Why You Should Get Your Taxes Done By A Professional

So many people are going with online software or websites that allow you to do your taxes on your own. These services are easy to use and do a good job for what they offer, but the real question is, are you getting the most out of your income tax or do you even know what you qualify for? You’re almost going in blind unless you know all about deductions and things you might qualify for. I put this guide together to show you what you are missing by not going with a professional.

More Deductions

It’s a stone cold fact that a professional will be able to look at your profile and tell you what kind of extra deductions you might qualify for. There are race specific, work related, and travel deductions that a lot of people overlook when they are using software. The software isn’t a human being and can’t recall previous experiences where someone got a deduction because of this or that. It can only gauge what you will receive by what you input onl

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10 Sure-Fire Ways An Independent Contractor Can Save Money On Taxes

The tax laws are written by the politicians and they write IRS laws in order to tailor society in the manner they and their constituents want. This is something taught to accountants and tax preparers every tax season.

Politicians today want workers for the rich so that they can live in bigger houses and take vacations their employees can only dream about winning the lottery to get. Those who want to help others end up giving the taxes paid in by honest taxpayers to dishonest people, instead of those truly in need. However, you can help yourself to pay less tax and make sure your tax dollars go where it counts.

Big business and the rich spend money on accountants to figure out how to get around taxes and give to politicians to get what laws they want passed. As a small business person you get to take advantage of those same laws that the wealthy spend the big bucks to get.

Here are ten sure ways you can use the IRS and your small business to your advantage, just

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Living Trusts – Do They Reduce Estate Taxes?

When properly drafted they do! While living trusts have nothing to do with one’s real estate tax bills, they can be well crafted to reduce these estate taxes or avoid them entirely. A couple can transfer the ownership of their property into a trust and then act as the trustees of this document. Both the husband and the wife can serve as co-trustees of the property so that when one spouse dies, the other can still be able to manage the living trust and; thus, avoid expensive estate tax bills.

Why is this so? Why won’t the other spouse be taxed for the property that his/her spouse has left him? The reason is that the property of the couple is in fact still owned by the trust and not the surviving spouse. With the death of one spouse who is also one co-trustee, there is still another co-trustee who can manage the living trust. Therefore, the property in question will either have reduced or no taxes at all since ownership of the property goes into the marital life est

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Can I Discharge Federal or State Taxes in Bankruptcy?

“I heard that I can discharge my tax debt, is that true?” The preceding question is one that is frequently posed in our Utah bankruptcy practice. Federal and State income taxes may be eligible for discharge under Chapter 7 or Chapter 13 of the bankruptcy code under certain circumstances.

Chapter 7 bankruptcy provides for a full discharge of allowable debts. Chapter 13 bankruptcy is a debt consolidation and a partial repayment of debts over a period of time; allowable debts that are unpaid after completion of the repayment plan are then discharged. As a result, under either Chapter 7 or Chapter 13 may be discharges, so long as the requirements are met for discharge.

There are five rules that determine dischargeability of tax liabilities:

  1. The due date for filing the tax return is at least three years prior to the filing of the bankruptcy petition.
  2. The tax returned was “filed” at least two years prior to the filing of t
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Death and Taxes: Will Your Estate Be Taxed At Death?

As the saying goes, “nothing is certain but death and taxes.” In the context of estate planning, this reality drives the estate planner’s desire to minimize taxes upon death as much as possible. In fact, the world of estate planning is consumed with the minimization of taxes in all of its forms. Attorneys and advisers have clients jump through legal and financial hoops in order to avoid or delay the payment of taxes, whether estate, capital gains, gift, income, etc. It is imperative that clients know if their assets will be taxed upon their death so that they can properly seek advice from their estate planning professional. This article provides a general overview of estate taxes.

What Is Taxable?

Very generally, any property that a person owns at his passing is taxable including bank account, cash, securities, real estate, cars, etc. are includable in his gross estate. Contrary to popular belief, the death benefit of life insurance policies a person

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Time Is Non-Existent in Reality But Is Man’s Invention for Taxes and Slavery

The mind cannot perceive a world without time. Likewise, it cannot consider the concept of ‘always’. Something must have a starting point and ending for our convenience of reality. But our thinking is wrong and so too is the relationship we have with the Spirit of the Universe, the one and only God. This is the norm as shown to me by my reincarnation and journey from life to life.

My death was sudden and amazing. Nothing of it is recalled except when my ‘being’ floated above the body, that of a 45 years old man. Then in total darkness, completely black, and with the Spirit the feeling was absolute euphoria. There was nothing to see and no one to meet. There was no tunnel, music, light, or magic.

A vision was given of my next life ahead and that at 45 years (the age of my death) something extraordinary would happen to make sense of it. Floating then above my new parents as they were married (a date well recorded) my birth occurred a month later.<

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What Can You Do To Lower Your Corporate Taxes

President Donald Trump signed a tax-overhaul bill, delivering a major tax cut to U.S. corporations along with a package of temporary cuts for other businesses and most individuals.

The bill slashes the corporate tax rate to 21 percent from 35 percent and cuts individual tax rates across the board. So if your corporation has net profit your tax percentage as a proportion to the net profit will be lower than years before. This Trump feels will make United States corporations more competitive in the global market. He has felt that because if the high percentage of taxes that the U.S. Corporations have to pay, reduces the competitive abilities of these U.S. Corporations. Trump said the bill will prompt abandoned factories to come back to life. He said Bob Kraft, owner of the New England Patriots, called him to say he’s buying a new paper plant in North Carolina because of the tax law. Of course this is just one event. This will have to play out in the months to come to see

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Escrow And Your Property Taxes

Escrowing property taxes is very common in the United States. Here you will learn how it works and whether it’s an option for you.

What Does It Mean To Escrow Property Taxes?

Escrowing your property taxes is a simple concept and useful tool for many property owners. When you escrow your property taxes, your lending company will assess you an extra amount over and above your mortgage payment each month. The amount and the fact that it is to be escrowed will be clearly delineated on your monthly mortgage statement. These payments are placed into an escrow account where they accrue and remain until it is time to pay your property tax bill.

Over time, you will have paid enough in small amounts to cover the taxes. When tax bills are mailed out, your mortgage company will receive the actual bill and will pay it on your behalf. You will receive a notice of property taxes due from the taxing body. You’ll also be informed when your taxes have

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Can I File Chapter 7 Bankruptcy on Income Taxes?

One of the main questions I am asked by my bankruptcy clients is, “can I file chapter 7 bankruptcy on my income taxes?” The answer is YES, but there are number of requirements before doing so. This article will attempt to shed some light on what those requirements are.

The first concern is that the taxes in question are based on income taxes and not some other form of tax. Meaning the debt in question must be either federal IRS or state or taxes based on gross receipts. Second, the return on which the taxes are due must be from at least three years ago. These due must be from at least three years before you plan to file your chapter 7 bankruptcy petition. This must also include any extensions that have been filed, which would be tacked on to the end of that three-year period. Plus, the return in question must have been filed at least two years prior. It’s also important to know that to avoid any objections in bankruptcy court by the taxing authority, the ret

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10 Frequently Asked Questions About California Real Estate Property Taxes

We only own property inasmuch as we can pay the legal taxes applied to it. Here are the ten most common questions you should know the answers to if you own property or plan to someday own property.

1. How is Property Tax Computed in California? Annual property taxes will usually be from 1% to 1.25% of the sales price of the home at purchase.

2. Can Property Taxes Go Up Annually? Unfortunately, the answer is yes. In California the maximum tax hike on property is 2% of the previous rate.

3. When Do I Have to Pay Property Taxes? Property taxes are paid twice a year. One is billed in February and is due by April 10 at the latest; the other is billed in November and is due at the latest by December 10

4. What Happens to the Tax I’ve Already Paid this Year if I Sell My House? This is handled in the escrow process at closing. If you have already paid taxes for time past your occupancy, the buyer will reimburse you for the difference.

5. What is an I

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