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Donate a Car to Benefit Charities and Yourself
The Internal Revenue Service allows for many different types of charitable deductions including cash, clothes, goods, and some services. One of the "goods" approved by the IRS that taxpayers may donate is their car. Although the IRS has tightened things up over the past few years, donating a car can benefit a favored charity and help yourself come tax day.Read more…Low Taxes Mean a Stronger Economy
There is a killer on the loose that can steal, kill, and destroy the economy: high taxes. In areas of the world where taxes are very high, economies are generally very weak. Where taxes are low, economies are usually much stronger.Read more…Still Waiting For Your Tax Refund?
I am constantly amazed when I speak with people and they tell me they are still waiting for tax refund checks after six or twelve months. If you are in this position, you may be in for a surprise.Still Waiting For Your Tax Refund?Read more…Get Your Taxes In Order As The Year Comes To A Close
If you complain about paying taxes, and who doesn’t, then you need to take steps to limit the pain next April. Yep, you should always make adjustments to your finances at the end of each year.People are unique and so are their financial situations.Read more…Take Expenses Now To Limit Your 2006 Business Taxes
As we roll towards the end of 2006, you are probably thinking about the holidays and gifts you need to buy. Well, it is also time to give yourself a tax gift.Take Expenses Now To Limit Your 2006 Business TaxesTake a moment to think back to last April.Read more…How Do Taxes Apply To A Corporation
A corporation is a designated entity where the individuals related to it, and the company, have different legal identities. The reason most companies prefer to incorporate is asset protection – incorporation protects your personal assets from seizure during a lawsuit.If you decide to incorporate your small business, you can choose the S corporation, C corporation or LLC model.Read more…Finding Real Relief From High Taxes
It is the bane of citizens everywhere: high taxes that can crimp your lifestyle, even affect the way that you do business. In many areas, citizens are revolting against ever increasing taxes by insisting that lawmakers hold the line on spending. The results of these efforts are mixed and largely depend on the community’s determination to hold our elected official’s feet to the fire.Read more…10 Do's and Do Not's for Filing and Lowering Your Taxes
1. Do keep good records of your expenditures.2. Do keep your receipts, even if its in a shoe box.Read more…Figuring Your Basis, Get It Right, Reduce Your Taxes, Get It Wrong and Pay Much Higher Taxes
The scenario is as followsEd purchased a house on an acre of land from Ruth. Prior to the purchase Ed has been renting the house from Ruth for $1000 per month. Ed paid the following:$100,000 in loan proceeds to Ruth $2,000 in points to the bank $1,000 in real estate taxes $1,000 in pas due rent to Ruth $1,000 in closing costs to the bank for legal recording, title insurance and survey fees $1,000 in escrowed Real Estate taxes to the bank What is Ed's "basis" in the house and land purchased from Ruth?Read more…Study Shows "New Direction" Could Lead To Higher Taxes
The Democratic Party's "New Direction for America" could mean more economic solidity, but might also result in higher taxation, according to a recent study.According to a line-by-line analysis of the program by the National Taxpayers Union Foundation, the plan includes billions of dollars of new spending.For example, the largest spending program is the "G.Read more…The IRS Is Coming - Are You Ready?
One of an American citizen's worst fears is an audit by the IRS. The unlucky individual who is the target of an audit begins to conjure up images of penalties, fines, levies, or worst of all, jail time. Even the most honest of taxpayers, under the scrutiny of an audit, begins to think back in their mind, "Did I calculate my return correctly?Read more…1031 Exchange for Commercial Real Estate
A 1031 exchange is defined under section 1031 of the Internal Revenue Code. This code states that if an asset, usually some kind of real estate like land or building, is sold and the proceeds of the sale are reinvested in a similar kind of asset, then no gain or loss is recognized, permitting the deferment of capital gains taxes. A 1031 exchange is also called Like Kind exchange.Read more…Practical Tips for Filing Taxes Online
Tax season can be a very stressful time for many people. It can be frustrating trying to understand complex tax codes, deductions and earned income credit. Some people become so intimidated by their taxes that they simply chose to ignore them.Read more…Tax Deduction 101 for Home Based Businesses
Seeking tax advice and tax tips is never a bad idea. When it is time to file your home based businesses taxes online you want to have every weapon that is legally at your disposal. Having a list of acceptable deductions for your home business will allow you to quickly and legitimately flow through the tax season with little to no hiccups.Read more…Child Care Tax Deduction 101
For parents of children 12 and under, the child care tax deduction can be a life saver to working parents. Parents should become familiar with the tax information regarding the child care tax deduction. If they aren’t sure what to do, there are many tax professionals which can offer tax advice on how to claim this deduction.Read more…What has IRS Packaged Up for You for 2006?
With the end of 2006 so near, is there anything you can do to help keep some of your hard earned money instead of paying it out in taxes in 2007? Most taxpayers are concerned with shopping for the holidays not looking to what awaits them right after the start of the new year. There is still time for calendar year taxpayers to look at their tax situation for 2006 and make some strategic plans that will minimize their tax burden for 2006.Read more…Using a Home Reversion Plan to Reduce Inheritance Tax
IntroductionWith the formal regulation of sales advice and general regulation of the Home Reversion Market set to be introduced in April 2007, this article discusses what they are and how using one can potentially reduce Inheritance Tax (IHT) liabilities.Home Reversion Plans in DetailBecause big name providers favour lifetime mortgage products, Home Reversion Plans have been overlooked for a number of years, but comforted by new regulation and a tougher sales and advice regime many experts are expecting the market to grow in the next few years.Lifetime mortgages, where homeowners release cash by taking out a loan on their home make up the lion's share of the growing ?Read more…Tax Return Preparation: Love It or Hate It, You Have to Face It
The term tax is very annoying to many ears. We must all accept the fact that there are many things that we do not like to do, but we have no choice in some matters. Tax return preparation is one such thing that any individual who has an income must do it.Read more…The Proposed Income Trust Taxation -- Impact to Canada and Investors Around the World
On October 31, 2006, the Canadian government gave a rather nasty surprise to the market by imposing a new tax on income trusts. Existing trust will be taxed starting from 2011, for new one the effective date is as early as 2007.The Toronto stock exchange dropped 2.Read more…"Employee" versus "Independent Contractor" Status
IntroductionIn an employer/employee relationship, the employer has the right to control and direct the employee. An employee is subject to the will and control of the employer. The employer controls not only what tasks are to be performed, but also how these tasks are to be performed (see Treasury Regulation §31.3401(c)-1(f) and Internal Revenue Code Section (IRC§) 31.3401(c)).Read more…
Most Recent Articles in Taxes category
- 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. - Capital Gains Tax Loopholes Shrinking - By: Carol Freyer
Seems the new 2008 housing bill was not a savior for all of us - like a scorpion there is a little kick in the tail! However, struggling home owners can breathe easy, the kick is not directed at them, in fact, it is aimed at real estate investors. - Tax Loopholes of the Rich - By: Aus Mark
There are only two types of tax payers; those that play the game and those that don't. - Maximising Your Tax Deductions - By: Aus Mark
This will help the soloist grasp the fundamentals so that reducing your tax is possible! - 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.