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Ways to Make Money as a Tax Preparer

Tax Tips for People Who Come Into Unexpected Money

Tax tips and Unexpected Income

By Tim Frye

Sometimes there are occasions in life when God shines his light down on you and showers you with riches. Or just a fat legal settlement. Or a huge lottery ticket. Or a gambling windfall. Before the recipient of this money goes manic, it may be wise to think about the fact that there will still be federal and state income due on that money in the majority of cases. So don’t go spending all that money in one place. Uncle Sam awaits. And he wants his cut. Here are some tax tips for dealing with income tax when you come into unexpected money.

Top Questions for Tax Preparers to Ask to Avoid Audit of Their Self-employed Clients

Top Questions for Tax Preparers to Ask to Avoid Audit of Their Self-employed Clients

By Tim Frye

When you are preparing a client's taxes, one of the main snags you want to avoid is raising a red flag in regards to the client, especially if they are a self-employed business owner.  There are certain questions that you need to ask of your client, and certain information you need to gather in order to help the taxpayer avoid an IRS audit.  This article will examine the key questions that can be

asked by the preparer and his or her client in order to understand the self-employed situations that can cause an IRS audit.

Can a Married Taxpayer Claim Head of Household?

Married and Claiming Head of Household

By Tim Frye

Taxpayers have many questions when it comes to the confounding tax code and its endless complexities.  Indeed, this is why CPAs make such a good living, because, really, who wants to spend every day immersed in such madness.  One question people often ask is if they can claim file separate from their spouse and still claim Head of Household on their taxes.  With swift brevity the answer on its face is a big fat NO.  Taxpayers who are married by the last day of the tax year are required by the IRS to either file Married Filing Jointly or Married Filing Separately.  There is one way in which a married taxpayer can file separately from their spouse and one or both of them can claim Head of Household, and that is what will be explained here.

Has the Business Use of Home Tax Credit Changed for 2013?

Home Use of Office

By Tim Frye

Change is part of life, and the tax code is definitely no different.  In fact the code seems to require more upkeep and see more change to its parts than a jaguar on its last leg.  For 2013 one of the major changes to the tax deduction portion of the code is the alteration made to the popular business use of home deduction available to those self-employed taxpayers who use a home office as their principal place of business.  It enables the small business owner to essentially write off a portion of the home's expense as a business deduction.  In 2013 the credit has been simplified but has seen significant change.  Let's discuss the new attributes of the Business Use of Home Deduction.

Can Gay Couples Now File Married Filing Jointly?

By Tim Frye

The world is changing rapidly every day.  It seems that civility is becoming more routine.  Minority groups are being treated much more fairly than in years past, and one minority group that is now having its rights recognized is the same sex couple.  For tax purposes in 2013, same sex couples who are legally married will be allowed to file married jointly on their federal tax return.  This decision comes from the overturning of the 1996 Defense of Marriage Act of 2013. This article will describe in detail how same sex couples can now file married filing jointly on the federal level, regardless of state provisions on this matter.  

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