Taxes Archive

Many folks believe that if the bank takes a home back in foreclosure proceedings, that they are off the hook for any future liability on the home. If you have watched your home disappear in …

Capital gains tax is payable in the UK at rates of 18% or 28%, depending on the taxpayer’s combined level of income and capital gains. There is an annual exemption of £10,100 which is enough …

The inheritance tax in the UK applies not just to the assets of the estate of a deceased person but also on transfers of value during a person’s lifetime. There is a nil rate band …

Taxpayers who were employed during the tax year and meet certain qualifying criteria, may be eligible to claim the federal Earned Income Credit (EIC). The credit is refundable even if the taxpayer had no tax …

If you are self employed, or a wage or salary earner in Australia – you will end up paying tax. You can significantly reduce your tax bill, however, by being aware of what you can …

We begin this article guessing, presumably along with the reader, about its title. Was the person who came up with the title thinking about changes to 2009 tax returns which will be filed in 2010, …

The UK capital gains tax laws have undergone various changes in recent years as government policy has attempted to correct the perceived injustices in the system. One of the important issues that government has grappled …

The large majority of people are going to get their refund checks and promptly spend them on a variety of special gadgets and toys that may improve their quality of living, but won’t really help …

The UK capital gains tax legislation includes a relief in respect of capital gains on the sale of a person’s principal private residence, this being the main home where a person lives. The principal private …

There are certain things one can do to save on taxes. Tips to Lower Your Taxes: Flexible Spending Account If you participate in your company’s Flexible Spending Account (FSA) and you still have money left, …

When computing a capital gain on the disposal of an asset, the taxpayer must deduct the expenditure on the asset from the sale proceeds to arrive at the capital gain or loss on the asset. …

The best idea you can remember is to try and make normal, personal expenses deductible. Do not think for one second that this is a suggestion to lie on your tax returns. But there are …

Contribution limits are basically a limit on how much total income you can have placed on your 401(k) each year. This is important to take a look at when deciding what percentage of your income …

You may be a sole proprietor for tax purposes and not know it.  Many people think they have to own a business in order to be required to file their tax return as a sole …

Contribution limits are essentially set limits that determine how much of your income you can place into your 401K on an annual basis. The federal government determines the maximum contribution that your employer can allow …

Filing a federal tax return can be a formidable task when considering the pressures of accounting for income, dependents, exemptions, credits, etc.  With all that goes into preparing the proper forms, mistakes can happen quite …

While the popular rumor that taxes (and income taxes in particular) have never been legalized has come and gone for a long time, this one is easy to refute and disprove. After all, the law …

Taxation is Theft Q.E.D. The old saw says “nothing is certain but death and taxes”, but the Income Tax in Canada was introduced during World War I as a temporary measure. If it was never …

The American Opportunity Tax Credit is an educational tax credit that mostly benefits parents of students under the age of 24 and recipients of the Hope Scholarship Credit. This tax credit was instituted when Section …

I wonder how many of these articles started off with the phrase “Well, it’s tax time again.” Not to be cynical, but here’s my Ten Tax Tips for 2006. 1. File early One of the …

In our home, “New Years” doesn’t mean parties, staying up late, or watching the Dick Clark special. “New Years” meaning figuring out our tax refund. While this may not be the highlight of some people’s …

In the UK, certain supplies that are taxable for the purposes of value added tax are liable to VAT at the zero rate. No VAT is therefore charged on the sale and the vendor does …

Tax refunds are bad because of the simple financial principle of time value of money, i.e. “money now is better than money later.” Although a tax refund may have a great psychological feeling of a …

$8,000! $8,000! Anyone want $8,000 today? Well, if you are a first time home buyer looking to purchase a home this summer the government is eager and willing to give you this money. The government …

The new year has turned and April 15th is coming fast. We are all working hard to file our taxes so the IRS doesn’t come and arrest us. If you are like most Americans, there …

Every year around this time, those familiar words start to pop-up. The words are “tax refund” and “deduction” usually heard in association with other words like “big” or “more”. It is as if some marketing …

In order to determine if one partner of an unmarried or cohabiting couple may claim the other partner as a dependent when they file their taxes, the first question to ask is whether they are …

The Value Added Tax (VAT) is the UK’s consumption and sales tax. Normally, the tax rate is 17.5%, rising to 20% as of 2011. However, in many cases food can be zero-rated, meaning no tax …

The American Recovery and Reinvestment Act of 2009, signed into the Law on November 6, 2009, includes many new programs that taxpayers can choose from in order to reduce their tax liabilities or to receive a larger …

Its that time of year again, no not the January sales… self assessment taxpayers must fill out the form for the tax they owe for the period April 2009 to April 2010 by the end …