• Business Tax Loophole: Leasing Assets To Your Corporation

     
    While there are many equally valid reasons to incorporate, saving money on taxes is a consideration that can yield relatively immediate results. Leasing assets to your corporation is a tax strategy you should absolutely consider if you already have a corporation or are thinking about forming one. Here's how it works. Just because you incorporate doesn't mean that the corporation must own all of the assets it uses. In fact there are many legal, tax and financial considerations for NOT having your corporation own its own assets....
     

    Save Money on Taxes - Double Your Income Now With Tax Saving Tips on Deductions

     
    Adding Your First Additional Stream of Income Most new wealth builders currently have a full-time job. After realizing that means "Just ----Over Broke" they commit to quitting their job and starting their own business. The concept is good, but let's turn it around some. One of the philosophies of the wealthy is to reduce risk. In this scenario, that means keeping your job until your business has been firmly established. That's because the biggest stress point for new businesses is cash flow....
     

    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 Appeals Office to review your case. During their contact with taxpayers, IRS employees are required to explain and protect these taxpayer rights, including the right to appeal. The IRS appeals system is for people who do not agree with the results of an examination of their tax returns or other adjustments to their tax liability....
     

    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. This is done to serve notice on all creditors or other interested parties of the government's claim. The Federal Tax Lien is a negative item on the credit bureau report of the debtor. It may result in some creditors calling in their notes upon becoming aware of the FTL....
     

    E-commerce Taxation

     
    The means and types of businesses have transformed with advent of era of e-commerce, resulting in global seller and buyer. The Internet offers consumer choice, business efficiency and recreation. As a means of global communication it is so powerful in operation, yet so simple to use. Coupled by these benefit, there have emerged legal issues e. g. conflict of laws, consumer protection, securities and privacy, etc and to address these issues, we have to make amendments in substantive and procedural laws for providing legal framework for collection of taxes generated by e-commerce activities....
     

    Tax Jokes and Quotes

     
    Do you realize that some tax forms ask you to check a box if you are BLIND? Quote: "Two years ago it was impossible to get through on the phone to the IRS. Now it's just hard to get through. That's progress." - Charles Rossotti, former IRS Commissioner Disappointed that you never had time to write the great American novel? Don't fret, just go dig out your past tax returns. Quote: "The Eiffel Tower is the Empire State Building after taxes." Under the Freedom of Information Act, a man with a small business sent a request to the IRS asking if they had a file on him....
     

    What You Need To Know About Taxes If You're Getting Married

     
    It may not be high on the list of wedding planning activities, but there are a few simple steps that can help keep tax issues from interrupting your newly wedded bliss. If you recently married, check out your new tax situation. You might save money or even prevent the problem of a missing refund check. The first things to handle are changes of name and address. Later, as tax season approaches, consider whether or not you'll itemize deductions, which tax return form is right for you and what filing status you'll use....
     

    Tax Reform, My Way

     
    We need real tax reform and we need it now. Previous attempts have been made at tax reform, but they have only provided band-aid solutions that have still left us with too many quirks, complication, and read tape. There are several things Congress could do to simply the tax system and benefit the taxpayers and federal budget at the same time. First, I would institute a simple two-tiered tax on earnings and passive income (interest, dividends, capital gains, etc.) that are not in a tax-sheltered account....
     

    Tax Reduction Tips

     
    In the rush to get tax returns prepared and filed by April 15th, many overpay their taxes. Following are a few tax reduction tips that could help you save a bundle. Tax Credit For Starting A Small Business Pension Plan Establishing a pension plan can help you retain important employees. What many business owners don't realize is a tax credit can be claimed if the business has 100 or fewer employees. Meet this requirement and you can take a tax credit of up to $500 in each of the first three years of the plan....
     

    10 Tax Tips to Reduce Costs and Increase Income

     
    No one likes paying tax. Everyone understands that tax is a necessary evil and that without it our government would not be able to afford our roads, health services, education, welfare system etc. However you are not obliged to pay more tax than that for which you are legally liable. Here are some tips to keep your tax down: Reduce all stock to levels and cut costs. Never carry excess stock because that is money that is sitting on the shelves and not in your bank. Clear out stock that is slow....
     
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