Who really pays income taxes

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With all the talk of the rich not paying their fair share of taxes and the tax cuts earlier this decade only going to the rich, here are some facts to contemplate and you as the reader can make up your own opinion.

· The statement above could be true when … Read The Full Post

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Taxes q a understanding what is and is not taxable

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* Is Social Security retirement income taxable?.Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay taxes if he/she has annual Social Security retirement income of more than $25,000. If he/she has a married status, they must … Read The Full Post

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Rental property tax deductions

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Own residential rental properties?. This article discusses how income from those properties impacts your taxes.

What Constitutes Revenue?.Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes … Read The Full Post

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Tax jokes and quotes

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Do you realize that some tax forms ask you to check a box if you are BLIND?.Quote: “Two years ago it was impossible to get through on the phone to the IRS. Now it’s just hard to get through. That’s progress.” -Charles Rossotti, former IRS Commissioner. Disappointed that you never had … Read The Full Post

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Tax return forms

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According to federal laws governing taxation, any person, receiving an income in one form or the other, need to pay income taxes to the government annually. But, the job of preparing tax returns, the calculations and the many tax forms involved, constitute one of the harrowing experiences being an honest tax … Read The Full Post

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Tax season time for scams

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As tax season draws irresistibly closer, the scam artists are polishing their latest techniques. This article should help you keep an eye out for these nasty individuals.

Tax Season – Time for Scams. In a particularly cheeky move, scam artists have started posing in on form or another as the IRS … Read The Full Post

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The principles on paying tax

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Why Tax Loop Holes Must Exist. A long long time a go, in a country far far away, in China to be exact, there was a hunter that put nets in 4 sides of the forest. The hunter wanted to catch all animals. Then a king passed by. He said, “Remove … Read The Full Post

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Your auction business taxes

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Taxes is an issue when running an Auction Business. But is there a grey line when it comes to declaring it?.It’s really within reason if you’re going to do a huge amount of it, a small amount is negligible.

Some people want to have a small business for write-offs, you might … Read The Full Post

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Getting a tax credit for doing the right thing

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Making energy-efficient home improvements and purchasing fuel-efficient hybrid electric vehicles is no longer just an environmentally friendly move -making these purchases could save you money at tax time.

That’s because the Energy Policy Act of 2005 will offer consumers federal tax credits for making energy-efficient purchases.

Using energy-efficient appliances and installing … Read The Full Post

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