Oct
16
So you’re
Filed Under Finance :: Tax | Leave a Comment
thinking of opening a sep IRA now that you’ve gone out on your own and started a home business or side business. Want to know how much your business has to make before the 25% of business profits your allowed to contribute add up to the $15,500 you were allowed to save in your 401k each year? When you do the math, it comes out to be a pretty substantial profit of $62,000 needed before you hit the same mark with your sep. You would need three times that to hit the sep ira maximum contribution limit. If you’re not anticipating such a large influx of black, you may want to think about sticking with a traditional 401k for your endeavor.
Sep
28
Property tax limitations
Filed Under Finance :: Tax | Leave a Comment
Property taxes are local taxes, where local officials appraise and set the value of your property, set your tax rates and collect your taxes. Property tax limitations are restrictions that affect how high property tax rates can go, where these limits apply to the taxing district as a whole, not to individual parcels of property. Property tax is collected by local governments to provide for the many services most of us take for granted, where schools, police and fire protection and public libraries are possible because of revenue from the property tax.
Jul
1
If you’re searching for the latest information about Retirement Tax Planning, The Early Distribution Penalty, or Back Taxes… Then this is definitely the most important post you’ve read all day. Why? Because you have discovered the top info about Retirement Tax Planning on the Internet. The website is at IRSPenaltiesReport.com. Here’s the what you’ll really like… Not only will you read about Retirement Tax Planning, but you’ll also get to read more about the entire interesting subject of IRS Penalties. So, here’s where you click: retirement tax planning and irs penalties
Jun
15
Curious About How To Reduce Taxes?
Filed Under Finance :: Tax | Leave a Comment
If you’re looking for up-to-date information about How To Reduce Taxes, Capital Gains, or Tax Amnesty… Then this is definitely the most important post you’ve read all day. Do you know why? Because you have just stumbled upon the top info about How To Reduce Taxes on the Internet. The website is at IRSPenaltiesReport.com. Here is what you will really enjoy… Not only will you read about How To Reduce Taxes, but you’ll also get to read more about the entire subject of IRS Penalties. Click Here Now: reduce taxes and irs penalties
May
29
Problems With State Tax Liens
Filed Under Finance :: Tax | Leave a Comment
state tax liens are yet another in a long list of things the government does to bully its own citizens around. Passed off as a simple debt collection mechanism, the trouble comes when the government makes a mistake, as it so often does, and the sheriff breaks down your door to collect property for settlement of a debt you don’t even owe.
Best educate yourself about Tax Lien Removal as quickly and thoroughly as possible if you find yourself in this situation. Information is key.
Whatever you do, be firm. Don’t let them walk all over you. Remember that most any government debt is negotiable.
Alright- that’s enough for today.
Apr
3
County Tax Liens
Filed Under Finance :: Tax | Leave a Comment
The last thing anyone wants is to get mixed up with county tax liens. Of course, it can be unavoidable at times. The government makes mistakes, but is quite reluctant to admit them.
A good tax attorney is your best bet for dealing with Tax Liens. He will know all the pitfalls waiting for the unwary.
Remember that it’s your responsibility to assert your rights. The government won’t do it for you.
Mar
21
State Tax Liens
Filed Under Finance :: Tax | Leave a Comment
state tax liens are yet another in a long list of things the government does to bully its own citizens around. Passed off as a simple debt collection mechanism, the trouble comes when the government makes a mistake, as it so often does, and the sheriff breaks down your door to collect property for settlement of a debt you don’t even owe.
Best learn all you can about Federal Tax Liens, or hire a good lawyer, as the situation is complicated and messy, and making the wrong decisions can have disastrous results.
Be sure to stand up for yourself. Find out your rights, and assert them.
Mar
14
Fulfil1031 Exchange Requirements And Receive Tax Deferment Benefits-Part II
Filed Under Finance :: Tax | Leave a Comment
how to do a 1031 exchangeIn case, a tax payer sells the relinquished property to a related person, the related person cannot resell it within 24 months of its purchase. Further, if a related person resells the property for cash, it disqualifies the tax payer from obtaining the capital gains tax deferment benefit. This is because the cash so obtained can be used to bypass the provisos of 1031 exchange-related income tax laws.
Even the purchase of a replacement property by a tax payer from a related person is not allowed for the same reason.
The seller of the replacement property and the buyer of the relinquished property must be different persons.
Further, the sale of the relinquished property and the purchase of the replacement properties must be achieved by the tax payer through an Exchange Agreement with a third party. For the purposes of the Agreement, the tax payer is known as an Exchanger. The third party has to be a Qualified Intermediary.
A qualified intermediary cannot have been involved currently or in any prior transactions as an Exchanger or as a buyer or seller of such exchanged properties. Further, he/she cannot be a realtor or a broker. Neither should he/she be related to the Exchanger.
Vide the agreement the tax payer transfers the right of sale of the relinquished property to the intermediary. He/she also transfers the right of purchase of the replacement property to the intermediary. Both transactions are to be strictly effected by the intermediary on behalf of the Exchanger.
The net cash proceeds of the two transactions are required to be held by the intermediary. No transaction money should be received by the tax payer.
Under the 1031 Exchange Requirements certain inviolable time limits are set for the identification of the replacement property and for the purchase of the replacement property.
Michael Goh
Jan
20
The modern high-tech Professional Tax Preparation Software is here to answer all your queries related to tax computation and payment, and it also delivers accurate results on time. The software is extremely easy to operate and use and you will need no manual or guide to get the results you desire your software to perform. The software also offers you expert guidance regarding the handling of your income versus expenses and comes with technical support that is just a click away.
Dec
11
How Does a Personal Federal Tax Lien Affect My Corporation?
Filed Under Finance :: Tax | Leave a Comment
A personal federal tax lien can only be placed on your personal assets. Therefore, anything that is property of your corporation cannot be used by the IRS. That said, the IRS can still place a lien against the stocks you hold in your corporation. While this may not directly affect other personal assets, it may show up in stockholder information files. This, in turn, may make it difficult or impossible for you to obtain financing for your business.