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IRS to Cut Estate Tax Compliance Personnel
The IRS is planning to cut the number of estate tax lawyers and audit staff it employs.With the efforts of the Bush administration to reduce the number of people liable for the estate tax, the IRS will cut the jobs of 157 of the agency's 345 estate tax lawyers, and an additional 17 support personnel. The cuts are expected to occur within a two month time period.Read more…Employer Cash Incentives To Employees For Hybrids
Many companies offer their employees cash incentives to undertake certain actions such as buying a hybrid car. It is important to remember that such situations have tax consequencesEmployer Cash Incentives To Employees For HybridsPurchasing a hybrid vehicle makes sense on many fronts. It is a financial windfall given tax credits provided under the Energy Policy Act of 2005.Read more…Donating A Car – What IRS Want You To Know
When donating your car to your favorite charity, the Internal Revenue Service (IRS) wants you to be aware of certain pitfalls. After December 31, 2004, taxpayers planning their charitable giving, donors should understand the way that the American Jobs Creation Act of 2004 will alter the rules for the contribution of used motor vehicles, boats and planes.When the claimed value of the donated motor vehicle exceeds $500 and the item is sold by the charitable organization, the taxpayer is limited to the gross proceeds from the sale.Read more…Offer In Compromise Help
An offer in compromise is basically an agreement between the Internal Revenue Service (IRS) and a taxpayer to reach a settlement on tax debts. Applying for an offer in compromise is often a lengthy and complicated process. It can take anywhere between a year and two for arriving at a successful resolution on the application.Read more…Top 7 Ways to Minimize Your Income Taxes
Are you paying too much in income taxes? Are you getting all the credits and deductions you are entitled to? Here are 7 tips to help you minimize taxes and keep more in your pocket:1. Participate in company retirement plans.Read more…Latest Email Scam Using IRS Name
If you have an email account, and who doesn’t, you are use to receiving scam emails. Well, here is one using the IRS name to watch out for over the next few months.Latest Email Scam Using IRS NameNo matter how hot it is outside, nothing sends a chill down a person’s back like the prospect of receiving a notice from the IRS.Read more…Tax Credits for Toyota Hybrids To Be Cut In Half
If you purchase a new hybrid car after January 1, 2006, you can get a major tax credit for doing so. Alas, the tax credits applicable for Toyota hybrids are about to be cut in half.The government uses all types of methodology to modify our behavior.Read more…Overview of the Almighty Tax Deduction for Small Businesses
Taxes are the great bane of most businesses. Alas, tax deductions act as a salve to cool the burning and itching of your bank account.The tax system in the United States is an undeniable mess.Read more…Republican Leaders Speak Out Against Global Taxes
Republican leaders in the U.S. Senate have pledged their support of legislation which would withhold funding from the UN and the OECD should they attempt to impose taxes at an international level.Read more…Offer In Compromise
A taxpayer in financial difficulties has a number of options to resolve his federal tax debts. Offer in compromise is an ideal solution for a person on the verge of financial break down. It is a proposal specially designed to settle a taxpayer’s tax debts for less than what he owes.Read more…Tax Deferral Power and Protection
What is a Tax-Deferred Annuity? A tax-deferred annuity is a contract between you and the insurance company with guaranteed interest and guaranteed annuity income options. There are no upfront sales charges or administrative fees during the life of your contract.Read more…Health Savings Account
A health savings account is a tax-free savings account similar to an individual retirement account. It is designed specifically to pay for medical expenses. These expenses are wholly tax-deductible for self-employed account holders.Read more…The Counterproductive Estimated Tax Requirement
The requirement to pay estimated taxes on capital gains (along with its associated penalties for non-compliance) is counterproductive. It hurts both the taxpayer and the government and should be abolished.Here's an illustration of what I mean.Read more…IRS Issues Tax Credit Amounts For GM Trucks
As 2006 rolls along, the IRS is in the process of issuing tax credit amounts to particular hybrid vehicles. The agency has just issued the amounts for a number of GM vehicles.As part of the Energy Policy Act of 2005, the tax advantages of owning a hybrid vehicle have been seriously upgraded.Read more…Honda Natural Gas Cars Issued Massive Tax Credits By IRS
Between global warming and massive increases in fuel prices, many people are reconsidering their transportation. Honda has two natural gas cars the IRS absolutely loves.In 2005, the federal government passed a new energy policy act that created tax benefits for the use of alternative fuel vehicles.Read more…How To Avoid Taxes
It's often said that there are two things we can depend on in life: death and taxes. The former will certainly remove all worry about the latter, but until it happens, you have to pay taxes. The Chicago crime king of the 1930s, Al Capone, got away with murder -- literally, but it was not paying his taxes that put him in prison.Read more…Tax Advantages for Mortgage Loan Interest
Looking for a tax shelter, literally? Purchasing a home is probably the single best way to cut your yearly tax burden. For many consumers, purchasing a home opens the door to the world of the itemized deduction.Read more…Major Changes to IRS Tax Settlement Rules
In recent years, the IRS has made a concerted effort to get people back into good status by reaching deals on overdue taxes. The rules affecting this program have just changed dramatically.Major Changes to IRS Tax Settlement RulesThe IRS used to be the terror in most peoples nightmares.Read more…New Procedure for Settling Tax Debts with the IRS
The Tax Increase Prevention and Reconciliation Act of 2005 has ushered in new rules for settling tax debts with the IRS. Here is the scoop on the compromise procedures.New Procedure for Settling Tax Debts with the IRSIf you owe the federal government back taxes, there are two approaches you can take to resolve the issue.Read more…The IRS vs Mother Nature
The IRS recently met its match in the form of Mother Nature. Yes, the massive flooding in Washington, D.C.Read more…
Most Recent Articles in Taxes category
- 1031 Exchange - How You Can Indefinitely Defer Income Taxes - By: Patrick O'Connor
1031 Exchanges are excellent tools to reduce income taxes. Known both as "tax free exchanges" and "1031 exchanges" (based upon the enabling section of the federal income tax code) this tool allows investors to sell real estate without paying income taxes (at the time of sale). - Single Family Litigation Support - By: Patrick O'Connor
Single-family litigation support and expert witness testimony assists legal counsel and the property owner in obtaining a reasonable and just settlement. Providing an initial assessment of the strengths and weaknesses of a case provides insights into the strategy that is appropriate for the fact situation. - Choosing A Business Tax Service - By: Manbeer Singh
There are a number of ways that you can find tax services companies. The yellow pages is a good place to start for companies in your area but, depending on where you live, the list of names may be extremely long. - More Tax Deduction Means Tax Reduction - By: Patrick O'Connor
Most commercial real estate owners are paying excess federal income taxes because they are not depreciating their property as quickly as they should. A cost segregation study allows property owners to both defer and reduce federal income taxes. Cost segregation increases depreciation (a non-cash deduction) for commercial real estate owners. - Tax Return Outsourcing: A Simplified Way to Deal with Taxing Tax Returns - By: Michelle Barkley
Tax return outsourcing is tool for solving all tax issues with thorough assistance in paying the exact returns one is entitled to. - Options for continuing appeal of your Harris County Appraisal District assessed value - By: Patrick O'Connor
Harris County Appraisal District assessed values can be appealed after the ARB hearing. For properties with an assessed value of $1,000,000 or less after the ARB hearing, you can choose binding arbitration to appeal market value or a judicial appeal (lawsuit in district court). - How to Minimize the Property Tax Assessments - By: Patrick O'Connor
Harris County Appraisal District estimates the market value for 1.6 million parcels of real estate with a staff of about 150 appraisers. That's an average of over 10,000 parcels per appraiser per year! While they value a large number of properties annually, you can focus intense attention on reducing the value of your property. - Tax Deductions Tips for Individual Real Estate Investors - By: Patrick O'Connor
Tax deductions are not the top priority for most individual real estate investors. They often work out of their home with no employees, other than those on-site at the property. Challenges (aside from tax deductions) include selecting what property to purchase, screening tenants, repairs, managing expenses, obtaining financing, and deciding when to sell. - Tax return online saves time and energy - By: Michelle Barkley
Tax return online is the easiest way to return tax. This method saves one’s time and energy. - Tax Return Outsourcing: Reduce Your Burden of Taxation - By: Michelle Barkley
Since filing tax return is one of the most complex tasks, tax filing outsourcing can reduce your burden by making it simple and easy.