Slash Tax when Buying a Business
When buying a business, how the "purchase price" is made up can affect what you pay in tax. The plan is to make as much of the price tax deductible for you and not the other party.Once a final price has been agreed upon, try to allocate that price in... Read More
Home Business Tax Tips
If you have recently started an Internet or home business, your probably a little intimidated by having to submit a tax return and the possibilities of being audited. Simply follow these guidelines and rest assured that filing your next tax return will go smoothly.Get yourself an accounting ledger bookletThe first... Read More
Highlights of IRS List of 2005 Tax Scams
Each year, the IRS lists various scams taxpayers get caught up in. The top 2005 scams include several that manipulate laws governing charitable groups, abuse credit counseling services or rely on refuted arguments to claim tax exemptions. The agency is warning taxpayers about the growth of identity theft schemes with... Read More
IRS Reports Tax Gap of $300 Billion
The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals revealed the tax gap. These results indicate a failure of 15 to 16 percent of individual tax... Read More
Section 179 ? Tax Relief From Depreciation Rules
"Depreciation." For business owners, this word is the one most likely to inspire headaches and fits of cussing. The expanded provisions of Section 179 are just the medicine you need to cure the depreciation blues.DepreciationTraditionally, if your business property had a life of more than one year, the cost had... Read More
Alas! In E-Commerce Taxland
In trying to comply with tax laws for your e-business, you may find yourself falling down the rabbit-hole, going through the looking glass, and attending a Mad Tea-Party.Common sense, logic, and fairness never did apply fully to the field of taxation but this is especially true of e-commerce transactions.1. Canada... Read More
Deducting Points On Home Refinances
Deduction of Refinance PointsAny points that you pay in the refinancing of your residence are tax deductible over the length of the loan in question. The deduction is allowable only if the residence is your primary home and the new mortgage replaces a previous one and/or is used to improve... Read More
Employment Taxes ? Depositing With The IRS
If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS.Depositing Employment TaxesTo pay employment taxes, you must deposit the money with the IRS. As is typical with tax... Read More
What to Do If You Can?t Pay Your Taxes
The end of tax filing extensions is quickly approaching. What do you do if you can't pay the amounts you owe? You should still file your return by the due date and pay as much as you can. There are, however, additional steps that might help.Credit CardsYou can charge your... Read More
History Of The Federal Income Tax
The powers of Congress, and the limitations set upon those powers, are set forth in Article I of the United States Constitution. Section 8 specifies both the power to collect, "Taxes, Duties, Imposts and Excises," and the requirement that, "Duties, Imposts and Excises shall be uniform throughout the United States."One... Read More
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Correspondence From The IRS ? Yikes!
It's a moment every person dreads. You pick up the... Read More
Employment Taxes ? What Are They?
If you have employees, you are responsible for paying a... Read More
Business Tax Deductions
As we enter mid-March, taxpayers begin to become very interested... Read More
Tax Reform, My Way
We need real tax reform and we need it now.... Read More
Hurricane Katrina ? How To Use Your Business Loss To Get A Refund on 2004 Taxes
With the massive losses caused by Katrina, the economy of... Read More
How to Check the Status of Your Tax Refund Online
So, you were pleasantly surprised to learn that you are... Read More
Truly Bizarre Taxes: The Tax on Illegal Drugs
One can never underestimate the enthusiasm that politicians have for... Read More
History Of The Federal Income Tax
The powers of Congress, and the limitations set upon those... Read More
Get Uncle Sam To Pay $36,000 For Your Childs Education!
Let's assume that you would like to begin saving for... Read More
Navigating The Internet Sales Tax Laws
QUESTION: I have been contacted by my local city... Read More
Uncle Sam is Ready...Are You? Organizing Tips for Tax Time
Anyone who is closely related to an accountant knows that... Read More
Understanding Basic Tax Terms
If your like many, you don't always understand what people... Read More
Understanding Marketing Tax Deductions
Marketing is a necessary expense in running practically any business... Read More
Back To School ? Educators Deduct School Expenses
As teachers and students head back to school following a... Read More
Income Tax Returns Your Accountant Should Not File
You've been feeling uneasy (perhaps even guilty) because you've failed... Read More
Know A Tax Cheat? Get Paid To Tell The IRS
According to the IRS, taxpayers underpay their taxes by some... Read More
Save Money on Taxes - Let Uncle Sam Pay for Your Fun!
"Deducting Meals and Entertainment"O.K. You've been working really hard on... Read More
Keeping Your Own Money ? NOT Handing It Over To The Taxman
Most people trying to make a crust online (or offline... Read More
What is a Federal Tax Lien?
A Federal Tax Lien (FTL) is a legal instrument that... Read More
Fraudulent Tax Shelters ? KMPG Goes Down Hard
In the largest criminal tax case ever filed, KMPG has... Read More
Six Urban Myths About Taxation
Six Urban Myths ? Taxation"I am proud to be paying... Read More
Are You An Innocent Victim of These Popular Myths?
Misconceptions, misinterpretations and just plain "untruths" are floating about income... Read More
Amending Procedural Laws for Collection of E-taxation
The electronic transaction ordinance defines the certificated copies in which... Read More
Tax Trap #1 -- Waiting to Incorporate: What A Difference A Date Can Make
NOTE: This is the first in a series of 5... Read More
Marriage or Divorce ? Check Your Social Security Number
Newlyweds and the recently divorced should make sure that names... Read More
Rearrange Your Affairs For Maximum Tax Savings
One way to maximize your business profits is by reducing... Read More
IRS Reports Tax Gap of $300 Billion
The Internal Revenue Service is reporting that the difference between... Read More
Small Business Tax Credit - Americans with Disabilities Act
Many small businesses complain when confronted with the expense of... Read More
Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent?
Tilting the Tax Laws in Your Favor.In order to accelerate... Read More
Failure To Pay Employment Taxes ? Penalties
As an employer, you must pay employment taxes if you... Read More
Knock-Knock-Knock
Knock-Knock-KnockWho's there?The IRS!The next quarterly payment of estimated income tax... Read More
Taxation of Isle of Man Companies from April 2006
At the present time a company incorporated in the Isle... Read More
Tax Records - What You Should Keep And For How Long
Many taxpayers are confused about how long they should keep... Read More
How to Cut Duty Cost and Increase Profit as an Importer
Import duties continue to be significant elements in the cost... Read More
Donating Cars To Charity - New Tax Rules
On June 3, 2005, the IRS released guidance on charitable... Read More
Truly Bizarre Taxes: The Tax on Illegal Drugs
One can never underestimate the enthusiasm that politicians have for... Read More
Tax Records - What You Should Keep And For How Long
Many taxpayers are confused about how long they should keep... Read More
Fiscal Deity: Tax Consultant
Strategic planning throughout the year results in a minimal tax... Read More
Small Business Tax Credit - Americans with Disabilities Act
Many small businesses complain when confronted with the expense of... Read More
Failure To Pay Employment Taxes ? Penalties
As an employer, you must pay employment taxes if you... Read More
Employment Taxes ? Depositing With The IRS
If your business has employees, you must pay employment taxes.... Read More
Military Reservists, Enlistees May Get Deferral of Back Taxes
Reservists called to active duty and enlistees in the armed... Read More
2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction
If you are environmentally conscious and purchase a 2005 Ford... Read More
IRS Offer-in-Compromise, Hype or Hope?
"Settle for Pennies on the Dollar! IRS debts settled for... Read More
Knock-Knock-Knock
Knock-Knock-KnockWho's there?The IRS!The next quarterly payment of estimated income tax... Read More
Business Tax Loophole: Leasing Assets To Your Corporation
While there are many equally valid reasons to incorporate, saving... Read More
Employment Taxes ? What Are They?
If you have employees, you are responsible for paying a... Read More
Render Unto Caesar
Once a year Canadian taxpayers are required, by law, to... Read More
Understanding Marketing Tax Deductions
Marketing is a necessary expense in running practically any business... Read More
Are You Overpaying Taxes If You Use Tax Preparation Software?
For many business owners the answer to this quandary is... Read More
To Tax or Not to Tax - This is the Question
To tax or not to tax - this question could... Read More
Alas! In E-Commerce Taxland
In trying to comply with tax laws for your e-business,... Read More
Need an Offshore Sales Office in a Tax Free Environment?
The 100 year old investment-banking firm of... Read More
Requirements To Produce Tax Information (Whats Up With That?)
"What we've got here is a failure to communicate." ... Read More
Small Business Tax Deductions for Year End 2004
As a small business owner, it's wise to familiarize yourself... Read More
E-commerce Taxation
The means and types of businesses have transformed with advent... Read More
The Annual Gift Tax Exclusion: Getting The Edge
Whether helping the kids with a down payment on their... Read More
Car Donation: An Easy Way to Support Your Favorite Charity and Get a Tax Deduction
Most people look forward to getting their tax return, but... Read More
10 Tax Tips to Reduce Costs and Increase Income
No one likes paying tax. Everyone understands that tax is... Read More
Tips and Simple Guidelines on How to Calculate Payroll Taxes
Managing a business small, medium or big requires you to... Read More
Small Business Tax Deduction - Write-Off Bad Debts
Practically every small business has receivables that it cannot obtain... Read More
Send Your Kids To Summer Camp and Write It Off
If you paid someone to care for a child so... Read More
Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent?
Tilting the Tax Laws in Your Favor.In order to accelerate... Read More
Correspondence From The IRS ? Yikes!
It's a moment every person dreads. You pick up the... Read More
Save Money on Taxes - Double Your Income Now With Tax Saving Tips on Deductions
Adding Your First Additional Stream of IncomeMost new wealth builders... Read More
Where to Find Tax Breaks for Your Home Based Business
April 15th looms in front of most people every year... Read More
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