Taxes Archive

There are two keys to organizing your paper work before preparing your income taxes: 1) use common sense and 2) know some of the basic rules.While it is important to have the receipts for medical …

The government uses the tax code to shift the tax burden between different parts of the taxpaying population. The code gives certain tax breaks to families who are raising children, especially if those families are …

Tax refunds are essentially the governments way of telling taxpayers that they just got a free loan.  Anyone that receives money back on their taxes is simply giving the government more money than they are …

Filing your taxes has never been so easy; nobody likes it but we all have to report our income and to pay our taxes. It is still possible to file your taxes manually for people …

A generation ago, the 401(k) retirement plan was unusual.  Retirement planning consisted more frequently of company sponsored retirement plans, supplemented by social security and traditional IRAs.  The growth of 401(k) plans partly reflect a growing …

The Value Added Tax (VAT) does not apply to health care services provided by qualified health care professionals, even when they normally charge for their services. It is important for both health care professionals and …

Tax time is upon us once again causing those that aren’t prepared to panic. Organization of paperwork can help the average tax payer to experience a virtually stress free tax time. Organizing paper work for …

The “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 HR 4853” passed the House of Representatives by a vote of 277 ayes to 148 nays (8 not voting) after it had passed …

The Fair Tax; Just the two words fair and tax used together have to be one of the greatest oxymorons ever stated, until now! With the creation of the Fair Tax Act it is now …

As with any missive on the subject of tax liabilities and the IRS, there are no cut and dried answers regarding whether or not it’s better to incorporate a small business, or leave it as …

Tax questions are inevitable, no matter how many times you have filed your federal income tax return. Each year changes are made to the Internal Revenue Service’s (IRS) tax code. These yearly changes can be …

There are many tax benefits if you own a house if you take a mortgage loan for at least 10 years. Of course the tax benefits are different from the country where you live and …

The United States is one of the only countries that taxes income earned in foreign countries. However, US tax payers who have paid taxes to a foreign country are usually eligible for a foreign income …

Many of us simply assume the clergy is taxed according to the same criteria as any other person. While I did realize that the tax laws basically omitted taxation of churches, I did not realize …

A 403(b) is a type of retirement plan similar to a 401(k) except 403(b) are used for non-profit organizations and some government institutions. The statutory code governing 403(b) retirement plans is contained within Title 26 …

The internal revenue service is always on the lookout for tax cheats, and have made it as easy as possible for citizens to report tax fraud. Fraud is the intentional misrepresentation of information to the …

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

There are a thousand and one details to attend to when you are self-employed, but one huge detail that you don’t want to overlook is taxes. No matter what country you live in, taxes affect …

Boat Donations to “boats with causes” charity is a fantastic way to get a deduction on your federal income taxes. All Charity Boat Donations and any other items donated to charity are 100% tax deductible. …

Ah, another tax season is slowly working into full swing. A joyous time of year filled with W-2’s and 1040’s. The tradition becomes more entrenched in American culture with each passing year with no sign …

Want to give a major tax cut to everyone who files taxes without costing the government a cent. It’s really far easier than you might think, in fact there is a good chance that in …

The Internal Revenue Service (IRS) has been releasing the “dirty dozen” of tax scams on an annual basis for years. This year, some old classics and some new twists indicate that false reporting, hiding income, …

Donations made to a charity or community amateur sports club are eligible for tax relief under the Gift Aid provisions if certain conditions are fulfilled. The person making the donation to charity must be UK …

With all eyes on Washington as the Senate and the House played out their antics as they argued over taxes and unemployment benefits, some Americans may wonder how it all affects them. Now that the …

Do you even really need a tax preparer? Having spent over ten years in the tax and accounting profession, I question how necessary a tax preparer is for the average Joe, but I’ll digress upon …

If you are self-employed and you own an operate a business you are well aware of the fact that you must have an accurate record of the business that you transact each working day. It …

As a result of the economic downturn, there are a number of people who have acquired the new role of rental property manager, because they cannot sell homes they’ve either built, or improved. The definition …

A tax preparer must be chosen carefully, no matter what the person’s situation is, due to the fact that the Internal Revenue Service can call anytime.  As unlikely as it may be for the government …

Special tax provisions apply to income from the commercial letting of furnished holiday accommodation. The special tax treatment for furnished holiday lettings was due to be withdrawn in April 2010, but was given a reprieve …

Settling a tax bill with an Offer in Compromise is a way for taxpayers to make good on a tax bill that is beyond their means. Basically, it is an agreement between the taxpayer and …