TAXS Management

Income Tax Returns

admin — Sat, 28 Jun 2008 15:10:05 +0000

The tax levied on an individual's or corporation's income is known as income tax, which is a direct tax. Individuals are taxed on their total income, taking into account the standard deductions. Corporations or businesses are taxed on their net income, which is the difference between gross rece...

Republicans Push Forward With Repeal on Estate Tax

admin — Sat, 28 Jun 2008 14:13:20 +0000

Republicans in the Senate are moving forward this week with efforts to repeal the estate tax.

The estate-tax measure is unlikely to become a successful bill. The measure will likely draw support from a majority of senators, but is expected to fall short of the 60 votes required to stop a De...

Debt Settlement & Income Taxes — What You Need to Know

admin — Sat, 28 Jun 2008 12:08:26 +0000

Debt settlement has become a popular approach to resolving problem debts without having to file bankruptcy. With this approach, creditors agree to accept a portion of what you owe (usually around 50% or less) to settle the account, and the remaining balance is forgiven. This technique will certai...

Great Idea - Lousy Name

admin — Sat, 28 Jun 2008 10:09:21 +0000

Obviously, nobody asked the marketing guys before coming up with this one. Who in the world thought up the name "non-qualified deferred compensation?" Oh, it's descriptive alright. But who wants anything "non-qualified?" Do you want a "non-qualified" doctor, lawyer, or accountant? What's ...

A Difference Between Appraisal, Assessment, Home Inspection

admin — Sat, 28 Jun 2008 09:04:40 +0000

Every one should have a home inspection before purchasing any property, including new construction. You may think that's rediculous but there are too many cases that prove otherwise. It is only a couple of hundred dollars and can save you thousands. Most importantly it makes you feel confident a...

How to Give Yourself a $200-$1,000Mo Pay Raise Tomorrow! Courtesy of the IRS!

admin — Wed, 25 Jun 2008 17:13:39 +0000

How much income tax did you pay last year?

If you are like most people, you will say the amount of tax you paid on April 15. Others will say none, they got a refund!

It is amazing that so many people are unconscious of the fact that taxes are their biggest expense. In most households,...

Don’t Forget About These Frequently Overlooked Tax Deductions

admin — Wed, 25 Jun 2008 15:11:43 +0000

When an individual files their tax returns each year they are able to claim a number of tax deductions. Many times a tax deduction can reduce the amount of money that is owed to the Internal Revenue Service (IRS) or it can create a larger tax refund. The most commonly used tax deduction is the st...

Use of a Franchise Business as a Family Tax Planning Strategy

admin — Wed, 25 Jun 2008 12:08:14 +0000

Suggesting the use of a franchise business as a vehicle for family estate and tax planning. Specifically using as an example, The Car Wash Guys, a portable car wash franchise, where you will be purchasing a completely designed and outfitted car wash truck and the right to develop a specific city ...

Protecting the Tax Advantage of Your Deferred Compensation

admin — Wed, 25 Jun 2008 12:07:16 +0000

The American Jobs Creation Act of 2004 imposed strict new rules on non-qualified deferred compensation plans. Beginning in 2005, deferred compensation programs that are not in compliance with the new rules may be taxed as wages, slapped with a 20% excise tax, plus charged an interest penalty.

...

Who Loves the Taxman

admin — Wed, 25 Jun 2008 10:08:04 +0000

The old saying goes, 'No one loves the taxman', but if I must pay taxes, the people at the Inland Revenue Authority of Singapore (IRAS) are the folks I'd rather pay them to.

IRAS boasts one of the best programs I have seen for building an energized and dedicated service culture.

Th...

Figuring Out Your W-4 Withholdings

admin — Sun, 22 Jun 2008 17:13:01 +0000

If you are employed by a business, you have the ability to play with the withholding on your paycheck. Fortunately, there is an easy way to do this online these days.

What is one of the happiest days of the year? Holidays excluded, for many people it is the day they get their tax refund che...

Three Property Tax Policy Options For New Jersey

admin — Sun, 22 Jun 2008 17:07:22 +0000

Here are three property tax policy options for New Jersey citizens and government leader to consider. They are presented in an easy to read format; namely the statement of a problem that property taxpayer's face in New Jersey, followed by a policy option and its principal pro and con argument.

Exercising Stock Options And Taxes - How Do Taxes Work With Stock Options

admin — Sun, 22 Jun 2008 17:04:16 +0000

Are you confused as to the question of how to deal with your incentive stock options? Or are you worried about owing a large amount of tax on options that you have not even exercised and do not have the cash to pay for it? Well, luckily, if you manage your affairs well and take on board some simp...

What To Do If You Didn’t Get a Form 1099

admin — Sun, 22 Jun 2008 12:05:53 +0000

If you earned revenues as an independent contractor in 2005, you should have received a 1099 Form for the work. So, what if you haven't received one?

What To Do If You Didn't Get a Form 1099

If you earned over $600 from one person or company as an independent contractor in 2005, tha...

What is a Trust and what are the Benefits

admin — Sun, 22 Jun 2008 09:13:43 +0000

Trusts are becoming a popular way to structure business and personal affairs. If you are considering using a trust in any way, you should be clear on the legal obligations and the relationships involved. Always make sure you obtain proper advice before setting up a trust. Most lawyers are profici...