Taxes Articles

Finance » Taxes | By Neil Lemons @ Wednesday, 16th July 2008 @ 2:41 AM

A return can be picked up for audit for many reasons. If the return is not correctly filled up and excess tax relief is claimed, the IRS is bound to take up the issue with the tax payer. Sometimes the information given in the return may not match with the information returns filed by other persons with the IRS. For instance, information given in the Form W-2 filed with the employer may not tally with the return filed by the employee leading to examination of the employee's return. <... more...

Finance » Taxes | By Steve Selengut @ Monday, 14th July 2008 @ 9:36 PM

Most economic research suggests that tax code replacement surgery is essential for long-term economic progress. The goal of my plan is to make sure that you are not grumbling ten years from now about the same things that trouble you today. This is a fifteen-point plan to end the cycles of economic frustration and global disrespect during this administration. In all instances, regulatory services will be needed to assure implementation consistent with the intent of the new code. Any person... more...

Finance » Taxes | By Matthew Meyer @ Wednesday, 9th July 2008 @ 10:13 PM

How often have you head someone say: I make 100k a year. It sounds good doesn't it, but it is not true, regardless of of what your w2 states at the top line. That is so because it is not the top line that matters. What matters is what is left for you to spend after all the taxes which are taken out. Often even that number is too high because after you file your income taxes both state and federal, you find you owe ever more money. In most countries when people speak of their income, they a... more...

Finance » Taxes | By Neil Lemons @ Wednesday, 9th July 2008 @ 2:09 AM

Bank levy is seizure of money lying in the bank account of the tax payer. In all cases of levy, thirty days notice is given by the IRS to the tax payer. This is the final notice for intent to levy and this gives the tax payer a chance to seek relief from proposed action by asking for collection due process hearing. In the case of bank levy, there is another opportunity as the bank is not required to hand over the money lying in the tax payer's account immediately. The money is requir... more...

Finance » Taxes | By Neil Lemons @ Tuesday, 8th July 2008 @ 11:26 PM

If you are unable to pay the full taxes at one go, it is best to apply for an installment agreement in Form 9465. This can be done online, if the tax dues are less than $25,000. For higher tax dues you will have to fill up Collection Information Statement as well in Form 433F and may have to visit the tax office. You can also call the IRS and explain your problem to them who will then guide you in the matter. Remember, however, to file all the back returns, if not filed, as that i... more...

Finance » Taxes | By Neil Lemons @ Tuesday, 1st July 2008 @ 7:48 PM

Maybe you are one of the numerous taxpayers who have been affected by tax penalties levied by the IRS, as you were not able to pay your tax dues on time. It is obvious that for the taxpayers who have tax debts, the IRS will swiftly asses penalties and late fees on the due amount. The interest may not be very high, but will accrue at a considerable rate and can increase your liability in general which will make it tougher to pay back to the IRS. In case you have a very big amount ... more...

Finance » Taxes | By Helen Hecker @ Tuesday, 24th June 2008 @ 2:08 AM

If you're thinking about donating a car to a charity you may want to keep the following tips in mind. A car donation tax deduction can benefit not only you and the charity but a person in need also. Charities have the option of using donated vehicles for their own use, for providing transportation for volunteers or for charity-related activities such as picking up supplies etc. But more often they will already have enough vehicles and they will sell the auto, truck, RV, airplane or o... more...

Finance » Taxes | By Gregory Smyth @ Sunday, 22nd June 2008 @ 11:25 PM

Hong Kong's economy has worsened sharply since early 2004, enabling the Chief Executive to promise in his election pledge to reduce the profits tax rate to 15 percent over his current term of office. This would form a reduction of nearly 14 percent from the current headline rate, enhancing Hong Kong's reputation as one of the world's most efficient jurisdictions in which to do business. A Hong Kong-based financial consultancy reports on its website that the Hong Kong gover... more...

Finance » Taxes | By David de Souza @ Saturday, 21st June 2008 @ 4:26 PM

You have worked hard your whole life, and have been taxed every step of the way. If you are thinking of retiring, here are five options to consider: 1. Cyprus In number 1 spot is Cyprus. It tops the list of exotic destinations mainly because it has an income-tax rate of only 5% on all pensions for retired residents, as well as low property prices and no inheritance tax. It is also favored for its hot, dry summers, warm winters as well as its English speaking population. Th... more...

Finance » Taxes | By Gary Terrazas @ Saturday, 21st June 2008 @ 10:22 AM

Many company directors and owners of small to medium sized companies feel that there has developed over the past ten years an unjust and ever increasing burden of taxation. There is a lot of evidence to suggest that when people feel they are heavily and unfairly taxed they start to look for ways of getting around the tax system, which perhaps they would not have done, if they felt the tax system were fair. As a contract hire company it is quite surprising to discover the proportion of ve... more...

Finance » Taxes | By Gregory Smyth @ Friday, 20th June 2008 @ 5:39 AM

The Hong Kong-based financial consultancy reports that, beginning in 2009 a newly launched company that sticks to specified conditions can claim a full tax exemption on the first 100,000 Singapore dollars (US$73,000) of normal chargeable income. This is apart from the 50 percent tax exemption provided to the next S$200,000, the report says. Beginning in 2008, a partial tax exemption will also be provided to companies on income of up to S$300,000. The measures are an apparent attempt to s... more...

Finance » Taxes | By Uchenna Ani-Okoye @ Monday, 16th June 2008 @ 4:45 AM

There are a number of renowned tax expert, just one of several home based business tax experts I've learned much from, wrote an article if you don't have a home based business start one today. Specifically, you can probably deduct the business portion of your vehicle expenses on your business tax return. One really nice thing that can also be included in a home business tax deduction is that up to 50% of any gifts you may purchase that are related to the business, such as to win... more...

Finance » Taxes | By Uchenna Ani-Okoye @ Monday, 16th June 2008 @ 4:39 AM

Income tax benefits and income tax expenses are retained by the grantor, thus he pays income taxes on the income of the trust. Income taxation system bears progressive character. In order to help pay for its war effort in the American civil war, the United States government issued its first personal income tax, on August 5, 1861 as part of the revenue act of 1861 (3% of all incomes over US $800; rescinded in 1872). 401(k) plan deferrals are not taxable for income taxes; taxable for unempl... more...

Finance » Taxes | By Uchenna Ani-Okoye @ Sunday, 15th June 2008 @ 11:40 AM

Payroll software is also the best choice to keep track of weekly, monthly, quarterly, and annual pay checks and payroll tax-related forms. For a fee, the staffing agency retains responsibility for the compensation, payroll taxes and benefits for the contingent worker. The customer's payroll taxes are automatically debited from the account and forwarded to the government. Without a doubt one of the reasons that so many business owners have such a hard time dealing with payroll tax mat... more...

Finance » Taxes | By Uchenna Ani-Okoye @ Sunday, 15th June 2008 @ 11:18 AM

Most gifts are not subject to the gift tax and most estates are not subject to the estate tax. You must enter the details of the annual interest rate, the tenure of the loan, the yearly real estate taxes, and annual homeowner's insurance, second, if your estate is large enough to be concerned about federal estate taxes (currently in excess of $2 million, $4 million for a couple), then the amount of the tuition payments will be excluded from your estate upon your death. In that case, ... more...

Finance » Taxes | By Uchenna Ani-Okoye @ Friday, 13th June 2008 @ 7:34 PM

This will include having a financial statement or income tax return prepared twice as well as a record of how well they have been paying their bills to other businesses, suppliers and vendors. But eventually all tax-deductible Traditional IRA contributions, as well as the growth of those contributions, will be subject to income tax when the money is withdrawn from the account. Adjustments are deductions you're allowed to claim and should be assessed very carefully during your income tax pre... more...

Finance » Taxes | By Terry Cartwright @ Sunday, 8th June 2008 @ 2:28 PM

The essential first step to be taken by a small business un regard to a tax inspection happens long before that small business is advised a tax enquiry is about to take place. That first step is to obtain and retain receipts and third party evidence for every sale and purchase and maintain accurate accounting records. A solid system of bookkeeping accounts provides the basis to defend any tax investigation. The fact that any questions asked by the tax authority can be explained with real ... more...

Finance » Taxes | By Helen Hecker @ Monday, 2nd June 2008 @ 9:56 AM

If you're thinking about a charity car donation I'm going to outline some of the facts you should know. You can receive a nice IRS tax deduction for your old car or used car and help someone in need in the process. It's called car donation or charity car donation when you give a charity organization your vehicle - automobile, car, truck, ATV, RV, airplane or any other vehicle which might or might not be in useable condition. In the U.S. charitable vehicle donations provid... more...

Finance » Taxes | By Terry Cartwright @ Monday, 26th May 2008 @ 2:53 AM

The costs of goods, materials or services purchased by a business which are for private use are not allowable for tax purposes. The disallowed element also applies to goods and materials bought for business use which are subsequently used for private use. Payments made by the business for none business work are not allowed. A limited company can claim the wages and salaries of directors as a valid business expense. If the business is self employed then the proprietors own wages and... more...

Finance » Taxes | By Uchenna Ani-Okoye @ Monday, 26th May 2008 @ 12:59 AM

Everybody wants to keep as much of the money they earn as possible. Those people in the higher income brackets are forever looking for a way to protect their money from the income tax collectors. Thus, the idea of personal tax shelter, the thing is, how can you tell which ones are the good ones, and which ones are the bad ones. - Tax shelters can certainly 'keep your money out of the hands of the IRS' - but some of them can cost you dearly as well. Generally, all real es... more...