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  • State Tax Information

     
    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 tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming....
     

    Furnishing Evidence in E-Tax Compliance

     
    Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This concept is recognised in all tax statutes, which sets out taxpayers' primary obligations, and clearly spells out that taxpayers are required to determine the amount of tax payable correctly and to pay it on time. Disclosure in this context serves two main purposes. First, it is necessary to provide information for audit selection. Secondly, disclosure is relevant to the issue of the abatement of penalties. Taxpayers have a statutory obligation to disclose to the Commissioner in a timely and useful way all information required to be disclosed under the tax laws....
     

    Identity Theft - Impacting Your Taxes?

     
    If your identity is stolen, your finances can quickly become a nightmare. A less obvious problem is the effect identity theft can have on your taxes. Identity Theft Generally, thieves steal your personal data for the purpose of running up credit card charges or opening and abusing new accounts. A developing trend in the identity theft field concerns schemes impacting your taxes. Selling Social Security Numbers Identity thieves have created a new line of business - selling your social security number....
     

    Access to E-records by Taxing Authorities: A Case for Pakistan (Part II)

     
    All tax authorities to e-commerce transactions should investigate the record retention requirements of each other's respective jurisdictions. In September 1998 Revenue Minister Dhalinal of Canada; "?Interpretation Circular 78-10RS and 779R (Book and Record Retention/Destruction) will be revised to explain the Department's views with respect to the electronic environment. Revenue Canada will work with authorities in other OECD Countries relating to information exchange as they currently do under the WTO and NAFTA relating to customs and excise matters such as Rules of Origin of Goods....
     

    Knock-Knock-Knock

     
    Knock-Knock-Knock Who's there? The IRS! The next quarterly payment of estimated income tax forthe self-employed is not far off. Network marketers whoreceive a form 1099 at the end of the year, and/or whoare expected to owe $1,000 or more in taxes, must filea form 1040-ES Payment Voucher quarterly to avoidpaying a penalty. When it comes to paying income tax, I'm like ArthurGodfrey who said, "I am proud to pay my taxes. I'd bejust as proud to pay half as much. Like most network marketers, I work hard for what Iearn and do not savor sending the government anymore money than what I legally owe....
     

    A Taxing Investment

     
    April 15 - The most dreaded day of the year is right around the corner. Are you ready? Some of the most neglected (and misunderstood) tax issues are those related to your investments. If you invest with taxes in mind, you can avoid a nasty surprise when Uncle Sam comes to collect. The tax advisors are chiming in left and right on this issue. They say that you should limit yourself - and your investments - in order to minimize your tax burden for the immediate future. Those in the high tax brackets should go mainly for retirement accounts (as in tax deferred investments) and tax free investments, and those in the lower brackets should feel free to invest as they see fit....
     

    Back To School - Educators Deduct School Expenses

     
    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 Deduction If 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 will be extended to the 2005 tax year and beyond....
     

    Tax Tips to Save Money on Taxes - Get the Corporate Kick and Save Loads of Money

     
    Why a Corporation Helps Save You Taxes The Tax Rates (Notice anything unusual?): The following tables provide a list of the tax rates for individuals and corporations: Personal: $0-$24,650 15% $24,651-$59,750 28% $59, 750-$124,650 31% $124,651-$271,050 36% $271,050+ 39.6% Corporate: 0-$50,000 15% $50,001-$75,000 25% $75,001-100,000 34% $100,001-$335,000 39% $335-000-$10M 34% If you examine them closely, you will see at least one glaring contrast. The individual making $49,000 per year is in the 28% percent bracket, while a corporation that earns $49,000 is only in the 15% bracket....
     

    Need a Copy of Your Tax Return Information?

     
    Taxpayers have two easy and convenient options for getting copies of their federal tax return information - tax return transcripts and tax account transcripts - by phone or by mail. A tax return transcript shows most line items from the tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes you, your representative or the IRS made after the return was filed. In many cases, a return transcript will meet the requirements of lending institutions such as those offering mortgages and student loans....
     

    Tax Records - What You Should Keep And For How Long

     
    Tax Returns To protect yourself from a nasty audit, you should keep all of your tax returns indefinitely. The IRS has been known to lose or misplace tax returns. While conspiracy advocates argue that this is evidence of a nefarious scheme, the simple fact is that the IRS receives millions of returns over a three-month period and lost returns are inevitable. So how do you protect yourself? You keep copies of every single tax return. A quick word on the IRS e-file program. If you file your returns electronically, make sure you get copies from the company that filed your return....
     

    Getting A Second Extension to File 2004 Taxes

     
    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 Extension What 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 to get your return in....
     

    Estate Taxes - It Pays to Plan Ahead

     
    Estate taxes. It's not enough to simply know they exist, and to know strategies to minimize them. When it comes down to it, you need to plan how you and your family will eventually pay them. The Estate Tax Dilemma Estate taxes are generally due nine months after the date of death. And they are due in cash. In addition to estate taxes, there may be final expenses, probate costs, administrative fees, and a variety of other costs. How can you be sure the money will be there when it's needed? Estate Tax Options There are four main sources of funds to pay estate taxes....
     
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