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 Free Newsletter For
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February 28, 2006
A Free Publication From
http://MyIBizWeekly.com
http://DonesiaMuhammad.com
http://EzineAdHelper.com
http://ReprintedArticles.com
http://KDMPublishing.com
Copyright ©2006 KDM Publishing
Publisher: Donesia Muhammad
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In Today's Issue:
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>> Welcome From Your Publisher
>> When Do You Need an Accountant? By Sam K.
>> Ezine Ad Helper Budget Ads
>> Tax Changes You Should Know for 2005 Returns By Richard
Chapo
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Welcome From Your Publisher...
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Hello again everyone. I have two more articles to help you on
your road to finishing your 2005 taxes. I hope these help out a
lot. If you choose to do your own taxes online, here are some
companies that I recommend.
Turbo Tax
http://turbotax.com
Tax Act
http://taxact.com
H&R Block
http://hrblock.com
I recommend them all, I have used them all and they each show
you step by step how to get your taxes done and how to get more
deductions and a better refund.
If you are looking for a site that does 2 day Tax Refunds, then
you can use Tax Brain http://taxbrain.com
That's all for today everyone. Take care and see you shortly.
Have a profitable week
Donesia Muhammad
http://DonesiaMuhammad.com
http://EzineAdHelper.com
http://MyIBizWeekly.com
http://ReprintedArticles.com
http://KDMPublishing.com
Questions or Comments
mailto:owner@myibizweekly.com?subject=mibwfeedback
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When Do You Need an Accountant?
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By Sam K.
Many newly established business owners often ask the same
question time and time again, When do you need an
accountant?The question is a popular one because many new
business owners really do not know where to begin when it comes
keeping track of important financial activity. The answer to
the question is relatively simple: the time a CPA becomes
necessary is the minute the business has its very first
transaction.
Let’s face it; tax laws are tricky and if they are not followed
to the letter, sooner or later the business owner is bound to
face difficulties. Yet, by hiring a public accountant to
monitor transactions and to take care of complicated and
complex tax issues, the business owner removes themselves from
the possibility of experiencing significant financial headaches
down the road. Moreover, in an instant, an account can provide
a business owner with the ever important bottom line
information they require: a CPA can immediately make a business
owner aware of any financial issues that may need to be
addressed and they can also advise a business owner how to
effectively cut their expenditures and thereby increase their
profit margin.
The two fatal mistakes that many business owners make are
hiring a public account during tax season or not hiring one at
all. In the first instance, if a business owner waits to hire
an accountant when tax season rolls around, they may find that
they lack the organizational skills needed to properly file
their tax forms if receipts and documentation are nothing but a
jumbled mess, an accountant will have a difficult time helping
the business owner and will have to spend more billable hours
assisting the business owner. Likewise, in not hiring a public
accountant at all, many businesses find themselves facing
audits because they have not filed their taxes properly and an
even bigger problem arises during tax time because of a lack of
organization. Thus, the best thing a business owner can do is
to hire an accountant the minute they start conducting
business.
Sam
To find a local CPA Firm or certified public accountant visit
Public accountant.US one of the best directories on the Net for
CPAs and Accountants.
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Tax Changes You Should Know for 2005 Returns
===================
By Richard Chapo
Every year, you have to file tax returns and every year there
are changes to the tax code. Here are some key changes for 2005
to keep in mind when you prepare returns.
Tax Changes You Should Know for 2005 Returns
2005 was a fairly quite year when it came to changes to the tax
code. Most changes were in the form of tweaks, instead of major
overhauls. This break seems to have given the IRS a change to
clean up some of its procedures as it has started simplifying
forms. Nonetheless, here are changes to keep in mind when
preparing your tax returns.
1. Donations of automobiles to charities are being treated
differently from 2005 forward. If you donated a car to charity
in 2005, you may be in for a minor shock. Instead of claiming
fair market value, the deduction for the donation is now
limited to the actual gross payment received by the charity
when auctioning off the automobile. The charity you donated to
should have sent you correspondence indicating the amount in
question. If they did not, contact them to get one so you know
what you can deduct.
2. The business mileage allowance is a two-tier system for the
2005 tax year. For business miles incurred during the first
eight months of the year, the deduction is 40.5 cents a mile.
For the last four months of 2005, the deduction is a whopping
48.5 cents a mile. This odd use of two calculations is due to
the explosion in gas prices in 2005.
3. In a positive development, the exemption amount on your tax
returns has gone up. For each exemption, you can now deduct a
hefty $3,200 per exemption. Keep in mind, however, that
exemptions are graduated per your adjusted gross earnings. The
more you make, the less of an exemption you can claim. The
specific graduated percentages depend on your filing status, so
you’ll have to take a look at the tax tables to ascertain the
impact on your tax filings.
4. The standard deduction that can be claimed by those who do
not itemize has gone up. Again, it depends on your filing
status, so make sure you take a close look at the numbers on
whatever version of form 1040 you are using this year.
5. The earned income tax credit assists low income taxpayers by
cutting the amount of taxes that have to be paid. To claim the
tax credit, you have to be earning under a certain amount. This
amount has increased for the 2005 tax year. You’ll have to look
at your tax form to get the specific amount as it varies
pursuant to your filing status and the number of children you
are claiming.
6. If you lived in any area devastated by Hurricane Katrina,
the IRS is giving out major concessions to help alleviate any
tax problems. Go to the IRS web site to learn more.
As you can see, the tax changes for 2005 aren’t particularly
significant. Still, you need to know them when you file.
Richard A. Chapo is with http://www.businesstaxrecovery.com -
recovery of business taxes through tax help and tax relief.
Visit http://www.businesstaxrecovery.com/articles to read more
business tax articles.
Article Source: http://EzineArticles.com/?expert=Richard_Chapo
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