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...more
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 provided a tax advantage to the corporation and/or shareholder. The most frequent errors involved deducting ineligible expenses, which could decrease S corporation shareholder tax liabilities. Even though a majority of S corporations used paid preparers, 71% of those that did were noncompliant. Stakeholder representatives said that preparer mistakes may be due to the lack of preparer standards as well as their misunderstanding of the tax rules. Shareholders of S corporations also made mistakes in calculating basis – their ownership share of the corporation – when taking losses passed to them from the corporation, potentially decreasing their total taxes. IRS officials as well as stakeholder representatives said that calculating and tracking basis was one of the biggest challenges for shareholders, and that S corporations themselves...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....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 with the government over underpaid or unpaid taxes. As with anything it is much easier and less...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 TV, stereo, lights, computer, and a play station going. You have to give them credit for their talent to do all this at one time. We are all guilty of it. There's no need to change your methods or lifestyle. You can live like you normally do without changing anything. No need to change to smaller watt light bulbs, or change the thermostat to reduce the furnace setting till you freeze. I'm sure you have all heard, or have known someone with unexplained health problems. We are not here to scare you, but rather let you be aware and more knowledgeable about the environmental surroundings we are exposed to daily. It Concerns the Electromagnetic Fields, Electrical Leakage, and even Electro Radiations of daily living. From Computers, copiers, TV's, radio, cell phones, microwaves, appliances, equipment, tools, etc. Known health problems from Cancer, leukemia, headaches, tumors, cataracts, stress, nerve disorders, memory loss, weight loss,...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
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