Taxes Articles

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...

Finance » Taxes | By Roger Munns @ Sunday, 10th June 2007 @ 12:42 AM

Monaco has recently become the most expensive country in Europe for property - or second depending upon which international estate agent's data you trust more - and it's in no small part thanks to the increasing and continuing influx of British buyers. Previously a relatively small group of Monaco residents, the number of British people living in Monaco has doubled in the last two years since 2005, with some 3000 now claiming residency in Monaco. The figure could be set t... more...

Finance » Taxes | By Kristine McKinley @ Friday, 8th June 2007 @ 9:31 AM

The second quarter estimated tax payment is due in less than two weeks (June 15). Do you know if you need to make estimated tax payments? The federal income tax system is a pay-as-you-go tax system. That means you pay taxes as you earn income throughout the year. If you are an employee of a company, you pay taxes through withholding from your paycheck. If you are self employed, you pay taxes by making estimated tax payments. The general rule is that you must make estimated tax ... more...

Finance » Taxes | By Kris Koonar @ Thursday, 7th June 2007 @ 3:13 PM

The estate of a deceased person is subject to estate tax levied by the government. This tax is levied on his taxable estate, the value of which is arrived at by reducing his gross estate by something known as allowable deductions, where the gross estate is the total value of all the assets owned by the deceased at the time of his death. The allowable deductions are funeral expenses of the deceased that are paid out of his estate, marital deductions, deductions for payment to charity as expressed... more...

Finance » Taxes | By Kris Koonar @ Wednesday, 6th June 2007 @ 9:31 PM

The reason for making an estate plan is to ensure that all your assets are handled in accordance with your intentions after your demise. The plan consists of creating a host of legal documents which may include deeds of trusts, a will and other legal instruments. You may want to purchase various types of insurance policies in line with your strategies of estate planning, and may also want to make charitable gifts. A properly crafted estate plan can help you to limit the uncertainties con... more...

Finance » Taxes | By Kris Koonar @ Wednesday, 6th June 2007 @ 7:03 PM

If you own property or assets of substantial value and have not yet thought about estate planning, it is time to start doing your calculations in order to put a plan in place. If you die having property, the state levies tax on your estate. As of 2007, property worth two million or above is taxed. Whoever is the recipient of your assets has to pay a hefty amount in estate taxes, which may be up to 45 percent of the value of the estate left behind by you. Thus, if you do not have an estate plan, ... more...

Finance » Taxes | By Kris Koonar @ Wednesday, 6th June 2007 @ 6:48 PM

If you die owning property, whether substantial or not, the property has to go to someone after your death. You can make your estate plans and make a will specifying whom you want your assets to go to, which may include one or more persons. You can provide details about exactly how you want your estate to be distributed among them. Your estate will also be subject to estate tax if it is above a certain value, which for 2007 is $2m. If it is less than that, it is exempt from estate tax. If you do... more...

Finance » Taxes | By Christopher Anderson @ Wednesday, 6th June 2007 @ 11:28 AM

On May 31, 2007, the IRS issued this statement, "The Internal Revenue Service today alerted taxpayers to the latest versions of an e-mail scam intended to fool people into believing they are under investigation by the agency's Criminal Investigation division." With today's vast use of the world wide web, these kinds of scams are becoming more common. The IRS does not send out unsolicited emails. They do not ask for detailed personal and financial information via email... more...

Finance » Taxes | By Low Jeremy @ Tuesday, 5th June 2007 @ 1:04 AM

Income tax filing preparations can be a very complex process. There are different tax situations that entail different treatments. You will need the necessary know how and skills to be able to prepare your income tax for filing. This complex situation can be even more compounded by the fact that you need to do income tax preparations for a corporation or business. In this case, the already complicated process of tax filing preparation can be come even more complex. First of all, a corpora... more...

Finance » Taxes | By Low Jeremy @ Sunday, 3rd June 2007 @ 12:29 AM

Professionals are respected by peers and clients but it took many years for them before arriving in that stature. Most if not all professionals need a degree to prove that they indeed have the right to be called a professional in their chosen field. Post graduate studies like a Master's in Business Administration will make you an even impressive professional, much more those honorary degrees from institutions. The right affiliations like membership to credible organizations are venu... more...

Finance » Taxes | By Roger Munns @ Saturday, 2nd June 2007 @ 12:27 AM

After two decades of growing visitor numbers, Andorra has been increasing her visitor numbers to over ten million a year for ski holidays and happily investing for the future to ensure she remains as one of Europe's top ski destinations but that came to a screeching halt earlier this year when the one thing a ski destination really needs didn't arrive - snow. The Andorra authorities are hoping that the lack of snow which kept so many regular visitors as well as new ones away thi... more...

Finance » Taxes | By Low Jeremy @ Friday, 1st June 2007 @ 1:19 AM

An income tax is a financial charge imposed on the financial income of entities like persons and corporations. In short, any legal entity who has a value can be taxed which somehow makes sense. To see it in a positive light is to view tax as a contribution to society. You give offerings and tithings to respective churches so why not give something back to the country you pledge allegiance to. If your church promises to improve some aspects of the religious community and as well as to giv... more...

Finance » Taxes | By Roger Munns @ Thursday, 31st May 2007 @ 12:26 AM

The Andorra 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 cent over the la... more...

Finance » Taxes | By Kristine McKinley @ Monday, 28th May 2007 @ 8:52 PM

If you sell on eBay, or if you have an online business, listen up. There are several tax issues in the news right now that could have a huge impact on the way you do business. The first issue, and the one that is getting the most attention, is Congress's push to get the IRS to force brokers (companies such as eBay and Amazon) to report personal data on their customers. In this proposal, brokers (such as Amazon and eBay) would be required to report names, addresses, and gros... more...

Finance » Taxes | By Roger Munns @ Wednesday, 23rd May 2007 @ 3:08 AM

Banking privacy and no income tax are hallmarks of Monaco, the world's best known tax haven, but in a move that has surprised many Monaco has collated and published her first ever GDP figures. But far from moving away from her tax haven status that attracts millionaires and billionaires to live in the principality, a travel guide for Monaco says it is for other reasons. Prince Albert, who became Monaco's Sovereign in 2005, has been strutting the world stage promoting glob... more...

Finance » Taxes | By Obinna Heche @ Monday, 21st May 2007 @ 8:48 PM

Just because you work at home does not mean you are not subject to the same taxes as any other business venture. The difference is that because you do work at home, its much easier to hide the income than that of a brick and mortar business. On the other hand, the time will come that you will be caught if you do not operate your business on the level. What makes it so easy is that companies are not required to provide a 1099 unless they pay you at least $650 in a year and if you are a fr... more...

Finance » Taxes | By Christopher Anderson @ Thursday, 17th May 2007 @ 12:31 PM

As parents, we work hard all our lives to help our children be smart and wise and independent. Finally, the day comes when they go off into the world on their own. As we proudly wave good by, we realize that for doing such a good job of parenting, the IRS will now penalize us. Now that the children have grown and gone so has many tax deductions such as Personal Exemptions, Child Tax Credit, Earned Income Credit, Child Care Credit, and the College Tuition Credit. To make matters worse... more...

Finance » Taxes | By Christopher Anderson @ Thursday, 17th May 2007 @ 12:05 PM

Over the years the tax laws have changed with regards to how the sale of your home is taxed. There were once laws that said that you could rollover the profit from the sale into a new more expensive home. There used to be a one time exclusion on the sale of your home if you were over 65. Those laws are now no longer valid and have been replaced by the current law. The current law states that if you purchase a home, and live in it for 2 out of 5 years, you do not have to pay capital g... more...