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Reducing Taxes Through Dividend-Salary Mix Calculations 2008-01-04 06:00:00 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-salary mix calculation to determine the best way of withdrawing money from the corporation.Even though Canadian income tax laws are different from ...

Need a Copy of Your Tax Return Information? 2008-01-04 05:59:00 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 (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes you, your ...

Marriage or Divorce - Check Your Social Security Number 2008-01-04 05:57:00 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 unexpectedly increase a tax bill or reduce the size of any refund.For newlyweds, the tax scenario can begin when the bride says "I do" and takes her husband's ...

Gambling Income and Expenses - Tax Requirements 2008-01-04 05:56:00 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 and dog races and casinos. Unfortunately, gambling income also includes the fair market value of prizes such as cars, houses, trips or other non-cash ...

Military Reservists, Enlistees May Get Deferral of Back Taxes 2008-01-04 05:55:00 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 military services — Army, Navy, Air Force, Marine Corps and Coast Guard — and commissioned officers of the uniformed services — Public Health Service and ...

Your IRS Tax Appeal Rights 2008-01-04 05:54:00 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 ...

IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters 2008-01-04 05:51:00 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 Department of Justice, also order the promoters to turn over client lists and to cease preparing federal income tax returns for others.Signaling a renewed fight ...

IRS Certifies 2006 Toyota Hybrid for Clean Fuel Deduction 2008-01-04 05:50:00 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 claim a tax deduction of up to $2000 on Form 1040.Under Working Families Relief Act of 2004, which was signed into law in October of 2004, the ... Hybrid

1031 Exchange Rules and Requirements 2008-01-04 05:49:00 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 or not, please consult your tax professional.Sec. 1031. - Exchange of property held for productive use or investment(a) Nonrecognition of gain or loss ...

I Haven't Filed a Tax Return with IRS in Years, What Do I Do? 2008-01-04 05:48:00 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 excuses with the IRS! Don't blame divorce, business failures, or family troubles either, because except under extreme circumstances, they won't register ...

How to Donate Your Car to Charity and Get Tax Deduction 2008-01-04 05:46:00 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 IRS Publication 4303, A Donor's Guide to Car Donations (available on the IRS's website at www.irs.gov). This guide outlines some important rules ...

Estate Taxes - It Pays to Plan Ahead 2008-01-04 05:44:00 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 DilemmaEstate taxes are generally due nine months after the date of death. And they are due in cash. In addition to estate taxes, there may be final expenses, probate costs, administrative fees, ...

Tax Deductions - Mr. C.P.A. Can I Deduct a Pizza? You Too Can Deduct Your Fun By Using Tax Tips 2008-01-04 05:43:00 Recently, I stumbled across a concept that could change your financial life. You can call it a paradigm shift or a new perspective or just a different way to look at things.This single concept can save you tens of thousands of dollars each year. Its soooo powerful and yet its completely underutilized. Learning this simple technique can dramatically impact your financial picture.Tax Deductions the ...

Amending Procedural Laws for Collection of E-taxation 2008-01-04 05:41:00 The electronic transaction ordinance defines the certificated copies in which are to be presented for adjudication. Where any law requires or permits the production of certified copies of any records, such requirement or permission shall extend to print outs or other forms of display of electronic documents where, in addition to fulfillment of the requirements as may be specified in such law ...

Tax Tips to Save Money on Taxes - Get the "Corporate Kick" and Save Loads of Money 2008-01-04 05:36:00 Why a Corporation Helps Save You TaxesThe Tax Rates (Notice anything unusual?):The following tables provide a list of the tax rates for individuals and corporations:Personal: $0-$24,650 15% $24,651-$59,750 28% $59, 750-$124,650 31% $124,651-$271,050 36% $271,050+ 39.6%Tax SecretsCorporate: 0-$50,000 15% $50,001-$75,000 25% $75,001-100,000 34% $100,001-$335,000 39% $335-000- ...