A crash course on tax abatement Tax abatement, contrary to what most people think of it as, is actually one of those few financial terms that can be explained (and explained, clear) in a sentence or two. The truth is, tax abatement may come in a lot of different forms (it is made available to the public in the forms of plans and programs) but all these essentially aim to do one thing -- that is, to provide financial relief or growth. In simpler...more
Unfortunately, in the current economic climate, property being sold for back taxes is at an all-time high. As more and more people find the task of home ownership to be too cumbersome, and more and more people find themselves unable to come up with the hundreds to thousands of dollars to pay their government property taxes, back taxes property is cropping up everywhere. Their loss can be your gain, if you play your cards right.If you're looking...more
Casualty Losses May Significantly Reduce Federal Income TaxesHurricane Ike inflicted a steep penalty on the Texas Gulf coast. However, there is an inconspicuous benefit casualty loss tax deductions. Taxpayers may be able to take a 2008 deduction if either personal or business property was damaged by Hurricane Ike.Some taxpayers will be able to completely eliminate their 2008 federal income taxes by utilizing a casualty loss deduction. Even if insurance proceeds completely reimburse the cost of construction, the taxpayer likely qualifies for a substantial write-off. This is a generous tax benefit for those affected by a casualty.What is a Casualty Loss?A casualty loss is damage, destruction or loss of property from any sudden, unexpected and unusual event. Casualties can include fire, flood, hurricane, tornado, and earthquakes.The casualty loss is calculated as follows: market value of property immediately before the casualty, less the sum of: a) market value immediately after the casualty and b) insurance proceeds.For a major casualty such as Hurricane Ike, in a presidentially-declared disaster area, the deduction can be used in either the current or preceding tax year. Discuss...more
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The Government Accountability Office today released Tax Gap: Actions Needed to Address Noncompliance with S Corporation Tax Rules (GAO-10-195): According to IRS data, about 68% of S corporation returns filed for tax years 2003 and 2004 (the years data were available) misreported at least one item. About 80% of the time, misreporting...more
What is Taxable Income Almost all income accrued in Singapore by a person or business is subject to income tax. All sales transactions that occur in Singapore or monies received in Singapore are taxable. Taxable income includes income from your business, salary from employment, interest earned on your deposits and rental income. Personal Income Tax for Foreigners Working in Singapore Foreign employees working in Singapore are considered tax resident, and therefore must pay income tax unless: It is a short-term employment not exceeding 60 days in a calendar year; or The earnings are exempt from tax under the Avoidance of Double Taxation Agreement When a foreign employee plans to end his employment in Singapore, his employer is required to inform Inland Revenue Authority of Singapore before termination of his employment or departure from Singapore. The employer must withhold all money due to the employee until tax clearance is given. Income Tax Returns Filing All Singapore residents who work in Singapore or have accrued income must file for income tax returns. All completed income tax returns forms are to be submitted to the Singapore Tax Department by the 15th of...more
Finding a tax accountant in the UK may be a necessary course of action for businesses registered in the United Kingdom. Keeping proper, accurate and up to date financial records can mean the difference between a peaceful existence and locking horns...more
Once a month there's an electric bill coming in the mail with your name on it. For the next week, it's telling the kids to shut the lights off when you're done, And most of the time, you turn them off yourself. Right? Meanwhile downstairs there's the...more
If you have unpaid taxes owed to the IRS you should be looking for a resolution to this problem. The longer you wait to resolve the problem the worse things are going to get. Although the IRS often times works very slowly, you can be...more
With real estate being touted as a wise investment in ones future, it is important that you know all of the positives and negatives that come along with being a property holder. Taxation is a familiar road that all of us travel, but it...more
When you decide to use a function, you will find that each function has a set of rules that affect the way in which the function will operate and the order in which the parameters of the function will operate. The components that are used by a...more
Author: Ron LeyvaArticle Source: MiNeeds.com, where consumers get competitive bids from Accountants/CPAs. Read reviews, compare offers & save. Its free!Article Link:...more