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Requirements To Produce Tax Information (Whats Up With That?)
"What we've got here is a failure to communicate."
--Strother Martin in Cool Hand Luke
Statutory Law
Governments pass laws, it's what they do. It is the job of others to interpret the laws that Parliament has made.
Stat...
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rating : 0.00, 0 votes. Author : Marc Holterman
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About Income Taxes; Tidbits
1812
The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for this, the government doubled the rates of its ...
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rating : 0.00, 0 votes. Author : Frank Vanderlugt
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State Tax Information
All states also have their own tax system. Typically there is a tax on real estate, and there may be additional income taxes, sales taxes, and excise taxes. Oil and mineral producing states often have a severance tax, which is similar to an excise ...
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rating : 0.00, 0 votes. Author : Steve Austin
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History Of The Federal Income Tax
The powers of Congress, and the limitations set upon those powers, are set forth in Article I of the United States Constitution. Section 8 specifies both the power to collect, "Taxes, Duties, Imposts and Excises," and the requirement that, "Duties,...
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rating : 0.00, 0 votes. Author : Steve Austin
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What Is Tax Law?
The federal tax code is complex. This complexity generally arises from two factors: the use of the tax code for purposes other than raising revenue, and the feedback process of amending the code.
While its main intent is to provide revenue for the ...
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rating : 0.00, 0 votes. Author : Steve Austin
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Send Your Kids To Summer Camp and Write It Off
If you paid someone to care for a child so you could work, you may be able claim a tax credit for child and dependent care expenses on your federal income tax return. This credit is available to people who, in order to work or to look for work, hav...
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rating : 0.00, 0 votes. Author : Richard Chapo
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IRS Statute of Limitations: Do Taxes Ever Expire?
Many Americans believe that an IRS debt is a debt for life and that the tax collector can hound them to the grave. Thankfully, that is not the case and there are statutory time limits on the ability of the IRS to examine and collect taxes. Taxes ...
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rating : 0.00, 0 votes. Author : James Coleman
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Furnishing Evidence in E-Tax Compliance
Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This concept is recognised in all tax statutes, which sets out taxpayers’ primary obligations, and clearly spells out that taxpayers are required to determine the amount...
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rating : 0.00, 0 votes. Author : Adil Waseem
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Euro Tax Haven Threat
Media reporting of a new EU savings tax directive has left many people wondering whether European tax havens could soon become obselete.
The July directive requires banks throughout Europe, including low and no tax areas such as Gibraltar, Monaco, ...
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rating : 0.00, 0 votes. Author : Michael Johnson
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Getting A Second Extension to File 2004 Taxes
Millions of people file tax return extensions every year. The tax filing deadlines can rush up on your quickly. Fortunately, filing an extension isn’t particularly difficult. For individuals, there are two available extensions.
Automatic Extension
...
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rating : 0.00, 0 votes. Author : Richard Chapo
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Taxation of Forgiven Debt: The 1099C & You
Often people fall on hard times and stop paying on credit cards. After a while the account may go to an outside debt collector who might offer a settlement of the debt for 30-40% of theoriginal sum. Once this is paid, the debtor often thinks the ...
0 reviews,
rating : 0.00, 0 votes. Author : James Coleman
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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-salar...
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rating : 0.00, 0 votes. Author : J. Stephen Pope
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Need a Copy of Your Tax Return Information?
Taxpayers have two easy and convenient options for getting copies of their federal tax return information — tax return transcripts and tax account transcripts — by phone or by mail.
A tax return transcript shows most line items from the tax return ...
0 reviews,
rating : 0.00, 0 votes. Author : Richard Chapo
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Marriage or Divorce — Check Your Social Security Number
Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could unexpect...
0 reviews,
rating : 0.00, 0 votes. Author : Richard Chapo
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Early Distributions From Retirement Plans
An early distribution from an Individual Retirement Arrangement (IRA) or a qualified retirement plan need not be a “taxing” experience. Fortunately, there are exceptions to early distributions.
Any payment that you receive from your IRA or qualifie...
0 reviews,
rating : 0.00, 0 votes. Author : Richard Chapo
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Gambling Income and Expenses - Tax Requirements
Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.
Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse ...
0 reviews,
rating : 0.00, 0 votes. Author : Richard Chapo
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Military Reservists, Enlistees May Get Deferral of Back Taxes
Reservists called to active duty and enlistees in the armed forces may qualify for a deferral of taxes owed if they can show that their ability to pay taxes was affected by their military service.
The deferral covers active duty members of the mili...
0 reviews,
rating : 0.00, 0 votes. Author : Richard Chapo
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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 righ...
0 reviews,
rating : 0.00, 0 votes. Author : Richard Chapo
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IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters
The IRS has obtained civil injunctions against more than 100 promoters of illegal tax avoidance schemes and fraudulent return preparers in an ongoing crackdown that began in 2001. Many of the injunctions, obtained in cooperation with the Departmen...
0 reviews,
rating : 0.00, 0 votes. Author : Richard Chapo
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IRS Certifies 2006 Toyota Hybrid for Clean Fuel Deduction
The Internal Revenue Service has certified the 2006 Toyota Highlander Hybrid as being eligible for the clean-burning fuel deduction. This certification means that taxpayers who purchase one of these hybrid vehicles new during calendar year 2005 may...
0 reviews,
rating : 0.00, 0 votes. Author : Richard Chapo
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I Havent Filed a Tax Return with IRS in Years, What Do I Do?
In elementary school, kids come up with creative excuses why they did not bring in their homework. "My dog ate it" or "It was stolen by invisible space aliens" might be given as a reason why something was not turned in on time. Don't try those ex...
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rating : 0.00, 0 votes. Author : James Coleman
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How to Donate Your Car to Charity and Get Tax Deduction
Donating your used car to charity is a win-win situation; the charity gets your gift and you get tax deduction. Below are some simple steps to make a car donation.
1. Understand the rules. A good place to read the government rule on car donation is...
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rating : 0.00, 0 votes. Author : John Lee
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Estate Taxes - It Pays to Plan Ahead
Estate taxes. It’s not enough to simply know they exist, and to know strategies to minimize them. When it comes down to it, you need to plan how you and your family will eventually pay them.
The Estate Tax Dilemma
Estate taxes are generally due nin...
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rating : 0.00, 0 votes. Author : Neda Dabestani-Ryba
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1031 Exchange Rules and Requirements
Following is a reproduction of the IRS's rules and requirements for 1031 tax deferred exchanges with regards to real property. If you have any questions regarding the sale of your real property or questions about what qualifies for a 1031 exchange ...
0 reviews,
rating : 0.00, 0 votes. Author : Neda Dabestani-Ryba
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