Types of Income that are Not Taxable

As you know, the income you earn is taxed by the government. Alas, not all income is treated the same. In fact, some is considered off limits and is not taxed at all.

Alimony, Child Support and Taxes

Society seems to change daily as time passes. The once proud institution of marriage has definitely taken a hit. With roughly half of all marriages failing, tax issues have to be addressed.

What is a Tax Attorney

While many business owners recognize the importance of having a secretary and an accountant at their disposal, few realize the equally significant need of having a personal tax attorney

Practical Tips For Avoiding an IRS Audit

There is not foolproof method of avoiding an IRS audit. It is also not very sensible to not claim the deductions that you are entitled to receive just to lessen your chances of an audit. There are some practical tax tips that you can apply that will reduce your chance of being selected for an audit.

A Look At Tax Deferral Methods

A look at a few different types of tax deferral methods, and how each works. We take a look at IRAs and a few different 401k plans.

Setting Up Your Business Entity

By choosing the correct entity structure, one is able to receive income tax benefits as well as liability protection. Before you get started in your business venture, read this article and understand all of the important issues in making your entity selection.

Charging VAT Advice - Should You Be Charging Value Added Tax

Any business in the UK or the European Community must charge VAT (Value Added Tax) for all sales. There are three rates in the UK, various rates throughout the EC and no less than five payments schemes. Deciding how you will calculate and submit your VAT to the HMRC will help guide the scheme you use when charging VAT to your customers.

Reducing Tax On Investments: Avoiding Inheritance Tax

Inheritance tax (IHT) is normally payable on death but can be partly payable earlier. It is also sometimes called a voluntary tax because there are so many ways of avoiding it. However, they are not straightforward. Read this article to find out more.

Tax Law- Penalties- & Deduction Restrictions

If you need help finding a qualified tax representative who can recommend ethical behaviors for your business, consult with you in planning valuable tax strategies, and help you adjust your spending habits to provide for better Tax Behaviors, An accountant or tax law advisor is in order.

Tax Deductions You Might Have Missed

As April 15th draws ever closer, many taxpayers are starting to actively hunt for tax deductions to lower their bill to Uncle Sam. Here are a few that many people miss out on.

How the Gift Tax Works

Each year millions of Americans give a gift to other individuals that they know. Gifts can be considered anything from a new vehicle to a trip to a piece of land. A gift tax is a tax that is imposed when an individual gives away a certain amount of gifts that are considered valuable.

When To Get Help From a Tax Attorney

Not every one will need the use of a tax attorney but their usefulness cannot be underestimated when you do need to hire one. First understand that there is a big difference between a tax attorney and a person who prepares taxes, such as a CPA or bookkeeper. If you hire an attorney, anything you say to them is completely confidential. Unlike a CPA or bookkeeper that can be called to testify against you in court should you ever be audited and brought to trial. There are several reasons you may need to hire a tax attorney.

Tax Advantages of S Corporations

If you are not familiar with them yet, S Corporations are simply companies (corporation or limited liability corporation) which do not pays any taxes on its corporate profits. Under the Internal Revenue Code’s chapter 1 and Subchapter S, only the shareholders would have to pay their income taxes from the earnings they received from the company. In short, an S Corporation is taxed more like a sole proprietorship rather than a C Corporation.

How to Make a Sizable Charitable Donation From Your IRA - Tax Free

If you are over 70 1/2, have an IRA and are charitably inclined, a new law allows you to make a substantial gift from your IRA — tax-free. However, there is a narrow window of opportunity.