Every person who files a tax return is entitled to one personal tax exemption. The exemption should reduce a persons tax burden and help them qualify for a tax refund.The only time you can claim a personal tax exemption is if a person claims you as a dependant. Generally, a person who is over 19 years of age and not a fulltime student can not be claimed as dependant. There are some circumstances under which such a person can be claimed as...more
Unfortunately tips are considered taxable income in the United States. A person will have to report any significant amount of tips that they receive on their tax return.An individual who receives a few cash tips probably wont have to bother reporting tips but a person that receives a lot of tips will have to report them. If your employer records your tips theres a good chance they will report them to the IRS. This means that a person will have to...more
Is doing your own taxes getting to be more and more of a challenge? Are you thinking of hiring someone to do it for you? Are you wondering if that will be worth the cost?There are times in life when you really should turn to a professional for tax preparation. In addition to potentially saving you money, that professional can also help you gain a better understanding of your tax situation year after year.When should you hire someone else to do your taxes? The basic answer is "when you no longer feel comfortable doing them yourself". If you are going to buy a home or invest in real estate, if you are starting a business or entering into some kind of business partnership … you really should have your taxes prepared by a professional.Beyond those circumstances, are you starting a family? Are you getting married or divorced? Are you moving to a new state? These events can complicate your tax picture, and you will want to draw on the knowledge of a tax professional.Why not just buy some software? Software has no experience. It can't replace the life experience, the insight, and the perspective of a good CPA. Some taxpayers think, "Why should I go to a tax preparer? All...more
Provided by The Retirement GroupA tax perk that needs to be publicized. In 2010, you will be allowed to withdraw money from a certain kind of annuity without paying taxes as long as you use it to pay for qualified long term care coverage. All baby boomers - especially those in the highest tax bracket - can thank the Pension Protection...more
Earnings Tax PlanningWhen you work in an office, retail establishment, or other job in which you get a steady paycheck, you most likely do not have to fret about earnings tax planning. As long as you could have your dependents and your exemptions set accurately, your organization ought to take out enough money each week to have your taxes paid by...more
Unlike the transnationals, individuals and small businesses have been especially hit hard by the current economic catastrophe that was carefully engineered during the years leading up to 2008. One way to navigate through these conditions is by investing in the services of a CPA firm. Pasadena business owners may not be aware of what tax credits are available; Pasadena CPA firms have trained professionals that can examine your business plan in order to find out to which tax benefits you are entitled.Pasadena CPA Firms: QualificationsThe typical Pasadena CPA is not only trained in accounting, but in the myriad and often byzantine tax codes that are often arcane even to experienced businesspeople. A Pasadena CPA may be a generalist, or may specialize in some aspect of business operations, such as hiring practices and how hiring the right people could save you thousands of dollars every year. Here's a good reason for hiring a CPA firm: Pasadena, with 15% of its residents living below the poverty line, is home to some of California's forty-two identified "Enterprise Zones. If your company is located in one of these Enterprise Zones, as identified by your CPA, Pasadena corporations may...more
Tax planning plays a crucial role in how well your California-based corporation does in terms of finances. By utilizing the services of Southern California CPA Firms, you can plan ahead for tax season, taking advantage of best practices for your...more
Taxes are dreadful and unpleasant. They differ from person to person, and because they reduce returns, it looks better to quote before-tax figures. Tax-planning strategies need to be customized to each person's distinguishing situation,...more
Plenty of countries worldwide have increased taxes or reduced tax relief incentives to weather the economic storm. This does not mean that all tax relief is actually claimed back by citizens. It goes without saying that knowing which social benefits...more
Homeowners are looking more strongly at their property tax assessment. After all, a property tax assessment is particularly an point of view of value that should be double checked by you. By disputing into the tax assessment process, you will...more
You can smell the sweat of the players as they enter the field and the aroma of hot dogs on the grill just moments before kickoff. You can hear the crowd cheering as the opposing teams line up facing each other and look each other in the eyes knowing...more
The 2010-11 NFL regular season is well underway, and Week 1 provided plenty of excitement as preseason rankings and expectations were turned upside down with several big upsets. Teams like the New York Jets, San Diego Chargers and Indianapolis Colts...more