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ein number

Do I Need an EIN?

April 29, 2016

Most businesses are required to have an Employer Identification Number (EIN). It is a nine-digit number that is used by the IRS to identify a business. The EIN is used by the business when filing its tax returns. When You Need an EIN Businesses need an EIN if any of these conditions are met: Your business has employees If you operate your business as a corporation or a partnership If you file any of these returns: employment, ...

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2016 average taxes

How Much Does an Average American Pay in Taxes

April 26, 2016

The 2016 tax filing season is over, and most taxpayers are finished with their annual tax duty. Those that have obtained an extension to file have until October 17, 2016, to file their returns and pay any balance due. The Motley Fool shares how much an average American family pays in federal taxes, including income tax, payroll tax, and excise taxes on goods like gasoline and cigarettes: The average rate was ...

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alternative minimum tax

What is The Alternative Minimum Tax?

April 22, 2016

High-income taxpayers often use tax breaks and loopholes in the tax code to significantly reduce their tax liability. The alternative minimum tax (AMT) is applied to high-income taxpayers to ensure that they at least pay the minimum amount of tax. It does not as allow many deductions that other taxpayers use to reduce taxes. The AMT was introduced after the government found that several high-income taxpayers were legally reducing their tax bill, sometimes to zero. The ...

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how not to spend your tax refund

How Not to Spend Your Tax Refund

April 19, 2016

The average refund amount for the 2016 filing season is $2,798. This may seem like free money from the Treasury Department, but this amount represents the excess taxes you paid the previous year. How you use your tax refund really depends on your financial situation and your immediate needs. However, there may also be a temptation to spend your extra money on non-essential items. Bankrate shares how you should not spend your tax ...

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divorce and taxes

Tax Issues In Divorces

April 15, 2016

A divorce is always difficult, even when it is without legal hassle. One of the problems that divorce brings is with taxes. Your filing status changes, your finances may fluctuate, and with it, your tax liability. To manage the tax changes, gather as much information as you need, and seek help from a tax professional – especially before filing your return the first time after divorce. Taxpayers that are going through divorce proceedings or are newly ...

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foreign banks

When to Report Income Held in Foreign Banks

April 08, 2016

If you are a U.S. citizen or a resident alien, you are required to report and pay taxes on all income within and outside of the U.S. Additionally, you must also report on your tax return any foreign bank accounts or foreign investment accounts, even if those accounts do not generate any taxable income. Foreign Bank and Financial Accounts (FBAR) If you have a foreign financial account, including a bank account, brokerage account, mutual fund, unit ...

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