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Income Tax Returns Your Accountant Should Not File (09 Feb 2007)
Although it is commendable that you are trying to correct matters, hiring an accountant to do these delinquent returns could be a big mistake. The reason why is because tax evasion is a criminal offence or felony. You might
also be subject to civil action...
What is a Federal Tax Lien? (09 Feb 2007)
Brief Overview of Federal Tax Liens (FTL). Legal Impact of FTL on taxpayer. Resolution of federal lien claim.
10 Tax Tips to Reduce Costs and Increase Income (09 Feb 2007)
No one likes paying tax. Everyone understands that tax is a necessary evil and that without it our government would not be able to afford our roads, health services, education, welfare system etc. However you are not obliged to pay more tax than that for which you are legally liable.
Tax Investigation - What You Need To Do (09 Feb 2007)
The knock on the door from a Tax Inspector is something that every taxpayer fears. Your immediate thoughts will be "have I been honest with my tax returns or not". So what do you do? First, don't panic. Second, sit down and work out your next steps so you can win any tax investigation...
Slash Tax when Buying a Business (09 Feb 2007)
When buying a business, how the "purchase price" is made up can affect what you pay in tax. The plan is to make as much of the price tax deductible for you and not the other party...
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Donating Cars To Charity - New Tax Rules (09 Feb 2007)
On June 3, 2005, the IRS released guidance on charitable deductions for donated vehicles. The American Jobs Creation Act (AJCA) radically changed the amount of the deduction taxpayers can claim for their donated car.
Access to E-records by Taxing Authorities: A Case for Pakistan (Part II) (09 Feb 2007)
In the Pakistan context, if an electronic commerce business is a resident of Pakistan, or if he has established outside of Pakistan tax jurisdiction the he is required to pay or collect taxes, and also the taxpayer must maintain records in Pakistan of the transactions.
Access to E-records by Taxing Authorities: A Case for Pakistan (Part I) (09 Feb 2007)
We shall study in this article, the how can get access to e-records; and what types are legal issue are connected with record with access to e-records. At the end of the chapter, I shall give my recommendations how the access to record can be legalized by statutory reconstruction?
A Taxing Investment (09 Feb 2007)
Taxes are usually the last thing you think about when you consider
your investments. Should they be? What's taxed and what's not? How
much should I put into my retirement account? We shed some light on
some of the most common tax questions.
Highlights of IRS List of 2005 Tax Scams (09 Feb 2007)
Each year, the IRS lists various scams taxpayers get caught up in. The top 2005 scams include several that manipulate laws governing charitable groups, abuse credit counseling services or rely on refuted arguments to claim tax exemptions. The agency is warning taxpayers about the growth of identity theft schemes with some particularly bold thieves even pretending to be IRS agents.
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Identity Theft – Impacting Your Taxes? (09 Feb 2007)
If your identity is stolen, your finances can quickly become a nightmare. A less obvious problem is the effect identity theft can have on your taxes.
Correspondence From The IRS – Yikes! (09 Feb 2007)
It's a moment every person dreads. You pick up the mail and there is an envelope from the IRS. It's not a refund check. What do you do?
Section 179 – Tax Relief From Depreciation Rules (09 Feb 2007)
"Depreciation." For business owners, this word is the one most likely to inspire headaches and fits of cussing. The expanded provisions of Section 179 are just the medicine you need to cure the depreciation blues.
SFR Substitute for Returns: IRS Action on Non-Filers (09 Feb 2007)
A brief analysis of the IRS SFR program for non-filers. Included is a discussion of how the program works and what rights one has to correct an SFR with an original return. Also, the consequences of ignoring IRS...
Employment Taxes – What Are They? (09 Feb 2007)
Small business owners often start and run their businesses by themselves. As the business grows, employees are eventually hired to help with the increased work. Of course, the business owner then has to figure out employment taxes.
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Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000 (09 Feb 2007)
Does your incorporated business pay alternative minimum tax ["AMT]? If so, there is a 93% chance you have been overpaying your taxes by an average of $11,000 a year according to the Treasury Inspector General.
Are You Overpaying Taxes If You Use Tax Preparation Software? (09 Feb 2007)
Preparing your business taxes can be a real pain in the posterior. The process takes time, will power and a good amount of reading. Of course, you can use a tax professional, but they are expensive, have poor "bed side manners" and often fail to proactively suggest methods for lowering your taxes.
Small Business Tax Issues for Self-Employed Individuals (09 Feb 2007)
The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business. Of course, few of you enjoy the paperwork and confusing tax issues that arise from owning your own business.
Understanding Marketing Tax Deductions (09 Feb 2007)
Marketing is a necessary expense in running practically any business and the IRS acknowledges as much. You may run advertisements on or in the Internet, radio, television, magazines, newspapers and other media to sell your products or services. You should be deducting all of the associated costs on your tax returns.
How Likely Are You To Be Audited? (09 Feb 2007)
There are many things in life that scare people, but receiving notice of a tax audit is a universal fear. Regardless of the conservative or aggressive nature of your tax return, nobody looks forward to the possibility of an audit. So, what are your chances of being audited?
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