Taxes Archive

Understanding Tax Subsidies

Tax subsidies can be thought of as ‘reliefs’ given to certain sectors or entities in the economy in order to promote a certain pattern of economic behavior which aligns the economy with the government policies. …

How to Save Money on your Taxes

An old saying has it that the only two certainties in life are death and taxes, and even paying taxes is surely more pleasurable than the alternative. Most people would prefer to pay as little …

Key Deductions for Individual Tax Payers

The best source for reliable information on legitimate tax deductions is the agency charged with collecting taxes from the populace: the Internal Revenue Service . The home page will direct you to any number publications …

How to Roll over your 401k

Rolling over your 401(k) into another 401(K) at another job simply involves filling in some paperwork. It’s pretty simple. If you are leaving your job and/or retiring, the paperwork can be a little more complex. …

Why Tax Refunds are Bad

It is good to know so many Helium writers are also financially disciplined. Sufficiently disciplined to increase their withholdings by $200 a month to eliminate the $2,400 refund at the end of the year, in …

Where are the Corporate Tax Havens

Nothing says national debt like offshore tax shelters in places like the medieval town of Zug, Switzerland or Estonia 9%-16%, or Macedonia, 10% or Ireland, 12.5%. These places have low tax rates comparatively speaking, (the …

IRS Red Flags that will get you Audited

The Internal Revenue Service (IRS) is always on the lookout for those who try to evade the tax laws. One way of apprehending such people or organizations is by auditing the tax returns filed at …

Ideas of how to Spend that Refund

Every spring as the flowers and wildlife begin to emerge from their winter slumber, in the U.S. another entity awakens – tax season! For many, this is the time where taxpayers anxiously await with enthusiasm …

Contractors Tax

Anyone with an inkling for entrepreneurial flair would be lying if they said that they had never aspired to owning their own business bringing in net profit of say £40,000 per  annum. The reality is …

Last Minute Tax Tips

Are you one of the many?  You know who you are, the person that waits until the very last moment to file their tax return somehow hoping they will do away with the process before …

First Time Home Buyer Tax Credit

The first-time homebuyer tax credit provides tax relief of up to $8,000 for certain taxpayers. For all the details, and for applying it to your own situation, you’ll certainly want to check with the Internal …

Taxes on the Wealthy – No

Any time I hear a president suggest more taxes I cringe. Once you open the tax-gate, regardless of class, it will cost us all something eventually and here is why; as soon as government ups …

How to Avoid being Audited by the IRS

It’s tax season once again and millions of Americans are diligently collecting forms from their employers, gathering receipts, and preparing their taxes. A lot of people happily receive a refund check in the mail during …

Schemers pose as IRS officials in massive phone scam

The Treasury Inspector General for Taxpayer Administration (TIGTA) is warning U.S. taxpayers of a major IRS-related scam circulating. Scammers are calling taxpayers and posing as Internal Revenue Service representatives in an attempt to defraud them. …

How to Appeal a Tax Dispute

If for some particular reason you are not completely thrilled with a U.K. tax credit decision, then it’s possible that you may be entitled to appeal against it. According to HM Revenue & Customs you …

How an IRS Audit Works

An IRS tax audit is the reexamination of tax return by the IRS to look for errors made by the taxpayer in the preparation of the return. An audit can be as simple as correcting …

About the Laffer Curve

In economics, the Laffer Curve is a graphical representation of the theoretical relationship between the level of taxation and the level of revenue from that taxation. In short, it predicts that as tax levels are …

How to lower income tax using educational costs

P { margin-bottom: 0.08in; } There are several ways education loans qualify for tax relief. Payments toward qualified student debt are eligible for income tax credits or deduction with certain restrictions. For example, each tax …

Tax Guide for Deducting Car Expenses

In order to deduct car expenses on your tax return you must have business use. Traveling from one workplace to another while in the area of your tax home is valid business use. (“Tax home” …

Tax Deductions

Certain deductions are a red flag to the IRS and may precipitate an audit. If you have kept careful records, you should have no problems. If your records are incomplete, the IRS may disallow some …

Flat Tax

The flat tax has been talked about a lot in the American tax debate. Its proponents say it is simple, fair, and good for economic growth.  Its opponents, however, call it unfair to the poor. …

Where does State Tax Revenue go

Due to the recent recession and its aftermath, states and their policymakers continue to confront major decisions about how to pay for crucial services now and in the future. To make the right decision, it …

Ways to get a Bigger Tax Refund

Who does not want a bigger tax refund? Different strategies can help people increase the amount of money that they get for their refund. You should take advantage of every measure possible to maximize this …

Benefits of Claiming Head of Household

Tax season is quickly approaching. Every year taxpayers search for receipts and deductions to maximize their refund. The most common mistake on tax returns is a taxpayers filing status. When filing personal income taxes there …

Secret Tax Deductions

Filing your taxes doesn’t have to be a dreadful experience. With today’s abundance of online tax-filing services, finding new and “hidden” deductions is becoming easier and easier. Whether you’re filing online or filing by hand, …

Pros and Cons of a Flat Tax

In almost any argument or debate for or against taxation, the subject of a flat tax often comes up. Simply put, a flat tax would tax citizens at equal rates, regardless of personal income. Currently …

What is the Recovery Rebate Credit

The IRS says: “The recovery rebate credit is a one-time benefit for people who didn’t receive the full economic stimulus payment last year and whose circumstances may have changed, making them eligible now for some …

Laffer Curve

Imagine that you were a ruler of a government proposing a tax code. If you wanted to raise the most tax revenue, what would you do? Would you set the tax rate as high as …

Tax Extension in Paperless Society

Tax Extension Form April 15 creeps up, but life has sent you in another direction. You will want a tax extension form. One way the I.R.S. has been customer friendly is the availability of the …

Can you Deduct over the Counter Medicine on Taxes

Eligible medical expenses which may be included among itemized deductions are the costs of equipment, supplies, and diagnostic devices, as well as payments for legal medical services performed by licensed medical practitioners. Medically prescribed drugs …

How much Tax is taken out of a Bonus

A bonus is a payment you make over and above your salary that you are set to receive. Most bonus programs are created by companies that often reward managers, employees and executives based on the …