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Information
IRS Approves Saturn Vue Green Line for Tax Credit
The IRS is working its way through various automobiles that qualify their owners for tax credits. The Saturn model of cars has just been reviewed with one particular model being approved.IRS Approves Saturn Vue Green Line for Tax CreditOwning a hybrid car was pretty much a financial windfall from the outset.Read more…IRS Dictates Employee Withholding Amounts
The IRS has set up a program where it can dictate to an employer what an employee can withhold from their paycheck for Federal Income Tax purposes without any input from the employee and without a court order.Under the new Read more…1031 Exchange Odds and Ends
A 1031 tax deferred exchange, as you know, allows you to use money from a real estate sale to acquire real estate of like kind. It also allows you delay the payment of the capital gains tax that would normally be levied on such a sale. A 1031 tax deferred exchange is a godsend for people looking to build their equity.Read more…The Tax Payer as Gilligan
Let’s all sing a new version to the tune of the 60’s sitcom “Gilligan’s Island” …“Just sit right back and you'll hear a tale, a tale of mishandled use; that started with our nation’s past to form a fiscal noose. The tax was a mighty hurtin’ vice, our wallets paid the price; working hard to pay our share, it’s not always fair, it’s not always fair. The economy started heating up, so the Fed put on the breaks; if not for the courage of the consumer’s purse, things could’ve been ‘lot worse.Read more…IRS Warning Taxpayers About New Email Scams
If you have an email account, you know about all the scam emails you get. Scammers are getting braver and using the IRS name in their new tactics.IRS Warning Taxpayers About New Email ScamsThe IRS has begun warning taxpayers that it is seeing a surge in tax scam emails.Read more…IRS Helps Employers By Reducing Filings Required For Employees
If you own a business and have employees, you have an inherent feel for the joy of filing employee related tax documents. Alas, the IRS is cutting back on the burden.IRS Helps Employers By Reducing Filings Required For EmployeesEmployees are critical to any business other than the smallest ones.Read more…You Are Paying More Income Tax Than You Are Legally Obligated To Pay!
Do any of these situations describe you or someone you know?Jim Raster had a great year last year with an increase in gross profits of $200,000. He has a small business and operates as a sole proprietorship.Read more…Trends in Tax Ware
The news is that while certain companies are trying to ditch their dot coms and to distance themselves from their dot com stores, there are companies like NationTax.com who see the real trend. NationTax.Read more…Accounts Receivable Financing for Business Growth and Tax Write Off - What Does It Cost?
Small to medium size companies including Government vendors see "request for proposals" (RFP) on their computer screens everyday. There are usually dozens of contracts that smaller companies would like to bid on, but because of working capital concerns, they hold back on their expansion plans.Banks won't lend money to a business seeking to acquire larger contracts because its not viewed as an asset.Read more…1031 Exchange Tips Guide
Section 1031 of the Internal Revenue Code (IRC) defines the 1031 exchange. 1031 exchange also known as Like kind exchange specifies that if an asset that is most often a land or a building, is sold and the proceeds of the sale are then reinvested in a similar type of asset then there is no gain or loss and the capital gains taxes are deferred.A 1031 exchange is an ideal way to suspend the taxes that are immediately due after the first sale.Read more…More on IRA Beneficiary Designation Planning
It is probably safe to say that most IRA owners really don't put much thought into who they designate as their IRA beneficiary, but even IRA owners who do may very well have not done their planning correctly. This is especially true in that the IRA beneficiary designation rules are so complex.With traditional IRAs (not Roth IRAs) one must generally start taking minimum required distributions when the beneficiary reaches age 70.Read more…Homeowners Deduct Over $9,000 in Mortgage Interest
The average homeowner deducts $9,650 for mortgage interest, according to analysis released on Thursday.The National Association of Home Builders says that 35 million taxpayers used the home-mortgage deduction in 2003, deducting $338 billion. Thirty-nine million households deducted real estate taxes for the year, which added $119 billion to homeowner tax breaks across the country.Read more…Inter-state Business Tax Bill Goes Through House Committee
The United States House Judiciary Committee approved legislation which aims to simplify the collection of business taxes across state lines.The Business Activity Tax Simplification Act was designed to resolve the issue of states seeking to collect business activity taxes from businesses located in other states. The act sets specific guidelines for when an out-of-state business can be charged a tax for business done within another state.Read more…1031 Exchange Info Guide 101
A smart tax saving tool that is gaining popularity among the real estate investors by enabling them to defer the entire capital gains tax is 1031 Exchange. Established in 1990 by the Internal Revenue Code Section 1.1031, it gives them an opportunity to defer their capital gain taxes on the sale of a property by re-investing the proceeds into “like kind” of property. However, one needs to have complete knowledge of the terms and conditions that apply for 1031 Exchange, and how it works.Read more…1031 Exchange Lowdown Guide
A 1031 exchange or Like kind exchange is defined by section 1031 of the Internal Revenue Code or the IRC. According to IRC if an asset, most often some form of real estate such as land or building is sold and the proceeds of the sale are re-invested in a similar asset then there is no gain or loss and the deferment of the capital gains taxes is permitted.In order to qualify for the 1031 exchange, a set of rules is to be followed.Read more…IRS Problems
The IRS, or the Internal Revenue Service, is a tax collection and tax-law enforcement agency that is a part of the US Department of the Treasury. Barring a small minority of intentional tax evaders, most taxpayers pay their taxes punctually, correctly, and honestly. Despite honest intentions, problems do arise.Read more…Estate-tax Vote Delayed
The estate-tax vote has been delayed until after the weeklong 4th of July recess.Republicans were reportedly unable to attract enough votes to overcome a Democratic filibuster."The vast majority of my Democratic colleagues have so far refused to address this issue.Read more…IRS Tax Problems
The IRS, or Internal Revenue Service, is a tax collection and enforcement body that is part of the US Department of the Treasury. The primary duty of the agency is to ensure that people pay their taxes punctually and honestly. This is not an easy task because the agency has to deal with the usual tax evaders.Read more…IRS Tax Problem Help
The IRS, or Internal Revenue Service, is the tax collection and enforcement agency of the Treasury Department of the USA. It goes without saying that there are harsh penalties and fines for tax evaders, though at times, even honest taxpayers find themselves at the receiving end of the IRS. This may be because they have either underpaid or overpaid their taxes.Read more…IRS Problem Solvers
The IRS, or the Internal Revenue Agency, has instilled the fear of God in the minds of all tax payers in the country. This tax collection and enforcement agency of the Treasury Department of the USA is responsible for dealing with all tax-related issues, which can include non-payment, underpayment or overpayment. It is invested with the powers of implementing strict penalties and fines on all defaulters.Read more…
Most Recent Articles in Taxes category
- Texas Business Personal Property Rendition and Taxation - By: Patrick C O Connor
The Texas Property Tax Code for many years had required owners of business personal property (BPP) to annually render those assets used in a business. Rendering is summarizing to the central appraisal district the ownership and value of the assets. Historically, however, over half of all owners of business personal property have not rendered. - How to sustain current economic slump? - By: Mark Waltzer
Small businesses need professional accountants but their services are too expensive so it's better to hire an outsourcing vendor providing cost-effective accounting services and allow them to take your business to next level. - Texas Property Tax Appeals - By: Patrick C O Connor
Texas Property Tax Appeals Steps to Protesting and Reducing Your Property Value Annually - Taxes - By: Patrick C O Connor
Taxes are a levy imposed upon people or legal entities by a governmental entity. There are many forms of taxes including income taxes, property taxes, capital gains taxes, consumption taxes, excise taxes, retirement taxes, sales taxes, tariffs, toll taxes and transfer taxes. This article focuses on reducing income taxes for real estate owners. - Gift Tax Valuations - By: Patrick C O Connor
Gift tax valuations are prepared for many reasons. Gift tax includes market value of gifts to charity, market value of conservation easements and gifts in excess of annual limit. Well-reasoned planning of gifts can minimize gift taxes, income taxes, and estate taxes. - Please keep your hands out of my pockets Uncle Sam!: Business tax savings you should know about. - By: Amar Brown
Many people are unaware that a business including a home based business can mean thousands of dollars in tax advantages per year. Thousands that you can put back into you pocket. Here are a few tips on keeping Uncle Sam Out of your pockets and keeping more of your hard earned money in. - Cost segregation - correctly depreciation real estate 10 - By: Patrick O'Connor
Depreciation is an important non-cash tax deduction. By increasing tax deductions, commercial property owners affect federal income tax reduction. The increase in tax write-offs generates such a large tax cut that some wonder if it is a tax shelter or tax evasion scheme. It is not. Cost segregation is an IRS-guided process used to increase tax deductions during the tax preparation process. The IRS has provided a detailed explanation of the items that qualify for short-life depreciation and acceptable methodologies for performing a cost segregation study. Cost segregation studies performed by appraisers in compliance with the IRS's Audit Techniques Guide are unlikely to be challenged in an audit. Commercial real estate owners seeking tax advice and tax relief can benefit from reviewing the tax relief available from cost segregation. - Estate Taxes - By: Patrick O'Connor
Estate txes are often referred to as the death tax. Few Americans are subject tp estate tas due to the exclusion on the first$2,000,000 of an estate (2006,2007, and 2008). Taxpayers with estates substantially in excess of this amount should consider planning to minimize estate taxe. For family businesses it is important to ensure adequate liquidity is available to pay estate taxes. For family businesses it is important to ensure adequate liquidity is available to pay estate taxes (so the business does not have to be sold to pay the taxes). - Tax Deferral 1031 Exchanges and Cost Segregation - By: Patrick C O Connor
Tax deferral through 1031 exchanges, or tax-free exchanges of real estate, have become a popular method of tax deferral of capital gains taxes. Almost by definition, individuals who utilize the 1031 exchange option are reluctant to pay taxes that can legally be avoided. 1031 exchangers have asked if they can receive tax deferrals and enhance depreciation. - Tax deductions - A result of Cost segregation - By: Patrick C O Connor
Tax reduction and tax deferral are the primary benefits of obtaining a cost segregation study. Income taxes are a substantial burden for most real estate investors. Tax deductions help with this burden. While some level of taxation is necessary, it is both inappropriate and imprudent to pay more than your fair share.