Starting a Business
Most businesses start out small. As a new business owner you need to know your federal tax responsibilities. This page provides links to basic federal tax information for people who are starting a business. It also provides information to assist in making basic business decisions. The list should not be construed as all-inclusive. Other steps … Read more
Appeals… Resolving Tax Disputes
Is Appeals right for you? The Appeals mission is to settle tax disagreements without having to go to Court and a formal trial. Appeals is here to assist you if you don’t agree with a tax decision. The Office of Appeals is independent of any other IRS office and provides a venue where disagreements concerning … Read more
Alternative Motor Vehicle Credit
The Alternative Fuel Motor Vehicle Credit was enacted by the Energy Policy Act of 2005 and includes separate credits for four distinct categories of vehicles: Qualified Hybrid Vehicles, Qualified Fuel Cell Vehicles, Qualified Alternative Fuel Motor Vehicles (QAFMV) and Heavy Hybrids, and Advanced Lean-Burn Technology Vehicles. The amount of the potential credit varies by type … Read more
Closing a Business
There are typical actions that are taken when closing a business. You must file an annual return for the year you go out of business. If you have employees, you must file the final employment tax returns, in addition to making final federal tax deposits of these taxes. Also attach a statement to your return … Read more
Tax angles on donated ‘clunkers’
The hugely popular cash-for-clunkers program ended Aug. 25, 2009. This new program enabled vehicle owners to realize a tax-free discount of up to $4,500 on a trade-in. But you can still qualify for big tax benefits if you donate your “clunker” to charity. Instead of trading in your vehicle, simply give it away to a … Read more
Can you reconvert an IRA?
Suppose you converted your IRA to a Roth IRA just before the bottom fell out of the stock market last year. Because the tax liability for the conversion is based on the value of the account on the last day of the prior year – Dec. 31, 2007 — you would have paid tax on … Read more
Donate IRA funds to charity
Time is running out on a unique tax break for older taxpayers with charitable intentions. If you donate funds directly from your IRA to a qualified charity of your choice, you can avoid tax on the distribution. The 2006 pension law created a two-year window for these tax-free distributions. This provision was extended through 2009 … Read more
