I Havent Filed a Tax Return with IRS in Years, What Do I Do?
In elementary school, kids come up with creative excuses why they did not bring in their homework. "My dog ate it" or "It was stolen by invisible space aliens" might be given as a reason why something was not turned in on time. Don't try those excuses with the IRS! Don't blame divorce, business failures, or family troubles either, because except under extreme circumstances, they won't register with the taxman.
If you have unfiled tax returns, you need to file at least the last 6-7 years. Although under law IRS could make you go back and file that return from the late 1970's when you were a disco diva or urban cowboy, the good news is that as a matter of policy they don't!...
History Of The Federal Income Tax
The powers of Congress, and the limitations set upon those powers, are set forth in Article I of the United States Constitution. Section 8 specifies both the power to collect, "Taxes, Duties, Imposts and Excises," and the requirement that, "Duties, Imposts and Excises shall be uniform throughout the United States."
One of the major concerns of the Constitutional Convention was to limit the powers of the Federal Government. Among the powers to be limited was the power of taxation. It was thought that head taxes and property taxes (slaves could be taxed as either or both) were likely to be abused, and that they bore no relation to the activities in which the Federal Government had a legitimate interest....
Another Tax Loophole
Just image, you are a small manufacturing company, business has been good, but yesterday you received a call from a customer who wants 50,000 widgets in 45 days. The customer is a large account and if you turn the business down, he may never call you again.
Problem: You need to hire more staff to meet the manufacturing needs of this customer. AND the customer said nothing about an advance payment. In fact he mentioned that he would be paying net 30 once shipment was received.
You need working capital and you needed it yesterday
You sit down and you start to think....
Save Money on Taxes - Is the Only Way to Get Your Tax Savings is to Sleep With an IRS Agent?
Tilting the Tax Laws in Your Favor.
In order to accelerate your movement along the wealth building curve, you absolutely MUST have your own business. I don't care if its real estate investing, a sales company or a service business. But you must own it yourself or with a partner. Why, because the tax laws are tilted in favor of people who are in business for themselves. Let's take a closer look. If you are not in business for yourself, you are earning your money as a W-2 employee.
Unfortunately, this is the highest tax form of income that there is....
Tax Trap #1 -- Waiting to Incorporate: What A Difference A Date Can Make
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 consideredincorporating your small business or self-employmentactivity.
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 movefrom the world of unlimited liability to the world oflimited liability.
From a tax savings standpoint, any time is the best time....
Electronic Commerce Taxation and Pakistan
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 while browsing the Internet using Internet Explorer, a software program produced by Microsoft....
Hurricane Katrina - How To Use Your Business Loss To Get A Refund on 2004 Taxes
With the massive losses caused by Katrina, the economy of the Gulf Coast region is in extremely bad shape. Fortunately, there is a quirk in the tax code that can help you generate a large refund from your 2004 taxes.
Apply Losses to 2004 Taxes
When a large geographic area suffers a disaster, the President can declare it a federal disaster area. President Bush has made such a declaration for the Gulf Coast area.
While you've probably heard such declarations occur over the years, I doubt it means much to you....
Navigating The Internet Sales Tax Laws
I have been contacted by my local city government to say that my business is scheduled to be audited to determine if I owe any sales tax from items purchased on the Internet. Can they really make me pay this tax? I thought you could buy things online tax free? -- Katie R.
I hate to burst your internet bubble, Katie, but they are within their rights to audit your business and demand payment of sales tax on items purchased on the Web.
Internet sales taxation has been a topic of contention even before Amazon sold its first book and Priceline booked its first flight....
Tax Secrets - How Drew Miles Helped Me
How about a Tax Tip?
As we all know Taxes are a necessary evil. While none of us like paying taxes there are many strategists out there that can make your life a lot easier when that dreaded day arrives.
Recently I received a "Tax Tip" that saved me a ton of money and allowed me to reinvest some of that money back into my business.
I met a man names Drew Miles. Drew is a tax and asset protection expert and to me he is a modern day "hero".This simple strategy he gave me will probably save me 175,000 dollars over the next 2-3 years and who knows how much after that....
Highlights of IRS List of 2005 Tax Scams
2005 Scam Highlights
1. Credit Counseling. The IRS warns taxpayers to be careful with credit counseling organizations that claim they can fix credit ratings, promote debt payment agreements or charge high fees, monthly service charges or mandatory "contributions" that may add to debt. The IRS Tax Exempt and Government Entities Division has made auditing credit counseling organizations a priority because some of these tax-exempt organizations, which are intended to provide education to low-income customers with debt problems, are charging debtors large fees, while providing little or no counseling....
Employment Taxes - What Are They?
If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. So, what are employment taxes?
1. Federal income tax withholding
2. Social Security and Medicare taxes
3. Federal unemployment tax (FUTA).
Federal Income Taxes/Social Security and Medicare Taxes
You generally must withhold federal income tax from wages paid to an employee. Form W-4 is used to determine the specific amount, although most payroll services or your accountant will do this for you....
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