Finance articles
Showing page 36 of 44 - There are 1319 Finance articles
-
- 2007-11-13 22:16:19 - Tax tips for home-based business owners
- As tax time approaches, many home-based business owners begin completing their forms or paying their accountants with trepidation. This nervousness comes from two sources: a fear of being audited and a fear of having to pay a lot. For the most part, both of these fears are unfounded.For one, audits are rare. In fact, only 0.5% of taxpayers are subjected to audits every year. And if you do b...
-
- 2007-11-13 22:16:19 - Know a tax cheat? get paid to tell the irs
- According to the IRS, taxpayers underpay their taxes by some $300 billion. If you know someone that is contributing to that deficit, the IRS may be willing to pay you up to $10 million for the information you provide. The bigger the cheating you report, the more you're likely to receive.The most important thing to claim your reward is quality documentation. Without documentation of the chea...
-
- 2007-11-13 22:16:19 - How to get an instant pay raise
- As a gentleman was leaving my class recently, he wanted me to clarify something I had said. He was making sure that he should take his four or five thousand dollar tax refund and pay off debt.I was stunned. This money represented $400-$500 that could have been in his pocket every month. A survey of my friends this week revealed one who was getting back $2800 and one getting $3300 back this ...
-
- 2007-11-13 22:16:19 - Taxation of isle of man companies from april 2006
- At the present time a company incorporated in the Isle of Man, owned by non-residents and which complies with the other statutory requirements, is not liable to Isle of Man taxation. Whilst locally trading companies pay tax at 18%, a qualifying offshore company pays a flat annual tax of £475 or £1,000.The Isle of Man is however required to comply with t...
-
- 2007-11-13 22:16:19 - What the tax software companies dont want you to know
- Haven't done your taxes yet? No problem. Now there is a new way you can use top tax software programs, like TurboTax and H&R Block, to get your taxes done quickly and easily. And the best part is it won't cost you a thing.The secret is an IRS program called Free File, that allows you to prepare and file your federal tax return electronically, using these and dozens of other popular tax soft...
-
- 2007-11-13 22:16:19 - Tax reduction tips
- In the rush to get tax returns prepared and filed by April 15th, many overpay their taxes. Following are a few tax reduction tips that could help you save a bundle.Tax Credit For Starting A Small Business Pension PlanEstablishing a pension plan can help you retain important employees. What many business owners don't realize is a tax credit can be claimed if the business has 100 or fe...
-
- 2007-11-13 22:16:19 - Business tax deductions
- As we enter mid-March, taxpayers begin to become very interested in deductions. Following are a few that you may be entitled to claim.Deductible Expenses· Office expenses· Rent or lease payments· Advertising· Costs of goods sold· Insurance costsÂ...
-
- 2007-11-13 22:16:19 - Anticipating your irs refund can cost you plenty
- While accountants are reaching for aspirin, millions of Americans are reaching for some fast cash this tax season. Unfortunately, those who reach for fast cash in the form of a "refund anticipation loan" are getting hit with interest rates and fees that are out of this world.The tempting ads are plastered in newspapers and on television for "fast cash refunds", "exp...
-
- 2007-11-13 22:16:19 - Tax audits: what signs make you more likely to be audited by the irs?
- It's a major fear for most Americans: A notice from the Internal Revenue Service (IRS) summoning you for an audit.What is it about these three letters that strikes a cord of fear in Americans' hearts? Learning the signs that could put your tax return at the top of the list for an audit, and avoiding them if possible, may put your mind at ease.Statistically speaking, your chances of a...
-
- 2007-11-13 22:16:19 - Tax jokes and quotes
- Do you realize that some tax forms ask you to check a box if you are BLIND?Quote: "Two years ago it was impossible to get through on the phone to the IRS. Now it's just hard to get through. That's progress." -Charles Rossotti, former IRS CommissionerDisappointed that you never had time to write the great American novel? Don't fret, just go dig out your past tax returns....
-
- 2007-11-13 22:16:19 - The implications of income tax charge on estate planning
- OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon Brown announced proposals to levy an Income Tax charge from 6th April 2005 in those circumstances where the transferor of an asset retains and interest or continues to benefit from that asset. In the instance of real property, the 'benefit' envisaged is the transferor continuing to reside in the property he/she has alle...
-
- 2007-11-13 22:16:19 - Are you an innocent victim of these popular myths?
- Misconceptions, misinterpretations and just plain "untruths" are floating about income taxes. Believing them could be costing thousands of tax dollars!Myth: A Professional Tax Preparer knows all there is to know about taxes so you don't have to know anything them.Truth: Tax Preparer's/CPA's/Accountants are not uniformly informed about ALL tax laws. Most are able to file a p...
-
- 2007-11-13 22:16:19 - How to claim child tax credit the right way and add an extra $2,000 to your refund
- The U.S. Department of Agriculture estimates that it costs nearly $15,000.00 a year for a middle-class family to raise a child born in 2002 to age 17 (without adjustment for inflation). In recognition of this cots, you can claim a tax credit each year until your child reaches the ago of 17. The credit is currently up to $1,000.00 per child. This credit is in addition to the dependency exemption fo...
-
- 2007-11-13 22:16:19 - The seven deadly tax sins: commonly missed deductions
- It's that time again, the April 15 tax deadline is looming large. If youre like most people, you havent gathered all of your tax records, let alone filled your return.Before you dig in and get started, take this opportunity to first review a list of a few tax deductions to which you may be entitled if you itemize deductions but most people overlook. Many of these deductions are subject to v...
-
- 2007-11-13 22:16:19 - Tax time tune up
- Excerpted from the new book, "How to Do Space Age Work with a Stone Age Brain" TMThe complete article with pictures and sample Auto Log is available at www.organize.comEvery year American companies lose millions of dollars in productivity to employees who end up taking their own personal time off to do their taxes. Whether you are filing by paper from just one W-2 or runnin...
-
- 2007-11-13 22:16:19 - The internet tax man cometh
- Q: I was contacted by the city tax collector to say that my business is scheduled to be audited to see if I owe sales tax on items purchased on the Internet. Can they really make me pay sales tax on internet purchase? I thought you could buy things online tax free? -- Charlie B.A: Sorry, but your local municipality is well within its rights to audit your business to identify items purchased...
-
- 2007-11-13 22:16:19 - How to check the status of your tax refund online
- So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The question for most taxpayers expecting a return is, "Where is my refund?"Check Your Refund Status OnlineThe easiest way to check on your refund is to ask the IRS through IRS.gov. On the home page of the site, you will see a "Where's My Refund?" link. Using the service is fairly...
-
- 2007-11-13 22:16:19 - How to get an extension to file your business tax returns
- Yes, the tax season is upon with the first filing date for some businesses being March 15, 2005. If you can't imagine getting your tax returns together by that date, you need not worry. The IRS automatically gives you an extension if your file the appropriate form. As you might expect, there are different forms for different businesses.An Important NoteIt is vitally important that yo...
-
- 2007-11-13 22:16:19 - Tax trap #5 -- ignoring the irs (and the 5 best ways to contact them!)
- We all love to criticize the IRS, don't we? And I'm just as guilty as anyone. It's easy to ridicule a huge organization of government bureaucrats who often seem to be Public Enemy #1.Our negative attitude toward the IRS can lead to a strong desire to just ignore it altogether. But self-employed people who ignore the IRS do so at their own peril.So when it comes to providing free info...
-
- 2007-11-13 22:16:19 - Tax trap #4 -- the quagmire of depreciation
- If you are a Small Business Owner or Self-Employed Person, there's one especially lucrative tax break that not only puts money in your pocket, it also makes the filing of your business tax return much simpler.What am I talking about? It's called the Section 179 deduction, and if there's one tax break you need to understand, this is it. Here's why:The Section 179 deduction enables the...
-
- 2007-11-13 22:16:19 - Tax trap #3 -- irs penalties, interest and love letters
- As a small business owner or self-employed person, one of the easiest ways to keep Uncle Sam off your back and out of your life is to file your forms, payments and other paperwork on time.Over the next four months there are several key dates that you dare not forget! Here they are -- all in one place, along with links to the IRS website PDF file for that particular form, where appropriate....
-
- 2007-11-13 22:16:19 - Tax trap #2 -- double taxation: isnt once enough?
- Have you been thinking about incorporating your small business or self-employment activity? The advantages are many!For starters, you'll be protecting yourself and your family from the possible of a business ending lawsuit. Forming a corporation is Step One on the path known as "Asset Protection" -- you are moving from the world of unlimited liability to the world of limited liability....
-
- 2007-11-13 22:16:19 - Tax trap #1 -- waiting to incorporate: what a difference a date can make
- NOTE: This is the first in a series of 5 articles: "Small Business Tax Traps and How To Avoid Them"If you're a sole proprietor, perhaps you've considered incorporating your small business or self-employment activity.And so maybe you've been wondering, "When is the best time to incorporate?"From a legal standpoint, any time is the best time. The sooner you incorporate, the soon...
-
- 2007-11-13 22:16:19 - How to cut duty cost and increase profit as an importer
- Import duties continue to be significant elements in the cost of international trade. Yet many companies and businesses still pay more duties than the law requires ? which impacts adversely on landed cost and ultimately on business profitability. A planned approach to managing customs duty costs would look to eliminate, reduce and delay payment of customs duties.How to reduce customs duties...
-
- 2007-11-13 22:16:19 - Tax records - what you should keep and for how long
- Many taxpayers are confused about how long they should keep tax records. The term "tax records" refers to your tax returns and the documents that support the information in the returns. These documents can include receipts, bank statements, 1099s, etc. If you are one of the unlucky few to be audited, these records will be vital to fending off the IRS.Tax ReturnsTo protect yourself fr...
-
- 2007-11-13 22:16:19 - Home based business tax deductions
- Running a home based business reaps many wonderful tax deductions that other businesses some times may not claim. Unfortunately to many small business owners end up paying the government taxes every year because they are unaware or several small business deductions that are available.Most of the time any expenses that are related to your business can be added as a deduction on your taxes. I...
-
- 2007-11-13 22:16:19 - Navigating the internet sales tax laws
- QUESTION: I have been contacted by my local city government to say that my business is scheduled to be audited to determine if I owe any sales tax from items purchased on the Internet. Can they really make me pay this tax? I thought you could buy things online tax free? -- Katie R.ANSWER: I hate to burst your internet bubble, Katie, but they are within their rights to audit your b...
-
- 2007-11-13 22:16:19 - Surprising truths about tax preparers
- Choosing the right tax preparer for your business is a decision best not left until April. A former tax preparer and small business mastermind offers insights into the secret world of tax preparers.1. All tax preparers are not created equal.It stands to reason, somewhere in the country is the Worst Tax Preparer. The bad news is you may have already booked your appointment with him. P...
-
- 2007-11-13 22:16:19 - Tax reform, my way
- We need real tax reform and we need it now. Previous attempts have been made at tax reform, but they have only provided band-aid solutions that have still left us with too many quirks, complication, and read tape. There are several things Congress could do to simply the tax system and benefit the taxpayers and federal budget at the same time.First, I would institute a simple two-tiered tax ...
-
- 2007-11-13 22:16:19 - Keeping your own money ? not handing it over to the taxman
- Most people trying to make a crust online (or offline for that matter) are so focused on doing just that, they ignore taking simple steps to ensure that they hang on to just as much of it as they can. Instead, they hand over large lumps of their hard-earned money in tax, usually in one of two mistaken beliefs. Either:It's a good thing, a sure sign of a civilised society. Or,...