If you want to be in a disturbing situation the quickest way to get into trouble is when you do not pay your mortgage and the bank sends you a foreclosure letter. This can be a really stressful time for anyone as it hits you from all angles: your lose your beloved home, your credit rating crashes, and you end up footing the bill as well. To save your home or property as well as your credit rating you may want to consider doing a short sale, which...more
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While big business in particular may be in shock over the Healthcare-triggered Medicare tax increases, the landscape looks different for many small businesses. For the typical limited liability company, for example, the new law may not pack that big a punch. Yes, the new laws do increase the Medicare tax burden of many LLCs. But not everybody gets hurt...A Quick Review of How the Medicare Tax Increases WorkMedicare taxes related to healthcare reform bite small businesses in two ways. First of all, if an individual earns more than $200,000 or if a couple earns more than $250,000, the Medicare tax rate goes from 1.45% to 2.35%. In other words, once a taxpayer's income rises above the threshold, the rate bumps up by roughly .9%, or $900 per $100,000 of income.The new Medicare tax also hurts small businesses in a second and new way: The new Medicare surtax nibble away at unearned income if the taxpayer's income goes above thresholds.Once you understand the logic, you're ready to understand how the Medicare surtax hits small businesses operating as limited liability companies.Limited Liability Companies Treated as Sole ProprietorshipsAn LLC taxed as a sole proprietorship...more
Well, its that time of the year again, do you have your taxes done? Are you someone that gets yours done as soon as you can or do you wait until the last minute? Some of you will get yours done the minute you get your W-2. This is because the sooner you get them done the faster you get your money. If you happen to think that you are not one of the...more
Importance of Defending Tax Evasion Charge If you are considering not filing your tax returns this year or putting in just a few details that are not completely true, think again. Any attempt to evade your taxes can lead to trouble and land you up in jail. US Code Section 7201 provides the details of what could be termed as tax evasion as...more
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Law is a huge field. It has so many streams in it that you might sometimes become confused about which to choose and which not. You might be aware of the various fields present in law. If you are interested in law then you might have also decided...more
You can save a lot of money on taxes if you make your charitable contributions wisely. This way, you can ensure that you fulfill your social responsibility while at the same time avoiding the penalty of paying taxes on donations you give. For your...more
The Green Bay Packers star defensive back Charles Woodson has done something that no one has done in the NFL since the great Deon Prime Time Sanders did in 1994. Woodson just became the first defensive back to win the Defensive player of the year...more
QROPS Dubai - Flexibility With 0% Tax Reduction Option QROPS Dubai is at your service around the clock. If you are a British national and like to spend the rest of your retired life in Dubai, you will have to draw money from a UK pension plan....more
It seems a little too old fashioned for a lot of people to write a check, seal it in an envelope, and a stamp, and mail it in the nearby mailbox so there is a new way to pay your taxes without having to do all these out of date procedures. This new...more
FAQs For E-filing Your Tax Return Online income tax filing is the easiest and fastest way to do your taxes online. But, many people still have questions so I have answered a few for you below. Q – I don't owe taxes. Can I file...more