Want Long Term Success? Consider a Tax Franchise If you are considering starting your own franchise, the most important thing to examine is the state of the industry you are about to enter. This will help you determine the potential longevity of your future business. After all, if one negative fluctuation in the economy is enough to drive you under, the reward may not be worth the risk. What you need, then, is an opportunity within...more
IRC § 1031 Tax Deferred Exchange Overview - An IRC §1031 tax deferred exchange allows owners of real estate to defer the recognition of a capital gains tax they would have recognized when they sold their property so long as they reinvest in other "like-kind" real property.Tax deferred exchanges are not new – they have been available in one form or another since 1921, and in its current format since 1986.Exchanging allows...more
The Tax Franchise Opportunity a Proven Winner Among Hispanics If you've always dreamed of owning your own business—but haven't found the right fit or the right financing—Tri Tax could be a dream come true. Founded by Carlos Marquez as a way to help people in his own neighborhood, Tri Tax continues to assist the Hispanic community—not only by offering affordable, professional tax preparation services, but by offering something more: a chance to own a successful tax franchise. "Here at Tri Tax, we've helped many in the Hispanic community with interest-free financing," Marquez says. "Tri Tax is a win-win opportunity; if people are willing to invest in the opening of their office, we can assist them with the franchise costs."Last year Tri Tax financed a select few qualified franchisees, and by the second month of tax season, they had repaid their debt in full. "Unlike other businesses, the return on investment in this industry is fast, and the initial investment required is extremely affordable," Marquez explains. "Many are going through difficult financial times, but that shouldn't be a deterrent to starting your own business. If you have the...more
Property Exchanges Defer Taxes Learned Hand earned the distinction as the "tenth Justice of the Supreme Court" by penning opinions that would be quoted by lawyers and laymen alike. In 1934, Circuit Court of Appeals Judge Hand wrote one of his more famous though often misquoted opinions in Helvering, Commissioner of Internal Revenue...more
Payroll Taxes - What Wages Are Subject to Alabama Withholding? State withholding tax is the money an employer is required to withhold from each employee's wages to pay the state income tax of the employee. The employer pays no part of the tax, but is responsible for collecting and remitting the tax withheld.In general all wages...more
Income Tax Mistakes to Avoid I try to make sure my clients are getting all of their tax forms filled out properly, as a bankruptcy lawyer I feel that is a responsibility of mine. You probably know what to expect if you're filing your tax return after bankruptcy (and even if you're not expecting a refund).You want to make sure you avoid these common mistakes regarding your income taxes, these are according to the IRS.1. Claiming the wrong filing status. Many different tax benefits are determined based on your filing status. Be sure you're using your marital status as of December 31. You could become ineligible for earned-income credit, child tax credit, and exemptions for dependents if you accidentally claim the wrong status.2. Writing down the incorrect Social Security numbers. Make sure you double-check your Social Security number, and make sure you use the right Social Security numbers for all of your dependents. The IRS' computer may not recognize that you switched your son's SSN for your daughter's, and that could cause you to lose your exemptions, credits or deductions.3. Forgetting to sign and date your return. You haven't...more
Pharmacy Transactions and Capital Gains Tax in Nevada One strategy, but not the only one, that is currently available to assist the capital gains tax burden is the Charitable Remainder Trust (CRT). CRT's are legally described as...more
The importance of year-round tax planning You did it! You successfully turned in your tax return by this year's deadline. That means there's no need to think about taxes for another year, right? In fact, the Michigan...more
Watch for Tax Preparer Fraud Tax preparer fraud has, in recent months, come to the IRS' attention. More of the federal government's concentration has relocated to handling this presently unwatched trade. In recent years, an...more
Appeals in Income Tax in India The tax authorities make use of 'best judgment assessment' and pass orders according to the case. When such powers are used by the authorities, it is likely to generate grievances among the tax...more
August 2008 Tax Update Although business and commercial properties occupy the majority of 1031 exchanges there are still a fair number of exchanges which involve one and two family residential properties. This year a pair of laws...more
College Scholarship Options for Tax Week 1. Sallie Mae Finance American Dream Scholarship - Now the United Negro College Finance has teamed with the Sallie Mae Finance to provide scholarships to all African American learners coming...more