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Tax News
Real Estate InvestorThe owner of one office building who holds it for investment (rather than for sale in the ordinary course of business) is not a real estate dealer, but a real estate investor. If the only tenant services provided are heat, light, water, and trash collection, report the rental income and expenses on Schedule E. The activity is not a Schedule C business subject to self-employment tax.
Abandonment Of Leasehold ImprovementsUpon the termination of a lease, the adjusted basis of a lessee's leasehold improvements that are abandoned may be claimed as a loss. For dispositions after June 12, 1996, a lessor may follow the rule applied to lessees if the improvements are irrevocably disposed of or abandoned at the termination of the lease. The lessor may recognize loss for the remaining adjusted basis of the improvements.
Trader In SecuritiesIf you are a trader in securities (30.16), gains or losses from your trading business are not subject to self-employment tax.
Interim Report - TaxACT 2006 Announces Faster Growth Than The Market2nd Story Software®, Inc., developers of TaxACT® software, recognized by critics and users alike as being America's #1 value-priced tax preparation software, reports continued growth at a rate faster than the growth of the general consumer tax preparation software industry. As a trusted and secure source for tax preparation and electronic filing services for millions of taxpayers, TaxACT continues to demonstrate that its unique and unprecedented completely free tax software offer is gaining acceptance by an increasing number of users who opt to e-file their federal income tax return.
Too Good To Be TrueIf you claim a deduction, credit, or exclusion on your return that would seem to a reasonable person to be too good to be true under the circumstances, the IRS is likely to consider you negligent unless you show you made an attempt to verify the correctness of the position.
TaxACT 2006 Tax Season Wrap Up : TaxACT Continues To Grow Nearly Twice The Rate Of The Market2nd Story Software®, Inc., developers of TaxACT® software, recognized by critics and users alike as being America's #1 value-priced tax preparation software, reports continued growth at a rate faster than the growth of the general consumer tax preparation software industry. As a trusted and secure source for tax preparation and electronic filing services for millions of taxpayers, TaxACT continues to demonstrate that its unique and unprecedented completely free tax software offer is gaining acceptance by an increasing number of users who opt to e-file their federal income tax return. As of April 19, 2007, year-to-date 2,923,533 taxpayers have completed e-filing their own federal tax return using TaxACT. This is up from 2,450,849 e-filed returns for the same period the year before, and this represents a 19.29% growth year-over-year. At the same time, IRS data indicates that a total of 21,834,967 taxpayers have completed e-filing their own federal returns, up 10.62% over the prior year. This market share growth is a continuation of the tremendous growth TaxACT experienced in 2006, when the number of consumer-prepared federal tax returns e-filed using TaxACT grew to 2,520,742 returns, an increase of 62.7% over the previous year, as compared to total market growth of 18.9%.
Tax Articles
Do You Need to File a Federal Income Tax Return?
Many people will file a 2005 Federal income tax return even though the income on the return was below the filing requirement. Even if you do not have to file a return, you should file one to get a refund...
Claiming Educational Expenses on Your Return
Generally, employees must complete Form 2106, Employee Business Expenses or Form 2106-EZ, Unreimbursed Employee Business Expenses, when job-related educational expenses are involved. Educational expenses...
Alimony and Your Federal Taxes
Alimony, according to the IRS, is the payment to or for a spouse or former spouse under a divorce or separation agreement. It does not include voluntary payments that are not made under a divorce or...
Extensions of Time To File
You may be able to get an extension of time to file your return. Special rules apply for those who were: outside the United States, or serving in a combat zone. If you cannot file your 2005 return by...
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