Taxes Articles

Finance » Taxes | By Terry Fitzroy @ Wednesday, 28th March 2007 @ 11:27 AM

Most of us have just finished getting over the stress received from our Christmas expenses. Now, it is the taxman is tugging at your coat tails and you feel another financial hangover in the horizon. These great tax tips for 2007 will help keep that hard-earned money in your pocket. 1. File your tax returns on time to avoid penalties for being late. 2. If you are a trade's person you may be able to write off certain expenses relating to your trade. Make sure that you... more...

Finance » Taxes | By Joaquin Reveron @ Tuesday, 20th March 2007 @ 5:08 AM

One of the great steps your wholesale business portfolio can suffer or pass with greater ease is the Uncle Sam month- April month. For this exceptional month when you are a retailer or a wholesale distributor situation can get complicated or very simple. If you own an e-commerce store on the Internet selling hundreds and thousands of items a year without being incorporated with the many options you have as a business owner, could be financial suicide. Whether you sell DVDs, video games ac... more...

Finance » Taxes | By Kris Koonar @ Tuesday, 20th March 2007 @ 3:54 AM

With over 35 million residents, California is ranked as the sixth largest economy in the world. It exhibits great demographic and economic variation and has various substantial demands in areas such as health care, education and infrastructure. Similar to other governments, California depends mainly on taxes to fund the public services. The California tax system is composed of a wide range of taxes that are managed and collected by different states and local agencies. Tax plays a significant rol... more...

Finance » Taxes | By Kris Koonar @ Thursday, 8th March 2007 @ 1:34 PM

We are always in search of some easy ways to pay our tax. It may involve quicker submissions, improved accuracy and up-to-date methods. Initially, when technology was not so advanced, you might have sent the required documentation to the IRS by the US Postal Service. But things have changed today and you can make use of the available technology and file the returns electronically, by downloading and retrieving information from the IRS. IRS e-file is an excellent service that provides the ... more...

Finance » Taxes | By Kris Koonar @ Thursday, 8th March 2007 @ 1:33 PM

In California, state taxes have always played an important role. At the end of the 21st century, the state of California spent a large amount of money to provide public services to the residents of California and the local businesses. The money spent has been provided by the state taxes. Three-quarters of the state treasury and one-half of the local shares are all provided by taxes. The taxes levied by California State are all included as State Taxes. The personal income tax or PIT, the s... more...

Finance » Taxes | By Kris Koonar @ Thursday, 8th March 2007 @ 1:32 PM

Out of the 48 states, California is the one to tax corporate profits. Whereas, the bank and corporation tax of California remains the third largest source of General Fund revenues of the state. The raise in 1999-00 amounted to about $6.1 billion or 9 percent of the total. All corporations that earn income derived from the sources in California are allied to BCT. But, insurance companies and nonprofit corporations like churches and charitable organizations are exempted, since they do pay a gross ... more...

Finance » Taxes | By Kris Koonar @ Thursday, 8th March 2007 @ 1:32 PM

The tax assistance centers are one of the best sources of personal tax related help in California. There are times when certain complicated tax issues cannot be handled online or via telephone and people require a face-to-face interaction for assistance. IRS Taxpayer Assistance Centers helps people resolve all sorts of tax related problems. If you have a question regarding how the tax laws apply to your individual tax returns, then you can approach your local Taxpayer Assistance Center where you... more...

Finance » Taxes | By Kris Koonar @ Thursday, 8th March 2007 @ 1:22 PM

California State raises its revenue by imposing various taxes such as estate tax, insurance tax, alcoholic beverage tax, gambling, motor vehicle tax and tobacco tax. In addition, the employees or the employers have to pay taxes to trust funds, to help disabled and unemployed employees. Estate tax-This tax is the fifth largest source of the General Fund Tax and it was estimated as $937 million in 1999-00.In June 1982, this tax was established under Proposition 6. This eliminated the inher... more...

Finance » Taxes | By Kris Koonar @ Thursday, 8th March 2007 @ 1:22 PM

If you are a new resident of California then you may want to learn about its tax structure. These are some basic checklist points for new residents: . Is it essential to file a return in California State? . Are you granted Other State Income Tax Credit? . Are you acquainted with the influence of Community Property Laws on your taxes? . In the case of Community property, in which category of the income bracket do you fit in? . Have you sold your residential property? . Have ... more...

Finance » Taxes | By Kris Koonar @ Thursday, 8th March 2007 @ 1:20 PM

As the California state population increased, the demand for housing also increased and this resulted in higher property values and higher taxes. Local taxes - About 35 percent of the total, county and city revenue in California is generated from the local taxes and this amounted to about $20 billion in 1997-98. . Property Tax-29 percent . Optional sales tax-32 percent . Bradley Burns sales tax . Vehicle license fee-14 percent . Other taxes- 25 percent Property ... more...

Finance » Taxes | By Kris Koonar @ Thursday, 8th March 2007 @ 12:15 PM

Personal Income Tax or PIT in the State of California is paid in addition to the Federal Income tax. Introduced in 1935, it singly generates the highest revenue for the state as compared to other sources. Both residents and non-residents are liable to pay PIT in California. Nonresidents pay California PIT only on income derived from sources in California. The state rose close to thirty five billion dollars in the year 1999-2000, which accounted for about forty percent of the total revenues gener... more...

Finance » Taxes | By Kris Koonar @ Thursday, 8th March 2007 @ 12:15 PM

All the states in the US, except Delaware, Alaska, Montana, Oregon and New Hampshire levy Sales and Use Tax or the SUT. California Sales and Use Tax comprises of both, state and county level components. At a rough estimate, nearly three fourths of the revenue from SUT goes to the state and the remaining to the local authorities. As is evident from the name, the SUT consists of (a) Sales Tax and (b) Use tax. Sales Tax, first introduced in 1933, is imposed on retail dealers of tangible ... more...

Finance » Taxes | By Obinna Heche @ Monday, 5th March 2007 @ 9:57 PM

When you are working from home, there are several things that you should always be doing. One of these things is to make sure you are keeping the right records for your business. What are these records? Well you should have a record of everything that you have done with your business and how successful it has been. You need to make sure that you are keeping track of how much money you have made and how much product you have sold. These are important ways that you can be sure you are not g... more...

Finance » Taxes | By Roger Munns @ Thursday, 1st March 2007 @ 12:27 AM

The number of residency applications from women in Monaco is increasing, according to a Monaco travel guide. Best known of Europe's tax havens, Monaco has also been seen as a social gathering and vacation place for the rich - and home to successful businessmen enjoying the zero per cent income tax policy. With the social highlights of the Monaco Grand Prix, the luxury yacht show and the casino, the image of Monaco's incoming population could be misconstrued as a male domi... more...

Finance » Taxes | By Neil Lemons @ Friday, 23rd February 2007 @ 3:05 PM

According to a New York Times article that was released August of last year (2006), I.R.S. back taxes and delinquent taxes under $25,000 or less owed by taxpayers will now be attempted to be collected by up to three private collection agencies. Two weeks after the article was published, data on 12,500 overdue taxpayers was turned over to the three private collection agencies. Paying Private Tax Collectors to Collect From You The article explains that although I.R.S. official re... more...

Finance » Taxes | By Kristine McKinley @ Tuesday, 20th February 2007 @ 6:04 PM

Many people ask me if they are required to report the profits they earn on items they sell on eBay on their income tax return. In short, yes. If you sell items on eBay for a profit, then you should report your eBay sales on your income tax return, and you may owe income taxes on any profits. It doesn't matter if its just a hobby or if you are trying to build a business - if you earned a profit, its taxable income. Generally, any income you receive from all sources is subject ... more...

Finance » Taxes | By Kristine McKinley @ Tuesday, 20th February 2007 @ 4:54 PM

Many eBay sellers start out as a hobby, or just to clean out their closets. Many times, this hobby can lead to a profitable business. A hobby is an activity that you do simply because you love doing it, but it may also earn you some income. That income must be reported on your tax return, even if it is just a hobby. Some hobbies may actually be businesses, which would allow you to deduct expenses against any income you earn. On the flipside, some businesses may only be hobbies, in ... more...

Finance » Taxes | By Kristine McKinley @ Tuesday, 20th February 2007 @ 9:01 AM

Are you paying too much in income taxes? Are you getting all the credits and deductions you are entitled to? Here are 7 tips to help you minimize taxes and keep more in your pocket: 1. Participate in company retirement plans. Every dollar you contribute will reduce your taxable income and thus your income taxes. Similarly, enroll in your company's flexible spending account. You can set aside money for medical expenses and day care expenses. This money is "use it or lose it&... more...

Finance » Taxes | By Neil Lemons @ Thursday, 15th February 2007 @ 2:26 PM

Depending on how much time has past, an individual will see hundreds; even of thousands of dollars owed in back taxes that were not originally assessed when first receiving a letter from IRS. Similar to a credit card company, penalties and interest can and will be applied. Delinquent Income Tax Return Defined - A delinquent income tax return is defined, in the eyes of the IRS and federal government as: Income tax return having a US mail postmark after April 15th, if an extensio... more...

Finance » Taxes | By Bryan Wong @ Monday, 12th February 2007 @ 11:57 PM

Just like many facets of life, you can save money and earn money back on your online education by utilizing these tax tips: 1. File even if you made too little last year; many don't realize that if you've had ANY money withheld from pay checks, you have a refund coming. If you don't file, you'll never get that refund, so file even when you didn't make enough to compel you to file. For 2006 tax returns and those under 65 years of age: If you are ... more...