How Much Money Do You Really Make?
July 9, 2008
How often have you head someone say: I make 100k a year. It sounds good doesn’t it, but it is not true, regardless of of what your w2 states at the top line. That is so because it is not the top line that matters. What matters is what is left for you to spend after all the taxes which are taken out. Often even that number is too high because after you file your income taxes both state and federal, you find you owe ever more money. In most countries when people speak of their income, they almost... Read more »
How to Enter Into a IRS Installment Agreement
July 8, 2008
If you are unable to pay the full taxes at one go, it is best to apply for an installment agreement in Form 9465. This can be done online, if the tax dues are less than $25,000. For higher tax dues you will have to fill up Collection Information Statement as well in Form 433F and may have to visit the tax office. You can also call the IRS and explain your problem to them who will then guide you in the matter. Remember, however, to file all the back returns, if not filed, as that is a necessary precondition... Read more »
Planning Investing and Retiring
July 6, 2008
While many don’t want to look that far ahead, and worry about money when you don’t know what is going to be in the future it is important to plan something at one point. What do you need to deal with for life planning? Your life planning is going to involve so much more than saving money. You also need to know how much money you need, where you will keep your money, and what type of lifestyle you want to live as you begin to retire. You need to set aside money for your death, your life,... Read more »
What is Penalty Abatement?
July 1, 2008
Maybe you are one of the numerous taxpayers who have been affected by tax penalties levied by the IRS, as you were not able to pay your tax dues on time. It is obvious that for the taxpayers who have tax debts, the IRS will swiftly asses penalties and late fees on the due amount. The interest may not be very high, but will accrue at a considerable rate and can increase your liability in general which will make it tougher to pay back to the IRS. In case you have a very big amount of unpaid taxes... Read more »
How To Turn Your Old Beat-Up Car Into A Car Donation Tax Deduction
June 24, 2008
If you’re thinking about donating a car to a charity you may want to keep the following tips in mind. A car donation tax deduction can benefit not only you and the charity but a person in need also. Charities have the option of using donated vehicles for their own use, for providing transportation for volunteers or for charity-related activities such as picking up supplies etc. But more often they will already have enough vehicles and they will sell the auto, truck, RV, airplane or other vehicle... Read more »
Hong Kong Urged to Reduce Corporate Taxes
June 22, 2008
Hong Kong’s economy has worsened sharply since early 2004, enabling the Chief Executive to promise in his election pledge to reduce the profits tax rate to 15 percent over his current term of office. This would form a reduction of nearly 14 percent from the current headline rate, enhancing Hong Kong’s reputation as one of the world’s most efficient jurisdictions in which to do business. A Hong Kong-based financial consultancy reports on its website that the Hong Kong government... Read more »
Is the Company Pool Car a Genuine Pool Car?
June 21, 2008
Many company directors and owners of small to medium sized companies feel that there has developed over the past ten years an unjust and ever increasing burden of taxation. There is a lot of evidence to suggest that when people feel they are heavily and unfairly taxed they start to look for ways of getting around the tax system, which perhaps they would not have done, if they felt the tax system were fair. As a contract hire company it is quite surprising to discover the proportion of vehicles that... Read more »
Revealed: Top 5 Country Tax Havens for Retirement
June 21, 2008
You have worked hard your whole life, and have been taxed every step of the way. If you are thinking of retiring, here are five options to consider: 1. Cyprus In number 1 spot is Cyprus. It tops the list of exotic destinations mainly because it has an income-tax rate of only 5% on all pensions for retired residents, as well as low property prices and no inheritance tax. It is also favored for its hot, dry summers, warm winters as well as its English speaking population. The average price of a two... Read more »
Comprehensive Tax Exemption Scheme in Singapore
June 20, 2008
The Hong Kong-based financial consultancy reports that, beginning in 2009 a newly launched company that sticks to specified conditions can claim a full tax exemption on the first 100,000 Singapore dollars (US$73,000) of normal chargeable income. This is apart from the 50 percent tax exemption provided to the next S$200,000, the report says. Beginning in 2008, a partial tax exemption will also be provided to companies on income of up to S$300,000. The measures are an apparent attempt to stimulate... Read more »
Make Sure Your Paying Your Business Tax
June 16, 2008
There are a number of renowned tax expert, just one of several home based business tax experts I’ve learned much from, wrote an article if you don’t have a home based business start one today. Specifically, you can probably deduct the business portion of your vehicle expenses on your business tax return. One really nice thing that can also be included in a home business tax deduction is that up to 50% of any gifts you may purchase that are related to the business, such as to win a new... Read more »
