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| Ten Of The Most Detrimental Tax Habits of Careless Taxpayers! | |
Sep 04, 2008 - 3:09 PM - by TaxGuru | 1.Lacking a coherent tax strategy.
A Tax plan or strategy is a process of considering “various tax options” so as to determine when, and how a taxpayer should conduct both his or her personal and business transactions so that their potential tax liabilities are either eliminated or substantially reduced.
2.Pursuing a short sighted tax strategy.
For example, a business owner despite having little taxable income in the current year insists... [Read More] | | | | What are the consequences of not filing your Tax Return on time? | |
Sep 04, 2008 - 3:04 PM - by TaxGuru | What are the Consequences of Not Filing Your Taxes On Time?
Taxpayers sometimes thing that it is a smart idea not to file their tax returns so as to avoid having to both declare their actual tax liability to the IRS and having to pay the IRS their fair share of their tax liability.
This situation is especially common for Taxpayers who choose not to file their tax returns because they find themselves in a situation where they already know that they owe money... [Read More] | | | | What are Senator Obama's Tax Policies? | |
Sep 01, 2008 - 10:08 PM - by TaxGuru | SENATOR BARRACK OBAMA'S TAX POLICIES
The following are the current tax proposals that are associated with this candidate:
1. With Respect to Tax Cuts
a.Refundable Making Work Pay tax credit of 6.2 percent of earnings up to a maximum of $8,100.
b. Refundable Universal Mortgage Credit of 10 percent of mortgage interest for non itemizers.
c. First-time buyers tax credit for new farmers.
d. Small Business... [Read More] | | | | Do you have to be a Millionaire in order to have an Estate Plan? | |
Sep 01, 2008 - 9:57 PM - by TaxGuru |
There is a prevailing view that "Estate Planning is just for reserved for the Millionaires!". This is simply a fallacy and the reality is that Estate Planning is for anybody that is concerned about the disposition of their assets after they die.
More importantly, Estate Planning is especially important for people in a number of ordinary life situations such as the following;
1. Married Couples.
It is recommended that each Spouse have a separate... [Read More] | | | | What are Senator John McCains Tax Policies? | |
Jul 16, 2008 - 11:54 AM - by TaxGuru | SENATOR JOHN MCCAIN'S TAX POLICIES
The following are the current tax proposals that are associated with this candidate.
1. With Respect to Tax Cuts
a. Allow first-year deduction of 3 and 5-year equipment, deny interest deduction (expires)
b. Reduce maximum corporate tax rate from 35 percent to 25 percent
c. Increase the dependent exemption by 70 percent (phased in)
d. Suspension of the federal gas tax... [Read More] | | | |
