Municipal bonds, or "muni bonds" as they are commonly referred to, offer favorable tax treatment in that the interest earned on them is not subject to tax. This tax-free yield can make them an attractive investment. If an investor is not careful, however, the AMT can apply to make certain muni bonds fully taxable. Unfortunately, many taxpayers discover this only after making the investment.The general exemption from tax on muni bonds applies...more
In our 10-week series of articles on tax planning for the Alternative Minimum Tax, we have looked at many things a taxpayer can do to reduce his AMT liability. With only four days left in which to act in order to reduce 2009s taxes, here is a summary of these items, with reference to the date each article appeared on amtblog.com. Please refer back to the article for the specific tax-saving steps that still may be taken before year end.State and...more
IRS has introduced an electronically tax return services are expanded now. When you efile your taxes for 2007 this year or beyond, most of you can efile it now for free using online tax return services. This means that you can now get your tax return forms faster and also get your tax refunds faster as well.You can use the direct deposit option also to get your refund; with this you can get your income tax refund in just 10 days. Whatever the changes IRS has made to its newly Efiling programs proves an easy way for those who struggle to file for their returns and want fastest refund.The new fallible taxes return forms are so advance and simply just like you fill paper tax forms. Layout of the form remains same so you dont need to learn more things while filling the form. IRS has introduce this new filing services for those who already know tax laws and about the tax forms which has to be file for the tax return. People earning $54,000 or less can now efile their tax return for free. If you are earning more than the above figure it wont be free for you.You will also have option to file tax return online now and pay for it later if you owe anything on your income taxes. IRS e-file...more
An irrevocable trust is a trust which, once set up, cannot be changed or canceled without first getting the permission of the beneficiary. The grantor may not withdraw contributions from the trust. There are certain tax advantages accruing when the trust is irrevocable. Using this type of trust a person is allowed to give away his or her assets or...more
When you think about preparing and filing taxes, you have two choices at hand,1.Do it yourself2.Hire professionals to do the jobNow, conservative business owners will opt for the first choice, probably because they are low on budget. But in reality, they are low in their minds. However, making the second choice is what every sane and smart business...more
Tax return preparers will have to pay attention to an amendment added in the Senate version of the Worker, Homeownership, and Business Assistance Act of 2009, which extended the First Time Homeowner Credit and unemployment benefits, because beginning in 2010, this amendment will require tax return preparers to file any individual tax return electronically unless the preparer expects to file fewer than 10 returns in a calendar year. This means that individual tax return preparers will be required to apply for an EFIN, the Electronic Filing Identification Number, which will help the Internal Revenue Service (IRS) to track their returns. The requirement applies to individual tax returns, estate, and trust returns. Note: This new law does not affect 2009 tax returns filed in 2010.Other amendments tacked on to the bill by the Senate: Extend the 0.2percent Federal Unemployment Tax Act (FUTA) surtax through June 30, 2011 to pay for the extension of unemployment insurance benefits Increase penalties for failure to file Partnership or S Corporation returns from $89 to $195 per month per partner or shareholder effective December 31, 2009. The penalty may also be imposed for incomplete...more
If the only things certain in life are death and taxes, just be glad it's time to pay taxes and not time to clock out. If you're a truck driver or if you operate a trucking company, you might be trying to wrap your head around the HVUT, otherwise...more
Appointing professional tax accountants is the best investment for your business in terms of finances. With Tax rules getting tougher, seeking professional help to prepare your taxes may save you from paying more tax than you actually should.Many...more
Alix Stuart, CFO.com | USDecember 15, 2009For executives who have been deferring parts of their compensation, 2010 may be the time to rake in their winnings. While its rarely advantageous to pay taxes sooner rather than later, the likely expiration...more
Taxation has existed since the very beginning of time, or at least since history has been recorded. Egypt, Greece, the Romans, Great Britain and eventually America all adapted the practice of taxing their goods and their people. In Egypt, during the...more
Different taxi services decide to set up their driver and car systems differently based on a variety of factors. This might include the size of the company and the size of the area that they provide services to. Usually, someone that works for a taxi...more
How confident do you feel about your tax knowledge? Are you an Oceanside resident who would like to become better informed when it comes to your taxes? Depauw Johnson Tax and Financial Services is an Oceanside business tax service doing their very...more