Finance articles
Showing page 35 of 44 - There are 1319 Finance articles
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- 2007-11-13 22:16:19 - Employment taxes ? what are they?
- If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. So, what are employment taxes?Employment taxes include the following.1. Federal income tax withholding2. Social Security and Medicare taxes3. Federal unemployment tax (FUTA).Fe...
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- 2007-11-13 22:16:19 - Sfr substitute for returns: irs action on non-filers
- In the latest Star Wars episode, the evil empire executes a brutal revenge on the Jedi. While the IRS is not an evil empire (and due to the Revenue Reform Act of 1998 not very brutal anymore); it too is executing revenge on those who do not comply with filing their tax returns.The IRS is agressively using the "Substitute for Return" (SFR) program to file tax returns on behalf of those who f...
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- 2007-11-13 22:16:19 - Rental property tax deductions
- Own residential rental properties? This article discusses how income from those properties impacts your taxes.What Constitutes Revenue?Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes rent advancements, expenses paid b...
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- 2007-11-13 22:16:19 - Truly bizarre taxes: the tax on illegal drugs
- One can never underestimate the enthusiasm that politicians have for trying to hunt up tax revenues. The creativity of some politicians can lead to bizarre taxes and unfortunate results.Taxes on Illegal DrugsOne argument for the legalization of various narcotics is that massive tax revenues would be created. Interestingly, a few states already are trying to collect such taxes!...
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- 2007-11-13 22:16:19 - 2005 ford escape hybrid certified for clean-fuel deduction
- If you are environmentally conscious and purchase a 2005 Ford Escape Hybrid vehicle that combines a gasoline-powered engine with alternative power methods, you are in line for a nice tax deduction.Ostensibly, the government uses clean power tax deductions as a method to promote the use of vehicles that are less harmful to the environment. The clean-fuel tax deduction is based on the increme...
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- 2007-11-13 22:16:19 - Tax deduction for alimony payments? - yes!
- Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.According to the IRS, alimony payments are taxable to the recipient in the year received. In turn, the person paying the alim...
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- 2007-11-13 22:16:19 - Irs reports tax gap of $300 billion
- The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals revealed the tax gap. These results indicate a failure of 15 to 16 percent of individual tax payers to fully pay their taxes. IRS enforcement activities recovered roughly $55 billion of that tot...
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- 2007-11-13 22:16:19 - Small business tax credit - americans with disabilities act
- Many small businesses complain when confronted with the expense of complying with the Americans with Disabilities Act. Most do not realize that there are a number of tax incentives available to offset the costs. Importantly, one tax incentive comes in the form of a tax credit, which is far more valuable than a tax deduction when it comes to creating tax savings.Disable Access Tax Credit...
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- 2007-11-13 22:16:19 - Small business tax deduction - write-off bad debts
- Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction.Bad Debt Tax DeductionA small business can write-off bad debt losses if it meets nomi...
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- 2007-11-13 22:16:19 - Deducting points on home refinances
- Deduction of Refinance PointsAny points that you pay in the refinancing of your residence are tax deductible over the length of the loan in question. The deduction is allowable only if the residence is your primary home and the new mortgage replaces a previous one and/or is used to improve the residence. To the extent that money is taken out to pay off credit cards and non-residence costs, ...
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- 2007-11-13 22:16:19 - How likely are you to be audited?
- Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing individuals in 2003 when compared to 2002. The increase was approximately 14%, but still constituted only 6.5 audits for every 1,000 taxpayers. Put another way, the risk of being audited on your personal return is less than 1 in 100.In regard to the above numbers, it is important to note that the IRS purs...
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- 2007-11-13 22:16:19 - Understanding marketing tax deductions
- 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.Ordinary Marketing ExpensesMarketing costs must be "ordinary and nece...
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- 2007-11-13 22:16:19 - Small business tax issues for self-employed individuals
- 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.Many self-employed individuals are considered "sole proprietors" or "independent contractors" for legal and tax purposes. This is...
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- 2007-11-13 22:16:19 - Are you overpaying taxes if you use tax preparation software?
- For many business owners the answer to this quandary is tax preparation software. Fill out a fairly simple interview, click "print" and out comes a completed return that will pass muster with the IRS. The answer to all your problems?or is it?Can One Software Program Cover All Businesses?Take a moment to consider the wide range of businesses that exist in the United States. ...
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- 2007-11-13 22:16:19 - Corporations failing to claim amt exemption overpay taxes by $11,000
- 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.The Office of the Treasury Inspector General for Tax Administration was created in 1999 to oversee the IRS. One of the duties of the Treasury Inspector General is to study and rep...
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- 2007-11-13 22:16:19 - 10 thoughts on tax offer in compromise
- Beware of advertisements that claim to settle tax debts for "pennies on the dollar". Check the Offer In Compromise requirements to see if it is right for you.1. If you are unable to pay a tax debt in full, if the taxpayer establishes to the satisfaction of the IRS that he either: has no means of paying the tax, or does not actually owe the tax--and an installment agreement cannot be worked ...
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- 2007-11-13 22:16:19 - Tax secrets - how drew miles helped me
- How about a Tax Tip?As we all know Taxes are a necessary evil. While none of us like paying taxes there are many strategists out there that can make your life a lot easier when that dreaded day arrives.Recently I received a "Tax Tip" that saved me a ton of money and allowed me to reinvest some of that money back into my business.I met a man names Drew Miles. Drew is a tax and ...
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- 2007-11-13 22:16:19 - Understanding basic tax terms
- If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the basics will make tax season less of a hassle for you, and maybe even save you some money. There are hundreds of terms; Below are some of the most important:Tax Form A Tax Form is ...
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- 2007-11-13 22:16:19 - Take control of your taxes
- As everyone in the U.S. knows, we have just passed one of our most "favorite" times of the year: income tax season. If you are going to create and sustain wealth, it is inevitable that you will have to address your personal tax situation.By "address," what I really mean is take control. This is true whether you live in the U.S. or just about any other country. Agree or disagree with the "fa...
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- 2007-11-13 22:16:19 - Complaince of tax return in electronic commerce taxation
- Emerging Legal issues of Tax compliance of e-business Self-assessment system relies on taxpayers voluntarily meeting their tax obligations by tax payee. This concept is recognised in all tax statutes, which sets out taxpayers' primary obligations to fill tax return on self-assessment, and clearly spells out that taxpayers are required to determine the amount of tax payable correctly and to pay it ...
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- 2007-11-13 22:16:19 - Electronic commerce taxation and pakistan
- Assume a buyer in Pakistan downloads software from the Internet for a 30-day trial. If he likes the software, he submits his credit card information and receives an authorization code that allows him unrestricted use of the software. Assume the software in this case was developed by a company in UK, and is available for download from servers located in fifteen countries. The buyer in this case hap...
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- 2007-11-13 22:16:19 - E-commerce taxation
- The means and types of businesses have transformed with advent of era of e-commerce, resulting in global seller and buyer. The Internet offers consumer choice, business efficiency and recreation.As a means of global communication it is so powerful in operation, yet so simple to use. Coupled by these benefit, there have emerged legal issues e.g. conflict of laws, consumer protection, securit...
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- 2007-11-13 22:16:19 - To tax or not to tax - this is the question
- To tax or not to tax - this question could have never been asked twenty years ago.Historically, income tax is a novel invention. Still, it became so widespread and so socially accepted that no one dared challenge it seriously. In the lunatic fringes there were those who refused to pay taxes and served prison sentences as a result. Some of them tried to translate their platforms into politic...
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- 2007-11-13 22:16:19 - Small business tax deductions for year end 2004
- As a small business owner, it's wise to familiarize yourself with some key deductions that may reduce your tax bill for 2004.Employee Benefit Plans - You may deduct contributions to employee benefit plans (such as health insurance plans and retirement plans). Depending on your circumstances the maximum contribution that you may deduct per employee in a qualified retirement plan can go up to...
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- 2007-11-13 22:16:19 - Uncle sam is ready...are you? organizing tips for tax time
- Anyone who is closely related to an accountant knows that there are not four, but five seasons in a year: Spring, Summer, Fall, Winter, and 'Tax Season.' During the other seasons, we accumulate leaves, snow, and mosquito bites. During 'Tax Season' we accumulate paper. And more paper. And if you have a small business or investments--even more paper.Whether you hire someone to prepare your ta...
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- 2007-11-13 22:16:19 - Irs offer-in-compromise, hype or hope?
- "Settle for Pennies on the Dollar! IRS debts settled for $20 Wipe out the Penalties with an Offer"-such is the language of Offer-in-Compromise promoters. What they fail to tell you is that one has to qualify for an Offer and few taxpayers will be able to meet the tough standards for an OIC.The Offer-in-Compromise (OIC) has been around for a long time, but it wasn't until 1992 that IRS start...
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- 2007-11-13 22:16:19 - Car donation: an easy way to support your favorite charity and get a tax deduction
- Most people look forward to getting their tax return, but one of the downsides to filing taxes is that you may find yourself owing the taxman come April 15. What do you do when you realize that you not only owe money, but you owe more than you can pay at the time?The answer is: charitable deductions.Did you know that charitable contributions are deductible from your taxes? Most peopl...
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- 2007-11-13 22:16:19 - Home business tax tips
- If you have recently started an Internet or home business, your probably a little intimidated by having to submit a tax return and the possibilities of being audited. Simply follow these guidelines and rest assured that filing your next tax return will go smoothly.Get yourself an accounting ledger bookletThe first thing that you need to do at the beginning of every year is purchase y...
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- 2007-11-13 22:16:19 - How to maximize your home business tax deductions for 2005
- Someone once said, 'the best way to calculate your taxes is?Honestly'. For 2005, add 'Smartly' to that and you'll get to keep more than you make. This April 15th is going to be the day of reckoning for every taxpayer. If you are smart enough with your accounting and keep your eyes and ears open, this could be your favorite day of the year. Take full advantage of tax deductions due you and you can ...
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- 2007-11-13 22:16:19 - Business tax loophole: leasing assets to your corporation
- While there are many equally valid reasons to incorporate, saving money on taxes is a consideration that can yield relatively immediate results. Leasing assets to your corporation is a tax strategy you should absolutely consider if you already have a corporation or are thinking about forming one. Here's how it works.Just because you incorporate doesn't mean that the corporation must own all...