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The Coming Fair Tax Revolution 2008-01-04 09:14:00 Few people would expect a book about taxes to take The New York Times bestseller list by storm, but that's exactly what The Fair Tax Book has done. For decades, Americans from every point on the political spectrum have moaned about April 15th and the maze of ridiculous instructions and high confiscatory taxation that accompanies that day. The current tax code is a labyrinth of over nine million ...

Is an MBA Deductible? 2008-01-04 09:13:00 You can deduct as an "employee business expense" the cost of education that is (1) expressly required by an employer, by law, or by government regulation, or (2) maintains or improves skills required in your current trade or business.Education is not deductible if it (1) is the minimum requirement for a trade or business, or (2) prepares one for a new trade or business, even if the taxpayer does ...

Happy Birthday To The Income Tax! 2008-01-04 09:12:00 Did you know the federal income tax celebrated its 92nd birthday on October 3rd?In February of 1913 the 16th Amendment was ratified by the required two-thirds of the states. The amendment gave Congress the power to "lay and collect tax on incomes, from whatever sources derived, without apportionment among the several states, and without regard to any census or enumeration." On October 3, 1913, ...

The Most Important Number on Your Tax Return 2008-01-04 09:11:00 Most taxpayers concentrate on ways to reduce their "taxable income". However, beginning with the Tax Reform Act of 1986, your "Adjusted Gross Income", or AGI, has become the most important number on your tax return.Many tax credits and deductions are phased-out, or altogether eliminated, based on your AGI, or in some cases a "Modified" AGI (no gift from this MAGI), and several items of income are ...

IRS Adjusts Revenue Procedure on Mileage 2008-01-04 09:09:00 Recent gas price trends have impacted the standard mileage rate allowed by the IRS. Small business owners should be aware of the latest adjustments and take full advantage of all available deductions.The IRS normally updates the mileage rates once a year in the fall for the next calendar year. However, because of recent gas price trends, the IRS and Treasury Department recently announced an ...

Doh! IRS Loses Taxes In San Francisco Bay 2008-01-04 09:07:00 On September 23, 2005, the Internal Revenue Service began sending notices to tax payers in thirteen states that there may be a problem with their tax payments. Here is the scoop.Traffic School?It seems one of the trucks carrying the payments was involved in a traffic accident and the payments were lost. The accident actually occurred in San Mateo, California and resulted in…wait, I have to stop ...

Why You Should Care About Taxes In September 2008-01-04 09:06:00 Taxes, taxes, taxes – who cares about taxes in September? The end of the year isn’t for another three months and I don’t have to file till April 2006. Who is even thinking of these things now? Well, you should be.Avoid Grief – Plan NowIs this you? Every year in April, are you surprised by how much you owe? Do you rush around the last week of December trying to manufacture tax deductions to offset ...

Avoid Paying Capital Gains Until The Ripe Old Age of 70 2008-01-04 09:04:00 How, you might ask, can I avoid paying capital gains taxes until the ripe old age of 70? Well, this tool, which has been around since the 1950’s, is shockingly unknown to the vast majority of Americans. Sadly, who knows how many millions of dollars have been paid in capital gains taxes that could have been used toward retirement, college education, medical expenses, or even a trip around the ...

It Is Better To Receipt, Than To Give (Without One) 2008-01-04 08:57:00 “In levying taxes and in shearing sheep, it is well to stop when you get down to the skin. ” – Austin O’Malley For tax purposes a “receipt” is a document which confirms a payment to a third party. Whether the payment reflected in the receipt will be deductible will depend on the particular circumstances. Income Tax Generally a taxpayer’s income from a business or property will be the ...

New IRS Rules for Vehicle Donation 2008-01-04 08:56:00 The new IRS rules for vehicle donation went into effect January 1, 2005. “The new rules have significantly changed the amount most donors can deduct for their car donation”, according to Karen Campese, CEO of cars4charities, a national non-profit car donation center. “The old law allowed the donor to deduct the fair market value of their donated car. They were allowed to use a pricing guide such ...

Write Off Your IPod as a Business Expense 2008-01-04 08:55:00 If you've been eying those sleek new iPods, but you didn't like the price tag, Uncle Sam wants to help you buy one.Before I go on, here's the standard CYA...I'm providing this as information only. It's up to you and your tax professional to figure out if this is indeed a legitimate tax strategy for you. Now on with the show...There are two principles at work here:1) You have the right to deduct ... Ipod

1031 Exchange Tax Deferred Benefits Are Hard to Ignore 2008-01-04 08:54:00 OVERVIEWSection 1031 in allows you to exchange “like-kind” investment properties without triggering the payment of capital gains tax. As your property assets appreciate in value you have the ability to upgrade into larger properties with greater cash flow. Section 1031 also gives you the flexibility to exchange your rental properties that have appreciated in value in hot markets, and re-invest ...

Small Businesses: Company Car Vs. Personal Mileage Reimbursement In Hurricane Katrina's Wake 2008-01-04 08:53:00 With gas prices at an all time high before Hurricane Katrina left her mark on our nation, most Americans were hoping that gas prices would settle down once summer passed. But gas prices have jumped as much as 80 cents a gallon across the country once Hurricane Katrina destroyed the Gulf Coast and impacted all of our lives.While Hurricane Katrina is a horrible tragedy, it's not just affecting the ...

Another Tax Loophole 2008-01-04 08:52:00 Just image, you are a small manufacturing company, business has been good, but yesterday you received a call from a customer who wants 50,000 widgets in 45 days. The customer is a large account and if you turn the business down, he may never call you again.Problem: You need to hire more staff to meet the manufacturing needs of this customer. AND the customer said nothing about an advance payment. ...

Hurricane Katrina - How To Use Your Business Loss To Get A Refund on 2004 Taxes 2008-01-04 08:50:00 With the massive losses caused by Katrina, the economy of the Gulf Coast region is in extremely bad shape. Fortunately, there is a quirk in the tax code that can help you generate a large refund from your 2004 taxes.Apply Losses to 2004 TaxesWhen a large geographic area suffers a disaster, the President can declare it a federal disaster area. President Bush has made such a declaration for the ...