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Income Tax Returns Your Accountant Should Not File

You've been feeling uneasy (perhaps even guilty) because you've failed to report your under the table business income. Perhaps you've never filed a tax return, even though you know you owe money. Finally, you contact an accountant to resolve the situation. Although it is commendable that you are trying to correct matters, hiring an accountant to do these delinquent returns could be a big mistake. The reason why is because tax evasion is a criminal offence or felony. You might also be subject to........ Read More

Helping Working Families With The Earned Income Tax Credit

In the past, clients of NORWESCAP's Family Self-Sufficiency program in Morris County, NJ have used the tax return they received through the Earned Income Tax Credit (EITC) for a down payment on a car, a security deposit on an apartment or to pay debts, said Penny Olson, the program's director. For clients of Homeless Solutions, which provides affordable and transitional housing, the prospect of a large tax return can make a significant difference, executive director Elizabeth Hall said. Those........ Read More

Gambling Income And Expenses - Tax Requirements

Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Unfortunately, gambling income also includes the fair market value of prizes such as cars, houses, trips or other non-cash prizes. Generally, if you receive $600 ($1,200 from bingo and slot machines and $1,500 from keno) or........ Read More

Why You Should Avoid Paying Income Taxes With A Credit Card

We all agree that the credit card is very convenient. That is why the IRS allows you pay your taxes through it. To sweeten the deal, credit card companies offer rewards in the form of frequent flyer miles. So you can get a free air ticket too. But hang on, is that convenient to your pocket too? Sadly, the answer is no. Disadvantages The IRS has authorized third party companies to process your credit card payments. However, you, the taxpayer has to pay for it. So, every time you use your cre........ Read More

Do You Know How Income Taxes Are Calculated?

This is the first of a series of 2007 Tax reference sheets that I'll be sharing with you over the next month or so. This one focuses on some of the major federal income tax key numbers. I'll do future ones for estate planning, retirement planning and business planning in the not too distant future so stay tuned. Since federal income taxes are such a large part of most peoples life or expenditures, I thought that you might like a summary or reference sheet for some of the important figures for........ Read More

Tax Magic: How To Turn Taxable Income Into Tax-free Income

Believe it or not, there are ways to convert taxable income into non-taxable income, without any fear of an IRS audit. Here's one of my favorites. It's been part of our tax code for over 30 years, yet many still don't take advantage of it. What am I talking about? The IRA -- Individual Retirement Account. Now, before you say, "Oh, I know all about that one; what's so great about an IRA?", give me 10 minutes to explain 3 new benefits to the IRA rules that you may not realize. BENEFIT #1: How........ Read More

Who Really Pays Income Taxes

With all the talk of the rich not paying their fair share of taxes and the tax cuts earlier this decade only going to the rich, here are some facts to contemplate and you as the reader can make up your own opinion. · The statement above could be true when you look at it from a pure dollar point of view. Someone who makes $500,000 versus someone who makes $50,000, if they each get a 5% tax cut, the first one pays $25,000 less in taxes, where the second one only pays $2,500 less in taxes. ........ Read More

Reverse Mortgages – A Tax Free Income For Senior Citizens

I fully realize if it sounds too good to be true, it probably is and There Ain’t No Such Thing As A Free Lunch (TANSTAAFL) immediately jumped into your head when you read the title of this article. However, if you are 62 or over, you may have just found the goose that laid the golden egg. A reverse mortgage is exactly what the name implies. Rather than you paying a monthly sum of money to a mortgage company, a mortgage company pays you. There are three types of reverse mortgages and all have ........ Read More

Debt Settlement And Income Taxes

A very large number of people find themselves owing thousands of dollars to credit card companies and as a result, searching for viable options to successfully eliminate their debt in order to avoid a bankruptcy filing. Debt settlement has become a very popular alternative to bankruptcy amongst scores of individuals – especially since the bankruptcy laws changed back in October 2005. As you may know, debt settlement is a process which enables debtors (consumers) to negotiate a reduced pay-off ........ Read More

The History Of Income Tax

They say death and taxes are the only two certain things in life. Alas, this wasn’t always the case. Well, at least for the income tax. The History of Income Taxes Our great nation came into existence in fits and starts. Following the revolt against the British, a federal government was elected and the fun began. This “fun” inevitably led to the situation where not everyone could agree on what the United States should stand for, much less what laws should be enacted. As a result, there ........ Read More

Obtaining A Federal Income Tax Refund

“You’re getting an income tax refund”! Those are the words that every taxpayer would love to hear. A federal income tax refund occurs if the tax you owe is less than the sum of the total amount of refundable tax credits claimed and the total amount of withholding paid. For many individual taxpayers those federal tax refunds can be obtained through Earned Income credit, a real refund of overpayment of tax, or through an overpayment from previous years. Some people really believe that g........ Read More

Why Income Tax Hurt Income Earners And Workers

All wealth redistribution comes in the form of the equivalent of tax and welfare. However, you need to be careful. Incorrect taxation schemes can result in less wealth for you. You see, by reading this website I would suppose that you’re poor or middle class wanting to skyrocket your income, right. Rich means owning a lot of money. If you’re poor and would want to get rich, you need to have a lot of income. So will income tax help? No! Abolish income tax. The Peril of Income Tax Income tax........ Read More

Income Tax Help

Most people hate doing taxes, but they usually get them done and sent out on time. Taxes aren’t so bad if you are getting a refund, but the process can be daunting. If you have any deductions for work or owning a business, there is a lot of paperwork that you have to keep track of if you want to make filing easier. If you don’t go to someone to get your taxes done for you, you may need some income tax help if you get stuck. Most tax forms come with instructions, but these, as you prob........ Read More

Taxes, Income And Other Ones

The story of American income taxes begins 1812. The 1st attempt to inflict an income tax on Americana occurred as a result of the War of 1812. At the end of two years of war, the federal government owed an unbelievable $100 million of debt (in inflationary terms, it probably had the same impact on the treasury as $100 billion debt would today). To pay for this, the government doubled the rates of its major source of revenue, customs duties on imports. This measure obstructed trade so severely t........ Read More

Slash Income Taxes By Doing What You Love?

That's right, you can take advantage of the IRS tax code and save a lot of money that you'd otherwise send to Uncle Sam by doing what you love. The secret is to simply set yourself up as a small business and take tax deductions for related expenses! This is very easy and inexpensive to do. You can then turn many personal expenses into business one that you can deduct! It doesn't matter if you are retired (in fact this is a perfect time) or just getting started in life. You can start doing ........ Read More


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Save Money Save Loan Budget Income Tax
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