Bank finance articles and tips

The IRS has formally launched the long awaited registered tax return preparer exam. But most tax preparers are expected to wait until after the upcoming tax season before taking the test.

Prometric, the third-party test administrator, is presently only offering the examination at a few of its locations. As the tax preparer exam is added to more sites, it will eventually be available at more than 260 Prometric testing centers....

Looking in advance at IRS cost-of-living increases for 2012 presents interesting tax planning considerations. It doesn't affect 2011 tax returns. However, some individuals are likely to ask tax preparation companies about changes effective in the new year....

If you're self-employed and new to the world of taxes, there are numerous tax forms you may be required to file. Here's an overview of the most common tax forms needed by the typical sole proprietor.

Income Taxes. A sole proprietor does not file a separate business income tax return. Instead, you will file Schedule C or Schedule C-EZ as part of your federal personal income tax return (Form 1040). The "bottom line" from either of these forms flows to Form 1040, page 1. The entire Form 1040, including Schedule C or C-EZ, is due on April 15....

If you've ever wondered if there is a secret file stored away in a government building somewhere with all your personal information - you're right. Well, kind of. The IRS collects and maintains files on every taxpayer in America, and that includes you! For every tax year, they know how much you got paid, how much interest your bank paid you, how much you contributed to your retirement account, and myriads of other information about your wages and income....

Every year at about this time Congress starts thinking about what tax laws will expire on December 31, and what it really needs to be doing about these. Of the 65 various tax provisions that will expire, one of the big ones is the annual "Patch" for the Alternative Minimum Tax. Without the Patch, nearly 30 million new taxpayers will wake up on New Year's Day with a lot more than the usual hangover, and the 4 million already in the AMT had better get their checkbooks out for the additional taxes they'll owe. In addition to this one item, however, there are several other extenders that also can have a direct impact on AMT payers....

Are you a landlord, self employed man or woman and you think that next year's taxes cannot be fully covered by your income tax withholdings? If yes, then this is for you. You need to find out your estimated tax return. This should not be hard and it is recommended because it is one way of putting your finances in order. Within a few minutes, you should be done because you will do it on the internet. This is the best way for you to know whether you owe money or whether you will be getting money back from the IRS. Here, you can try using the tax estimator so that you know just where you stand. It is always safer to know than wait anxiously....