Appeals in Income Tax in India The tax authorities make use of 'best judgment assessment' and pass orders according to the case. When such powers are used by the authorities, it is likely to generate grievances among the tax payers. In case the tax authority has made some prime facie mistakes, the tax payer could go to the concerned assessing authority for rectification of mistakes. However, the tax authorities sometimes...more
Using Cost Segregation Studies To Tax Advantage The Noted English economist John Maynard Keynes once stated that "[t]he avoidance of taxes is the only intellectual pursuit that carries any reward." While the absolute truth of that statement may be debatable, legally avoiding the payment of taxes is a national pastime that rivals baseball.A cost segregation study is perhaps the newest service in the real estate investor's tax...more
August 2008 Tax Update Although business and commercial properties occupy the majority of 1031 exchanges there are still a fair number of exchanges which involve one and two family residential properties. This year a pair of laws have impacted the treatment of primary residences and vacation homes, both as potential 1031 properties, and for taxpayers in general.In March 2008 the Internal Revenue Service issued Revenue Procedure 2008-16 which helped to clarify whether vacation homes or second homes could be bought or sold while being structured as an IRC §1031 tax deferred exchange. The central issue, which was first addressed in Moore v. Commissioner (T.C. Memo 2007-134), was whether a vacation home or second home could be considered investment property if the taxpayer personally used the property. Both the Moore ruling, and later, Rev. Proc. 2008-16, hold that a taxpayer must show some investment intent with the revenue procedure going further and mandating a rental history for two years in order for a "dwelling unit", as these properties are now defined, to be considered an investment property.In addition, the recently passed Housing Assistance Tax Act of...more
College Scholarship Options for Tax Week 1. Sallie Mae Finance American Dream Scholarship - Now the United Negro College Finance has teamed with the Sallie Mae Finance to provide scholarships to all African American learners coming from low-income families. The scholarships vary for $500 to $5000. Applicants should attend a 2- or...more
Heavy use tax forms This tax is levied with sole purpose of using the funds collected from the tax for construction and maintenance of highways.Now let us discuss the critical details about form 2290 under the following topics:IRS Form 2290 PurposeIRS Form 2290 BasicsWho needs to file this form?Heavy Vehicle Use Tax exemptionUnpaid...more
Why does ‘Middle England' get hit hardest by taxes? If even the Tories are hitting the middle-classes with a tax hike, what's going on? I was told on TV the other day that ‘the middle is a good place to be' – but is it? Firstly, the accuracy of this statement is, of course, flawed in many respects. This article, instead of evaluating it, will take it at face value and explore the concept of "Middle England" being hit hardest by tax changes. According to Adam Smith, taxes should be designed in such a way that people are taxed based on their ability to pay them – the concept of ‘equality'. The inherent problem with this ideology is that it conflict with the other assumption of economics which is that people will always tend to act in their own best interest. Therefore, whilst in theory the richest members of society should be taxed the most, these rich members of society have the most access to ways of avoiding taxes: leaving the country, foreign bank accounts, etc. Therefore the next-best people to tax are the next-class-down: the middle-class. The poorest people in society should arguable have to pay no tax at all – hence the Liberal Democrat...more
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Wash Sale Rule - What You Should Know Before Taxes Come One of the topics that arise at tax time is about the wash sale rule. If you take it into consideration before taxes and sell your losing positions that have no chance turning...more
Learn more about filling your income tax return The tax is a very important part of the country one stays in as it not only helps the nation in a wide variety of types the tax helps growth of proper public opportunity and the transport...more
The know how of the Tax calculators Tax is the part of the money you earn is deducted for the country. The tax is of different types that is some might be when you are shopping some might be on your products of import some might be on...more
How to Fill Out Heavy Use Tax Form 2290 In order to minimize the errors and to process the return more quickly you need to fill out heavy highway vehicle use tax form 2290 accurately. For the first time you file, IRS will mail you the...more
Hong Kong as a tax haven Hong Kong Offshore Companies and their Tax LiabilityTaxes only apply to business profits, salaries and property rental income. This means there is no capital gains tax and no inheritance tax - the two biggest...more