Successful entrepreneurs almost always find ways to save money and maximize their returns. Filing and paying your taxes on time is crucial as late filings and payments will always increase your tax bill due to penalties and interest. The best things to do is find a tax professional who specializes in your business industry. An efficient tax expert will be able to provide advice that goes beyond preparing the regular tax returns and financial...more
One of the few advantages of paying alimony is that the money is tax deductable. That may not take the all the sting out of New York state spousal support but it eases the pain a little. Unfortunately that pain can come back redoubled when the payer gets a polite letter from the IRS saying taxes are owed on alimony from previous years. That's the joy of alimony recapture.The IRS keeps a close eye on tax deductions to ensure that nobody is using...more
There are millions of people who will be spending thousands of dollars on the repairs of their cars. Just imagine if you will sell them to some local agent or auto store and then earn junk cars cash out of them. Moreover, this transaction also provides the benefits of tax incentives and it can greatly benefit for many of them. Purchasers would not be required to pay the colossal penalties instead their transfer or sale of ownership would get entirely blocked. Investors need to present the credible and legitimate proof of the same and then only they should gain access to the junk cars. Unquestionably, sell junk cars is gaining massive momentum especially with the development of state of the art solutions. Investors are recommended that they should also focus on the overall taxes that are payable on junk cars. Buyers would be liable to pay for the transfer taxes and agent fees and that is accountable up to the 5% to 7% of purchase price. In fact, there are uncountable government taxes and fees that would be required to be paid by the purchaser in this entire process. Certainly, the core focus should also be given on the price. One of the key aspects is that this procedure utilized in...more
The goal of tax planning is to arrange your financial affairs so as to minimize your taxes. There are three basic ways to reduce your taxes, and each basic method might have several variations. You can reduce your income, increase your deductions, and take advantage of tax credits. Every taxpayer likes to make sure that the IRS gets as little as...more
With tax laws constantly changing it can be a good idea to use a CPA to prepare your taxes. There are other companies that offer the service, but they often aren't cheaper and nor do they offer a personalized service. In the end what you are paying an accountant for is protection. Most families and most small business's can benefit.A CPA is a...more
Affirming a decision in the lower court, the Sixth Circuit Court of Appeals ruled recently in a controversial case that severance payments made to employees are exempt from federal payroll taxes. (U.S. v. Quality Stores, Inc., CA-6, No. 10-1563, 9/7/12)As a result, the government must refund over $1 million in payroll taxes that were improperly collected from the employer and employees.In the wake of this case, an employer may want to file a protective refund claim for open tax years if it previously paid the full amount of payroll taxes on severance payments."Although Quality Stores collected and paid the FICA tax, it did not agree with the Internal Revenue Service (IRS) that the severance payments constituted wages for FICA purposes. Quality Stores took the position that the payments made to its employees pursuant to the plans were not wages but instead constituted SUB payments that were not taxable under FICA. The payments Quality Stores made to its employees ... qualify as SUB payments under I.R.C. Section 3402(o). Because Congress has provided that SUB payments are not 'wages' and are treated only as if they were 'wages' for purposes of federal income tax withholding, such...more
Are you a property owner? Then you need to educate yourself on the details of taxes levied on property by the government. Read on to know how you are taxed on rental income and also income made from the sale of a house.Rental income refers to regular...more
Handle your own tips carefullyIt is best to report your own personal tips accurately to your employer and as well on your tax return. Remember, tips tend to be received by folks working in several industries. So if you have a tendency work for a...more
The tax authorities of Denmark have proposed reforms to indirect taxes which are likely to take effect in 2013. The draft law which is subject to the Parliaments approval will also avoid erosion of tax base by providing for indexation of tonnage tax...more
Payment taxes are a huge source of revenue for government. It invites tax payments from business owners, companies and individual taxpayers. So any delay in tax payments will invite many issues such as penalties, legal notices and other compliance....more
While there are many sources to guide you to pay tax regularly, it is also important to know how to avail the benefits of tax payments. The tax provisions are wide and extensive and there are plenty of benefits for taxpayers such as disabled persons,...more
Moving to a new home usually requires a lot of planning prior to the actual move. Moving companies in Washington DC will assist you with the packing, loading, and transportation. However, there are other issues to be addressed as well. One of them is...more