Taxes Articles

Finance » Taxes | By Molly Winters-Hughes @ Thursday, 3rd April 2008 @ 11:14 PM

Therefore, it is the dreaded tax filing season again, and you are faced with many questions. How should I prepare my return? Should I itemize my deductions? In addition, (if you are lucky enough to get a refund) how should I receive my refund? In addition, although you do not really have a choice when it comes to paying your taxes, you do have options for receiving your refund. Some are: 1. Paper Check: If you prefer the old-school method of a paper check, select this option. You ... more...

Finance » Taxes | By Ray Eddings @ Thursday, 3rd April 2008 @ 6:47 PM

With the tax clock ticking down lots of people are finishing up their tax returns. A common question that comes up during this joyous time of year is, "How can I avoid an audit?" Fortunately for most taxpayers the question is far more common than an actual audit. Only around 1% of all taxpayers actually end up facing an audit. Comforting as that fact is, it is in no way instructive. Knowing what is more likely to trigger an audit can go a long way to avoiding one. Avoiding th... more...

Finance » Taxes | By Molly Winters-Hughes @ Thursday, 27th March 2008 @ 7:53 AM

Tax season can take its toll on tax preparers and individuals scrambling to decipher all of the forms and rules and regulations set out by the IRS. With changes to laws and calculations each year, how is one to stay up to date on the latest and greatest? The answer: Tax Preparation Software. There are several types of Tax Preparation software on the market. There are packages for individuals and CPA's and a number of online sites to help walk you through the tax preparation process... more...

Finance » Taxes | By Jude Wright @ Wednesday, 26th March 2008 @ 2:21 PM

It's tax season. Are you done with your taxes or are you just panicking about all of the unfamiliar terms? Let's take one of those terms, tax status, and try to make some sense of it. There are five tax classifications to consider when you are filing your income taxes: single, married filing jointly, married filing separately, head of household or qualifying widower with dependent child. You may think you know which one applies to your situation, but are you sure? The fir... more...

Finance » Taxes | By Low Jeremy @ Friday, 21st March 2008 @ 3:10 AM

Law abiding citizens are required annually to file the income tax returns with the IRS. For years, this was done manually by reviewing old receipts and using a calculator or with the help of a tax specialist. This usually takes hours but there is an easier and faster way to do this, which can be done with income tax software. This is finally available because software companies have partnered with the IRS to make this all possible. The individual can buy the CD, which is available in var... more...

Finance » Taxes | By Low Jeremy @ Friday, 21st March 2008 @ 3:09 AM

Every year, taxpayers have to pay the appropriate dues to the IRS. This is so that the government has money to spend various services that are beneficial for the citizens. But citizens are not the only ones required to do it because business also have to do the same thing. The ones in charge of the business usually have certified accountants doing the books. The documents are probably reviewed before these are submitted to make sure there are no mistakes. Checking the expenditures ... more...

Finance » Taxes | By Low Jeremy @ Friday, 21st March 2008 @ 3:09 AM

Income tax is a means for the Federal Government to be able to pay for improvements in government services. The payment of individual or corporate income tax is used for the country's infrastructure, developmental projects and just about anything that will be for the betterment of the country and the lives of its citizens. Despite all the benefits that the collection of our income tax brings, it does not take away from the fact that the process for filing income tax can be very deman... more...

Finance » Taxes | By Nicholas Swezey @ Sunday, 16th March 2008 @ 5:46 AM

There are a few things you should be aware of when it comes to taxes for your investments. Note that many of these tips are specific to 2007 tax returns in the United States. Taxed on Sells, Not Buys The first thing to realize is that you are charged tax on the profits of your trades, which means the IRS does not care about your trade until you sell the shares. Tax Forms from your Brokerage Your brokerage should send you a 1099 tax form in January that lists all of your sale... more...

Finance » Taxes | By Kenneth Scott @ Monday, 3rd March 2008 @ 12:39 AM

Every year, millions of Americans dread the inevitable; they have to gather all of their receipts and records and get ready to file their Federal Income Tax Returns. When was tax season first initiated? Here, we will take a look at that magic day of April 15 and why it was chosen as tax day. During Abraham Lincolns presidency in the 1860s, were first legally required to pay income taxes. The President and Congress created the Commissioner of Revenue and enacted a Federal Income Tax law i... more...

Finance » Taxes | By Douglas Stransky @ Tuesday, 26th February 2008 @ 5:02 PM

Internal Revenue Code ("Code") section 864(e), implemented through Temp. Treas. Reg. Sec. 1.861-11T, requires all members of a "domestic affiliated group" to be treated as one corporation for purposes of allocating interest expense between domestic and foreign source income. Therefore, by applying this rule, the foreign-source income derived from a foreign entity that incurs its own interest expense can be reduced twice: once by the foreign entity's own actual interest paym... more...

Finance » Taxes | By Court Tuttle @ Monday, 11th February 2008 @ 1:11 AM

There is nothing worse that being stuck behind your computer reading and rereading the do it yourself taxes box, with a stack of tax documents spread all over your kitchen table. Before you get into this type of a mess, just take the one simple step of calling your personal accountant. This relatively inexpensive step will ease the stress that comes with that tax return and simplify your financial tax filing issues. Now, you might wonder why someone would hire a professional when it is p... more...

Finance » Taxes | By Jeffrey Voudrie @ Sunday, 10th February 2008 @ 1:12 AM

As a Certified Financial Planner, I'm often asked about issues regarding inheritance, gifting and the resulting taxes. Here's a classic example of just how complicated these situations can be, using a question from a reader in Michigan we'll call Bob. Bob writes, "I have a question about my mom's home that I inherited. Before my mom died she put her real estate into joint ownership between her and my sister. It was supposed to help make settling her estate easier... more...

Finance » Taxes | By Hernando Quevedo @ Saturday, 9th February 2008 @ 11:47 PM

Prepare your annual federal taxes, is a task that comes every year when it is time for spring. Spring-cleaning is not the only task that you should be doing at that time. No, you need to prepare your annual federal taxes. All Americans that have a work need to do this. It is better to fill out a tax return, even if you do not have a work, so that the government does not get suspicious. Please note that, the government uses many of the information that they get from your federal t... more...

Finance » Taxes | By Helen Hecker @ Tuesday, 5th February 2008 @ 10:44 AM

Cars and other vehicles can be donated at any time of the year, from anywhere in the United States. You can donate to a local charity or a national charity with a local branch or to a national charity and its car donation program. If you're planning on taking a tax deduction from your vehicle donation make sure to allow plenty of time to gather together all of the documents you'll need and for the transfer of the vehicle to take place. You want to make sure the entire pro... more...

Finance » Taxes | By Roger Munns @ Monday, 4th February 2008 @ 2:11 AM

Signs of the British economy hitting problems started to emerge in the late summer of 2007 when one of the country's biggest mortgage lenders, Northern Rock, had to borrow billions from the Bank of England to allow it to continue trading. Coming on top of the difficulties across the Atlantic in the US with their mortgage lenders, both London's FTSE and New York's Dow Jones were jittery, with the remedy provided by the Fed and British government in cutting US interest rates ... more...

Finance » Taxes | By Terry Cartwright @ Thursday, 31st January 2008 @ 5:54 PM

Taxi drivers in the UK must fill in a self assessment tax return if they have worked as a self employed taxi driver at anytime during the financial tax year. Self assessment tax returns should be filed by 30th September each year although the final deadline is the following 31st January. Failing to file the taxi accounts by 31st January attracts a 100 pounds late filing penalty with interest being charged on any tax not paid by this date. The simplest solution to preparing the taxi drive... more...

Finance » Taxes | By Dave Kauppi @ Tuesday, 29th January 2008 @ 10:36 AM

Shareholders of C-Corps often experience significant anxiety when it is time to exit their business. If they are fortunate, they will exit by way of a stock sale. In these cases, their Corporate Tax is $0 and then when the proceeds are distributed to the shareholders, the capital gains taxes will be approximately 20%. To minimize future taxes and third party liabilities, the majority of buyers prefer to purchase selected assets of the seller rather than its stock. The total taxes assoc... more...

Finance » Taxes | By Roger Munns @ Thursday, 24th January 2008 @ 1:40 AM

Leading by more than ten points in the opinion polls, the British Tory Party is producing policy reviews that could be adopted for their manifesto - and should they win ultimately become part of a new administration's legislative programme. One such review looks at taxation, and proposals include cutting bureaucracy and saving British business some 14 billion Sterling a year, while the review considers changes in the tax structure. Part of this review, co-chaired by former Cab... more...

Finance » Taxes | By Terry Cartwright @ Wednesday, 16th January 2008 @ 8:23 PM

The first step to keeping out of trouble is to understand the basics of the paperwork required. The second step is to ensure accurate financial records are maintained and many types of accounting software and bookkeeping software can assist by at the very least producing a required audit trail to support the financial figures entered on the quarterly vat tax return. To determine the need for accuracy and compliance it is worth first summarising the work a vat inspector might carry out whe... more...

Finance » Taxes | By Terry Cartwright @ Monday, 14th January 2008 @ 8:06 PM

When the sales turnover of a business reaches the vat threshold, currently 64,000 pounds per annum until reviewed in April 2008, then registration for vat is compulsory. If financially beneficial, businesses can register for vat prior to sales turnover reaching the vat threshold. When a business registers for vat it becomes responsible for charging vat at the correct percentage on every sales invoice and transfer of goods and services and also maintaining accurate financial accounting rec... more...