Archive for Taxes

How Much Is That Business In The Window-Do You Know The Worth Of Your Business?

How does one go about determining the value of his closely held business? There are many ways to make this determination and in all too many circumstances, the valuation is given little or no consideration by the business owner. Not knowing a business’ value can lead to improper estate planning, a poorly written buy/sell agreement, and a lack of planning regarding the business owner’s retirement. If this is the situation regarding your closely held business, give this article your undivided attention as we will explore my favorite method of valuing a closely held business (a business that is not publicly traded). If you are just starting a new business. please read this article and gain from it the importance of developing a strategic plan and thinking beyond it’s normal day-to-day operations.

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Get IRS Tax Relief From The Innocent Spouse Relief Doctrine

IRS Tax Relief can be found in “Innocent Spouse Relief” if the tax debt arises from a return filed jointly with your spouse. In the case of a joint tax return both spouses share liability for all tax owed. Filing for IRS Innocent Spouse Relief can allow you to be excused from tax debt and penalties.

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Tax Saving Tips: Keep More of Your Hard Earned Money in Your Pocket

During Tax Season, everyone’s biggest concern is how to keep from paying in more taxes. Often it’s too late during those lag months to do anything different, but there are a few things you can do now to plan for next year.

1. Put a Tax Savings Plan in Place, and Use It.

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Find A Tax Debt Attorney Online

You may be one of a growing number of people who need the services of a Tax Debt Attorney due to a tax issue with the IRS or State Government. Tax debt attorneys use their experience and negotiate with the appropriate authority to seek a compromise or relief of your tax debt. If necessary they will represent you in a tax claim proceeding or bankruptcy. The internet has made finding a good one online easier, as long as long as you know how and where to look.

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Finance Tax Attorneys And Tax Planning

Specialized knowledge of tax law and tax codes is a requirement of a finance tax attorney since he or she will possibly be tasked with representing their client in civil or even criminal court. To pre-empt court representation tax law and tax planning advice to clients is a valuable service they offer. The advice of a good finance tax attorney in regards to tax law can save you money and help to legally minimize your tax liability.

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Bush Proposes 2007 Health Insurance Tax Law Changes

During the January 2007 State of the Union address president George W. Bush proposed a new change in the tax law that could have the effect of lowering health care costs for millions of Americans. According to the Wall Street Journal, the government hasn’t taxed employer-provided health insurance benefits but rather gives smaller tax breaks, or none at all, to many people who buy insurance themselves outside the workplace. The tax system is especially unfair to employees who work without traditional benefits, experts say. Effectively, Mr. Bush is proposing to eliminate the imbalance by giving everyone the same deduction — $15,000 for families, $7,500 for singles.

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Income Tax Questions Answered Because of Radio - The World Is a Client of “Better Business”

Having hosted a financial radio program over several years has exposed me to many questions. Some of these questions seem rather basic to me while others involve situations I havn’t thought of on my own. I love to get questions, I really do. Questions are what make life worth living when one is a talk show host, especially when the goal is to have interaction with the listeners.

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Taxes on Personal Injury Settlements

Personal injury settlements are a way for you to recover lost funds, limit the suffering caused by your injury, and secure the right kind of treatment for your injuries. Most insurance providers will offer personal injury settlements immediately even if you are still getting treatment from the hospital. A personal injury settlement is actually a way out for insurance providers, but it can benefit you as well. For one, if you accept a personal injury settlement, this will mean that you want have to go to court. Cases like this often take a long time to litigate before you can achieve the final resolution.

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Please For Goodness Sakes-Understand What You Are Doing

For those of you who don’t know me, my name is Ron Piner and I’m a practicing CPA in Maryland. From the time I was a young fellow in high school, I knew I wanted to be an accountant. Believe it or not, when I attended the University of Maryland, all I could think about was passing the CPA exam. The thought of being able to help individuals and businesses with financial issues ranging from the very basic to the most complex is an excitement I still carry this day. I love fielding questions, I love identifying the issues at hand, and I particulary love dealing with folks who take interest in their financial matters on a proactive basis.

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Sales Tax Deduction Extended to 2006 and 2007

Traditionally, one has looked to claim the payment of state income taxes as a deduction on federal taxes in one form or another. Recent legislative changes have added sale tax payments into the equation.

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Tax Return Forms

According to federal laws governing taxation, any person, receiving an income in one form or the other, need to pay income taxes to the government annually. But, the job of preparing tax returns, the calculations and the many tax forms involved, constitute one of the harrowing experiences being an honest tax payer. To make matters worse, the complexity of calculations increases with the income. That is, more the income, more complex will be associated tax calculations and also the number of tax forms involved. This article focuses on the last of the facts mentioned, the tax forms, especially 1040ez, 1040a, and 1040.

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Here’s a Resolution for ‘07: No More Tax Problems

In case you hadn’t noticed, the taxman is after you.

Last year proved to be a year of records for the Internal Revenue Service. America’s tax-collecting agency collected $48.7 billion in enforcement revenue - the highest amount in 10 years. What’s more, audits of individual taxpayers increased 6 percent in 2006.

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2007 Brings Tax Relief for N.Y. Residents

As of January 1, 2007, New York residents have been benefiting from a decrease in hospital bills, an end to the ‘marriage penalty’ tax, health insurance equality for the mentally ill, and an increase in minimum wage, which has risen from $6.75 to $7.15 an hour. The hourly rate for workers receiving tips has also risen from $4.35 to $4.60.

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Tax Saving Tips for Small Business Owners for 2007 Tax Season

Soon 2006 will be gone and the season for tax filing will be here. It is important that before the year ends small business take advantage of tax saving tips to minimize their tax burden and maximize their returns. Here are a few tax-saving tips that small business should take advantage of:

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Last Minute Tax Saving Tip

When getting started in Real Estate 5 years ago, I was living off $850 per paycheck bi-weekly. And for a few years, I didn’t receive these big fat checks that all those real estate books and seminars were talking about. I was doing all the tedious work myself to save money. One day after work, a letter from the IRS welcomed me with a $6,500 check!

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