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Many people are unaware of an inheritance tax exemption that could be saving families a fortune. The tax exemption is for military personnel who die as a result of injuries or diseases sustained while on military service. Even if they die years later and indirectly, the exemption still stands. This important, but little known, piece of wills and probate legislation applies to all servicemen and women including doctors, nurses, drivers and war...more
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In Part I, we discussed the different tax brackets for the Regular Tax and for the Alternative Minimum Tax, as well as the AMT exemption. For 2009 for married couples filing jointly (MFJ) the AMT exemption was $70,950. In this article we will discuss the phase-out, or loss, of the exemption as taxable income exceeds a certain threshold level. For...more
If you earn more than £100,000, your tax code also allows for the income-related reduction to the Personal Allowance. If you earn more than £150,000 from your main source of income, tax is deducted at 50 per cent as appropriate. It may be that your tax may well need to be adjusted when your self assessment tax return is submitted so that gift aid...more
Companies and individuals in California will want to plan ahead and take steps now to reduce their tax burden. If you are not sure how to go about doing this, it is wise to get help with this from a Certified Public Accountant who has experience in long-range tax planning for individuals and corporations, and who has kept abreast of the latest tax credits at the state and federal levels. By taking advantage of these tax credits such as federal hiring credits, California hiring tax credits, green tax incentives, eco credits and enterprise zone credits, many of which go unused simply because individuals and businesses are not aware of them, these same groups can save a great deal on their final tax amount owed. Federal hiring credits can save your company anywhere from $2,400 to $4,800 annually per qualifying employee. If your California company hires an employee that is a member of one of several designated groups, this may qualify your company to receive these federal hiring credits. In addition to the federal hiring credits, your company may also earn California hiring tax credits. If your company is located in one of California's forty-two Enterprise Zones, and if you hire...more
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Avert Tax Challenges with an IRS Tax attorney at Your SideThe IRS tax attorneys can certainly avert the tax challenges within the point in which the predicament have not quite possibly happen to be reared. Seeing that an IRS tax attorney is familiar...more
Filing an extension does not have to be difficult. In fact, it can be quite simple. First, let's discuss what this means and what does not qualify as one. It is essentially a way to ask the IRS for more time to file your tax return. The deadline to...more
Choosing the right form to file is an important and often confusing step. You should use the simplest structure to suit your needs. This can save you money on your return and the IRS will be better able to process your tax return faster. So, where do...more
In every place where the authority deducts taxes from the income of residents, there is always a system. Some are more established and professional than others. Each of these systems operates based on certain principles that are determined by factors...more
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