Taxes Articles

Finance » Taxes | By Roger Munns @ Saturday, 4th August 2007 @ 12:33 AM

The demand for residency in the European tax haven of Andorra has increased significantly in recent years, as rival tax haven Monaco has seen her property prices rise significantly. And while property prices in Andorra have increased significantly as well, particularly in the last three years, it started from a much lower base than Monaco, and a property in Andorra still costs less than a quarter of that of Monaco. The lowest price property in Andorra is currently a 38m2 studio apa... more...

Finance » Taxes | By Jim Brown @ Thursday, 2nd August 2007 @ 4:51 PM

There are many ads online on companies offering to help you or prepare for you your tax return. But if you are the type who is even afraid to give out your credit card number on some shopping site shouldn't you be scared to give out more information about you such as your social security number, your income, source of interest, dividends, investments, your job data, information about your spouse, children, etc. and other relevant data on the internet? It is true that there are many h... more...

Finance » Taxes | By Kip Goldhammer @ Wednesday, 1st August 2007 @ 12:56 AM

Taxation is a very important aspect of the functioning of civilized society. In that sense, the IRS performs a very significant duty. However, not every taxpayer is perfect in paying their taxes. There are several faults that occur - accidentally, intentionally or out of ignorance - when people file their returns. When this happens, the IRS has no other option but to impose penalties on errant taxpayers. It is important for taxpayers to know about these IRS penalties, because some of them can be... more...

Finance » Taxes | By Jim Brown @ Tuesday, 31st July 2007 @ 10:26 PM

A CPA firm's services to prepare even very simple tax returns can cost much. While people should be able to prepare their own returns, a professional will be able to help you work with your return especially on new laws, credits that may be overlooked and other related matters with regards to your tax return. You can perfectly do your own return but there may be things that you overlook or certain advantages that you may fail to take advantage of. Because having a professional prepar... more...

Finance » Taxes | By Roger Munns @ Monday, 30th July 2007 @ 12:40 AM

Increasing demand for residency in the European tax haven of Andorra has been seen, as rival tax haven Monaco has seen her property prices rise significantly. And while property prices in Andorra have increased significantly as well, particularly in the last three years, it started from a much lower base than Monaco, and a property in Andorra still costs less than a quarter of that of Monaco. The lowest price property in Andorra is currently a 38m2 studio apartment at 145,000 Euros... more...

Finance » Taxes | By Roger Munns @ Wednesday, 25th July 2007 @ 1:41 AM

Tax haven Andorra's government has introduced Capital Gains Tax in a move that has surprised many in the tax industry. Andorra is a well known European tax haven, and residents benefit from a zero rated income tax and inheritance tax. The reason for the introduction of the capital gains tax according to the Andorra authorities is to try to slow down the high property inflation seen in the principality in recent years. Property prices have risen an average of ten per cen... more...

Finance » Taxes | By Kris Koonar @ Thursday, 19th July 2007 @ 5:20 PM

There are many reasons that make an estate plan very important. When you are unable to take decisions regarding your healthcare due to illness or accident there needs to be someone who can legally take such decisions on your behalf. Alternatively, if you require long-term care, which is not covered by medical insurance, you have to make alternative arrangements beforehand. There may be many responsibilities that would need to be performed in case of your incapacity or death. Your estate plan ca... more...

Finance » Taxes | By Kris Koonar @ Thursday, 19th July 2007 @ 5:19 PM

No estate tax is payable during 2006, 2007, and 2008 on a descendants estate valued up to $2million. However, estate taxes can chew away a sizable part of the estate after death if effective estate planning steps are not taken in time. A solid estate plan can be made only if one is aware of the effects of estate tax. So let us look at the estate tax structure first. This is important because even a small amount over the exemption limit of $2million would attract a big tax liability as per rules ... more...

Finance » Taxes | By Kris Koonar @ Thursday, 19th July 2007 @ 10:38 AM

Federal tax laws exempt property up to two million dollars from estate tax. They also allow a one million-dollar lifetime limit for gifting property without attracting any gift tax. However, there is a rider that the value of the gift must not exceed twelve thousand dollars to any one person during a single calendar year. Estate tax exemption is set to rise further to $3.5 million in 2009 and stands to be repealed in 2010, which will be a year free from estate taxes. Thereafter, in 2011, the Con... more...

Finance » Taxes | By Kris Koonar @ Thursday, 19th July 2007 @ 10:15 AM

If a person dies possessed of property, the law imposed estate tax if the property has a fair market value above $2 million. Property valued less than that is not subject to estate tax. Estate tax is levied both at the federal and state levels. The high rate of taxation takes away nearly forty-five percent of the estate of the deceased. Most people suffer such high taxes because they are unaware of the ways and tax planning techniques that can avoid or help to considerably reduce the estate tax ... more...

Finance » Taxes | By Kris Koonar @ Thursday, 19th July 2007 @ 10:12 AM

US laws heavily tax the estate of a deceased person if the value of the estate exceeds certain limits. For the year 2007 and 2008 this limit is fixed at $2 million. 2009 will see this limit climbing to $3.5 million. The rate of taxation for the amount above the exemption limit is a flat 45%. Every dollar above the limit will lose 45 cents to estate taxes. There are many ways to avoid or mitigate estate taxes. Transferring property through gifts is one of them. As a general rule, all gift... more...

Finance » Taxes | By Kris Koonar @ Thursday, 19th July 2007 @ 10:10 AM

Estate taxes eat away a substantial portion of your estate if you are not careful to take necessary steps in time. It is absolutely essential for you to start planning at once if you have property valued above two million dollars. This is the current limit up to which no estate tax is applicable. Your heirs/beneficiaries will have to cough up 45 cents on every dollar that is over $2million dollars of your estate value. The good news is that this limit will rise to $3.5 million in 2009. Ev... more...

Finance » Taxes | By Jim Brown @ Tuesday, 10th July 2007 @ 9:37 AM

That time of year again has arrived. Thoughts of completing your tax return as well as paying for it may be hanging in your mind. If you had planned in advance or will be getting a refund instead, you shouldn't be faced with the dilemma of preparing and completing your tax return at the last minute. While sending off payment for how much you think you owe will give you an extension of the filing, this would be an appropriate time to assess your business' financial situation and perform... more...

Finance » Taxes | By Jim Brown @ Friday, 6th July 2007 @ 8:38 PM

You are a smart businessman but you shouldn't be embarrassed to acknowledge that you need help when it comes to sorting your finances. If you run your own business, a tax professional would be a very big help. It is of utmost importance that you choose your tax professional wisely instead of ending up hiring the wrong person. You cannot always expect to rely on your own wisdom and knowledge when it comes to the context of business so getting a professional into the picture would prov... more...

Finance » Taxes | By Roger Munns @ Friday, 6th July 2007 @ 1:01 AM

As 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 Low Jeremy @ Thursday, 21st June 2007 @ 1:10 AM

There was a time that the person had to bring out the old receipts for the entire year and then use a pencil, a calculator and paper when preparing the federal income tax report. After double-checking the figures, the document is finalized and then filed on or before the deadline. These days, there is a faster way of doing it and this involves the use of the computer. The individual will just have to get the tax preparation program to be able to finish this faster than before. Ind... more...

Finance » Taxes | By Low Jeremy @ Monday, 18th June 2007 @ 12:35 AM

Basically, federal income tax is the percentage that the federal government takes from an individual's or business' earnings. The amount of that percentage will be based on the amount one earns. This percentage will be the payment of the citizens of the United States to the various services the federal government provides, like construction of roads, schools and other infrastructures intended for the general good of the public. Federal income tax covers areas of concerns like i... more...

Finance » Taxes | By Low Jeremy @ Thursday, 14th June 2007 @ 1:09 AM

When you are ready to prepare your income tax forms, you may benefit a lot from using free income tax software downloaded online. Such downloaded income tax software programs can simplify doing your taxes employing three of the basic steps essential during income tax preparation. Free income tax software provides a more convenient data entry procedure to individuals. Manually entering relevant tax data may result in errors at times. Such errors can be reduced through the use of inco... more...

Finance » Taxes | By Roger Munns @ Monday, 11th June 2007 @ 12:38 AM

Demand for residency in the European tax haven of Andorra has increased significantly in recent years, as rival tax haven Monaco has seen her property prices rise significantly. And while property prices in Andorra have increased significantly as well, particularly in the last three years, it started from a much lower base than Monaco, and a property in Andorra still costs less than a quarter of that of Monaco. The lowest price property in Andorra is currently a 38m2 studio apartme... more...

Finance » Taxes | By Low Jeremy @ Monday, 11th June 2007 @ 12:35 AM

The prospect of having to get down to tax filing preparations can get you down. The process of tax filing preparations is tedious and can be difficult to factor in to your busy schedule. Luckily, aside from hiring an expensive certified public accountant to do all the dirty work for you, you can take advantage of the latest in technological advancements by using income tax software online. More and more solutions providers are offering such software online which you can download to use i... more...