Specialty Taxes

Every industry has some form of IRS code and regulation attached. Learn about these specialt taxes, from the local revenue tax to federal credits associated with particular industries.

Basis in Business

Basis is a business term used to identify the value of an individual or entity’s investment in an entrepreneurial endeavor.   It is customarily linked to taxation as this term is used by the Internal Revenue Code to determine gain or loss.   To further compound its meaning  ‘basis’  is sometimes substituted for the term  ‘equity’.    Black’s...

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SS-4 IRS Application for an Employer Identification Number

An employer identification number (EIN) is the business equivalent of a Social Security number.  A unique identifier is assigned to the business for use in communicating and complying with the Internal Revenue Service.  Just like a Social Security number, it is a 9 digit number with the first two digits as the prefix. To obtain...

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Basis for Tax Purposes

Basis is a term used in computing gains and losses on the disposition of an asset.  For any business owner or individual taxpayer it is important to understand what the Internal Revenue Service (IRS) is really seeking.  What is your tax basis in an asset?  So in a simple transaction such as purchasing stock, assume...

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Organizational Expenses – Types and Tax Implications

Prior to initiating operations, every business spends money to develop the idea and create the legal entity.  These types of costs are referred to as ‘Organizational Expenses’.  There are several different types of organizational expenditures.  These include research and development, legal and start-up costs.  The following sections explain these expenses and how they are treated...

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Hobbies – Business Perspective and Tax Compliance

Many people turn their hobbies into a business function.  Not so much to make a living or make big profits, but more to help offset the costs of the hobby.  Whenever you go to one of those community fairs, the vendors at the respective booths are mostly folks selling a product that is direct outcome...

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Estate Tax – The Basics

Even after death, your heirs may still have to file a separate tax return for you with the Internal Revenue Service.  If your accumulated wealth is greater than $5.25 Million, then your executor must file Form 706 – The Estate Tax Return. This article will cover the basics of the estate tax.  I’ll discuss the...

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Form 990 – Return of Organization Exempt from Income Tax

Section 6033 of the Internal Revenue Code requires tax exempt organizations to file an annual report.  Form 990 fulfills this requirement.  Many citizens utilize the information from Form 990 to evaluate the non-profit organization they donate to annually.  The 990 covers much of the information any citizen desires to know about the charity of their...

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Form 1041 – Income Tax Return for Estates

When an individual passes away, his/her will or trust identifies a representative to administer his/her estate.  This representative is referred to as the executor (male) or executrix (female) and is generally approved or assigned by the local circuit court.  The Internal Revenue Service tasks this representative to file a final personal return and information returns...

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Fuel Tax Credit

The fuel tax credit is a federal refundable tax credit for taxes paid on fuel purchased for off road use.  Every gallon of fuel sold at the pump has an 18.3 cent tax assessed by the federal government designated to highway construction and maintenance.  When that gallon of fuel is purchased for non-transportation purposes, the...

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What is a Living Trust?

A tool in estate planning used to minimize probate costs upon the death of the grantor is the living trust.   A Living Trust is created while the grantor is alive and typically is revocable in nature. It is designed to manage assets for the best interest of a beneficiary, usually the grantor. Sometimes called...

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