Taxes Archive

If you are filing your 2006 taxes, there are some helpful tips that could save you a lot of time and money. 1. Use tax software. Some software is free if your income is under …

Many employers offer a retirement savings account as a benefit for their employees. There are several versions but the most common is called a 401-K, after the section of the IRS code where it is …

Although the application of correct VAT rates to particular goods or services may seem to be a straightforward matter, this is not such a clear-cut issue if different types of goods or bundled goods and …

At some point in our professional lives, we’ve heard of or have been a participant in our company’s 401k plan. As a Chartered Retirement Plan Specialist, I’ve had the privilege of visiting with different businesses …

The President’s Deficit Panel released its report yesterday, and suffice to say, when Democrats suggest cutting Social Security Benefits, you know something is pretty out of whack in government. After all, the senior vote is …

Filing for bankruptcy may or may not affect Internal Revenue Service (IRS) debt depending on 1) the type of bankruptcy, 2) judicial decisions, 3) IRS regulations and 4) Documentation filed with the IRS by the …

For me, the best time of the year is April 15 – tax time. I even named my first daughter April. I wanted to call her Iris after the IRS, but my wife objected, because …

One of the ways that the tax code is designed to influence the behavior of taxpayers is through the combination of tax-exemptions for certain organizations and the tax deduction for donations made to those organizations.  …

Labeled the ”death” tax by its opponents, the estate tax is a tax that is imposed on the transfer of “taxable estate” of any deceased person, regardless of whether the property is transferred via a …

A Bird! A Plane! No! It’s Tax Free Man! Spring. The robins flock back from the south. Trees bud and flowers blossom. The sun brings new warmth and renewal to the earth. But who’s that …

The process of auditing businesses didn’t become practice in the United States until after ratification of the Securities and Exchange Act of 1934. The Act came about as the result of the 1929 crash, and …

Filing taxes online can be a very handy option for those in a hurry to get their refund checks. Not only that, much of the software available is extremely user-friendly. What is more, much of …

The tax system is complicated.  It is one of the most complex portions of the legal system, and it gets worse every time somebody tries to reform the system.  Add to that the fact that …

With the baby boomers reaching retirement age, it’s eminent the government will face a lot of pressure in caring for them. This will push pensions to the limit and cuts will be made to house …

According to many pundits, the so-called “Farm Bill”, passed by Congress last year, is inaptly named; the 2008 “Food Bill” would be a more appropriate moniker, they say. And rightly so. Of the $307 billion …

Tax Freedom Day was formulated by The Tax Foundation. What is Tax Freedom Day, you ask? This is the day that your salary finally starts going into your your own pockets instead of being grabbed …

There are numerous variations of a joke you always hear at business conferences that start with “I’m from the IRS, and I’m here to help you.” Well, when it comes to filing taxes online, it’s …

For many employers the fall is time for “open enrollment” for various employee benefits, including dependent care and health care “flexible spending accounts” (FSA). If your employer offers an FSA you should consider participating you …

A good number of people are currently beating their heads against the wall trying to get every penny back that they can in a refund from the IRS for Federal personal income taxes they’ve had …

A 401(k) retirement plan is a tax-deferred retirement savings vehicle which is governed under subsection 401(k) of the Internal Revenue Code. It allows you to contribute to the plan now and pay tax only when …

Taxes are something that few people enjoy. However, almost everyone who earns money has to pay taxes. In this article, I will discuss the different types of taxes that exist in the United States. Whether …

Car expenses and public transportation expenses might be tax deductible depending on your circumstances. First, you should know that there is a difference between “travel expenses” and “transportation expenses.” In general, if you are traveling …

The most important difference between a CURRENT expense and a CAPITAL expense is that while the whole of the current expense is allowed as deduction from the receipts of business to compute the income from …

HM Revenue & Customs require that businesses maintain specific records and a VAT account that is used to complete the VAT Return. A business may have robust systems in place to produce accurate information, however, …

The Tour Operators’ Margine Scheme is a special rule governing how tour operators (including trip and conference planners) charge VAT on the services they provide. The VAT, or value-added tax, is the UK’s consumption tax. …

The earned income tax credit (EITC) is a refundable tax credit for low-income earners and couples, with or without qualifying children. The filer must have earned income from an employer or self employment, a valid …

Saver’s Credit: Get a Larger Tax Refund Do you have a low to moderate income and still put cash away into a retirement account? Would you like a bigger tax refund check? If you answered …

To anyone who owns a business, the term “audit” is on a par with “blunt force trauma.” But, unfortunately, audits happen. The most important thing you can do when faced with a business audit, is …

The UK Value Added Tax (VAT) has a special zero rating for sales of books. This means that no VAT is charged on books and textbooks. The VAT is the United Kingdom’s consumption and sales …

Taxes; nobody likes it. Working hard and almost 50% goes to the government who spent it often on things you don’t like. Of course we consider that it is necessary to pay taxes but it …