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According to IRS, every American citizen is responsible for filing their own tax return when required to do so through a duty known as voluntary compliance. Fortunately the majority of Americans comply by determining and paying the correct amount of taxes to the government. However, there are many that willfully and intentionally violate their legal duty of voluntary compliance by failing to......

Transfer taxes are excise taxes which are imposed when property is transferred to another person. The transfer can be during life (a gift) or on death (a bequest). The transfer taxes that most of us are familiar with are the gift tax and the estate tax. The gift tax is imposed each calendar year on the transfer of property by gift made during that calendar year. There are exclusions fro......

Are you paying too much in income taxes? Are you getting all the credits and deductions you are entitled to? Here are 7 tips to help you minimize taxes and keep more in your pocket: 1. Participate in company retirement plans. Every dollar you contribute will reduce your taxable income and thus your income taxes. Similarly, enroll in your company’s flexible spending account. You ca......

Everyone who earns any type of income knows how confusing federal taxes and dealings with the Internal Revenue Service can be. When the April 15th deadline begins to sneak up every year, the entire nation begins to feel the frustration of sorting out their income taxes. With the thousands of areas in which people can find deductions, one of the most confusing areas to consider is the handl......

Most people don’t really look forward to filing their tax returns and paying their taxes. As it is, there really isn’t much to look forward to because it is a tedious process that can take weeks to complete. Some people even have the bad luck to raise the interest of the IRS. The trouble is, most of these people’s mistakes are not intentional. They just lack proper tax prep......

Misrepresentations to Small Home-Based Businesses That Are Causing Millions to Overpay Their Taxes! Untruth #1: Tax professionals are trained to know everything about taxes so I don’t need to know about them. Truth: It is impossible for anyone to know ALL the tax rules. Updates to CPA’s/Accountants and Tax Preparers usually only include laws that pertain to PERSONAL income taxes.......

Ten Ways to Potentially Lessen Your Tax Burden in 2008 As the end of 2008 is fast approaching, now is the time to make sure you are taking advantage of all the opportunities to minimize and defer taxes. Below are ten key tax management strategies to consider before the New Year. 1. Take advantage of gifting opportunities.Give your appreciated long-term securities to older children in the 10......

You must know that you are obliged to pay taxes by the US government if you are an American citizen living overseas. If you don’t know how, you’ll find that it’s a rather easy process. To steer clear of IRS problems, filing is certainly a much better option. Most people think that they have a free pass for not filing their taxes if they work abroad. They also believe that t......

Taxes are something you just can’t get around. Or maybe you can? With just a bit of financial know-how and education, there are lots of things you can do to reduce the amount of taxes you pay, so you get more money to spend. Of course, these are all things that you can legally do, and not have to worry about facing an audit from the IRS in the process! Before you go any further, the......

Tax season can make you manic-depressive. Nothing is more depressing than preparing your taxes. Nothing is more manic than planning how to spend your tax refund. Ah, but when is it going to show up is the biggest question most have. A quick word about tax refunds. While getting one may seem the greatest of things, it actually should cause you to take some time and analyze how you are paying ......