Taxes 101: Basic Guidelines for Self-Publishing Beginners – Part I
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“To produce an income tax return that has any depth to it, any feeling,” author Frank Sullivan quipped, “one must have Lived–and Suffered.” The suffering stems not only from the necessity of giving hard-earned money to the government, but also from the nature of dealing with tax regulations. Because tax policy is one of the most potent ways to regulate society, Congress and the President frequently amend the tax laws. Yes, the IRS puts out general guides to federal taxation, such as IRS Publication 17, Your Federal Income Tax, for individuals, and IRS Publication 334, Tax Guide for Small Business, for individuals who use Schedule C or C-EZ; both are free from http://www.irs.ustreas.gov.
And yes, the IRS also has a Tele-Tax service you can use to check the status of a refund or hear recorded tax information. But the advice you receive might be erroneous and is not binding on the government. And in any event, IRS publications and tapes represent the views of the IRS and are sometimes inconsistent with precedent established by the tax courts.
The good news, though, is that tax preparation can be considerably easier if you follow a few simple recommendations, and you may be able to reduce your tax bill in the process. Of course, these recommendations are not a substitute for the advice or services of a qualified tax advisor, but if you’re publishing or thinking of publishing your ow…IBPA Members – Click here to view the full article (login required).
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