Deducting Points On Home Refinances It is no secret that millions of homeowners have been refinancing mortgages to take advantage of low interest rates. If you refinanced your home, you may have paid "points" on your new mortgage. The good news is that you can claim a deduction for these points as well as a deduction if you paid points on your previous mortgage.
Small Business Tax Deduction - Write-Off Bad Debts Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. For those small businesses that suffer from uncollected receivables, solace can be taken from the fact you can claim a tax deduction.
Small Business Tax Credit - Americans with Disabilities Act Many small businesses complain when confronted with the expense of complying with the Americans with Disabilities Act. Most do not realize that there are a number of tax incentives available to offset the costs. Importantly, one tax incentive comes in the form of a tax credit, which is far more valuable than a tax deduction when it comes to creating tax savings.
IRS Reports Tax Gap of $300 Billion The IRS 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 payers to fully pay their taxes. IRS enforcement activities recovered roughly $55 billion of that total gap, leaving a net tax gap of $257 billion to $298 billion.
Tax Deduction for Alimony Payments? - Yes! Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.
2005 Ford Escape Hybrid Certified For Clean-Fuel Deduction If you are environmentally conscious and purchase a 2005 Ford Escape Hybrid vehicle that combines a gasoline-powered engine with alternative power methods, you are in line for a nice tax deduction.
Truly Bizarre Taxes: The Tax on Illegal Drugs One can never underestimate the enthusiasm that politicians have for trying to hunt up tax revenues. The creativity of some politicians can lead to bizarre taxes and unfortunate results.
Rental Property Tax Deductions Own residential rental properties? This article discusses how income from those properties impacts your taxes.
10 Thoughts on Tax Offer in Compromise Beware of advertisements that claim to settle tax debts for "pennies on the dollar". Check the Offer In Compromise requirements to see if it is right for you.
Avoid Paying Capital Gains Until The Ripe Old Age of 70 Avoid paying capital gains taxes by using this little-known tax-deferral strategy that has been around since the 1950s. You can even defer them until 70 years of age.
It Is Better To Receipt, Than To Give (Without One) When filing an income tax return the taxpayer needs to support any deductions claimed with valid third party receipts, but it losing one fatal to the deduction? Not necessarily, reviewing the legislation and some caselaw give taxpayer's hope, but no guarantee that they may be able to deduct without a receipt.
New IRS Rules for Vehicle Donation The new IRS rules have changes the amount donors can claim as a tax deduction for their car donation. Donors can no longer use the Kelley Blue Book to determine the value of their donated car.
1031 Exchange Tax Deferred Benefits Are Hard to Ignore Section 1031 of the Internal Revenue Code contains arguably one of the most powerful provisions of the tax code for real estate investors… the 1031 tax exchange. Many highly successful real estate investors have used this tax code provision in combination with aggressive pyramiding and upgrading strategies to amass huge investment property portfolios. Here's how it works:
Fraudulent Tax Shelters – KMPG Goes Down Hard In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars, but nine of its executives still are under indictment.
Another Tax Loophole You need working capital and you needed it yesterday. This is a short and funny story about what one small business owner did.
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.
The Annual Gift Tax Exclusion: Getting The Edge Whether helping the kids with a down payment on their first home, paying the premiums on a life insurance policy in an irrevocable trust, or moving appreciated assets to a younger generation, annual gifting will touch the lives of millions of Americans. But before the transfer is made, an investor should spend some time looking at the investment and the tax ramifications of the property to be passed.
8 Quick Ways to Reduce Local Phone Service Charges Local phone service is a major corporate expense. There are ways to reduce costs by 10-20% however. These 8 quick ways will put more money back in your pocket...
Going On a Mental Diet Diets are always in style. Every time you turn around, someone is coming out with a new and improved diet. The latest craves are the Atkins Diet, the South Beac...
Identity Theft Offline -- So Many Possibilities People are too careless when giving away information about themselves, both online and offline. Much cautioned about identity theft and phishing in the Internet...
Recreating Yourself So it's time for a change. You've taken that hard look in the mirror and you've decided that who you are is not who you want to be. Or perhaps you're standing a...
Goldfish Tips - Choosing The Right One Goldfish are a temperate breed that can be found in cool streams, lakes, and ponds throughout Asia and part of Eastern Europe. However, the ones you will buy fo...
Roses Rant We're now entering the busiest time of the year in terms of sports to invest in. The college football regular season is winding down, and the NFL is in the thic...
How to Keep Hope Alive During a Marriage Crisis During a marriage crisis, you can feel like your whole world is falling apart and all of your dreams are being shattered. Despite your fear and anxiety, it's up...
Introductory Offer Versus Lifetime Low The fact is that by choosing the right mortgage that you believe will save you money over the whole life of your loan will be the best decision you could make b...
Inertia? 5 Tips to Getting Yourself Moving Again! Do you feel stuck in a rut? Is your job a dead end or do you want to simply explore whatever else is out there? Matt shares 5 important tips to help you make yo...
How To Manage Directory Submissions Submitting your site to web directories is an essential website promotion strategy that will increase traffic and link popularity. Here are some quick tips to ...
Are We Serious About Fuel Alternatives? As you can see from some of our previous articles, government agencies predict about 40 years of petroleum still remains. As usage climbs, the amount of time r...
Book of Lists Marketing for Pressure Washing Companies The American Business Journals produces a Book of Lists each year in their many markets, it is wise for pressure washing companies to use this book of lists to ...
Firewall Protection - Does Your Firewall Do This? Anti-virus software can help, but your real computer and network protection should come from a firewall. The differences in hardware and software firewalls are...
Search Engine Optimization in an eCommerce World Before one can fully understand the importance and necessity of implementing a search engine optimization program into their marketing mix, it is important to l...
Breaking Into Your PC: News... We are curious; those who distribute viruses, worms and Trojan horses know it. Don't open emails with breaking news in the subject line. Online criminals use t...
Birdie Body Language Most parrot people are aware of some of the basic body language out companions use to communicate with us. But it's usually the more negative ones! However, our...
Reciprocal Link Building That Works Reciprocal linking has changed, and 9 times out of 10 your link request is simply deleted. This article details a proven tactic to secure relevant links to your...
Weight Loss Workout Routine Benefits Combining a cardio workout routine and strength training, is perfect for weight loss and tightening muscles.
Beware the Shopping Mall Monster Like me, you've probably been offered a fair old number of these by now... and, if you're like most people, chances are you maybe own at least one or two. They ...
How To Be Happy We go through life searching for happiness, searching for a better job, better house, better car, better relationship, sometimes for many people this is a full ...
