 Category :: Taxes Articles |
Author :: Chip Cantrell  |
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| Article Title :: Tax Relief - For Storm Victims |
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| All along the Mississippi and Louisiana Gulf Coast people are trying to put their lives back together after Hurricanes Katrina and Rita. Almost five months after Katrina tore through the Gulf States, these residents are focused on cleaning up their homes, rebuilding, and in some instances, simply finding a place to live. The last thing any of these people wants to think about now is TAX TIME. But, where man is appointed to die only once, the tax man shows up annually whether you are ready or not.But, all is not gloom and doom this year in the realm of taxation for persons living in the affected areas of the storms. The Internal Revenue Service and the U.S. Department of the Tre (read full article) |
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| Category :: Taxes Articles |
Author :: Douglas Hanna |
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| Article Title :: Looking to Cut Your Taxes? Try Becoming More Energy Efficient |
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| A tax credit is a credit that reduces the amount of taxes you must pay the Federal Government. It can save you substantial money because, unlike a deduction, a tax credit reduces the amount of income subject to taxation. For example, if you purchased a more efficient water heater (AFUE 95), and a solar heating system, you might be able to reduce your taxable income by as much as $2,150 What qualifies for a tax credit?Please be aware of the fact that not all EnergyStar homes and products qualify for a tax credit. Tax credits are reserved and available for a number of products but they must offer the highest efficiency levels. This means they normally cost more than sta (read full article) |
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| Category :: Taxes Articles |
Author :: Wayne Davies |
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| Article Title :: How To Drive The IRS Crazy |
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| Looking for an easy way to increase your business
deductions? Look no further than your driveway.First, the general rule: your vehicle is deductible to
the extent you use it for business.So, if you drive your car 100% for business, all car-
related expenses are deductible.But if you use it less than 100% for business, do not
despair. Less-than-100% use is very typical among
small business owners and the self-employed -- you'll
still come out way ahead by keeping good vehicle
expense records.For example, if you drive your car 75% for business,
then you get to deduct 75% of your vehicle expenses.Now to the fun part.There are two methods (read full article) |
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| Category :: Taxes Articles |
Author :: Martin Lukac |
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| Article Title :: How Tax Deductions Work |
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| Many people know that the interest paid on a mortgage is deductible on their income taxes. But they don't understand how it really works.When you understand the way a tax deduction works, you should be able to estimate the amount of tax relief you would receive from owning your own home and paying a mortgage.First, you need to know what is deductible. In many cases, homeowners are allowed to deduct the amount of mortgage interest paid from their income. They are also able to deduct the amount of real estate property taxes paid on the property.For example, we have a homeowner and a renter who both make the same annual income of $60,000.The renter pays $1,000 a m (read full article) |
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| Category :: Taxes Articles |
Author :: Joanne Elizabeth |
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| Article Title :: UK Tax Services |
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| The word “tax” evokes different kind of responses from different people. While some see it as a yearly headache that they have now grown accustomed to, there are others who see it as something that unfairly eats way a big chunk of their salary.
But why do we after all have to pay taxes? Actually, the money that the government spends on public services such as education, health and the social security system comes from the taxes we pay.Taxes are levied on a variety of goods and services in the form of value added tax or (VAT) and also on transactions like profits earned on sale of homes etc. Then, of course there is the income tax that is lev (read full article) |
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| Category :: Taxes Articles |
Author :: Josh Riverside |
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| Article Title :: 1031 Property Exchange |
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| Property Exchanges conforming to IRC section 1031 offer wonderful opportunities to defer tax liability and maximize profits while helping to continue with the investment of the capital.The IRC clearly states the main qualifying parameter of the exchange as a like-kind exchange. “In a like-kind exchange, the property you give up and the property you receive must be held by you for investment or for productive use in trade or business.” Thus, 1031 Exchanges can involve only like-kind of properties.In all, there are five types of 1031 Exchanges. In Simultaneous Exchange one property is sold and the next is bought exactly the same time.In Delayed Exchange, property is (read full article) |
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| Category :: Taxes Articles |
Author :: Josh Riverside |
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| Article Title :: 1031 Exchange Rules |
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| In a 1031 Exchange an investor sells his property, called “Relinquished Property,” to acquire a “Replacement Property” without attracting tax on capital gains.The whole exchange is overseen by a Qualified Intermediary (QI), a middle-man who provides services of paperwork, oversight, escrow and expertise to ensure that the transaction conforms to Rules under Section 1031 of the Internal Revenue Code.Now, let us see what all properties qualify for 1031 Exchange. Real estate in general, for income tax purposes, has been divided into four categories- business use, investment, personal use and outright sale. Of them, the last two are unfit for 1031 Exchange.Then co (read full article) |
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| Category :: Taxes Articles |
Author :: Josh Riverside |
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| Article Title :: 1031 Exchange |
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| Section 1031 in the Internal Revenue Service is a boon for a prospective investor, selling an investment property and wanting to make a profit by reinvesting in a similar property elsewhere in the country. This wonderful concept works on the principle of gain rolling from the old to the new.There is widespread ignorance on the modalities about this exchange; as a result, 30-40 percent of property owners end paying tax during the sale. Exchange 1031 not only fructifies into essential tax savings, but also makes possible the swapping of property in the fairest manner at places of choice. No wonder that the 1031 Exchange excites the property market so much.The new income-gener (read full article) |
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| Category :: Taxes Articles |
Author :: Darrin Mish |
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| Article Title :: For IRS, It's War on Tax Cheaters |
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| Tax cheaters. Offshore trusts. Tax-avoidance scheme operators. Individual taxpayers.All have been targets of the IRS in what has become an aggressive war over tax compliance.In fact, over the last few years, the IRS has established unlikely allies to combat the growing threat of tax cheaters. MasterCard is even in cahoots with the taxman.If you’re a tax cheater and you’ve survived this long, consider yourself lucky.A timeline of the war:November 2003: The U.S. Senate Finance Committee holds hearings examining tax shelter abuses. Among those to testify is a man with his identity and voice disguised to protect him from retribution.December 2003: (read full article) |
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| Category :: Taxes Articles |
Author :: Darrin Mish |
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| Article Title :: New Year's Resolution: No More Tax Problems |
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| Well, if you have any tax problems or are cheating Uncle Sam in any way, you should be.The Internal Revenue Service, once the butt of late-night television jokes, has changed. It’s now an aggressive agency with the tenacity and bite of a pit bull.The IRS’s enforcement numbers in 2005 were up substantially compared to the year before — 20 percent more people were audited, including 221,000 taxpayers who earned more than $100,000 per year. All across the board, audits were up and enforcement was iron-fisted.It’s not a good time to be cheating on your taxes. Just ask a few of these folks:∑ Singer-songwriter Ronald Isley, of the Isley Brothers, was co (read full article) |
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