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Raising Taxes is Bad Economic Policy; It is Bad for Our Nation
Recently, I watched the debate on television regarding the Bush administration's tax cuts and some Democrats were saying that they did not want to extend those tax cuts into the future. But isn't that really simply saying we want to raise your taxes? Personally, I don't want my taxes raised and I do not want any more taxes on my small business.Read more…Low-Tax States Have Stronger Economies
A new study of state tax burdens ound that low-tax states outperform the higher tax states in employment, personal income and population.The report, entitled "High Taxes Lower Economic Performance," was conducted by the Maine Heritage Policy Center. It looked at all 50 states and their fiscal years of 1994 to 2004.Read more…Internal Revenue Service Audits
Pick your favorite scary movie. It could be the first Alien or something else. No matter how scary they were, nothing is scarier than an audit by the Internal Revenue Service.Read more…Tax Tips for the One Man (Woman) Business
Running a one-person business? Tired of the huge hit you take at tax time? Want to save money on your accounting and taxes?Read more…Why Some Do Not Understand Taxation Debate
Many American Voters do not understand the taxation debate around election time. They hear stories of businesses and rich folks getting big tax breaks and yet do not fully understand, although at first glance they feel that is somewhat unfair. What is very unfortunate is that many politicians will claim that only the rich get the tax breaks.Read more…Small Business Tax Tips
Any small business owner knows that they may live or die by the financial decisions that they make. While many cut corners by making prudent purchase decisions, few realize the opportunities that are available to them when it comes to working out the taxes for their business. In this article, we'll give you some tips to help you realize the best ways to optimize your taxes.Read more…A Working Spouse, Is It Worth It?
If you are leaving the children in day care while your spouse or partner works because you need the money, stop, look and listen!You know and I know that children with a parent at home do better in life.Extra care and attention was never needed more by kids than today.Read more…How Are Bonds Taxed Upon Death - A Sequel
Question: Thank you so much for your response. It was over and above what I needed to know, which is great. The more informed we are on this the better!Read more…Home Improvements Qualify For Tax Deductions
People who are considering doing some home improvement will be intereseted to know that the money you spend in order to complete your project is eligible for tax deduction. It is very important to know exactly what you are doing in your home improvement process, however, as home improvement is different from home repair. In the case of the tax deduction, home imporvement will qualify for the reduced rate, but home repair will not.Read more…How to Settle Your Tax Debt for Pennies on the Dollar
When you owe the IRS for back taxes, you probably owe a large sum. Most people who fall behind in their taxes, owe for more than just one year. When you owe back taxes, you know that the penalties and interest will end up costing you more than the original debt...Read more…How Are Bonds Taxed Upon Death
Question: My grandmother, recently deceased, left E, EE, & HH bonds to me, my sister, and mother. The total is approximately $600,000, under the limit to be taxed. However, there is substantial interest accrued on the bonds.Read more…Accounting - Tax Deductible Medical and Dental Expenses
An itemized deduction falls under one of the following categories: Medical and dental expenses, taxes paid, interest, gifts and charity, casualty and theft losses, expenses and miscellaneous deductions. Taxpayers who wish to claim medical and dental expenses must use the itemize deduction option and present documented evidence to substantiate the amount being claim. The itemized deduction option gives the taxpayers a larger total deduction.Read more…Tax Alternatives: The Negative Income Tax
Nothing gets people more riled up than a discussion of taxes, but what alternatives are there to the current system? The negative income tax is one such possibility.Tax Alternatives: The Negative Income TaxThe current tax system in the United States is an unmitigated disaster.Read more…Tax Deduction is Only Possible with Home Improvements, Not Home Repairs
When you are considering doing some work on your property, you need to consider whether it will fall under the category of home repair, or home improvement. This is a crucial distinction because home improvements are tax deductible, whereas home repairs are not.So what constitutes home improvement?Read more…Resolving Your Back Taxes Without Talking to the IRS
Dealing with the IRS when you owe back taxes is a fairly scary thing. The IRS realizes you do not want to talk with its agents and has come up with a solution.Resolving Your Back Taxes Without Talking to the IRSImagine picking up the phone, calling the IRS and telling them you have not paid taxes for a few years.Read more…Secrets of Offshore Banking
This is an introduction to offshore banking and incorporation a world that you may or may not be familiar with. There are many countries that are considered to be tax havens of one sort or the other. Each jurisdiction has its own reasons in extending a warm welcome to non residents.Read more…Act Now to Limit Your 2006 Tax Bill
Much like the Swallows returning to Capistrano each year, nothing is more consistent than taxpayers grumbling about the amount they owe in April each year. This need not be so.Taxes are a necessary element of life and you really can’t do anything to get away from them.Read more…Understanding The Dreaded Income Tax
Every year in April, American citizens are faced with an imposing deadline – tax day. Throughout the year, income is earned and then taxed. Depending on the way in which dependants are claimed and deductibles used, a person would then be entitled to money back come income tax time or they would have to pay taxes.Read more…Audit Jobs – What Employers Want
Do you have what it takes to land the best audit job with the best firm? Take a look at the list below and see how well you fit the profile that employers are seeking when filling an audit job.- Desire To Collaborate In A Team EnvironmentAuditors need to be ‘people people’.Read more…IRS Issues Proposed Regulations For Tax Treatment Of Private Annuities
The Department of the Treasury and the Internal Revenue Service proposed regulations that would address the tax treatment of an exchange of property for an annuity contract. The proposed regulations would apply the same rule to exchanges for both private annuities and commercial annuities.A decades-old IRS ruling generally postpones tax on the exchange of appreciated property for a private annuity, a result inconsistent with the tax treatment of exchanges for commercial annuities or other kinds of property.Read more…
Most Recent Articles in Taxes category
- 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. - 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.