Taxes Archive

In recent years, the Internal Revenue Service has implemented a number of initiatives to increase flexibility or otherwise make life easier for struggling taxpayers who have fallen behind in their tax payments. You can ask …

Savings income in the UK is treated differently to other sources of income for tax purposes. Although it is aggregated with other income to ascertain the applicable tax rate, there is a separate starting rate …

As a homeowner, the amount you pay in property tax depends on the value at which your home has been assessed by the government. These assessments can, however be appealed.  If you can establish that …

A nonresident alien is required to file a United States federal income tax form if he or she received income from a U.S. source greater than the personal exemption of $3,650.  (That’s for the 2009 …

Religion-dissected into denominations based on the thoughts of man- is, at it’s core, no different than saying a fat man can fly around the world in one night, on deer.  Jimmy Swaggart, a non-denominational pastor, …

The Laffer Curve is a theory which describes the relationship between the level of taxation, on the one hand, and the total amount of actual tax revenue, on the other. In particular, the theory states …

Certain types of supply are within the scope of value added tax (VAT) in the UK but are exempted from VAT. The main types of exempt supply for UK value added tax include certain financial …

An IRS Letter CP22E notifies a taxpayer of additional taxes owed due to an audit of the tax return or if the IRS completed a return for you for a prior year. The audit letter …

You’ve run a few preliminary calculations. Maybe you’ve even gone all the way through the process with some income tax software. It looks like you’ll have to haul out your checkbook to pay Uncle Sam …

Determining the amount of your income tax refund is a very simple process. If you have an accountant do your taxes, or if you have TurboTax, you will be walked through this process as you …

Are you about to prepare a tax return for the first time? If you are already accustomed to doing this, is it correct that you are used to doing it before the April 15 deadline …

We can all agree that exchanging one’s labor for money is a necessity of life. I think it is safe to say that without working, most of us cannot function. This is one of the …

Understanding the tax credits offered to American taxpayers meant to defray heating and cooling costs while encouraging the installation of energy efficient systems can be difficult. The tax credits change on a yearly basis and …

Stop the Social Security Double Tax, And Legislative Double Talk While there are many taxes I would like to eliminated, perhaps the tax that makes least sense is the “double” tax on Social Security benefits …

A person who has reached the State pension age still pays tax where income, including the State pension, exceeds the annual personal allowance. This is likely to be the case where a person is receiving …

If you’re one of the fortunate people to have overpaid your taxes this year and are expecting a decent sized chunk of cash back – instead of spending it on something you’ll forget you have …

‘Do you have a good lawyer?’ Or, ‘Do you have a good accountant?’ These are some common questions asked by family members, relatives or friends when spouses decide to get a divorce. To most people, …

Last year, I worked at two different jobs, but that fact is not likely to cause me any tax headaches when I file my 2008 taxes. That’s because I worked those jobs consecutively, not concurrently. …

It used to be that there was really no urgency about getting a minor a Social Security number unless they were going to be working at a job and earning income, or were going to …

A so-called “sin tax” is a tax which is specifically levied against products or services that a society has identified as harmful or undesirable, but not so harmful or undesirable that they can or should be …

Any UK business must register for VAT if it is making taxable supplies in the “course or furtherance of a business” and its taxable turnover is above the threshold for registration (currently £70,000). A business …

If you sold your home and made money in the process, the IRS wants to know about it!  However, some or all of the profit you realized on the sale of your home may be …

Every year, a percentage of people get in trouble with the Internal Revenue Service (I.R.S.)!  Some of the problems is due to dishonesty on the taxpayer’s fault and a portion of the problems are due …

There are several changes to the federal gift and estate taxes for 2009. The estate tax exemption has been raised. The annual gift exclusion has also been raised, although the lifetime total gift exclusion remains …

Federal tax law currently provides multiple tax credits to encourage energy efficiency.  These credits were good for certain expenditures in 2006 and 2007, but then expired and were not available in 2008.  They were reinstated …

Turn the pain of income taxes into a personal success opportunity. Let’s face it. Income tax is a necessary evil. Or is it? You can use your income tax return as an opportunity to springboard …

In life, there are several things that you can do which will both impact and change your life. Getting married is one of those biggest decisions that you can make within your life. Because of …

OK, so let’s say your widower father decides he really doesn’t need the big family house any more, that he’d be better off in a nice, smaller place.  And he knows that you’re just starting …

Airport tax is a term that can mean a variety of different things and are, confusingly, often called by different names such as Airport Improvement Fee, Embarkation Fee, Passenger Service Charge, Airport Departure Tax or …

Whether you file an annual tax form as an employee or a quarterly filing because you are self employed, there is a sinking feeling when you get to the bottom line and discover that you …