Taxes Archive

In certain situations, the transport of passengers is zero rated for the purposes of UK value added tax (VAT). The consequence of zero rating is that no VAT is charged on the fare but the …

When a taxpayer buys and then sells a piece of property for a gain, the difference between the cost basis and the selling price is a capital gain. It is taxed as income under the …

The Making Work Pay tax credit is a tax credit that is available for the 2009 and 2010 tax years and is a credit that is available to all taxpayers aside from nonresident aliens, dependents, …

The Value Added Tax (VAT) second hand goods scheme is a special provision in U.K. tax law which allows retailers selling used (i.e. second-hand) goods to collect and pay VAT only on their own margins …

If you’re filing your taxes for the first time this year, a good place to start is to just relax. Millions of Americans, like you, go through this same cycle every year. Once you get …

It’s tax season again and everyone wants to get as much of a refund as possible. There are many credits the average taxpayer can claim, especially those who own their home. An often overlooked credit …

If you are using the shoebox method of record keeping, then maybe it is time to get this year organized and get ready for next year at the same time. My taxes aren’t that complicated, …

Certain types of business entertaining expenses are regarded as not being strictly for business purposes. Where this is the case HM Revenue and Customs requires businesses to disallow the recovery of the value added tax …

The sale, hire or loan of a live animal is zero rated for UK value added tax (VAT) provided that the animal is of a kind generally used in the UK as yielding or producing …

While just the words IRS Tax Return cause many people to cringe, others actually look forward to tax season, at least those expecting a refund.  To increase the amount of your refund or to reduce …

IRS debt reduction strategies may help you to be financially stable again. Statistics show that most citizens in the US comply with the tax authorities on a voluntary basis. They can file their tax returns …

Ah, the classic question that we’re all confronted with each year: “which form should I file?” Surprisingly, the answer to this question is much simpler than most people think. For those information-seekers out there who …

The rent is late, your job is in jeopardy, and now you have to worry about your taxes too! Tax time can be extrememly stressful, and can cause high levels of anxiety in adults. To …

A taxation system has many apparent benefits, yet it requires a deeper look at understanding how a positive benefit can manifest itself. VAT (Value Added Tax) currently sits at 20% in the United Kingdom as …

It’s here again. Tax season. Here are some important tips to get a higher refund and save money on filing. 1) FREE TAX PREPARATION! That’s right, I said free. Check your community for VITA or …

Benjamin Franklin said “Nothing can be said for certain, except death and taxes.”  With tax season fast approaching, and all the frustration that comes with that, death seems like the more pleasant of the two. …

In this book, Boortz and Linder discuss the abolishment of the income tax. Under this system, wages would not be taxed at all. As an alternative to raise revenue for the government, they propose a …

As 2010 comes to an end many people are concerned about their taxes, and planning for next year. With a new Congress convening in January, the hope is that we may see some changes in …

IRS proposes new tax preparer registration rules As tax season approaches, tax preparers will face the first stage of new regulations implemented by the IRS. While tax preparers do receive proprietary training in most cases, …

Depending on your frame of reference, an offshore tax shelter is either a loophole for wealthy individuals to avoid paying taxes, a fixture of the international system that corporations use to minimize their legitimate taxes …

Seldom is the question brought up: Why are those without children expected to contribute a vastly higher percentage of their tax dollars towards K-12 education and child welfare programs than parents themselves? The federal child …

It’s tempting to just say that we should pay government workers less and not charge them taxes. But I used to be a government worker, and I think there are three really good reasons to …

Capital expenses and current expenses are treated very differently for tax and reporting purposes. Capital expenses are those which create an asset for a business, and can be used to generate income in the future. …

Just about anyone who is on the Internet and has an e-mail box, has received one of those e-mails from some attorney in Nigeria announcing you have secretly won the lottery you never entered or …

Fees paid for the health care services of certain health professionals are exempt from UK value added tax (VAT). This includes the health care services of doctors, nurses, dentists, osteopaths, chiropractors and other people with …

Rolling over your 401(k) plan is simple – but don’t let the simplicity fool you. It is absolutely essential that you follow the simple rules, or you will be hit with an unexpected tax bill …

Each year, the IRS audits about one percent of all tax returns submitted by taxpayers. While this is a small number, an audit can be a real headache. Luckily, there are some ways of lowering …

It’s Tax time! These words can make our hearts sink; even make us feel and become sick!  If your tax return is anything like ‘oure’ , then it doesn’t bear thinking about!  That is what …

Some supplies are regarded as taxable for the purposes of value added tax (VAT) but are zero rated. Although no VAT is charged on the sale, the supplier still has the right to recover the …

American families, who are in a low-income bracket, can claim certain tax benefits. To ascertain the amount, and level at which such benefits attract to the family, depends upon a) whether it is a single …