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Important Insights On Inheritance Tax Planning

Inheritance tax planning is one of the most important financial arrangements you must engage in before you die. This involves two major actions. These are: preparation of your estate which includes all the things you own like businesses, properties, savings and other assets; and managing your estate dues for the benefit of your rightful heirs.

Capital Tax – The Best Option For The Economy

In its election campaign Labour promoted a capital gains tax. That at least recognises that we have a terrible hole in our tax base, and what results is a misallocation of capital to the detriment of the economy.

Money in Motion: How Governments Create Perpetual Income

In British Columbia, we recently engaged in a heated debate: we could amalgamate our taxes (using a Harmonized Sales Tax, or HST); or, we could continue to separately pay both the Provincial Sales Tax (PST) with a separate billing for the federal Goods and Services Tax (GST). Yes, we Canadians are stunningly creative with names. But more to the point… what people need to realize is that it is the movement of money that is taxed. Who and how, or what we call it, is actually stunningly irrelevant.

When the Tax Man Comes Calling, You Get a Tax Relief Attorney

Fewer things are as unwelcome as a notice from the Internal Revenue Service (IRS) about something you owe them. This is news that is about as well received as your dentist telling you that you absolutely must have a root canal treatment. Having a good IRS tax attorney is just like having a good dentist: the pain will not be too much.

Thinking of Buying a Home? Watch Out for the Alternative Minimum Tax “Bite”

Economists are saying the real estate market may finally be bottoming out. New construction activity is picking up, as are resales of existing homes. There remains a significant of foreclosure activity, but to a buyer this is just another opportunity. While in general the tax advantages of home ownership are well-known and well-publicized, little is actually known about the Alternative Minimum Tax implications of home ownership.

Online Taxes: Examples of Deductible Charitable Donations

It’s common knowledge that the wedding industry is enormous, and extravagant. Being a 60 billion dollar industry means it’s also very expensive. One cheap father had the brilliant idea to invite a few of his business clients to the wedding, which he attempted to use as leverage to write off his daughter’s entire wedding as an entertainment expense for his business! This, to no one’s surprise, was flagged by the IRS and he was forced to not only foot the bill for the wedding, but pay some hefty fines as well.

What Is E-Filing and Am I Eligible?

E-filing allows you to submit your tax return to the IRS electronically, greatly expediting the filing process. Anyone can e-file their current year return, but it is not available for prior year returns, which must be paper filed.

Tax Deductible Credits and Deductions for Single Parents

In our society we have had an unfortunate shift in the family dynamic… In 1947 the average family was 2 parents and 2 children. Now that statistic has shifted dramatically, and more families are getting by with half as many parents.

Why A Few Business Owners Pay A Whole Lot Less Tax Than Others – One Big Reason

This article explains one of the BIG tax mistakes that results in some business owners paying a lot more tax than they should. Read on to find out how to avoid this mistake…

Resolving Back Taxes: How an Accountant or Tax Attorney Can Help

If you’re stuck in a cycle of accumulating back tax debt, you don’t have to muddle through alone. Hire an accountant or tax attorney to discuss your payment options and help you move forward.

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