A property tax assessment is necessary in order to evaluate how much is owed in taxes. According to the National Taxpayers Union, up to 60% of properties nationally may be over assessed. As a result, these properties are overtaxed. While homeowners and commercial property owners cannot appeal the rate at which they are being taxed, they can request that property values be reassessed. Reassessing property values can lead to a lower tax payment...more
Author: Nancy White What closely is the Foreign Earned Income Exclusion? The IRS defines it like this: "For this target, distant earned revenue returns you collect for navy you make in an unknown country during an epoch your tax home is in an exotic country and during which you meet each the genuine residence suffering or the bodily aura check." On the other lexis, money earned for work performed by those residing overseas qualifies for the...more
Author: ChintamaniIf you had someone in your home babysitting your child who was not your spouse, your child under twenty-one years of age, your parent, or a minor child and you paid that person $1700 or more, you owe the Nanny Tax. The Nanny Tax is simply the FICA and FUTA taxes required to be paid to the Internal Revenue Service by employers. In addition to these taxes, you will most likely owe state unemployment and compensation taxes for employing this sort of domestic worker. FICA is the largest tax, coming in at $15.3%, and you and your nanny worker each owe half of it, unless you pay the nanny in cash and do not withhold her half share. In this event, you are liable for all of the FICA tax. FUTA or the Federal Unemployment tax is owed on the first $7000 of the nanny’s wages, as long as the nanny earns at least $1000 per quarter. The FUTA tax is only 0.8%, as long as you pay your state unemployment tax on time. In the event that you do not pay your state unemployment tax when it is due, FUTA rises to 6.2% of the nanny’s wages. Federal Income Tax withholding is only done at the nanny’s request for a W-4 form, and seldom is done for domestic employees in this...more
Tax systems are meant to bring as much revenue as possible while at the same ensure that business thrive and individuals are enterprising. However in many cases we see tax systems all over the world failing in their roles or even causing the collapse of entire economies all together. Here are five reasons why they fail:1. Failure to Reward...more
Resolve To Get Tax Resolution The recession continues to impact more and more people and small businesses every day. The number of taxpayers with back tax issues is increasing as well. The IRS has stated that both business and individual tax filings and payments are down because people are just plain struggling to pay their tax bill...more
Part of your responsibility as a small business owner who runs a business from home is to know the tax advantages and liabilities that are associated. It is vitally important to understand what tax responsibilities you will have before going into any business, but just as important is understanding the major small business tax deductions available to a HBB. Small business tax responsibilities are extremely important to know about. Ignoring your tax responsibilities could result in serious penalties. And, on top of that, any illegal actions -- even if they are due to lack of knowledge -- can bear civil penalties. Equally important is understanding the substantial tax deductions available to home-business owners. Not understanding them can cause you to overpay your taxes by as much as $5,000 or more every year. Marketing CostsA lot of small business owners tend to forget about this, but you can actually deduct your marketing or advertising costs from your taxes. Your advertising or marketing costs may include business cards, signs to put on your car, promotional flyers, and clothing with your company's logo embroidered on it.Some Personal Expenses become Business DeductionsSince...more
Former NFL players eat cake and take it too on USO tou Day 4 of the 2011 NFL-USO tour began at Camp Marmal in Mazar-e-Sharif, in the north of Afghanistan. The plan for the day was to "FOB hop" to several bases in the region. FOB...more
You see, we should be very thankful that we are born in this modern generation because of the existence of the Internet. With the Internet, every information (whether about ordinary income taxes or any other such as filing taxes, tax questions,...more
It's difficult to provide accurate ordinary income taxes information, but we have gone through the rigor of putting together as much ordinary income taxes related information as possible. Even if you are searching for other information somehow...more
If you are looking for information about ordinary income taxes, you will find the below related article very helpful. It provides a refreshing perspective that is much related to ordinary income taxes and in some manner related to free online tax...more
The Heavy Highway Use Tax can seem like a nuisance to those who have to dig into their pocket each year and fork it over, especially as a new business owner or truck driver. Many consider it a bit unproductive to charge because big trucks provide...more
Home mortgage interest is deductible in computing the Regular Tax, although certain limitations apply. The Alternative Minimum Tax similarly allows this deduction, but it is subject to differences in the limitations. Understanding these differences...more