Reducing Taxes Through Dividend-Salary Mix Calculations
Should I take wages or dividends from my privately owned corporation? What is the best way of taking money out of my company? In other words, what will result in the least amount of income taxes?A Canadian accountant will perform a dividend-salary mix calculation to determine the best way of... Read More
Another Tax Loophole
Just image, you are a small manufacturing company, business has been good, but yesterday you received a call from a customer who wants 50,000 widgets in 45 days. The customer is a large account and if you turn the business down, he may never call you again.Problem: You need to... Read More
Tax Tips for Home-Based Business Owners
As tax time approaches, many home-based business owners begin completing their forms or paying their accountants with trepidation. This nervousness comes from two sources: a fear of being audited and a fear of having to pay a lot. For the most part, both of these fears are unfounded.For one, audits... Read More
What is a Federal Tax Lien?
A Federal Tax Lien (FTL) is a legal instrument that secures the claim of the United States in the right, title, and interest of a debtor taxpayer's assets. It is a public document and is recorded at the County Clerk's office or the Secretary of State, depending on local law.... Read More
Access to E-records by Taxing Authorities: A Case for Pakistan (Part I)
Background issues of access to recordsTo assess the records at hosted remote retained out of the jurisdiction of Pakistan root many legal issues which are needed to be addressed. Hereinafter there is description of the emerging legal issue of access to e-records.Lack of statutory provisions for access to electronic data... Read More
Render Unto Caesar
Once a year Canadian taxpayers are required, by law, to file an income tax return in the prescribed form: $150(1).For individuals: $150(1)(d) ITA, they must do so by April 30 of the following year, provided that they owe any taxes or if they are served with a requirement to file:... Read More
Failure To Pay Employment Taxes ? Penalties
As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade.PenaltiesIf you have employees, you absolutely must deduct and withhold various taxes from the paychecks of your employees. Since you are deducting money from the employee's paycheck,... Read More
Taxing Overseas Firms for SOX Compliance
The Sarbanes-Oxley Act, also called the Public Company Accounting Reform and Investor Protection Act of 2002 was signed into law on July 30, 2002 by President Bush. In the aftermath of Enron, Arthur Andersen, Global Crossing, and WorldCom, SOX promises greater corporate accountability and transparency. Named after Senator Paul Sarbanes... Read More
IRS Reports Tax Gap of $300 Billion
The Internal Revenue Service is reporting that the difference between what U.S. taxpayers owe and actually pay on time totals more than $300 billion a year. Studying over 46,000 tax returns for individuals revealed the tax gap. These results indicate a failure of 15 to 16 percent of individual tax... Read More
Your IRS Tax Appeal Rights
Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS... Read More
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Fraudulent Tax Shelters ? KMPG Goes Down Hard
In the largest criminal tax case ever filed, KMPG has... Read More
Estate Taxes - It Pays to Plan Ahead
Estate taxes. It's not enough to simply know they exist,... Read More
Correspondence From The IRS ? Yikes!
It's a moment every person dreads. You pick up the... Read More
Tax Tips - Which Tax Form Is Right For Me?
IRS Tax forms can be confusing.Am I a 1099 or... Read More
Reducing Taxes Through Dividend-Salary Mix Calculations
Should I take wages or dividends from my privately owned... Read More
Truly Bizarre Taxes: The Tax on Illegal Drugs
One can never underestimate the enthusiasm that politicians have for... Read More
Getting A Second Extension to File 2004 Taxes
Millions of people file tax return extensions every year. The... Read More
Organizing Your Taxes
Does this scene sound familiar? It's April 7. You haven't... Read More
1031 Exchange Rules and Requirements
Following is a reproduction of the IRS's rules and requirements... Read More
Section 179 ? Tax Relief From Depreciation Rules
"Depreciation." For business owners, this word is the one most... Read More
Small Business Tax Issues for Self-Employed Individuals
The United States is a nation of entrepreneurs. There are... Read More
Tax Deductions - Mr. C.P.A. Can I Deduct a Pizza? You Too Can Deduct Your Fun By Using Tax Tips
Recently, I stumbled across a concept that could change your... Read More
IRS Reports Tax Gap of $300 Billion
The Internal Revenue Service is reporting that the difference between... Read More
Need a Copy of Your Tax Return Information?
Taxpayers have two easy and convenient options for getting copies... Read More
Paying Workers ? What Can You Write-Off?
As your business grows, you are going to need help.... Read More
Tax Deduction for Alimony Payments? - Yes!
Over 50% of marriages end in divorce in the United... Read More
Hurricane Katrina ? How To Use Your Business Loss To Get A Refund on 2004 Taxes
With the massive losses caused by Katrina, the economy of... Read More
The Seven Deadly Tax Sins: Commonly Missed Deductions
It's that time again, the April 15 tax deadline is... Read More
Back To School ? Educators Deduct School Expenses
As teachers and students head back to school following a... Read More
How to Cut Duty Cost and Increase Profit as an Importer
Import duties continue to be significant elements in the cost... Read More
Save Money on Taxes - Double Your Income Now With Tax Saving Tips on Deductions
Adding Your First Additional Stream of IncomeMost new wealth builders... Read More
Tax Audits: What Signs Make You More Likely to be Audited by the IRS?
It's a major fear for most Americans: A notice from... Read More
Tax Records - What You Should Keep And For How Long
Many taxpayers are confused about how long they should keep... Read More
Tax Jokes and Quotes
Do you realize that some tax forms ask you to... Read More
Tax Trap #3 -- IRS Penalties, Interest and Love Letters
As a small business owner or self-employed person, one of... Read More
Six Urban Myths About Taxation
Six Urban Myths ? Taxation"I am proud to be paying... Read More
Surprising Truths About Tax Preparers
Choosing the right tax preparer for your business is a... Read More
Where to Find Tax Breaks for Your Home Based Business
April 15th looms in front of most people every year... Read More
Tax Help Secret: Avoiding the Entreprenuers Curse
Your days as an entrepreneur and businessperson are consumed with... Read More
Tax Trap #1 -- Waiting to Incorporate: What A Difference A Date Can Make
NOTE: This is the first in a series of 5... Read More
The Implications of Income Tax Charge on Estate Planning
OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon... Read More
Anticipating Your IRS Refund Can Cost You Plenty
While accountants are reaching for aspirin, millions of Americans are... Read More
Navigating The Internet Sales Tax Laws
QUESTION: I have been contacted by my local city... Read More
Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent?
Tilting the Tax Laws in Your Favor.In order to accelerate... Read More
Take Control of Your Taxes
As everyone in the U.S. knows, we have just passed... Read More
Employment Taxes ? Depositing With The IRS
If your business has employees, you must pay employment taxes.... Read More
10 Thoughts on Tax Offer in Compromise
Beware of advertisements that claim to settle tax debts for... Read More
Anticipating Your IRS Refund Can Cost You Plenty
While accountants are reaching for aspirin, millions of Americans are... Read More
Early Distributions From Retirement Plans
An early distribution from an Individual Retirement Arrangement (IRA) or... Read More
Small Business Tax Deduction - Write-Off Bad Debts
Practically every small business has receivables that it cannot obtain... Read More
Tax Reform, My Way
We need real tax reform and we need it now.... Read More
What You Need To Know About Taxes If You?re Getting Married
It may not be high on the list of wedding... Read More
Tax Strategy - Let Washington Pay for Your Corvette, Porsche, or Air Plane
Deducting Your Auto ExpensesAuto deductions are a very complex topic.... Read More
How Likely Are You To Be Audited?
Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing... Read More
Paying Workers ? What Can You Write-Off?
As your business grows, you are going to need help.... Read More
The Annual Gift Tax Exclusion: Getting The Edge
Whether helping the kids with a down payment on their... Read More
Another Tax Loophole
Just image, you are a small manufacturing company, business has... Read More
Hurricane Katrina ? How To Use Your Business Loss To Get A Refund on 2004 Taxes
With the massive losses caused by Katrina, the economy of... Read More
Back To School ? Educators Deduct School Expenses
As teachers and students head back to school following a... Read More
Income Tax Returns Your Accountant Should Not File
You've been feeling uneasy (perhaps even guilty) because you've failed... Read More
Seven Key Tax Deductions for the Self Employed
As a sole proprietor, it's wise to familiarize yourself with... Read More
Highlights of IRS List of 2005 Tax Scams
Each year, the IRS lists various scams taxpayers get caught... Read More
History Of The Federal Income Tax
The powers of Congress, and the limitations set upon those... Read More
Euro Tax Haven Threat
Media reporting of a new EU savings tax directive has... Read More
Tax Secrets - How Drew Miles Helped Me
How about a Tax Tip?As we all know Taxes are... Read More
How to Reduce the Estate Tax Using the A-B Revocable Living Trust
In a past article I relayed the plight of the... Read More
Tax Records - What You Should Keep And For How Long
Many taxpayers are confused about how long they should keep... Read More
Business Tax Deductions
As we enter mid-March, taxpayers begin to become very interested... Read More
Fiscal Deity: Tax Consultant
Strategic planning throughout the year results in a minimal tax... Read More
Tips and Simple Guidelines on How to Calculate Payroll Taxes
Managing a business small, medium or big requires you to... Read More
Gambling Income and Expenses - Tax Requirements
Hit a big one? With more and more gambling establishments,... Read More
State Tax Information
All states also have their own tax system. Typically there... Read More
How To Get An Instant Pay Raise
As a gentleman was leaving my class recently, he wanted... Read More
Tax Jokes and Quotes
Do you realize that some tax forms ask you to... Read More
Alas! In E-Commerce Taxland
In trying to comply with tax laws for your e-business,... Read More
I Havent Filed a Tax Return with IRS in Years, What Do I Do?
In elementary school, kids come up with creative excuses why... Read More
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