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Tax Tips for Home-Based Business Owners 2008-01-02 09:49:00 As tax time approaches, many home-based business owners begin completing their forms or paying their accountants with trepidation. This nervousness comes from two sources: a fear of being audited and a fear of having to pay a lot. For the most part, both of these fears are unfounded.For one, audits are rare. In fact, only 0.5% of taxpayers are subjected to audits every year. And if you do beat ...

Know A Tax Cheat? Get Paid To Tell The IRS 2008-01-02 09:48:00 According to the IRS, taxpayers underpay their taxes by some $300 billion. If you know someone that is contributing to that deficit, the IRS may be willing to pay you up to $10 million for the information you provide. The bigger the cheating you report, the more you're likely to receive.The most important thing to claim your reward is quality documentation. Without documentation of the cheating ...

Taxation of Isle of Man Companies from April 2006 2008-01-02 09:47:00 At the present time a company incorporated in the Isle of Man, owned by non-residents and which complies with the other statutory requirements, is not liable to Isle of Man taxation. Whilst locally trading companies pay tax at 18%, a qualifying offshore company pays a flat annual tax of £475 or £1,000.The Isle of Man is however required to comply with the E.U. Code of Conduct on Business Taxation ...

What the Tax Software Companies Don't Want You to Know 2008-01-02 09:46:00 Haven’t done your taxes yet? No problem. Now there is a new way you can use top tax software programs, like TurboTax and H&R Block, to get your taxes done quickly and easily. And the best part is it won’t cost you a thing.The secret is an IRS program called Free File, that allows you to prepare and file your federal tax return electronically, using these and dozens of other popular ...

Tax Reduction Tips 2008-01-02 09:44:00 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 PlanEstablishing 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 ...

Business Tax Deductions 2008-01-02 09:44:00 As we enter mid-March, taxpayers begin to become very interested in deductions. Following are a few that you may be entitled to claim.Deductible Expenses· Office expenses· Rent or lease payments· Advertising· Costs of goods sold· Insurance costs· Utilities· Payments to independent contractors [file form 1099]· Accounting fees· Legal fees· Communication expenses· Credit Card Interest for ...

Anticipating Your IRS Refund Can Cost You Plenty 2008-01-02 09:43:00 While accountants are reaching for aspirin, millions of Americans are reaching for some fast cash this tax season. Unfortunately, those who reach for fast cash in the form of a “refund anticipation loan” are getting hit with interest rates and fees that are out of this world.The tempting ads are plastered in newspapers and on television for “fast cash refunds”, “express refunds”, or “instant ...

Tax Audits: What Signs Make You More Likely to be Audited by the IRS? 2008-01-02 09:42:00 It's a major fear for most Americans: A notice from the Internal Revenue Service (IRS) summoning you for an audit.What is it about these three letters that strikes a cord of fear in Americans' hearts? Learning the signs that could put your tax return at the top of the list for an audit, and avoiding them if possible, may put your mind at ease.Statistically speaking, your chances of actually being ...

Tax Jokes and Quotes 2008-01-02 09:40:00 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 CommissionerDisappointed that you never had time to write the great American novel? Don’t fret, just go dig out your past tax returns.Quote: "The ...

The Implications of Income Tax Charge on Estate Planning 2008-01-02 09:40:00 OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon Brown announced proposals to levy an Income Tax charge from 6th April 2005 in those circumstances where the transferor of an asset retains and interest or continues to benefit from that asset. In the instance of real property, the 'benefit' envisaged is the transferor continuing to reside in the property he/she has allegedly ...

Are You An Innocent Victim of These Popular Myths? 2008-01-02 09:38:00 Misconceptions, misinterpretations and just plain “untruths” are floating about income taxes. Believing them could be costing thousands of tax dollars!Myth: A Professional Tax Preparer knows all there is to know about taxes so you don't have to know anything them.Truth: Tax Preparer's/CPA's/Accountants are not uniformly informed about ALL tax laws. Most are able to file a personal income tax and ...

How To Claim CHILD TAX CREDIT The Right Way And Add An Extra $2,000 To Your Refund 2008-01-02 09:37:00 The U.S. Department of Agriculture estimates that it costs nearly $15,000.00 a year for a middle-class family to raise a child born in 2002 to age 17 (without adjustment for inflation). In recognition of this cots, you can claim a tax credit each year until your child reaches the ago of 17. The credit is currently up to $1,000.00 per child. This credit is in addition to the dependency exemption ...

The Seven Deadly Tax Sins: Commonly Missed Deductions 2008-01-02 09:35:00 It's that time again, the April 15 tax deadline is looming large. If youre like most people, you havent gathered all of your tax records, let alone filled your return.Before you dig in and get started, take this opportunity to first review a list of a few tax deductions to which you may be entitled if you itemize deductions but most people overlook. Many of these deductions are subject to various ...

Tax Time Tune Up 2008-01-02 09:34:00 Every year American companies lose millions of dollars in productivity to employees who end up taking their own personal time off to do their taxes. Whether you are filing by paper from just one W-2 or running multiple enterprises, streamlining now will pay off this year and in future.Applying these proven Tax Time Tune-Up tips will save you time, frustration and could even save you money. Even ...

The Internet Tax Man Cometh 2008-01-02 09:32:00 Q: I was contacted by the city tax collector to say that my business is scheduled to be audited to see if I owe sales tax on items purchased on the Internet. Can they really make me pay sales tax on internet purchase? I thought you could buy things online tax free? -- Charlie B.A: Sorry, but your local municipality is well within its rights to audit your business to identify items purchased ... Internet