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Tagged With: business taxes, income tax, irs, state tax, tax, tax preparation, tax software, taxes, turbo tax
* Is Social Security retirement income taxable?
Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay taxes if he/she has annual Social Security retirement income of more than $25,000. If he/she has a married status, they must pay such taxes if the income is more than $32,000.
However, if the Social Security retirement benefit is the recipients only source of income, th…
Tagged With: email scam, identity theft, irs warning, phishing, scam, social security number, tax refund
The IRS has issued a warning regarding a phishing email scam. The scam claims you are due a tax refund, but is really designed to obtain your personal information.
Tagged With: bookkeeping, loopholes, tax deductions, taxes
Standard monthly expenses for your Business are transferred from you to your Tax Professional to be put on your Schedule C. No problem, most people get this part right. Its the thousands of dollars in miscellaneous receipts that many people forget when under the haze of tax season. These miscellaneous expenditures can save a small business owner hundreds if not thousands of dollars in tax liabilities. Examples:
1. Advertising Cost The standard deductions are always ther…
Tagged With: assets, beneficiaries, estate planning, estate planning attorney, living wills, plan, trust, will
The Estate Tax is the tax that the government puts on the assets that are transferred to your beneficiaries when you die. It does not look like the estate tax will permanently go away. However, with careful planning, you can reduce taxes substantially.
Tagged With: 941 penalties, deposit penalties, Internal Revenue Service penalties, IRS letter, IRS penalties, late filing, late payment payroll service, Payroll, payroll penalties, payroll taxes
Payroll tax penalty letters from the IRS need not be scary. This article tells you how to deal with the IRS with out emptying your bank account.
Tagged With: hybrid, internal revenue service, irs, lexus, tax, tax credit, taxes
Prior to January 1, 2006, you were restricted to claiming a $2,000 tax deduction if you purchased a hybrid car. Now you can claim a tax credit, which is much more valuable.
Tagged With: forming Texas llc, Texas llc formation
Starting an ecommerce business? Consider these tax tips from bestselling author and CPA Stephen L. Nelson
Tagged With: capital gains tax, inheritance tax, non-resident tax, offshore tax advice, offshore tax haven, Offshore tax planning
Everyone has heard about the actor or businessman who lives a jet-set lifestyle and ‘pays no tax’? This article explains how everyone can benefit from the same ‘secrets’.
Tagged With: self employed, tax strategies
Self-employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are tax strategies for self-employed individuals that reduce those tax amounts.
A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.
You can easily learn what the general requirements are for keeping tax invoices and what you can do if you receive a tax invoice too late to claim a GST credit, as well as what the requirements are for issuing tax invoices that are specific to the value of the supplies, an…
Tagged With: Garnishment, IRS Garnishment, IRS Levy, IRS Wage Garnishment, Wage Garnishment, Wage Garnishment Law
An IRS levy is an order from the Internal Revenue Security directing TVA to withhold a specified amount of an employees pay to satisfy a tax debt. If the IRS determines that we owe back tax then it may issue an IRS levy requiring the deductions from the pay till the back taxes are paid. They may ask the person to sign an agreement of consent authorizing the amount to be deducted. The IRS levy can allow an amount to be exempt from withholding based on the o employees tax fil…
The end of tax filing extensions is quickly approaching. What do you do if you cant pay the amounts you owe? You should still file your return by the due date and pay as much as you can. There are, however, additional steps that might help.