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1). Decoding the IRS Dependent Rules! How Do I Know When to Claim a Dependent? By : Timothy Rea
Taxes can be confusing to anyone, whether you’ve been paying the IRS for years or this is your first time. The IRS doesn’t have to be an "evil" entity, if you know how taxes work and where you can take deductions. This article looks at some of the general questions people have in regards to tax credits and how to deal with personal businesses.
2). Getting A Tax Break With Your Hybrid Vehicle By : Gray Rollins
Buying a hybrid car gives the phrase “go green” a whole new meaning. Not only is it good for the environment, it’s also good for your pocket book. Check out the tax benefits of hybrid vehicles for yourself.
The government has decided that encouraging drivers to do their part to protect the environment could be better enhanced by offeri...
3). Accounting Methods – Cash and Accrual By : Richard A. Chapo
When starting a business, you have to determine the method you are going to use for accounting and paying taxes. The two choices are the cash method and the accrual method.
Cash Method
If you are looking for simplicity, the cash method is probably your best accounting choice. Generally, income and deductions can be claimed...
4). 1099-MISC Forms For Independent Contractors for 2005 By : Richard A. Chapo
As we begin 2005, you’re probably not thinking about taxes at all. This is a mistake as deadlines are approaching for issuing and filing 1099s to independent contractors.
What is a 1099 MISC?
Generally speaking, the IRS requires you to report certain payments you made during the year to independent contractors. The 1099-MI...
5). Using Mortgage Interest as an Itemized Deduction By : K Hoyng
What is mortgage interest? It is any interest you pay on a secured loan when you bought your first or second home. The loans include the mortgage to buy your home, a second mortgage, a line of credit or a home equity loan. The loan must be secured debt or it will be considered a personal loan and the interest is not deductible.
For th...
6). Tax Planning - What Filing Choices Are There? By : Richard Callaby
Taxes is a share of government from the individuals income and in return tax payer gets better community and social services, better infrastructure, security of himself and other nationals and clean environment.
7). Appealing taxes for your home - The Basics By : Patrick OConnor, MAI
Property taxes are a substantial expense for Texas homeowners, averaging about $3,600 annually. To reduce this expense, property owners should annually review and consider appealing property taxes. While there is no guarantee that an appeal will be successful, a recent survey conducted by O'Connor & Associates indicates that 70% of property tax app...
8). Tax Advantages Of A Limited Liability Company By : Matt Garrett
There are several advantages to establishing a limited liability company and many of these compensations revolve around the tax advantages. A limited liability company if often sought as a third alternative to forming a corporation or a partnership. Many corporations are formed because they offer attractive limits on the personal liability that the...
9). Fraudulent Tax Shelters – KMPG Goes Down Hard By : Richard A. Chapo
In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars, but nine of its executives still are under indictment.
Son of Boss Tax Shelters
From 1996 to 2003, KMPG promoted a ta...
10). Failure To Pay Employment Taxes – Penalties By : Richard A. Chapo
As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade.
Penalties
If you have employees, you absolutely must deduct and withhold various taxes from the paychecks of your employees. Since you are deducting money from the employee’s paycheck, you are handli...
11). Small Business Tax Deductions - Top 5 By : Mike Singh
With tax season just around the corner it is never too early to start thinking about available tax deductions. Which deductions can you claim this year? Find out more ...
12). A Simple Introduction To Filing Electronic Taxes By : Keisha Seaton
Our current topic of discussion, is electronic tax filing, it makes use of the digital nervous system of the tax department, and in simple terms, it is the World Wide Web’s way of filing your tax returns.
13). New Laws on Donating a Car By : Jessica Deets
It is advisable for a car donor to discuss with his tax advisor before putting his efforts and acts together to donate a car. Donating a car is no longer treated as a very desirable tax deduction option with the new laws taking effect.
14). What Is An LLC Tax Deduction? By : Michael Williams
Limited liabilities companies or LLCs are a tricky bunch to get any kind of LLC tax deduction on. This is because the LLC tax reduction is not actually recognized by the federal government. Find out more...
15). It's a Taxing Time of Year By : Stephanie Foster
Yes, that's right, it's that time of year nobody loves - tax time! No, this is not too early to think about it, especially if you have money coming to you.
All right, so it's not fun to think about doing your taxes. But there is a distinct advantage to getting an early start - it's a reminder to be more organized in this regard in the...
16). Rental Property Tax Deductions By : Richard A. Chapo
Own residential rental properties? This article discusses how income from those properties impacts your taxes.
What Constitutes Revenue?
Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised t...
17). What Would It Mean To Pass The FairTax Plan? By : John DeJong
How would you like to keep one hundred percent of everything you earn? That is one hundred percent of your paycheck, your savings interest, your inheritance, your winnings and any money given to you from a benefactor. How much would you like never to have to worry about tax laws, deadlines, audits, penalties and punishments?
18). Why Our Political Leaders Should Embrace the Fair Tax Plan. By : John DeJong
The Fair Tax Plan (HR.25/S.25) has been out for well over a year now and yet there are still many people who have never even heard of it. One would think that a plan as bold and beneficial as this would be sounded from one coast to the next. Yet that is not the case. As a point of fact there are many liberal political leaders who continually ridicule the Fair Tax Plan whenever it is mentioned.
19). Tax Invoice By : Max Plata
A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.
You can easily learn what the general requirements are for keeping tax invoices and what you can do if you receive a tax invoice too ...
20). Automobile Tax Expenses By : Richard A. Chapo
If you use a vehicle for conducting business, you can deduct certain automobile tax expenses from your tax bill. This is true even if you use the vehicle for personal and business needs.
Automobile Tax Expenses
The powers that be have historically written sections into the tax code promoting business activities. One of th...
21). Inheritance taxes explained By : Jakob Jelling
Reduce inheritance taxes by giving gifts!
The inheritance tax is the same thing as the estate tax in the United States, but with a different name depending on the country that you are talking about. The inheritance tax is a tax that is supposed to be levied on the richest people after they die, especially if they have a considerably la...
22). The Role Of A Tax Collector By : Michael Sneed
The County Tax Collector is as independent government agency and is elected for a four-year term in the Presidential election year. It is essential that a County Tax Collector is independent to ensure that it can serve the taxpayers, local businesses and local and state agencies correctly.
The duties of a County Tax Collector are:
23). Highlights of IRS List of 2005 Tax Scams By : Richard A. Chapo
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 some particularly bold thieves ...
24). Home Office Tax Expenses By : Richard A. Chapo
Self-employed individuals often work out of their own home. If this is the case with you, here’s a primer on home office tax expenses you can claim on your taxes.
Home Office Tax Expenses
America is a country built on small businesses. Yes, the big companies are the darlings of the media, but the guts of our economy are t...
25). Deducting Points On Home Refinances By : Richard A. Chapo
Any 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 the residence. To the extent that money is taken out to pay off credit cards and non-res...
26). How to minimize your taxes on wealth By : Jakob Jelling
Taxes on wealth or simply wealth tax is the tax levied on the value of wealth owned by a person. As the term ‘wealth’ carries with it a broader meaning, generally capital transfer taxes (which include inheritance tax and gift tax), property tax, and capital gains taxes are some times invariably referred to as wealth taxes.
Taxes on we...
27). Appealing your property taxes for apartment/commercial owners By : Patrick OConnor, MAI
Property taxes are one of the largest line item costs incurred by apartment owners. However, many owners do not appeal effectively. Even though owners realize that property taxes can be managed and reduced through an appeal, some view taxes as an arbitrary estimate provided by the government which can't effectively be appealed. It tends to boil dow...
28). Should You Pay Taxes Or Not? By : J Shipper
The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for this, the government doubled the rates of its major source of revenue, customs duties on imports, which obstructed trade and ended up yielding less reven...
29). 1031 Exchange Escaping the Certainty of Taxes By : Dave Carter
‘In this world’, said the great Benjamin Franklin, ‘nothing is certain but death and taxes’. While modern medicine continues to work on a cure for mortality, 1031 exchanges offer a valuable mechanism against the foibles of the taxman. Allowing the exchange of one property for another, this property market trend can help you hold on to money that mi...
30). Cost Segregation : Why are 90% of real estate investors overpaying federal income tax? By : Patrick OConnor, MAI
By ignoring generous IRS guidelines when establishing depreciation schedules, over 90% of real estate investors are unintentionally overpaying federal income taxes. In addition they are paying federal income taxes earlier than necessary, typically years or decades earlier than necessary. Although these IRS guidelines are relatively new, they provid...
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