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Chintamani - Articles Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of personal finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax.
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 Operating business from home? Mind IRS requirementsIf you operate your business from home, there is absolutely no objection from IRS. However while scrutinizing your tax return, IRS is a bit suspicious. You need to have ready satisfying answers to the usual queries IRS raises on such businesses. Year-end tax strategies for small business ownersIt is necessary to keep constant watch on the business transactions during the year from tax angle. However there are some specific tax-saving strategies which can be applied at the end of the year. They can be very useful for reducing your tax liability. Final income tax formalities for a diseased taxpayerOn the death of a taxpayer, IRS requires income tax formalities to be completed by the survivors. Though the procedure is straightforward, there are some specific provisions which need attention. Precautions while hiring independent contractorsThe trouble of handling payroll taxes is really testing the patience of a small business owner. The better way of doing business is hiring an independent contractor. However some precautions need to be taken keeping in view the stringent IRS scrutiny. How to claim the recovery rebate creditTo jumpstart the economy and to create jobs, recovery rebate credit is introduced for 2008 tax returns. The IRS has observed that about 15 per cent of the taxpayers who have already filed their returns have made mistakes while claiming this credit. It is important to understand the basics in order to claim this benefit. Planning for losses under section 1244If you are the owner of S or C Corporation, a unique decision taken at the first board meeting will have far reaching consequences on your tax liabilities. You can offset your normal income against your capital loss! Bartering and Income taxIn these tough economic conditions, bartering is a good tool to improve your business performance. Many small businesses find it very convenient to barter with their associates. However you need to be aware of the tax implications. Get the tax break through bad debtsBad debts are those which are not recoverable in the normal course of business. It is always advisable to scrutinize the list of your receivables very carefully. Continuing to keep bad dates in your accounts just increases your tax liability. Just follow a simple process and get rid of these bad debts. Benefits of social securitySocial security touches the life of nearly all Americans. It helps older Americans and at the same time helps disabled workers and families where a spouse or a parent dies. Here is an analysis of the benefits which are usually available under various social security schemes. Reporting cash receipts of over $10,000 to IRSIf you receive cash in excess of $10,000 from one single buyer, or a single individual for whatever reason, during the past 12 months, you must report it to the IRS. Failure to do this can attract severe penalties.
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