What Does It Mean When IRS Assesses You for Certain Tax Years and Who Can Help You?

IRS is driven by Forms; the correct form filled out correctly will change your status with IRS within moments. Most competent Tax Practitioners know and understand this. Sometimes it is only a matter of providing additional information to IRS or amending the tax return

Minimizing Income Tax Liability Includes Cost Segregation!

Minimizing income tax liability and receiving a significant cash flow is now available for owners of commercial property. If the property has been purchased, built or renovated since 1986 and the owner is a taxpayer, the owner is entitled to take advantage of a program that the Big 4 Accounting firms have been offering their clients the past few years. Most property owners qualify for this program. The only caveat is that if the owner plans on selling the property within the next 5 years, this program may not be as attractive.

10 Things Every Taxpayer Needs to Know About the Pension Law

The new pension law provides a surplus of tax breaks likely to affect taxpayers and retirees and includes provisions regulating charitable giving and tax deduction procedures. A list of important provisions is provided in the following article.

Retention of Tax Records - Keep or Toss

The importance of safely retaining financial records. If you have ever applied for a loan or been through a tax examination, you also know the need to have adequate records. But what are adequate records and how long do you need to keep them?

Low-Tax States Have Stronger Economies

A new study of state tax burdens ound that low-tax states outperform the higher tax states in employment, personal income and population.

Keep Taxes Low and Continue Economic Vitality

Businesses are efficient because that efficiency means more profit. More profit in a business means that there is more money to invest in the company and more money to pay employees. More employees making more money means that more people are paying into the system and that increases the tax rolls for the United States government.

Make the Tax Cuts Permanent

Here we go into election season and already the Democrats are talking about raising our taxes? That is a silly notion indeed because as soon as they raise our taxes they will spend all the money on stupid projects and typical wasteful spending.

As a Bookseller Don't Risk Being Accused of Cheating on Your Taxes

Since the inception of the various online marketplaces for booksellers there has been a lot of abuse with respect to the reporting of both federal and state tax obligations; don't be fooled, the authorities do have ways of finding you out.

Small Business Tax Tips

Any small business owner knows that they may live or die by the financial decisions that they make. While many cut corners by making prudent purchase decisions, few realize the opportunities that are available to them when it comes to working out the taxes for their business.

Year-end Health Savings Account Tax Strategies

Year-end strategies that can help maximize your Health Savings Account.

How Are Bonds Taxed Upon Death

Question: My grandmother, recently deceased, left E, EE, & HH bonds to me, my sister, and mother. The total is approximately $600,000, under the limit to be taxed. However, there is substantial interest accrued on the bonds. What would be the best way to distribute these? Should we have them changed to our names to avoid the Capital Gains or do the taxes have to be paid before distributed? Will taxes be due when we eventually cash them in? Will any taxes be due on the HH bonds? Are the CGT over and above the income taxes? Please Advise. Thank You. R.

Tax Return Preparation: Love It or Hate It, You Have to Face It

Tax return preparation can be done in several ways to calculate your taxes and pay it to the government in time. You just have to make choice of finding out the best way of doing this to pay your taxes.

Figuring Your Basis, Get It Right, Reduce Your Taxes, Get It Wrong and Pay Much Higher Taxes

Congress votes in over 100 new Tax Laws every year. The software programs do an excellent job of implementing these changes, however, I am not sure how well they do with finding the loopholes.

The Proposed Income Trust Taxation -- Impact to Canada and Investors Around the World

Summary of the recent proposed income trust taxation in Canada and whether the latest development presents risks or opportunities to investors around the world.