriculture estimates that it costs nearly $15,000.00 a year for a middle-class family to raise a child born in 2002 to age 17 (without adjustment for inflation). In recognition of this cots, you can claim a tax credit each year until your child reaches the ago of 17. The credit is currently up to $1,000.00 per child. This credit is in addition to the dependency exemption for the child. Are You An Innocent Victim of These Popular Myths?Misconceptions, misinterpretations and just plain ?untruths? are floating about income taxes. Believing them could be costing thousands of tax dollars! The Implications of Income Tax Charge on Estate PlanningOverview
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