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Setting Up A One-Person LLC 2008-01-10 23:10:00 The LLC, or Limited Liability Company, is the new entity of choice for both experienced entrepreneurs and new start-ups. The one-person corporation is being replaced by the one-memnber LLC.An LLC combines the liability protection of a corporation with the flexibility and ease of filing as a sole proprietorship.Every small business, even those that in the past would not have elected to incorporate ...

Sale Of A Personal Residence - The New Rules 2008-01-10 23:09:00 Based on comments and questions I have received from clients and readers it appears that there is still some confusion about the rules for taxing gain on the sale of a personal residence. Many people think the "old rules" still apply.THE OLD RULES:In order to postpone paying income tax in the current year on gain from the sale of your personal residence you had to "buy up" - purchase, or build, a ...

Ask the Tax Pro: IRA Basics 2008-01-10 23:01:00 QUESTION:I got to thinking about IRAs. I think this is how it works-Traditional IRA contributions are from dollars not taxed. Distributions from this type IRA are then taxed upon withdrawal.ROTH IRA contributions are from dollars taxed during the year you make the contribution. Distributions from this type of IRA are not taxed upon withdrawal.Am I correct?ANSWER:Part I - Traditional ...

Tax Reform - Limit of Mortgage Tax Deduction 2008-01-10 23:00:00 A committee appointed by President Bush has come up with an alarming recommendation. They want to limit the tax deduction for mortgage interest!ReformFollowing his re-election, President Bush set up an aggressive agenda in which he hoped to reform social security and the tax code amongst other things. As with many things in the political world, this sounded easier done than it really was. With ...

Removing IRS Liens And Levies 2008-01-10 22:59:00 I want to tell the story about how I came up with what has proven to be a viable process to remove IRS liens and levies.I discovered what amounts to a needle in a haystack. I found somebody in the IRS that is motivated to take some action on your behalf. You can send your legal argument to this person respecting why the IRS should remove your lien or levy and he will do something more with it ...

Car Donations - Know the Facts 2008-01-10 22:57:00 Donating your vehicle to charity can help you when tax time comes around and it’s also a great way to help people that are in need. The following tips will help you understand your obligations, and what is required to get the charitable donation credited on next years taxes.Do You Itemize Your Taxes?In order to receive a tax credit for your charitable car donation you have to itemize your tax ...

Year-End Tax Planning 2008-01-10 22:56:00 While the average taxpayer will avoid thinking about income taxes until the approach of the April deadline forces him to do so, once the ball drops on One Times Square at midnight on December 31st and the New Year is rung in there is very little that can be done to cut your tax bill.However, during the last two months of the year you can do a great deal to reduce your tax liability.Sit down with ...

Trust Funds Guide 2008-01-10 22:55:00 A Trust is perhaps the best channel to keep your money and other assets safe and secure for your future generations. It is a lawful creation that isolates your money for specific reasons.A trust is beneficial even when the grantor is alive and after his death. A grantor, settler or donor is the person who is responsible for settling the trust. Trust funds can be set up by single or a group of ...

The Tax Man Goeth 2008-01-10 22:54:00 “That the power to tax involves the power to destroy … [is] not to be denied”Chief Justice John Marshall (McCulloch v. Maryland. 1819)Think of it. April 15th just another date on the calendar, a happy payday for some. The voluminous buildings now occupied by the Internal Revwnue Service converted to low income housing. And best of all, tens of thousands of hack news-losers forced to actually look ...

Galveston, Oy Galveston 2008-01-10 22:52:00 Such kvetching and wailing about the Social Security System. The Democrats are insisting that the Bush plan is racist, sexist, ageist, fiscally irresponsible, and a repudiation of the great Leftist icon, Franklin D. Roosevelt. The Republicans are sure they're not any of those things but they are so cowardly that they will not fight to make the changes.There are all sorts of ephemeral reasons ...

IRS Reacts to High Gas Prices 2008-01-10 22:51:00 As most small businesses are aware, a tax deduction can be taken for mileage incurred in normal business travel. In light of high gas prices, the IRS has upped the mileage rate.Major IncreaseNothing is worse than sitting at the pump and watching the dollar figures tick over. In fact, I paid over $3.30 a gallon this morning in San Diego. What a way to start the week! Fortunately, the IRS is ...

IRS Extends Tax Deadlines for Katrina Victims 2008-01-10 22:50:00 Following Katrina, the IRS acted quickly to relieve victims of any tax burdens. One step was to extend any tax filing dates to late October and now those dates have been extended again.Emergency Tax Relief ActOn September 23, 2005, President Bush signed the Katrina Emergency Tax Relief Act of 2005 into law with massive bipartisan support. The Act contains numerous provisions with one of the most ...

IRS Gives Employees-Employers Unique Way To Help Katrina Victims 2008-01-10 22:49:00 The IRS has never been known as a creative beaurocracy. To promote donations to Katrina victims, however, it is being very creative.The IRS has come up with Hurricane Katrina Leave Donation Program to help out those in need through special tax treatment rules. In a ground breaking program, employees can donate their vacation and sick leave donations by asking their employer to make a cash ...

Tax Wise Giving 2008-01-10 22:47:00 Instead of giving cash to charity at year-end you can donate stock or mutual fund shares that you have held for more than one year and which have increased in value, and save some money in the process.You are able to claim a deduction as a charitable contribution on Schedule A for the full market price of the stock or mutual fund on the date you make the contribution. You do not have to report ...

Gambler Loses Twice - Thanks To Tax Court 2008-01-10 22:43:00 Jimmie Clemons, retired, received a Form W-2G reporting $44,800.00 in winnings from a casino. As his gambling losses for the year were more than $44,800.00, he did not report any winnings or losses on his 1040.The Tax Court, in Jimmie L Clemons T.C. Summary Opinion 2005-109, upheld the IRS position that gross gambling winnings must be reported as income on Page 1 of the tax return, with losses, ...