It Is the Season for Tax Breaks! With April 15 rapidly approaching many are scrambling to complete their taxes. For those who have recently bought or sold a home, there are a number of tax deductions that that may be available to them.Real estate broker's commissions, title insurance, legal fees, advertising costs, administrative costs, and inspection fees are all considered selling costs and may be used to reduce one's taxable...more
Differences Between Various Federal Income Tax Forms The Internal Revenue Service (IRS) of the United States is constantly improving the taxation system thus a remarkable change has been seen in to tax payment as well as increasing numbers of taxpayers each year. Federal tax form is a widely used term hitherto puzzling in terms of the tax situation. In a simple manner it is understood by the IRS tax forms used by the taxpayers and...more
What Is A Tax Invoice? A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.You can easily learn what the general requirements are for keeping tax invoices and what you can do if you receive a tax invoice too late to claim a GST credit, as well as what the requirements are for issuing tax invoices that are specific to the value of the supplies, and how you can issue duplicate tax invoices.It is generally true that in order to claim a GST credit for a supply of more than $50, including GST, you must hold a tax invoice.When you supply goods and/or services to another person who is registered, you must be able to provide a tax invoice within 28 days when the purchaser asks you for one. You could be charged with penalties if you do not supply the purchaser with a tax invoice after such a request is made.For claims on supplies that are worth $50 or more, you must hold a tax invoice in order to claim a credit. You cannot claim your credit if you do not hold a tax invoice.This means that you cannot claim a credit for a...more
Paying Someone Else's Taxes Can Benefit You Did you know that you could make money by paying someone else's property taxes? Thirty-one states provide a little-known investment opportunity that might be perfect for you.You could even see an annual interest return from 18% to 50%.The returns are available through tax lien and tax...more
What is Needed for Tax Preparation Hoping for a tax return this year and needing to find tax preparation in Portland? Since people can't get away from taxes, it is important to keep accurate records and receipts. Families bringing in more than one income will want to be even more diligent in keeping track of income and expenses....more
A Fair Share of Tax – A rant in four parts; Lies, Lies and Damn Statistics 1) The anarchists occupy Fortnum & MasonAccording to HMRC and HM Treasury we in the so called tax avoidance industry should be looked at and treated in the same way as the anarchists who raided F&M at the weekend. They view us as living it up on the back of performing a smash and grab on the UK economy. I must admit that we are similar with the anarchists in our desire for high class groceries, champagne and caviar but are at opposite ends of the spectrum as to how to get it.We legitimately minimise the tax burden for clients and one of the core reasons that we exist is because our clients feel that they are paying too much tax. Now, we could all say that; however for UK residents it appears that the burden for higher earners is becoming more and more intolerable - hence the flight from the UK of individuals and businesses to alternative jurisdictions where they are happy to pay tax at a sensible rate.Let's give the example of my own parents: They were both teachers in the UK for their entire working careers and retired with a reasonable pension after 40 years...more
Getting all The Documentation to Your Tax Preparer Getting all The Documentation to Your Tax PreparerOne of the biggest mistakes individuals make at tax time is to be disorganized. As tax documentation begins to accumulate, it becomes...more
Up With Income and Down With Tax Liability A 1031 exchange refers to Section 1.1031 of the Internal Revenue Code which was passed in 1990. Normally, when you sell all real and personal property, the tax code requires the payment of...more
The Texas Approach to Taxes There is an adage that claims that the only things certain in life are taxes and deaths. One could presume that tax laws are as easily determined and understood as one identifies death. When a person stops...more
Keeping Your Tax Records: What and 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...more
How To Choose A Taxes Accountancy Firm If you need complex domestic plumbing carried out on your home, purchase any local plumber. If you'd like have a small business, and want small company talking to, then hire a company consultant....more
Six Ways To Make Filing Your Taxes Easier Getting all of your paperwork in order for tax season doesn't have to be a hassle. The Internal Revenue Service has these six suggestions that should make preparing your taxes a simple matter...more