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Government Tax Liens 2008-01-22 03:06:00 Every property owner is required to pay property taxes to the applicable local and state governments based on the value of the property owned and the state in which one owns the property. They are also sometimes refereed as real estate taxes.There are times when the property owners are unable to pay the required property tax. When this happens, they become delinquent. Once the delinquency has ...

Buying Tax Liens 2008-01-22 03:05:00 There are times when a property owner is unable to pay the required property tax. At such time they become delinquent taxpayer and the appropriate governing authority is in charge for collecting property taxes. This collection can be achieved through a tax auction. That brings us to the question, What is a Tax Lien auction? A tax lien auction is a court-ordered auction. Depending upon the state ...

How Long Should I Keep Tax Records? 2008-01-22 00:30:00 QUESTION:How long should I keep my tax returns?ANSWER:One of the questions I am asked most often, both as an accountant and as a tax preparer, is how long should you hold on to records and files, receipts and bills, and the like.First of all, it is my belief that you should keep the paper copy of your tax returns (Form 1040 or 1040A plus all supporting Schedules and Forms) forever! This provides ...

Tax Strategies: Top 10 Tax Tips for Self-Employed 2008-01-22 00:29:00 Self-employment offers a multitude of tax benefits. Opportunities to maximize your income while increasing your income may actually mean you are paying more tax, but at a lower percentage of your income. As Americans it is our duty to pay our fair share of tax to support our government, however, IRS and legislature have provided many opportunities to maximize personal benefits while minimizing ...

Financial Consultant: Top 10 Tax Savings Tips 2008-01-22 00:27:00 W-2 Employees have tax options. Although they often feel left out of the tax-loop, those who work for W-2 payroll have a wide variety of options for saving money at tax time. The secret to getting the best tax benefits lies in knowing what your options are and using all the options available to you.1. Keep all business related receipts. IF you purchase something required for your job and are NOT ...

The Ultimate Tax Planning Strategy 2008-01-22 00:26:00 The taxes that are withheld from paychecks amount to about 25% of your gross pay (including federal tax, state tax, social security tax and medicare tax). But these taxes that are withheld could be working for you as investments if you employ what I call the ultimate tax strategy. This tax strategy consists of how you plan to pay no taxes just like all of the large corporations. Large businesses ...

Industry Tax Issue Resolution Program 2008-01-22 00:24:00 For roughly the last ten years, the internal revenue service has made a fairly major effort to be more taxpayer friendly. The Industry Tax Issue Resolution Program is one such step.Industry Issue Resolution ProgramAfter years of living in denial, the IRS has come around to admitting tax forms and procedures may be a mess for certain industries. As one IRS agent put it, the agency doesn’t actually ...

Alternative Minimum Tax - Online Tool 2008-01-21 02:34:00 Hell hath no fury like a person who just found out the alternative minimum tax applies to them. The IRS has set up an online tool to figure out if you do.Alternative Minimum TaxThe alternative minimum tax is a procedure that was set up to keep the richest of Americans from avoiding tax paying responsibilities. As is typical of the federal government, the failed to include any language adjusting ...

Small Employers Rejoice - IRS Simplifies Filings 2008-01-21 02:32:00 One of the largest burdens on very small employers is dealing with taxes. Fortunately, the IRS has taken a major step to reduce this burden.Quarterly Federal Tax Returns – Not!There are millions of small businesses that labor under the burden of filing federal tax returns each quarter of the calendar year. These quarterly returns have been a major gripe of business owners who often feel they see ...

Tax Magic: How To Turn Taxable Income Into Tax-Free Income 2008-01-21 02:30:00 Believe it or not, there are ways to convert taxable income into non-taxable income, without any fear of an IRS audit.Here's one of my favorites. It's been part of our tax code for over 30 years, yet many still don't take advantage of it.What am I talking about?The IRA -- Individual Retirement Account.Now, before you say, "Oh, I know all about that one; what's so great about an IRA?", give me ...

Recover Lost Restaurant And Bar Profits By Collecting The Right Tax With "Smart Tax" 2008-01-21 02:29:00 The History of Inclusive Sales TaxInclusive sales tax has been around since the creation of the sales tax. It is simply selling the item with tax included in the price. This is very popular in European countries and Canada. In the United States it is most popular in bars and for admission to movie theaters and theme parks.For the purposes of calculating the sales total and change due this makes ...

How To Contact The IRS Without Breaking Into A Sweat 2008-01-21 02:27:00 We all love to criticize the IRS, don't we? It's easy to ridicule a huge organization of government bureaucrats who often seem to be Public Enemy #1.Our negative attitude toward the IRS can lead to a strong desire to just ignore it altogether. But self-employed people who ignore the IRS do so at their own peril.So when it comes to providing free information about taxes, let's not throw the ...

Stop Throwing Away Your Tax Refund! 2008-01-21 02:25:00 Tax time is just around the corner. Are you getting a big refund this year? Well if you are, you are THROWING AWAY BIG MONEY!CHANGE YOUR EXEMPTIONS ON YOUR W-4.This is not the number of your dependents but the number of your exemptions!If you are getting a BIG tax refund every year, you may love getting that check; however, you are actually giving the Government your money interest- free for a ...

1099-MISC Forms For Independent Contractors for 2005 2008-01-21 02:24:00 As we begin 2006, you’re probably not thinking about taxes at all. This is a mistake as deadlines are approaching for issuing and filing 1099s to independent contractors.What is a 1099 MISC?Generally speaking, the IRS requires you to report certain payments you made during the year to independent contractors. The 1099-MISC form is a single page on which you report to total amount you paid to the ...

Tax Credit for Going Solar 2008-01-21 02:23:00 As we sit in the middle of winter, most people can’t believe how high their utility bills are. Going with solar energy can lower your bills and you get a hefty tax creditSolar Tax CreditSolar energy is a clean, renewable energy source. The production of solar energy on residential and commercial structures creates no pollutants and is starting to make serious financial sense. In 35 states, the ...