There are many types of income that do not qualify to be taxed. The most common example of this is welfare benefits. Payments received for child support are also tax-free. However, the deduction is restricted in respect to sums received through a program for dependent care.Insurance payments upon the death of a person do not collect tax. Tax Relief is also available for payments received after a personal accident as well as payments under a...more
Accidents and bad health are a part of life. You must plan for such an unforeseen event by taking on the proper insurance cover. The payments received under such plans may be substantial. Fortunately, such receipts generally qualify for tax relief. This is because they are considered as reimbursements against your hospital bills incurred for the treatment of sickness or injury.It may also be possible to claim deductions for certain medical...more
Every responsible citizen of this country would like to pay the taxes in advance.However, there are so many people are not having much knowledge towards filing the taxes in advances.There are so many organizations in this country are willing these people to the proper tax in certain time.However, everybody would like to use these services.With the help, this federal tax help, definitely everyone can file his taxes.There are so many ways to get this help. You will definitely be wondering how and where you will get it. In this technology day,internet will help you to a maximum to get some basic knowledge. To get this help, you need to answer for simple questions in most of the times.To get full results, you need to visit the web site of IRS and search engine also.And some more other tax preparation sites in the internet are available for you; you are also eligible to use them well.To find your answers forms and form instructions are the best place.However, in a year it should be varying from time to time to find a professional tax preparation location. In starting of the year,you can avail these services from the tax preparation consultant until to the spring. ...more
A crash course on tax abatement Tax abatement, contrary to what most people think of it as, is actually one of those few financial terms that can be explained (and explained, clear) in a sentence or two. The truth is, tax abatement may come in a lot of different forms (it is made available to the public in the forms of plans and programs) but all...more
Unfortunately, in the current economic climate, property being sold for back taxes is at an all-time high. As more and more people find the task of home ownership to be too cumbersome, and more and more people find themselves unable to come up with the hundreds to thousands of dollars to pay their government property taxes, back taxes property is...more
Casualty Losses May Significantly Reduce Federal Income TaxesHurricane Ike inflicted a steep penalty on the Texas Gulf coast. However, there is an inconspicuous benefit casualty loss tax deductions. Taxpayers may be able to take a 2008 deduction if either personal or business property was damaged by Hurricane Ike.Some taxpayers will be able to completely eliminate their 2008 federal income taxes by utilizing a casualty loss deduction. Even if insurance proceeds completely reimburse the cost of construction, the taxpayer likely qualifies for a substantial write-off. This is a generous tax benefit for those affected by a casualty.What is a Casualty Loss?A casualty loss is damage, destruction or loss of property from any sudden, unexpected and unusual event. Casualties can include fire, flood, hurricane, tornado, and earthquakes.The casualty loss is calculated as follows: market value of property immediately before the casualty, less the sum of: a) market value immediately after the casualty and b) insurance proceeds.For a major casualty such as Hurricane Ike, in a presidentially-declared disaster area, the deduction can be used in either the current or preceding tax year. Discuss...more
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The Government Accountability Office today released Tax Gap: Actions Needed to Address Noncompliance with S Corporation Tax Rules (GAO-10-195): According to IRS data, about 68% of S corporation returns filed for tax years 2003 and 2004...more
What is Taxable Income Almost all income accrued in Singapore by a person or business is subject to income tax. All sales transactions that occur in Singapore or monies received in Singapore are taxable. Taxable income includes income...more
Finding a tax accountant in the UK may be a necessary course of action for businesses registered in the United Kingdom. Keeping proper, accurate and up to date financial records can mean the difference between a peaceful existence and locking horns...more
Once a month there's an electric bill coming in the mail with your name on it. For the next week, it's telling the kids to shut the lights off when you're done, And most of the time, you turn them off yourself. Right? Meanwhile downstairs there's the...more