Category Archives: Taxes

Srinivasan Anand G. The Direct Taxes Code Bill, 2009 is silent on the tax treatment of reverse mortgage. The author opines that having regard to the nature of the transaction, the position which prevails under the Income-tax Act, 1961 will continue under the Code also. However, it is desirable that express provisions be incorporated. 1. Under section 47(xvi) of the Income-tax Act , 1961 (�th......

The day I left my suburban life in Kansas City and decided to spend the next 30 months in Rio de Janeiro is something that I don”t regret. I was carefree and loved having left behind my American ways and embracing their exciting culture. Little did I know that I still had to pay my taxes, nor that Foreign Earned Income was even a sentence that my life would revolve around!. The knowled......

Homeowners are amazed to learn they can obtain a copy of the appraisal district’s evidence at a nominal cost. This is referred to as a House Bill 201 package, and is the only information many homeowners use to successfully reduce their property taxes. Obtaining a House Bill 201 package when appealing your property taxes can greatly increase your chances for a successful appeal. House ......

As a practicing tax accountant I am often asked what can I deduct on my taxes? During the past 18 years of tax preparation I have tried to answer this question to best suit the needs of the particular client. The deductions described in this article are intended to help you with this question. Did you change jobs last year? If you satisfy certain tests you are able to deduct the expenses ......

You may qualify for a deferral of the back taxes you owe if you can show that your military service compromised your ability to pay your taxes. The Service Members Civil Relief Act provides this unique benefit to active duty members of the military service that owe back taxes; whether you are in the Navy, Army, Marine Corps, Air Force, Coast Guard, as well as commissioned officers of the uni......

A lot of people allow expenses to add up over time, these charges can result in you owing back lots of money to the IRS. Most people find it difficult to repay the entire amount of the money they owe right away, this is exactly why there are many IRS settlement plans set up for people who are having monetary troubles. If you already know that you are capable of paying off your Internal reven......

It is obvious that doing taxes is not an entertaining task but it is not entirely a daunting task as well, if you opt for doing it online using tax software. When you’re confronted with the difficult, at the same time important, task of filing your taxes before the due date, then it would be a fine alternative for you to do your taxes online free. Yes, there is nothing to surprise if yo......

Income tax debt can be stressful to deal with but nevertheless can be dealt with in quite a few manners. With the current economic situation, the IRS is taking measures in order to help tax payers avoid IRS tax levy and get suitable tax solution. The IRS has given tax payers the option of choosing the Direct Debit Installment Agreement, that allows them to make the necessary payments in orde......

There are only a few things that are guaranteed in life and one of those is taxes. The government is going to their money and if you forget or make a mistake along the way then they will be happy to remind you. Most people do not want to get in a position of owing back taxes to the government but sometimes mistakes or problems occur that make back taxes a reality. Reasons You May Owe Back ......

When it comes to getting help for delinquent taxes, there may be many choices available to you. There are simply thousands of accountants and other tax professionals that will offer to help you to solve your delinquent tax problems. However, there are only a handful of tax professionals that offer Christian taxes ethics. Jay Allen Finn, CPA provides help with IRS problems and follows Christi......