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  edwin 11:47:53 am on February 15, 2012 | 0 | # |
  Tags: finance, investing, personal finance, taxes, wealth building

  In a way, it is D-Day, but not the kind of “D-Day” you might have wanted to happen. You have done everything in your power to make the taxman become just another figment of George Harrison’s songwriting imagination – you’ve started going to church again (and donated your last twenty while at it), you’ve cut back on your groceries (not a problem because how could you eat with all this stress?), you’ve cancelled your cable subscription, which you don’t mind, because even the sight of Neil Patrick Doogie Stinson Harris in a suit makes you recall those suits from the IRS. Seriously, dude, you need some sort of good tax resolution, but how are you going to go about it?

  Who, or What Can You Turn to for Tax Resolution Help?

  If you are looking for a tax resolution solution that could benefit you and the entire family, your most ideal choice would be to hire a professional tax expert. The tax lawyer you should hire must be somebody who is honest, transparent and experienced – you want somebody who will not hesitate to call a spade a spade when it comes to discussing the IRS’ capabilities (i.e. what they are and are not able to do) and also when giving you your options as far as tax resolution is concerned.

  By default, a tax attorney would be the professional you want, but if that’s going to put a further cramp on your budget, then tax advisors or tax accountants can also do the job for you. Like a tax attorney, a tax advisor should have the requisite experience and knowledge of the Tax Code and capability to discuss tax resolution options, albeit at a lower cost.

  Provided you speak out openly and honestly about the probably dire financial straits you are in, a tax accountant can also give advice regarding tax resolution, though they mainly deal with preparing your return for filing.

  If you are seeking an especially fast way to get your tax resolution taken care of, you can do your research on the Internet and get tax resolution advice online. One can only do so much offline, and getting an outside opinion is certainly valid if you can find it on the World Wide Web, as there are a good number of trustworthy and professional tax resolution services that can help you map out your next move.

  How Can You Stay Away From Tax Resolution?

  The best way to handle the issue of tax resolution, however, is to keep it from becoming an issue in the first place. Get the professional advice before you file a tax return, instead of waiting for your omissions and mistakes to catch up with you.

  Hire a tax accountant and provide him or her with all your financial records from the previous year whether or not you think they are important. Remember, though, that it is not part of your accountant’s description to systematically file your receipts. Start practicing tax responsibility, and tax resolution need never be a concern.

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• edwin 04:22:42 pm on January 25, 2012 | 0 | # |
  Tags: finance, income taxes, investing, personal finance, taxes

  Do you think you are paying too much on income taxes? Are you getting all the credits and deductions you are entitled to? Keep reading to learn the 7 tips to help you minimize taxes and keep more in your pocket.

  You should also participate in company retirement plans. Every dollar you contribute will reduce your taxable income and thus your income taxes. Enrolling in your company’s flexible spending account is another thing you should do. You can set aside money for medical expenses and day care expenses. This money is “use it or lose it” so make sure you estimate well!

  Make sure you pay in enough taxes to avoid penalties. Interest and penalties is what Uncle Sam charges if you don’t pay in at least 90% of your current year taxes or 100% of last year’s tax liability.

  Buy a house. The mortgage interest and real estate taxes are not only deductible, they may also allow you to itemize other deductions such as property taxes and charitable donations.

  Keep your house for at least two years. One of the best tax breaks available today is the home sale exclusion, which allows you to exclude up to $250,000 ($500,000 for joint filers) of profit on the sale of your home from your income. You must, however, have owned and lived in your home for at least two years to qualify for the exclusion.

  Time your investment sales. Sell some of your losers to reduce taxable income if your income is higher than expected. If you will be selling a mutual fund, sell before the year-end distributions to avoid taxes on the upcoming dividend or capital gain. Also, you should allocate tax efficient investments to your taxable accounts and non-efficient investments to your retirement accounts, to reduce the tax you pay on interest, dividends and capital gains.

  Carefully plan your retirement plan distributions if you are retired. You should consider taking money out of taxable investments to keep you in the lower tax bracket if a retirement plan distribution will push you into a higher tax bracket. Also, pay attention to the 59-½ age limit. Withdrawals taken before this age can result in penalties in addition to income taxes.

  You should bunch your expenses. Certain expenses must exceed a minimum before you can deduct them (medical expenses must exceed 7.5% of your adjusted gross income and miscellaneous expenses such as tax preparation fees must exceed 2% of your AGI). If you want to deduct these expenses, then what you may need to do is bunch these types of expenses into a single year to get above the minimum. In order for you to achieve this, then you might prepay medical and miscellaneous expenses on December 31 to get above the minimum amount.

  Here, the most important thing is to be aware of the tax deductions and credits that apply to you and to plan for taxable events. And don’t be afraid to ask for help. Far outweighing the cost to hire that professional are the benefits from consulting an experienced tax professional.

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• edwin 04:59:48 pm on January 17, 2012 | 0 | # |
  Tags: finance, investing, personal finance, Tax Deducations, taxes

  The tax code in the United States contains many provisions to promote certain behavior. One area of behavior is the promotion of giving to qualified charities.

  Giving to Charities All about Tax Deductions

  When rushing to get tax returns prepared and filed, there are a lot of people who absentmindedly forget to include deductions for contributions to charities. This can be an expensive omission if you itemize deductions on your tax return.

  When you think about the relevant provisions of the tax code, you can then take significant deductions if you donate money or goods to a qualified charity. When it comes to a qualified charity, it refers to one that is registered with the IRS as a 501c3 entity. The 501 designation refers to the relevant section of the tax code.

  Also, keep in mind that not all charitable organizations are qualified with the IRS. You can search through a list to see if a particular group is included when you go to the IRS website. If they are not, red flags should go be raised.

  Before you claim your deduction for donations, there are some things you need to remember first.

  Politics. It is likely that you may feel strongly about certain political ideologies, issues or candidates. You can contribute to the causes, but you can’t deduct the contributions as charitable giving.

  You can only deduct contributions actually made for the year in question. If you forgot to claim donations on your tax return for the year, you cannot claim them on the next years return. What you should do instead is go back and amend the return.

  You can only deduct the amount you contribute which is in excess of the fair market value of the good or service if you make a contribution for a good or service. For instance, many charitable groups will hold auctions to raise money. If your winning bid for a two night hotel stay is $800, you can claim a deduction for the bid amount minus the normal cost. It is not possible for you to just write off $800.

  Generally, it is essential that the donations of stock or property should assigned the fair market value, not an arbitrary figure based on your opinion. As for big ticket items, they should be supported with an appraisal.

  The rules for donating automobiles have changed. As for the charitable groups, it should have sent you correspondence regarding the amount it was able to sell the vehicle for. What this refers to is the amount that you can deduct and not the blue book amount previously allowed. In case that the charity has not sent you anything, then call them to get written confirmation. It has to be done under new IRS regulations and this is something they are aware of.

  Donating to charities is positive moral step. In order to reap savings on your taxes, you need to make sure that you claim your deductions.

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• edwin 03:29:27 pm on January 9, 2012 | 0 | # |
  Tags: banking, finance, investing, loans, tax deductions, taxes

  Interest paid on mortgage is a tax deductible figure — this is common knowledge for most, if not all homeowners. But they don’t understand how it really works.

  What you would need to do in order to estimate how much of a tax break you can get for being a homeowner and paying your mortgage would be simple — you must have a clear understanding of your tax deductions.

  First, you need to know what is deductible. In many cases, homeowners are allowed to deduct the amount of mortgage interest paid from their income. Another deductible figure for a homeowner would be the total amount of the real estate property taxes levied on the home.

  For example, we have a homeowner and a renter who both make the same annual income of $60,000.

  The renter pays $1,000 a month in rent and receives no tax benefits for renting a home.

  On the other hand, the second individual, the homeowner, holds a mortgage of $140,000, at a 7% fixed interest rate. His total mortgage payment is $1,100 a month. He pays $1,500 worth real estate property tax. For the present fiscal year, John paid a grand total of $9,755 on his mortgage interest — pretty close to an even ten thousand.

  This is where taxes will play a very big part in the equation. Even a fifth-grader can tell you that the owner can deduct $11,255 from his annual income before tax liability is calculated. The renter cannot deduct anything from his income, thus is charged a good eleven Gs more than the owner would be when taxes are calculated.

  We wouldn’t want to flummox you with complicated calculations, so let’s assume both men are in the tax bracket of 25%. The taxman will have to collect $15,000 worth taxes from Steve, since after all, his annual income is $60,000. As for John the lucky homeowner, his taxable income would now be $48,745 once you take away the aforementioned $11,255. Therefore, he would only owe $12,186 worth of income tax for the fiscal year. The owner saves $2,814 in taxes each year. And per month, that redounds to $234 worth of savings.

  So as you can see, John’s monthly payment after taxes would be, in all actuality, just $866. As for Steve, he would still pay eleven hundred dollars. And when everything is said and done, John still is able to keep his house.

  There are many variables that can affect the amount of mortgage interest you pay in any given year. But, you could often say that you can take 20% off of your mortgage payment to get a rough idea of the tax benefits of owning.

  Ask your lender. A good loan officer should be able to give you a reasonable estimate of your mortgage interest and tax payments over a given period of time. In addition, most lenders should furnish you with a schedule upon closing.

  However, the person you would want to ask when it comes to ascertaining tax deductions or your specific tax bracket would be your tax lawyer or CPA. Your loan officer can’t really help you with tax details.

  In summation, you can save a lot of money if you own a home rather than rent one. So if you’ve had it with paying rent and feeling as if you’re running in place, you might want to run to those savings and own a home instead of renting one.

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• edwin 10:53:58 pm on December 18, 2011 | 0 | # |
  Tags: business, finance, investing, personal finance, small business, taxes

  The great bane of most businesses are taxes. Alas, tax deductions act as a salve to cool the burning and itching of your bank account.

  Overview of the Almighty Tax Deduction for Small Businesses

  An undeniable mess is the tax system in the United States. There are tens of thousands of pages of laws and regulations and the phrase cruel and unusual comes to mind when it is time to pay your taxes. President Jimmy Carter called the system a disgrace to the human race. According to Albert Einstein, the tax system was the hardest thing to understand in the world, much harder than physics. The system is such a mess, that some large corporations file one tax form every four minutes! Understanding and maximizing deductions is considered as the only way for you to fight the good fight against taxes.

  When it comes to business taxes, they can be summarized simply as calculating your total revenue, reducing this amount by as many deductions as you can and then paying tax on the remaining amount. We do need to highlight the importance of deductions but obviously, this represents a major simplification. When you are floating in the ocean of tax codes and regulations, they would also act as your lifesaver.

  Most people get caught up in the finite issues of tax deductions and miss out on deductions. It is essential, to this end, to understand the theme for deductions for small businesses. When you are considering whether an expense is a deduction, be sure to ask the following questions

  Do you think it occurred as part of your small business?

  Was it an ordinary expense associated with my business?

  Was it a necessary expense?

  A more specific ordinary expense is what many people would ask for. The tax code may be vague but even so, this typically means an expense that another business in your industry would also claim. It is a vague term admittedly but you will just have to determine how comfortable you are with claiming the deduction.

  There is another area that people tend to get confused with and that is the necessary element of the test. It’s a good thing that the IRS has been kind enough to help us out here. One that is integral to the development and maintenance of your business is a necessary expense. It is still a guideline of sorts even though the IRS hasn’t helped much.

  In many situations, small businesses can be fairly aggressive with their deduction claims. In case it is audited, then you need to be able to state why a claimed deduction is an ordinary and necessary expense of your business. Although obvious deduction such as business cards can be claimed, you will be given lots of wiggle room in the other areas with these vague definitions.

  Just how aggressive do you think you should be when claiming tax deductions? The truth is, it would depend on your comfort level. If you tend to be more aggressive, then you should consider getting some professional CPA help to back up your claims.

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