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 Association of CPAs advises that there are many smart and easy steps you can take now that will potentially improve your financial situation today and at tax time next year. Turn to the Return Although you may be...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 industry has been designed by dishonest accountants, legal representatives and other tax preparers of ensuring unsuspecting taxpayers unbelievably huge tax refunds and deductions that aren't lawful. There exists...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 payers. In case the tax authority has made some prime facie mistakes, the tax payer could go to the concerned assessing authority for rectification of mistakes. However, the tax authorities sometimes misunderstand the facts or misapply the laws to the fact of the case. In case of such grievances, and in order to create confidence among the tax payers regarding the fair play, credibility and impartiality of the tax administration, Income Tax Laws provide for independent appellate fora.First Appeal to Commissioner (Appeals)If an assessee is not satisfied by any judgment passed and the order sent to him by the assessing officer (AO), whether the judgment is in relation to adjustment of tax or interest, then the assessee can file an appeal against the judgment of AO to the Commissioner (Appeals). The processing fee for filling an appeal before the Commissioner (Appeals) is as follows: Rs. 250/-, where the assessed total income is Rs. 1 lakh or less;...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 have impacted the treatment of primary residences and vacation homes, both as potential 1031...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 from low-income families. The scholarships vary for $500 to $5000. Applicants should attend a 2- or...more
Heavy use tax forms This tax is levied with sole purpose of using the funds collected from the tax for construction and maintenance of highways.Now let us discuss the critical details about form 2290 under the following topics:IRS Form 2290 PurposeIRS Form 2290 BasicsWho needs to file this form?Heavy Vehicle Use Tax exemptionUnpaid Heavy Vehicle Use Tax liabilityDual registration of vehicleIRS Form 2290 PurposeIRS Form 2290 is used to:Figure and pay the - Tax due on highway motor vehicles used during the period with a taxable gross weight of 55,000 pounds or more.Tax due on a vehicle for which you completed the suspension statement on another Form 2290 if that vehicle later exceeded the mileage use limit during the period. Tax due if, during the period, the taxable gross weight of a vehicle increases and the vehicle falls into a new category. Tax due on a used taxable vehicle acquired and used during the period. And claim –Suspension from the tax when a vehicle is expected to be used 5,000 miles or less (7,500 miles or less for agricultural vehicles) during the periodCredit for tax paid on vehicles that were destroyed, stolen, sold, or used 5,000 miles or less...more
Why does ‘Middle England' get hit hardest by taxes? If even the Tories are hitting the middle-classes with a tax hike, what's going on? I was told on TV the other day that ‘the middle is a good place to be' – but is...more
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Wash Sale Rule - What You Should Know Before Taxes Come One of the topics that arise at tax time is about the wash sale rule. If you take it into consideration before taxes and sell your losing positions that have no chance turning...more
Learn more about filling your income tax return The tax is a very important part of the country one stays in as it not only helps the nation in a wide variety of types the tax helps growth of proper public opportunity and the transport...more
The know how of the Tax calculators Tax is the part of the money you earn is deducted for the country. The tax is of different types that is some might be when you are shopping some might be on your products of import some might be on...more
How to Fill Out Heavy Use Tax Form 2290 In order to minimize the errors and to process the return more quickly you need to fill out heavy highway vehicle use tax form 2290 accurately. For the first time you file, IRS will mail you the...more