Section 179 – Do I Qualify?
What is Section 179? Section 179 is called a loophole by some. For anyone with any tax experience, however, it is as standard in the IRS world as claiming mileage. Section 179 (Form 4562) allows people...
View ArticleOverview of Federal Estate Tax Changes Under President Obama’s Proposed Tax Cuts
President Obama is currently pitching a tax cut program that includes substantial changes to existing federal estate tax laws, including: exempting estates valued at under $5.0 million from federal...
View ArticleCIS – Part 3 – Contractors
Obligations If you are a CIS contractor you have an obligation to register with HM Revenue & Customs before you take on your first sub-contractor. You can register online, by email or telephoning...
View ArticleOverview On Canadian Nonresident Tax Filing
Income tax in Canada is levied not just on Canadian citizens but on non-residents too and the income that nonresidents earn from Canadian sources will be taxed. Nonresident tax is levied only on the...
View ArticleGray Area Tax Deductions: If Your Business Needs It – Why Is It A Gray Area...
This week, I’ve been inundated with clients asking about Gray Area Tax Deductions. What? It appears my local competitor has determined that certain business deductions are “gray area” and won’t risk a...
View ArticleA Detailed Explanation Of IR35
On 9th March 1999, HMRC issued a bulletin named IR35, detailing how they were going to close the loophole that allowed contractors to avoid paying tax and NICs by using intermediaries, such as personal...
View ArticleUnderstanding Depreciation Conventions
When choosing to depreciate a business asset, you need to choose both a method and a convention. A convention simply refers to figuring how much of the item basis you may depreciate the first year,...
View ArticleTop Ten Tax Scams to Look Out For
Want to reduce or eliminate your income tax obligations? Sure, who doesn’t. There are legal ways to cut your taxes, and there is a cadre of tax scammers who want to show you the extra-legal ways, for a...
View ArticleStop IRS Levy Activity – How To Accomplish It
An IRS levy is an aggressive action by the IRS to seize certain possessions. “A Notice of Intent to Levy” is the last notice in a series of notices sent out by the IRS. This is a thirty day notice...
View ArticleTax Advisors Online Access
Considering the complex and confusing nature of tax codes using a tax advisors service may be just what the doctor ordered. Every year millions of people have to file their taxes. It is a time of year...
View ArticlePenalties For Failure to Pay the Tax
There is a host of civil penalties for negligent or inadvertent failure to make proper or timely payments and deposits of employment taxes. For any willful failure to withhold or pay employment taxes,...
View ArticleHow Can I Claim A Home Business Tax Deduction?
Working from home or starting a business from home can be a huge task to undertake, but if you know how to take advantage of things such as the home-based enterprise tax deduction, it may be a...
View ArticleTax Relief – Choosing A Good Tax Preparer
To avoid the displeasure and stress of IRS problems and harassment due to errors on your returns, choose a tax preparer wisely. Good tax preparers would not only be interested in ensuring that you get...
View ArticleThe IRS vs Mother Nature
The IRS recently met its match in the form of Mother Nature. Yes, the massive flooding in Washington, D.C., took out the IRS headquarters. The IRS vs Mother Nature As you know, Washington, D.C....
View ArticleThe History Of E File
Today, it’s hard to imagine a world before e file. But back in the 1980s, the program was in its infancy, running with a skeleton staff and struggling to catch on. From an inefficient system at...
View ArticleDebt Settlement Effect on Your Credit Report and How You Can Change It
Nothing in the financial world is out of your control if you are a consumer, especially if you’re talking about the credit side of things. Even though certain things can have a negative impact on your...
View ArticleLooking for the Best Tax Savings?
Tax savings are important to all of us. It pays to know and understand IRS rules so that you can take full advantage of all the tax savings programs for which you qualify. Following are a few specific...
View ArticleLet a Good Business Lawyer Save You Big Bucks With Tax Laws
No matter how large or small your company is, if you conduct any type of business you will need a local tax lawyer with extensive knowledge of the latest codes and regulations. A Business lawyer can...
View ArticleFiled Your Google Adsense Taxes Yet?
Google AdSense just like any other job requires you to pay tax on your earnings. To everyone out there that is makes more than $600 dollars on Google AdSense you’ve probably received the 1099-MISC form...
View ArticleTax Preparer Jobs With a Missing W-2
One of the important procedures followed when you become a tax preparer is to obtain from each taxpayer every Form W-2 reporting taxable wages. You can only prepare a tax estimate using a taxpayer’s...
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