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Selling Your Business - Deal Structure and Taxes
The purpose of this article is to demonstrate the importance of the tax impact in the sale of your business. As an M&A intermediary and member of the IBBA, International Business Brokers Association, we recognize our responsibility to recommend that our clients use attorneys and tax accountants for independent advice on transactions.As a general rule, buyers of businesses have already completed several transactions.Read more…Tax – Keep It Low But Legal
If you are really well-to-do you could employ an account to look after your tax affairs, but for most of us this is not a realistic proposition. The resultant charge for the accountant’s services could well exceed any saving achieved, so we have to deal with the problem ourselves. This is not too bad if it is dealt with in a logical order rather than the system which is employed by many – last minute blind panic!Read more…Norway; Social Engineering thru Taxation
Norway certainly is an interesting country in that taxes are so high it tends to balance out everything. You see if you start making too much money, why produce anymore than you need, you just pay most of it in taxes anyway. Norway has a huge Middle Class, like 98 plus percent or more we are told.Read more…If You Filed an Extension for Your Taxes – Time's Almost Up
During a beautiful summer day, it is easy to forget some of the things you have to take care of. If you filed an extension on your taxes earlier this year, the deadline is approaching.Highly disciplined Americans are known for always being organized and getting their taxes filed on time.Read more…IRS Makes Life Easier For People That Can't Pay Their Taxes
Most people go into panic mode when they realize they don’t have enough money to pay the taxes they owe. The IRS offers fairly painless solutions and is making them easier to access.Contrary to popular belief, the Internet Revenue Service is not particularly interested in making your life hell.Read more…Proper Use of Payment Plans with the IRS
Everyone runs into financial problems from time to time. If this translates into tax problems, you need to know the how to best use installment plans.Financial difficulties are a part of life.Read more…Figuring Out Your W-4 Withholdings
If you are employed by a business, you have the ability to play with the withholding on your paycheck. Fortunately, there is an easy way to do this online these days.What is one of the happiest days of the year?Read more…A Pain-Free Tax Season: Organization Tips For Small Businesses
What are you doing this January? If you’re a small business owner, you’re getting together your tax records to hand-deliver to your accountant. Or, you’re firing up your pencil sharpener and setting aside 8-10 days to do your taxes yourself.Read more…Recommendations Of New Jersey's 1997 Property Tax Commission
Recommendations of the Governor's 1997 Property Tax Commission that through August 2, 2001 have been enacted by law or by regulation and those which have had just bills introduced.Governor Whitman asked the Property Tax Commission she created in 1997 to study the property tax problem in New Jersey and offer recommendations that would help county, school, and municipal officials ease the burden of property taxes on New Jersey residents.The 60 specific recommendations of the Commission are listed in summary form below.Read more…Three Property Tax Policy Options For New Jersey
Here are three property tax policy options for New Jersey citizens and government leader to consider. They are presented in an easy to read format; namely the statement of a problem that property taxpayer's face in New Jersey, followed by a policy option and its principal pro and con argument.PROBLEM: TAXPAYERS HAVE NO CONTROL OVER HIGH PROPERTY TAXES THAT CAN LEAD TO HOME FORECLOSURE AND THE NUMBER OF HOMES FORECLOSED DUE TO FAILURE TO PAY PROPERTY TAXES IS UNKNOWN.Read more…The New Jersey Zoning Officer's Job
ZONING OFFICER'S JOBThe Administrative Officer (known locally as the Zoning Officer) under the Municipal Land Use Law in New Jersey is the municipal official designated by local ordinance or statute with enforcing the provisions of the zoning ordinance. Due to proposed large scale development which many new Jersey municipalities will be faced with in the coming years, the Administrative Officer is a particularly vital and valued employee of the municipality. The key issues confronting many New Jersey municipalities are should our municipality grow; if so, how much and when?Read more…Income Tax Burdens For the Non-Spouse Beneficiary: Perils of Failing to Roll a 401k into an IRA
Have you heard about a “stretch IRA” and wondered if it was some special kind of IRA? Well, it isn’t. In the simplest terms, a stretch IRA is an IRA that has a beneficiary designation that provides for the possibility of maintaining the tax deferred status of the IRA after the death of the IRA owner.Read more…Saving for Retirement: Compound and Grow Your Employer Matching Retirement Plan
If your employer offers a matching contribution to your retirement plan, the cardinal rule is: contribute whatever the employer is willing to match—even if it is only a percentage of your contribution and not a dollar for dollar match.Imagine depositing $1,000 of your money into the bank, but instead of getting a crummy toaster, you receive an extra $1,000 to go along with your deposit. To add to the fun, imagine getting a tax deduction for your deposit and not having to pay tax on your “gift.Read more…House to Recess After Two Major Tax Bills Pass
Before breaking for a five-week summer recess, the US House of Representatives has passed two major tax bills.The first bill couples a minimum wage increase with estate tax reductions. The second bill looks to reform pension laws.Read more…Calculating Depreciation For Your Investments
Investing in real estate? Thinking about buying new equipment for your business? The depreciation you take on your tax return can turn into a significant tax benefit.Read more…Home Owner Bill Of Rights
New Jersey needs a new law called the "Homeowner's Bill of Rights." The New Jersey Legislature needs to find:Property taxes are a sensitive point of contact between each home owner and their government, and disputes and disagreements often arise as a result of misunderstandings or miscommunications.The dissemination of information to property taxpaying homeowners regarding property taxes and the promotion of enhanced understanding regarding the property tax system will improve the relationship between taxpaying homeowners and the State and local government.Read more…New Jersey's Tax Exempt Property
BRIEF HISTORYGenerally, prior to 1900 New Jersey local tax assessors seldom entered a complete list of tax exempt property located within their municipality on their tax rolls. Why should they, nobody would ever think about levying a property tax on governmental, educational, church or other property used for charitable purposes. It made little sense to those early property tax assessors to spend the resources to find, list and value such tax exempt property.Read more…The 1031 Tax Deferred Exchange: What Are the Requirements?
A 1031 tax deferred exchange is an excellent way to preserve equity in your properties. By allowing you to defer income taxes that would usually be charged when you sell a property, you will be in a better position to improve your economic standing. It will also give you added flexibility in managing and expanding your portfolio.Read more…Local Self Government In New Jersey
LOCAL GOVERNMENT EVOLUTIONFrom Great Britain, American colonist inherited governmental forms and customs, and the tradition of limited local self-government. Among the British institutions transplanted to America are the county and the town, along with the principal local government officials such as the councilman, the constable, and the sheriff. At the time the American colonies were founded, Great Britain, more than any other European country, had established the custom that local affairs should be managed by local people and not by officials of the central government.Read more…Senators Urge for Tax Loophole Block
Senate Finance Committee Chairman Charles Grassley (R-Iowa) and the committee's ranking Democrat, Montana's Max Baucus, urged President Bush to help close a tax loophole involving the charity tax code.The loophole allegedly allowed President Bush's secretary of health and human services to claim over $1 million in tax deductions for "gifts" that were used to further his family's interests.The Senators wrote to Bush to ask his support in a provision in the embattled pension bill that would eliminate the abuse of the charity tax code.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.