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Articles in Database: 181
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Taxes Index


Read about Taxes on erreur404.info. We specialize in Taxes. As part of Taxes your website, you also need to be aware of all everything out there so we are provideing these articles for you as reference.

  1. Back To School – Educators Deduct School Expenses By Richard Chapo
    As teachers and students head back to school following a glorious summer, it’s time to remind teachers to organize 2004 school expenses. Under a temporary tax code change, teachers can deduct certain school-related expenses from adjusted gross income.Educator Expense DeductionIf you work in the education field, you may be able to deduct up to $250 from your adjusted gross income for 2004 taxes. Unfortunately, the deduction is only applicable to 2004, but there is a reasonable possibility it wi…


  2. Charity Resources for Making the Most of Contributions By David Arnold Livingston
    Some folks believe everyone is responsible for his or her own life, and it is never somebody's else business to make up what others do not actually have.However, in some circumstances, there are always less fortunate people, not because they've strived less in life, but simply because for some unfortunate reasons, they are out there, and destined to be part of our existence, possibly to teach us nobility and generosity.We don't encourage people to beg, and stay lazy while waiting for outside h…


  3. Fraudulent Tax Shelters – KMPG Goes Down Hard By Richard Chapo
    In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars, but nine of its executives still are under indictment.Son of Boss Tax SheltersFrom 1996 to 2003, KMPG promoted a tax strategy known as the Son of Boss. This shelter was used to create phony tax losses that could be claimed by wealth individuals looking to write off tens of millions of dolla…


  4. How To Prepare Your Income Tax Return By Don Kransteuber
    The first step in your income tax preparation is to work out your total income. A person’s total income includes many kinds of receipts such as wages, interest, alimony, lottery winnings and many more. It is important to gather all of the appropriate information for any money you have received during the appropriate tax year before you start your income tax preparation. Be extremely thorough in this aspect of your income tax preparation because the financial penalties for not including all for…


  5. Tax Tips for Home-Based Business Owners By Vishal P. Rao
    As tax time approaches, many home-based business owners begin completing their forms or paying their accountants with trepidation. This nervousness comes from two sources: a fear of being audited and a fear of having to pay a lot. For the most part, both of these fears are unfounded.For one, audits are rare. In fact, only 0.5% of taxpayers are subjected to audits every year. And if you do beat the odds, keeping good records and maintaining receipts will help you weather the IRS storm.Obviously…


  6. What to Do If You Can’t Pay Your Taxes By Richard Chapo
    The end of tax filing extensions is quickly approaching. What do you do if you can’t pay the amounts you owe? You should still file your return by the due date and pay as much as you can. There are, however, additional steps that might help.Credit CardsYou can charge your taxes on your American Express, MasterCard, Visa or Discover cards. If you go in this direction, you can use either of the following two sources:Official Payments Corporation 1-800-2PAY-TAX (1-800-272-9829) www.officialpaymen…


  7. Tax Trap #4 -- The Quagmire of Depreciation By Wayne Davies
    If you are a Small Business Owner or Self-Employed Person, there's one especially lucrative tax break that not only puts money in your pocket, it also makes the filing of your business tax return much simpler.What am I talking about? It's called the Section 179 deduction, and if there's one tax break you need to understand, this is it. Here's why:The Section 179 deduction enables the Small Business Owner to "expense" (i.e. deduct in the current year) up to $102,000 of the cost of most busin…


  8. Rearrange Your Affairs For Maximum Tax Savings By J. Stephen Pope
    One way to maximize your business profits is by reducing your taxes. Frequently, income and other taxes could be lowered significantly if only the taxpayer were willing to plan ahead. By taking some simple steps to rearrange your affairs, you could save a fortune!1. Are You Splitting Your Business Income?You may pay reasonable salaries to spouse or children through your incorporated or unincorporated business. If you are not doing so, you may be missing out on some real tax savings.In th…


  9. Getting A Second Extension to File 2004 Taxes By Richard Chapo
    Millions of people file tax return extensions every year. The tax filing deadlines can rush up on your quickly. Fortunately, filing an extension isn’t particularly difficult. For individuals, there are two available extensions.Automatic ExtensionWhat do you do if April 15th is approaching and you simply can’t get your taxes done? The IRS allows you to file a request for a four-month extension to file your tax returns. Simply file form 4868 and you will automatically be given until August 15th…


  10. Need an Offshore Sales Office in a Tax Free Environment? By Thomas Azzara
    The 100 year old investment-banking firm of Warburg, Dillon Read (on Park Ave. N.Y.) (now UBS Warburg) has offices in 39 foreign countries - including the Bahamas, the tiny Cayman Islands, Hong Kong and the Channel Islands. Makes you wonder why, doesn't it? Non-resident foreign companies, trusts, banks and individuals can trade stocks, bonds, commodity contracts and options 100% free from U.S. capital gains taxes. Under the U.S. Tax Code, only when a foreign company, foreign trust or nonres…


  11. Render Unto Caesar By Marc Holterman
    Once a year Canadian taxpayers are required, by law, to file an income tax return in the prescribed form: $150(1).For individuals: $150(1)(d) ITA, they must do so by April 30 of the following year, provided that they owe any taxes or if they are served with a requirement to file: $150(2) ITA.There are other rules for corporations, trusts, partnerships and deceased individuals.If any taxpayer is required to file under $150 then they are also required to estimate the amount of the taxes payable:…


  12. Small Business Tax Credit - Americans with Disabilities Act By Richard Chapo
    Many small businesses complain when confronted with the expense of complying with the Americans with Disabilities Act. Most do not realize that there are a number of tax incentives available to offset the costs. Importantly, one tax incentive comes in the form of a tax credit, which is far more valuable than a tax deduction when it comes to creating tax savings.Disable Access Tax CreditIf you make your small business accessible to persons with disabilities, you can take an annual tax credit. Y…


  13. IRS Reacts to High Gas Prices By Richard Chapo
    As most small businesses are aware, a tax deduction can be taken for mileage incurred in normal business travel. In light of high gas prices, the IRS has upped the mileage rate.Major IncreaseNothing is worse than sitting at the pump and watching the dollar figures tick over. In fact, I paid over $3.30 a gallon this morning in San Diego. What a way to start the week! Fortunately, the IRS is granting some relief.In 2004, the IRS set the standard mileage deduction rate at 40.5 cents per mile for …


  14. SFR Substitute for Returns: IRS Action on Non-Filers By James Coleman
    In the latest Star Wars episode, the evil empire executes a brutal revenge on the Jedi. While the IRS is not an evil empire (and due to the Revenue Reform Act of 1998 not very brutal anymore); it too is executing revenge on those who do not comply with filing their tax returns.The IRS is agressively using the "Substitute for Return" (SFR) program to file tax returns on behalf of those who fail to file. The SFR program has been around a long time. However, due to better computers at IRS, it is…


  15. Tax Deduction for Alimony Payments? - Yes! By Richard Chapo
    Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments.According to the IRS, alimony payments are taxable to the recipient in the year received. In turn, the person paying the alimony can claim a deduction for the payments if the following tests are met:1. You and your spouse or forme…


  16. Trust Funds Guide By Mansi Aggarwal
    A Trust is perhaps the best channel to keep your money and other assets safe and secure for your future generations. It is a lawful creation that isolates your money for specific reasons.A trust is beneficial even when the grantor is alive and after his death. A grantor, settler or donor is the person who is responsible for settling the trust. Trust funds can be set up by single or a group of individuals. There are always some reasons behind forming a trust. These reasons vary from persons to …


  17. Hurricane Katrina - Dyed Diesel Fuel Tax Penalty Relief Extend Again By Richard Chapo
    The IRS and Treasure Department have jointly announced an extension of relief for the dyed diesel fuel tax penalty in light of Hurricane Katrina.Shortages Spur Extension of ReliefDiesel fuel comes in two general forms, clear and dyed. Dyed diesel is not environment friendly. Under laws passed by Congress, the IRS effectively bans the sale of dyed diesel fuel for use on highways. Put another way, the trucking industry must use clear diesel for transports.In the wake of serious fuel shortage iss…


  18. Year-End Tax Planning By Robert D. Flach
    While the average taxpayer will avoid thinking about income taxes until the approach of the April deadline forces him to do so, once the ball drops on One Times Square at midnight on December 31st and the New Year is rung in there is very little that can be done to cut your tax bill.However, during the last two months of the year you can do a great deal to reduce your tax liability.Sit down with paper and pencil and list your anticipated income for 2005 and all your allowable deductions to dat…


  19. Electronic Commerce Taxation and Pakistan By Adil Waseem
    Assume a buyer in Pakistan downloads software from the Internet for a 30-day trial. If he likes the software, he submits his credit card information and receives an authorization code that allows him unrestricted use of the software. Assume the software in this case was developed by a company in UK, and is available for download from servers located in fifteen countries. The buyer in this case happened to download the software from a server located in Singapore. The buyer found the software wh…


  20. Are You Overpaying Taxes If You Use Tax Preparation Software? By Richard Chapo
    For many business owners the answer to this quandary is tax preparation software. Fill out a fairly simple interview, click “print” and out comes a completed return that will pass muster with the IRS. The answer to all your problems…or is it?Can One Software Program Cover All Businesses?Take a moment to consider the wide range of businesses that exist in the United States. Now cut that number down to those that can be categorized as “Internet businesses”. If you were asked to write a business…


  21. Know A Tax Cheat? Get Paid To Tell The IRS By Jeffrey Strain
    According to the IRS, taxpayers underpay their taxes by some $300 billion. If you know someone that is contributing to that deficit, the IRS may be willing to pay you up to $10 million for the information you provide. The bigger the cheating you report, the more you're likely to receive.The most important thing to claim your reward is quality documentation. Without documentation of the cheating going on, it's unlikely that the IRS will investigate the charges and thus no money bonus for you. A…


  22. Tax Trap #1 -- Waiting to Incorporate: What A Difference A Date Can Make By Wayne Davies
    NOTE: This is the first in a series of 5 articles: "Small Business Tax Traps and How To Avoid Them"If you're a sole proprietor, perhaps you've considered incorporating your small business or self-employment activity.And so maybe you've been wondering, "When is the best time to incorporate?"From a legal standpoint, any time is the best time. The sooner you incorporate, the sooner you make the move from the world of unlimited liability to the world of limited liability.From a tax savings standpo…


  23. State Tax Information By Steve Austin
    All states also have their own tax system. Typically there is a tax on real estate, and there may be additional income taxes, sales taxes, and excise taxes. Oil and mineral producing states often have a severance tax, which is similar to an excise tax in that tax is paid on products produced, rather than on sales. Taxes on hotel rooms are common, and politically popular because the taxpayers usually do not vote in the jurisdiction levying the tax.These states do not levy an individual income t…


  24. Send Your Kids To Summer Camp and Write It Off By Richard Chapo
    If you paid someone to care for a child so you could work, you may be able claim a tax credit for child and dependent care expenses on your federal income tax return. This credit is available to people who, in order to work or to look for work, have to pay for child care services for dependents under age 13.The credit is a percentage, based on your adjusted gross income, of the amount of work-related child and dependent care expenses you paid to a care provider. The credit can range from 20 to…


  25. Amending Procedural Laws for Collection of E-taxation By Adil Waseem
    The electronic transaction ordinance defines the certificated copies in which are to be presented for adjudication. Where any law requires or permits the production of certified copies of any records, such requirement or permission shall extend to print outs or other forms of display of electronic documents where, in addition to fulfillment of the requirements as may be specified in such law relating to certification, it is verified in the manner laid down by the appropriate authority.The cod…






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