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1). 10 ways to cut your property taxes By : paul wilson1
Property taxes are decided collectively by school boards, town boards, legislators, and councils. The tax rate is set by collating the amount of funds an area needs. This is then divided that by the “total taxable” assessed value of the area. The tax an individual pays is computed by multiplying the tax rate by the assessed value of your property a...
2). 1031 Exchange Escaping the Certainty of Taxes By : Dave Carter
‘In this world’, said the great Benjamin Franklin, ‘nothing is certain but death and taxes’. While modern medicine continues to work on a cure for mortality, 1031 exchanges offer a valuable mechanism against the foibles of the taxman. Allowing the exchange of one property for another, this property market trend can help you hold on to money that mi...
3). 1099-MISC Forms For Independent Contractors for 2005 By : Richard A. Chapo
As we begin 2005, you’re probably not thinking about taxes at all. This is a mistake as deadlines are approaching for issuing and filing 1099s to independent contractors.
What is a 1099 MISC?
Generally speaking, the IRS requires you to report certain payments you made during the year to independent contractors. The 1099-MI...
4). 2006 List of Tax Scams Released by IRS By : Richard A. Chapo
Every year, the IRS issues a list of tax scams. The goal is to alert taxpayers to the lack of merit of certain strategies as well as letting everyone know the IRS will not accept them.
2006 Scams
The IRS has kicked out its annual list of highly dubious tax scams for 2006. Promoters often make these strategies sound credibl...
5). 3 Tips For Keeping Proper Tax Records For Your Home Business – And Keeping The IRS Happy! By : Kris Bickell
The last thing most people think about when starting a business is doing taxes. But proper planning will make doing your taxes much easier - and keep the IRS happy!
Here are 3 simple tips for keeping proper records:
1. Whenever you buy anything for your business, keep the receipt!
Not only will this make rec...
6). 4 Simple Steps To Reduce Your Taxes In 2006 By : Wayne M. Davies
Does Tax Season get you down?
Here are 4 simple steps that any small business owner can take to lower your tax bill this year.
STEP #1: Understand How Serious Your Tax Problem Is
Are you aware of just how much in taxes you are paying?
Here's how much the average family spends on various consumer...
7). A Simple Introduction To Filing Electronic Taxes By : Keisha Seaton
Our current topic of discussion, is electronic tax filing, it makes use of the digital nervous system of the tax department, and in simple terms, it is the World Wide Web’s way of filing your tax returns.
8). Accountants And Accounting Software By : Frank Hague
Accounting is the measuring, and disclosure or provision of assurance about information that helps managers and other decision makers make resource allocation decisions. How to become an Accountant.
Accountants in the US are called Certified Public Accountants and in the UK and Canada are called Chartered Accountants.
Cha...
9). Accounting Methods – Cash and Accrual By : Richard A. Chapo
When starting a business, you have to determine the method you are going to use for accounting and paying taxes. The two choices are the cash method and the accrual method.
Cash Method
If you are looking for simplicity, the cash method is probably your best accounting choice. Generally, income and deductions can be claimed...
10). Adult ADD And Taxes By : John MacKenzie
I know you still have about three months until you have to file your U.S. tax forms, but now is a good time to think about taxes. Many adults with ADD would rather scrub the floor with a toothbrush then work on preparing their taxes. Here are some tips to help make taxes less taxing: (pardon the pun)
1. Set up a folder ( green, black, or red...
11). Alternative Minimum Tax – Online Tool By : Richard A. Chapo
Hell hath no fury like a person who just found out the alternative minimum tax applies to them. The IRS has set up an online tool to figure out if you do.
Alternative Minimum Tax
The alternative minimum tax is a procedure that was set up to keep the richest of Americans from avoiding tax paying responsibilities. As is typ...
12). Andorra Raises 2006 Entry Price By : Tribune
While Monaco is a well known European tax haven, Andorra has remained little known outside of the financial community - despite enjoying the same tax advantages and arguably more private banking than her better known rival.
In contrast to the similar financial benefits both Monaco and Andorra residents enjoy, the two small countries ha...
13). Appealing taxes for your home - The Basics By : Patrick OConnor, MAI
Property taxes are a substantial expense for Texas homeowners, averaging about $3,600 annually. To reduce this expense, property owners should annually review and consider appealing property taxes. While there is no guarantee that an appeal will be successful, a recent survey conducted by O'Connor & Associates indicates that 70% of property tax app...
14). Appealing your property taxes for apartment/commercial owners By : Patrick OConnor, MAI
Property taxes are one of the largest line item costs incurred by apartment owners. However, many owners do not appeal effectively. Even though owners realize that property taxes can be managed and reduced through an appeal, some view taxes as an arbitrary estimate provided by the government which can't effectively be appealed. It tends to boil dow...
15). Are You Overpaying Taxes If You Use Tax Preparation Software? By : Richard A. Chapo
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...
16). Audit Advice That You Need By : Matthew Noel
Oh no! You need audit advice. You just received in the mail a notification that you are going to be audited by the IRS. What now? How do you respond to this and should you be having a heart attack now? While many people lose it as soon as they realize that the IRS is going to be asking for their records and proof, the fact of the matter is that the...
17). Automatic Extension Requests For Businesses By : Richard A. Chapo
The internal revenue service has recently been taking steps to cut down on clutter and streamline the tax filing process. Now they’ve simplified business tax return extensions.
Automatic Extension Requests For Businesses
In past years, some businesses had to go through a lot of paperwork to file request for extensions to ...
18). Automobile Tax Expenses By : Richard A. Chapo
If you use a vehicle for conducting business, you can deduct certain automobile tax expenses from your tax bill. This is true even if you use the vehicle for personal and business needs.
Automobile Tax Expenses
The powers that be have historically written sections into the tax code promoting business activities. One of th...
19). Capital Assets – Gains and Losses for Taxes By : Richard A. Chapo
Capital is a unique term when it comes to taxes. If it gains value, you pay a tax. If it loses it, you can write at least some of the loss off.
Capital Assets – Gains and Losses for Taxes
Practically everything you own is a capital asset. This is true whether you use it for business purposes or personal use. The internet ...
20). Captial Gains Tax Explained By : Amy Kay
Capital Gains tax is a federal tax penalty that is imposed on capital accumulation, investment and productivity. Some of the income that is subject to capital gains tax includes the sale of an investment, a home, a family business, a farm or ranch or even a work of art. The capital gains tax is applied on the difference between the price paid for a...
21). Car donation and how to locate your local depot By : Monty Cordello
The history of car donation stretches back a long way, if you are aware where to search you can easily find info on topics such as places to donate used cars, car donation charities in michigan and also purchasing donated vehicles, a multitude of people will probably need specific tax rules info. Imagine you are searching for advice on jewish car d...
22). Checking The Status of Your Tax Refund Online By : Richard A. Chapo
More than a few people are happy to learn they are due a tax refund after filling out their tax returns. If you are one of these people, here is how to check the status of your refund online.
Checking The Status of Your Tax Refund Online
Before getting into checking your refund status, I feel obligated to mention a few th...
23). Child Custody Agreement and Taxes By : Jean Mahserjian
A child custody agreement can have serious implications on your tax filing and your taxes overall. This issue should be addressed with your attorney or with your accountant while you are going through the process of negotiating or litigating child custody or a divorce agreement. Waiting until after you have finalized a child custody agreement to in...
24). Compromising With The IRS By : Frank Hague
Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent themselves. They hire sub-par representation and now are in MORE need of help than ever before.
These are the kind of services a...
25). Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000 By : Richard A. Chapo
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 o...
26). Correspondence From The IRS – Yikes! By : Richard A. Chapo
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?
Don’t Panic
Each year, the IRS sends out millions of “correspondence audits” to taxpayers to request payment of taxes, notify them of a change to their account or request additional inform...
27). Cost Segregation : Why are 90% of real estate investors overpaying federal income tax? By : Patrick OConnor, MAI
By ignoring generous IRS guidelines when establishing depreciation schedules, over 90% of real estate investors are unintentionally overpaying federal income taxes. In addition they are paying federal income taxes earlier than necessary, typically years or decades earlier than necessary. Although these IRS guidelines are relatively new, they provid...
28). Cost Segregation give apartment owners tax relief By : Patrick OConnor, MAI
Apartment owners can face staggering expenses to maintain apartment communities. The upkeep of even a modest community could involve groundskeeping, unit renovation, and replacements, such as parking lot asphalt and fencing. Another steep expense is federal income tax - and in some areas an additional state tax on income - but through an innovative...
29). Create Tax Savings And Transfer Wealth To Your Child With A Roth IRA By : Richard A. Chapo
Parents must give serious thought to protecting their family through estate tax planning. While life insurance and trusts should be a part of every plan, Roth IRAs can be a simple tool for passing money to your child on a tax-free basis.
Roth IRA
First, we need a quick summary of the Roth IRA. A Roth IRA is an after-tax re...
30). Dealing With Taxes If You Live and Work Outside The United States By : Richard A. Chapo
When solar cells first came on the scene in the 1950s, they were simple. Now, there are a wide variety of cells and more are coming as technology improves.
An Overview of Solar Cells Through The Years
Solar cells are the basic component of any active system used to convert sunlight into a form of energy. Traditionally, so...
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