Tag Archives: law
Limited Partnerships
Thursday, May 6, 2010 // 0 Comments // Tax Law
Because some companies, such as mining or oil drilling ventures, have large start-up costs and substantial risks of going under, the government allows investors to take tax deductions for initial funding of these companies. Investors receive immediate tax savings, as well as the potential long terms gains if the company prospers.
Read more & Talk about itCharitable donations
Thursday, May 6, 2010 // 0 Comments // Tax Law
Making charitable donations is a legitimate way to reduce your taxable income, and as a result reduce the overall taxes you’d have to pay.
Read more & Talk about itRetirement plans
Thursday, May 6, 2010 // 0 Comments // Tax Law
Since retirement accounts aren’t taxed heavily, investing in them qualifies as a form of tax shelter.
Read more & Talk about itTax credit
Thursday, May 6, 2010 // 0 Comments // Tax Law
A tax credit is different than a tax deduction, which reduces taxable income. A credit, though, reduces your tax liability dollar-for-dollar. For example, if there were a tax credit of $1000 for using environmentally friendly construction materials, you would owe $1000 less in taxes that year.
Read more & Talk about itReleasing a Lien
Thursday, May 6, 2010 // 0 Comments // Tax Law
Because liens have such wide-ranging harm, releasing a lien becomes a priority. The IRS will issue a Release of the Notice of Federal Tax lien if the taxpayer meets proper conditions. If the tax debt is satisfied, the IRS will release the lien within 30 days. Satisfying this debt includes payment of any associated interest [...]
Read more & Talk about itConsequences of a Lien
Thursday, May 6, 2010 // 0 Comments // Tax Law
If the taxpayer fails to satisfy the debts in 10 days, the IRS creates a lien and files a Notice of Federal Tax Lien. Because a lien is filed publicly and gives notice to all creditors, the affects can be immediate and devastating to the taxpayer. Liens damage credit ratings, and the repercussions may prevent [...]
Read more & Talk about itWhat is a lien?
Thursday, May 6, 2010 // 0 Comments // Tax Law
A lien gives the IRS legal entitlement to any property you own, or any property that you acquire after the lien is filed. The IRS pursues a lien to satisfy payment of outstanding tax debts. To meet legal requirements, the IRS must follow a certain process when pursuing liens. First, they must assess the tax [...]
Read more & Talk about itI’m planning to start a small business, but I’m worried I’ll do something wrong and violate IRS rules. What can I do to avoid trouble?
Thursday, May 6, 2010 // 0 Comments // FAQs
The best way to avoid problems is to keep detailed records and to seek the advice of financial professionals. For example, if you’re making deductions for auto expenses and for advertising, you’ll need to keep all canceled checks and other documents pertaining to those deductions. Be especially vigilant with maintaining records for travel, entertainment, and [...]
Read more & Talk about itTax-Law For Individuals
Thursday, May 6, 2010 // 4 Comments // News
Alternative Minimum Tax (AMT) There are several changes affecting Alternative Minimum Tax for 2009. Child-Related Tax Changes Information on adoption benefits, child’s investment income, the definition of a qualifying child, and additional child tax credit. COBRA Premium Assistance P.L. 111-118 made changes to the COBRA premium assistance provisions. Decreased Estimated Tax Payments for Qualified Individuals [...]
Read more & Talk about itFour Rules of Finance
Thursday, May 6, 2010 // 0 Comments // News
One of the biggest (if not the biggest) determinants of how well your investment portfolio does is how you divide your assets into various investment vehicles. What percentage do you need in cash, stocks, bonds, real estate, and so on? It’s a difficult question to answer for many. But in this piece, the Motley Fool [...]
Read more & Talk about itTax Preparer Fraud
Friday, January 1, 2010 // 0 Comments // Tax Law
Sometimes naïve taxpayers hire fraudulent preparers who exaggerate business and personal expense deductions and credits. When the illegal return is discovered, the IRS holds taxpayers accountable regardless of whether they had knowledge of the preparer’s actions. The taxpayer could face payment of additional taxes and possible criminal prosecution. Therefore, it’s in the best interests of [...]
Read more & Talk about itNonfilers
Friday, January 1, 2010 // 0 Comments // Tax Law
Despite the complete constitutionality of taxes, some individuals continue to argue that taxes are illegal. If these individuals fail to file a return, it’s considered tax fraud. Frivolous arguments against taxes do not hold up in court, and nonfilers are not exempt from the law.
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