Taxes Articles

Finance » Taxes | By Kris Koonar @ Friday, 4th January 2008 @ 6:53 PM

If you are running a business or are a professional, then you have to pay your taxes regularly and correctly. These taxes are collected by the IRS and when they are not satisfied with your returns, you get a letter from them. You then have a choice of handling the problem yourself or let a professional handle it. You have a choice of either hiring an enrolled agent or an attorney or a CPA [Certified Public Accountant to handle your problem. With their experience and knowledge, they can s... more...

Finance » Taxes | By Kris Koonar @ Friday, 4th January 2008 @ 6:51 PM

If you have ignored earlier notices from the IRS urging you to pay your unpaid taxes or informing you about some errors in the calculation of your taxes, then the IRS will start using their heavy weapons. They will send you a Notice of Intent to Levy. This notice simply means that they are tired of talking to you and now are ready to take serious action against you by choking your financial blood flow. This basically means that they can snatch away your bank balance, your wages, your asse... more...

Finance » Taxes | By Kris Koonar @ Friday, 4th January 2008 @ 6:51 PM

Many people simply forget to pay their taxes for a long time or may not find it possible to pay at a given time for various reasons. They wake up to find that they owe a fairly big amount to Internal Revenue Service (IRS) i.e. they are in a tax debt. Opting not to pay the amount is a bigger risk as you stand to lose even more than you owe. Some people think that filing for bankruptcy will pull them through but they are gravely mistaken. The laws are too strict to excuse any tax debt. Rather than... more...

Finance » Taxes | By Kris Koonar @ Friday, 4th January 2008 @ 5:23 PM

Most business people or professionals break out into a cold sweat when they get a letter from the IRS regarding the returns filed by them. The IRS or Internal Revenue Service is entrusted by the U.S.Government to collect taxes from citizens. When you file your tax returns to the IRS, they process the information. You will normally, be intimated by the IRS when they feel that you have submitted incomplete or fraudulent information, or if the tax figures you have calculated do not match wi... more...

Finance » Taxes | By Roger Munns @ Friday, 4th January 2008 @ 3:16 AM

Being reduced in 2008 is the amount of time British tax exiles can spend in their home country, and it could impact the British economy, claim a company who specialise in tax haven property and residency. Up until now a British taxpayer could avoid paying income tax by taking residency in a tax haven such as Andorra or Monaco, and be allowed to spend 90 days a year in Britain before falling foul of the Iland Revenue. Importantly both the day of arrival and departure into the UK didn'... more...

Finance » Taxes | By Jim Brown @ Thursday, 3rd January 2008 @ 3:21 AM

With the advancement of computer technologies, taxpayers no longer have to leave their home to get advice on filing Federal and State tax returns. As the tax season approaches, many taxpayers are relying on online tax services to give them answers to all sorts of questions about taxes, and they know that the internet portal will also help them file the tax forms electronically and then deposit any refunds into a checking account where it can be withdrawn any time. Online tax services prog... more...

Finance » Taxes | By Jim Brown @ Thursday, 3rd January 2008 @ 3:21 AM

With the advancement of computer technologies, taxpayers no longer have to leave their home to get advice on filing Federal and State tax returns. As the tax season approaches, many taxpayers are relying on online tax services to give them answers to all sorts of questions about taxes, and they know that the internet portal will also help them file the tax forms electronically and then deposit any refunds into a checking account where it can be withdrawn any time. Online tax services prog... more...

Finance » Taxes | By Court Tuttle @ Wednesday, 2nd January 2008 @ 11:14 PM

Getting a tax refund is something that we can look forward to. It's nice knowing the government owes you money after you've paid your taxes, because we may need those extra dollars for perhaps several different reasons. However, there are some cases in which you can lose that tax refund to your creditors. How is that possible? After all, it's your money. However, you can lose your tax refund to a bankruptcy trustee if you have filed for bankruptcy. Because you di... more...

Finance » Taxes | By Hernando Quevedo @ Sunday, 30th December 2007 @ 3:39 AM

Filing taxes online is one of the areas where the Internet has been of great benefit. Almost every adult need to face with the dreaded task of filing taxes, which is one of their most despised obligations. It is overwhelming to follow confusing directions and to fill long forms. That is why many avoid filing their taxes until the last second. This time wasted often led to further frustrations and, unfortunately, more mistakes. This meant making corrections and more wait for refunds. By c... more...

Finance » Taxes | By Jonathon Hardcastle @ Tuesday, 25th December 2007 @ 4:45 PM

A vice tax is an indirect form of taxation applicable to sold called vice goods like alcohol, tobacco and to a certain extent gasoline. The tax is included in the purchase price for these goods and paid by the retailer, rather than the customer directly, hence an indirect taxation. It may come as a surprise to realize that goods are very heavily taxed - sometimes in excess of 50% of the actual price. It is a bizarre phenomenon that products can have such an artificially high value and... more...

Finance » Taxes | By Helen Hecker @ Tuesday, 25th December 2007 @ 2:00 AM

You might have an old car or vehicle, which you don't use very often, just sitting on your property or on the street. A car donation that is made to a most charities greatly benefits both the charity and the car donor. To answer a common question, in most cases a donated car or vehicle doesn't have to run but it should be towable. And your vehicle must have all four tires inflated for them to accept it. If the charity you're considering doesn't appear to welcome you... more...

Finance » Taxes | By Terry Cartwright @ Sunday, 2nd December 2007 @ 12:33 PM

Employers and especially new employers who may not be experienced with operating a payroll system enter a business area with tax rules and procedures with which they may not be familiar. The most common questions asked by employers who are operating or about to operate a PAYE scheme are here What is an income tax code? An income tax code is a reference number which may also include letters or be entirely letters which determines the amount of gross pay which is free of income tax d... more...

Finance » Taxes | By Terry Cartwright @ Saturday, 1st December 2007 @ 12:52 AM

PAYE is the common abbreviation for the Pay As You Earn scheme that was first introduced by the UK in 1944 as a tax system by the inland revenue which employers administer to deduct from employees wages and salaries income tax and national insurance contributions and account for the employers national insurance contributions. Although strictly speaking not part of the PAYE scheme employers also use the pay as you earn framework and documents to administer other deductions. Every employer ... more...

Finance » Taxes | By Roger Munns @ Friday, 30th November 2007 @ 12:50 AM

While indirect taxes rise across Europe, more high earners and those selling their businesses are considering moving to a tax free environment. And if they want to stay in Europe, there are only two true and stable tax havens left which offer an income tax free existence - Monaco and Andorra. Of the two tax havens, Monaco is the better known. Monaco has an image of glamour and sophistication the world over, and is famous for the Grand Prix around the streets of Monte Carlo.<... more...

Finance » Taxes | By Terry Cartwright @ Thursday, 29th November 2007 @ 1:05 AM

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 Helen Hecker @ Tuesday, 27th November 2007 @ 9:18 AM

In the US it's possible to donate a vehicle (while usually a car, it can be a boat or any other form of transportation) to certain charities, and in return be able to claim a tax deduction on your personal income tax return. For vehicle values of less than $500, the value of the tax deduction comes from the donor's own estimate of the car's value, even if the charity receives less money when they actually sell the car. If a charity is evasive, doesn't welcome your questions a... more...

Finance » Taxes | By Terry Cartwright @ Monday, 26th November 2007 @ 12:45 AM

The first action by anyone self employed in business in regard to his self assessment tax return is to register that self employment with the inland revenue. Self employment must be registered within three months of starting business to avoid a late registration penalty fine of 100 pounds. Not all income outside the paye system is considered to be self employment. There is no strict definition of self employment as opposed to not being self employed however the basic rule is if you have i... more...

Finance » Taxes | By Terry Cartwright @ Monday, 26th November 2007 @ 12:44 AM

The capital allowances section of the self assessment tax return form is the most difficult for people who are self employed and not conversant with at least a minimum knowledge of accounting and the tax system. The difficulty in this section of the tax return form is that it is an area which many start up businesses may not have come across before. It is an area which affects not just the calculation of the tax allowances and knowledge of the tax rates but also how an item becomes considered fo... more...

Finance » Taxes | By Terry Cartwright @ Monday, 26th November 2007 @ 12:42 AM

A self employed business enters the income and expenses on page SE1 of the self assessment tax return form if the total sales of the business for the financial year were less than 15,000 pounds. Only the totals of turnover, expenses and net profit are required. Businesses whose turnover has exceeded 15,000 pounds are required to show greater analysis of the income and expenditure. From a practical point of view even those businesses who expect the turnover to be less than 15,000 pounds sh... more...

Finance » Taxes | By Terry Cartwright @ Wednesday, 21st November 2007 @ 12:30 AM

Capital tax allowances are allowances on fixed assets a business may claim as a deduction from net profit to arrive at the net taxable profit. If a taxi driver does not claim the correct capital tax allowances in the taxi accounts that net taxable profit and the income tax and national insurance payable will be higher than it need be. Hard cash lost to the government that they are not entitled to, your cash. A fixed asset is typically a piece of kit purchased by a business that will be us... more...