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- 2007-11-13 22:16:19 - Employment taxes ? depositing with the irs
- If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS.Depositing Employment TaxesTo pay employment taxes, you must deposit the money with the IRS. As is typical with tax situations, the payments are not actually made to the IRS. Instead, you must depo...
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- 2007-11-13 22:16:19 - Paying workers ? what can you write-off?
- As your business grows, you are going to need help. This help comes in the form of employees and independent contractors. What you can write-off is dependent upon how your helper is classified ? as an employee or independent contractor.Independent ContractorWhenever possible, you want to use independent contractors to assist you. Payments to independent contractors are completely ded...
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- 2007-11-13 22:16:19 - Where to find tax breaks for your home based business
- April 15th looms in front of most people every year like a big, full moon full influencing a tax based frenzy, but knowing where to find tax breaks for your home based business can make that frenzy a little less frantic and more beneficial to you and your home based business. Finding tax breaks for your home based business is not overly difficult, but make sure you discuss tax breaks for your home...
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- 2007-11-13 22:16:19 - Insider guides to irs audits!
- Ever wish that, as a business owner, you knew exactly what would raise "red flags" at the IRS? Or how to make an IRS audit go as smoothly and painlessly as possible?If you're in the right type of business, you can get that information, directly from the IRS!Traditionally, IRS examiners have been responsible for auditing many types of businesses. An examiner might audit a grocery stor...
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- 2007-11-13 22:16:19 - Six urban myths about taxation
- Six Urban Myths ? Taxation"I am proud to be paying taxes? I could be just as proud for half the money." ? Arthur Godfrey Temporary Taxation in Canada In 1917, the Income War Tax Act (7-8 George V, Chap. 28) introduced Canadians to a 'temporary' tax on corporate and personal income.After 88 years it's safe to say that the first myth of taxation is...
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- 2007-11-13 22:16:19 - Fiscal deity: tax consultant
- Strategic planning throughout the year results in a minimal tax balance. The objective of planning your tax payables is not to prevent paying taxes, it is to pay no more than your fair share of taxes, and keep your money where it earns you the most.If you aren't aware of it yet, Uncle Sam pays no interest. If he deducts your tax payment monthly or quarterly, and takes more than his fair sha...
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- 2007-11-13 22:16:19 - Tips and simple guidelines on how to calculate payroll taxes
- Managing a business small, medium or big requires you to pay your taxes, as well as your employees taxes. Managing a payroll can be an arduous and taxing job, no pun intended. There are laws that require us to pay taxes and everyone have to comply with that. But keeping up with the payroll can give many people sleepless nights. There are so many deductions needed to be done and they have to be exa...
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- 2007-11-13 22:16:19 - The tax man cometh... to search
- You're at your office, or home, and the doorbell rings ? it's the Canada Revenue Agency ("CRA").The first thing to do is find out why they've come. If it is an "inspection, audit or examination" of your books and records under §231.1 Income Tax Act ("ITA") then they have a right to be at your place of business, during business hours, to do th...
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- 2007-11-13 22:16:19 - Irs lock-in letters ? what?s an employer to do?
- Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. The IRS will then send a "lock-in" letter on the amount to be withheld. What's an employer to do?WithholdingsFour taxes must be withheld from employee paychecks ? Medicare, Social Security, Federal...
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- 2007-11-13 22:16:19 - Back to school ? educators deduct school expenses
- As teachers and students head back to school following a glorious summer, it's time to remind teachers to organize 2004 school expenses. Under a temporary tax code change, teachers can deduct certain school-related expenses from adjusted gross income.Educator Expense DeductionIf you work in the education field, you may be able to deduct up to $250 from your adjusted gross income for ...
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- 2007-11-13 22:16:19 - Get uncle sam to pay $36,000 for your childs education!
- Let's assume that you would like to begin saving for your children's education fund. At the end of each year, for the next 8 years, you will contribute $2,000 into a Coverdell Education Savings Account (Education IRA), using your after-tax dollars. The money grows tax-free, and neither the contribution nor the interest is taxed when you make a withdrawal, as long as you use it for education purpos...
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- 2007-11-13 22:16:19 - Requirements to produce tax information (whats up with that?)
- "What we've got here is a failure to communicate." --Strother Martin in Cool Hand Luke Statutory Law Governments pass laws, it's what they do. It is the job of others to interpret the laws that Parliament has made. Statutory Construction It is "presume[d] that the legislature avoids superfluous or meaningless words, that it does not pointlessly repea...
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- 2007-11-13 22:16:19 - About income taxes; tidbits
- 1812The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for this, the government doubled the rates of its major source of revenue, customs duties on imports, which obstructed trade and ended up yielding less revenue than the previous lower rates....
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- 2007-11-13 22:16:19 - State tax information
- All states also have their own tax system. Typically there is a tax on real estate, and there may be additional income taxes, sales taxes, and excise taxes. Oil and mineral producing states often have a severance tax, which is similar to an excise tax in that tax is paid on products produced, rather than on sales. Taxes on hotel rooms are common, and politically popular because the taxpayers usual...
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- 2007-11-13 22:16:19 - History of the federal income tax
- The powers of Congress, and the limitations set upon those powers, are set forth in Article I of the United States Constitution. Section 8 specifies both the power to collect, "Taxes, Duties, Imposts and Excises," and the requirement that, "Duties, Imposts and Excises shall be uniform throughout the United States."One of the major concerns of the Constitutional Convention was to limit the p...
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- 2007-11-13 22:16:19 - What is tax law?
- The federal tax code is complex. This complexity generally arises from two factors: the use of the tax code for purposes other than raising revenue, and the feedback process of amending the code.While its main intent is to provide revenue for the federal government, the tax code is frequently used to direct the behavior of businesses and individuals in an attempt to achieve social, economic...
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- 2007-11-13 22:16:19 - Send your kids to summer camp and write it off
- If you paid someone to care for a child so you could work, you may be able claim a tax credit for child and dependent care expenses on your federal income tax return. This credit is available to people who, in order to work or to look for work, have to pay for child care services for dependents under age 13.The credit is a percentage, based on your adjusted gross income, of the amount of wo...
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- 2007-11-13 22:16:19 - What you need to know about taxes if you?re getting married
- It may not be high on the list of wedding planning activities, but there are a few simple steps that can help keep tax issues from interrupting your newly wedded bliss. If you recently married, check out your new tax situation. You might save money or even prevent the problem of a missing refund check.The first things to handle are changes of name and address. Later, as tax season approache...
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- 2007-11-13 22:16:19 - What to do if you can?t pay your taxes
- The end of tax filing extensions is quickly approaching. What do you do if you can't pay the amounts you owe? You should still file your return by the due date and pay as much as you can. There are, however, additional steps that might help.Credit CardsYou can charge your taxes on your American Express, MasterCard, Visa or Discover cards. If you go in this direction, you can use eith...
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- 2007-11-13 22:16:19 - Irs statute of limitations: do taxes ever expire?
- Many Americans believe that an IRS debt is a debt for life and that the tax collector can hound them to the grave. Thankfully, that is not the case and there are statutory time limits on the ability of the IRS to examine and collect taxes. Taxes do expire at some point and in some cases IRS does not get the money they were legally entitled to collect.Basically, IRS has 10 years from the dat...
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- 2007-11-13 22:16:19 - Furnishing evidence in e-tax compliance
- Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This concept is recognised in all tax statutes, which sets out taxpayers' primary obligations, and clearly spells out that taxpayers are required to determine the amount of tax payable correctly and to pay it on time.Disclosure in this context serves two main purposes. First, it is necessary to provide informatio...
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- 2007-11-13 22:16:19 - Euro tax haven threat
- Media reporting of a new EU savings tax directive has left many people wondering whether European tax havens could soon become obselete.The July directive requires banks throughout Europe, including low and no tax areas such as Gibraltar, Monaco, Malta and Andorra, to disclose bank account owner information to their home country's tax authority.But Roger Munns, Managing Director of t...
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- 2007-11-13 22:16:19 - Getting a second extension to file 2004 taxes
- Millions of people file tax return extensions every year. The tax filing deadlines can rush up on your quickly. Fortunately, filing an extension isn't particularly difficult. For individuals, there are two available extensions.Automatic ExtensionWhat do you do if April 15th is approaching and you simply can't get your taxes done? The IRS allows you to file a request for a four-month ...
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- 2007-11-13 22:16:19 - Some folks pay a lot less tax than others on very same income?did you pay too much tax in 2004?
- Someone once remarked, "Next to being shot at and missed, nothing is quite so satisfying as an income tax refund." There's no question that saving money in taxes is high on everybody's list of financial priorities, especially small-business owners.Taxes are an inevitable - and painful - part of every business owner's life. But there are ways to reduce, if not eliminate, your compa...
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- 2007-11-13 22:16:19 - Taxation of forgiven debt: the 1099c & you
- Often people fall on hard times and stop paying on credit cards. After a while the account may go to an outside debt collector who might offer a settlement of the debt for 30-40% of theoriginal sum. Once this is paid, the debtor often thinks the matter is closed, but it is not! It is very likely that the creditor will issue a 1099-C. This is a notice to IRS of the forgiven debt. If the debtor does...
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- 2007-11-13 22:16:19 - Reducing taxes through dividend-salary mix calculations
- Should I take wages or dividends from my privately owned corporation? What is the best way of taking money out of my company? In other words, what will result in the least amount of income taxes?A Canadian accountant will perform a dividend-salary mix calculation to determine the best way of withdrawing money from the corporation.Even though Canadian income tax laws are different fro...
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- 2007-11-13 22:16:19 - Need a copy of your tax return information?
- Taxpayers have two easy and convenient options for getting copies of their federal tax return information - tax return transcripts and tax account transcripts - by phone or by mail.A tax return transcript shows most line items from the tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes you, your...
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- 2007-11-13 22:16:19 - Marriage or divorce ? check your social security number
- Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could unexpectedly increase a tax bill or reduce the size of any refund.For newlyweds, the tax scenario can begin when the bride says "I do" and takes her husb...
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- 2007-11-13 22:16:19 - Early distributions from retirement plans
- An early distribution from an Individual Retirement Arrangement (IRA) or a qualified retirement plan need not be a "taxing" experience. Fortunately, there are exceptions to early distributions.Any payment that you receive from your IRA or qualified retirement plan before you reach age 59½ is normally called an "early" or "premature" distribut...
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- 2007-11-13 22:16:19 - Gambling income and expenses - tax requirements
- Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Unfortunately, gambling income also includes the fair market value of prizes such as cars, houses, trips or other non-c...
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