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Tax Refund Estimators
Don’t be in the dark about your taxes. If you are not very good with numbers but would like to get a clear estimate of how much you have to fork over to the government, then use a tax and tax refund estimator. This easy-to-use software will not only make managing your taxes a lot easier, but possibly also save you a lot of money.Read more…Nothing is For Free With the IRS
Those goody bags Oscar presenters receive aren't tax free gifts anymore."The gift basket industry has exploded, and it's important that the groups running these events keep in mind the tax consequences," said IRS Commissioner Mark W. Everson in announcing the tax agency and film industry has reached an agreement on Oscar goody bags.Read more…Don't Just Worry About Federal Estate Taxes
Many states have their own estate tax laws that you need to worry about. With the current law phasing out the estate tax over the next few years, the state's are beginning to feel the pinch of having less federal estate-tax revenue coming in.Several states, especially those with budget issues, are levying some forms of estate and inheritance tax on their own.Read more…Filing Payroll Taxes
An organization has a large number of employees who receive a salary for the work they do. Some employees may be paid a stable salary while others are paid on the basis of productivity or the number of hours worked. All organizations having employees are in charge of paying payroll taxes.Read more…Business Tax Lawyers
Business tax is paid by large organizations and individuals running small businesses. The process of tax planning and submission is a very tedious one and requires meticulous planning from the taxpayers. Tax laws are very difficult for many people to understand and require a detailed study of all the intricacies contained therein.Read more…IRS Updates: Hybrid Tax Credits Following Industry Audit
The Energy Act of 2005 created major tax credit incentives for people purchasing hybrid vehicles. The IRS has recently concluded the quarterly review of manufacturers and issued tax credit status.IRS Updates Hybrid Tax Credits Following Industry AuditAs part of the Energy Act of 2005, the federal government took a major step towards promoting the use of hybrid vehicles.Read more…The Basics of IRS Property Auctions
Buy a home, car, helicopter, NFL team or whatever for one measly dollar. Ah, we must be talking about IRS property auction hype.The Basics of IRS Property AuctionsYou may have seen commercials or advertisements on the web about the steals you can get at IRS property auctions.Read more…Understand IRS Real Estate Auctions
While the IRS will auction off just about anything to satisfy a tax bill, seized real estate gets people excited. Here are the basics of IRS real estate auctions you need to know.Understand IRS Real Estate AuctionsDoes the IRS really seize homes and then auction them off?Read more…Tax Break for College Tuition Payments
If you are writing a college tuition check, there may be a hidden tax break that will allow you to deduct a part of your college tuition payment. In order to do this, you must utilize a 'Section 529' College Savings Plan in one of the 26 states that provide a tax deduction or credit when you deposit the money.People currently using Section 529 plans are well aware of these popular tax breaks.Read more…Tax Revenues Lowering Estimated Size of 2006 Federal Deficit
The Congressional Budget Office has lowered the estimated size of the US federal deficit for fiscal year 2006. The decrease in the expected deficit is largely a result of high tax revenues.The Congressional Budget Office is a non-partisan arm of the US Congress.Read more…Cost To File Offer In Compromise
The costs to file an offer in compromise include an application fee of $150. In case the taxpayer has a monthly income below the federal poverty level, payment of the application fee is exempted. The application fee is levied by the IRS to meet the expenditure of processing and reviewing your offer in compromise application.Read more…Michigan Lawmakers Abolish State Business Tax
Michigan state legislature has voted to approve the abolition of the state business tax starting in 2008. The move is a bid to boost investment and job creation.The Single Business Tax will be removed under the bill.Read more…The Truth about the FairTax
Grassroots support for the FairTax Act of 2005 is growing, prompting those who are afraid of it to distort the facts and engage in fear-mongering. Let’s look at the truth about the FairTax:The FairTax will replace our current federal taxes with a federal retail sales tax of 23 percent (the rate set forth in H.R.Read more…Retention of Tax Records - Keep or Toss
Keep or Toss – And When?Record RetentionBy Teri Kaye, CPAAs a Certified Public Accountant, I work with my clients’ banking and business records all the time. As a mom, I handle my own family’s banking, credit card and other financial records.Read more…New Jersey's Tax Exemption And Abatement Laws
P.L.1991, c.Read more…A Car Donation Is A Great Way to Reduce Your Taxes
Cars that have been in use for around twenty years readily show their age. From overheating engines, wiggling joints, creaking windows and deteriorating paint, cars become less and less desirable as well as becoming less reliable, as they get older.As it ages, a car becomes a stronger candidate to become a item for donation to charities.Read more…Belize Offshore Company Taxation
When it comes to the taxation of an offshore company incorporated in Belize there is really only one thing to know and that is an offshore IBC is exempt from all taxes and stamp duty! The structure of a Belize IBC is totally non-restrictive. There are many potential benefits to establishing an International Business Company offshore, but few jurisdictions offer the features and benefits that Belize does.Read more…Home Rule Versus Consolidation
The Joint Legislative Committee on Government Consolidation and Shared Services held its first meeting on 8/806. Senator Robert Smith the Committee's Co-Chairman said "home rule has lead to New Jersey having the highest property tax burden of any State in the United States". However, he said that their is no single silver bullet to solve New Jersey's excessive property tax burden.Read more…Class-action Lawsuit Filed Over Bush Tax Refund Program
According to lawyers, millions of small businesses and low-income taxpayers will be excluded from a Bush administration tax refund program.A class-action lawsuit has been filed by lawyers in regards to a Treasury Department plan in which the public stopped paying a 3% federal excise tax on long-distance phone calls as of July 31. The tax collected by phone service providers was levied without congressional authorization.Taxpayers have been told that they can get the past three years of excise tax payments back by asking for the money on their 2006 tax returns.Read more…US Senate Passes Pension Legislation
A major overhaul of US pension legislation passed the Senate last week and has been sent to the President for final approval.The bill was approved in a 93-5 vote last Thursday in the Senate. It addresses the estimated $630 billion in underfunding in pension plans, which affects approximately 45 million American workers and retirees.Read more…
Most Recent Articles in Taxes category
- Use the Appraisal District's Information to Reduce Your Property Taxes - By: Patrick C O Connor
Homeowners are amazed to learn they can obtain a copy of the appraisal district's evidence at a nominal cost. This is referred to as a House Bill 201 package, and is the only information many homeowners use to successfully reduce their property taxes. - Tax Return Outsourcing - Cost and Time Effective Services - By: Michelle Barkley
Tax return outsourcing has simplified the cumbersome task of maintaining tax returns files and data in an efficient manner. - Optimise Savings with an Offshore Account - By: Isla Campbell
Offshore accounts, based in the Channel Islands, the Isle of Man and Ireland, offer many benefits to those wishing to set up a savings account. But what are the advantages of cash conservation offshore. - 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.