What Does It Take To Pay Zero Taxes?

Will this be the year you finally pay no taxes?

Selling Your Business - A Tool To Reduce Capital Gains Taxes

When you sell your business, wouldn't it be nice to pay Uncle Sam as little as possible. This article discusses a method to greatly reduce and delay capital gains and depreciation recapture on the sale of your business.

Revealing the Truth Behind the Garnishment Laws

Garnishment law has been in force to improvise the mode of collection of payment for the money due towards the federal government or any other creditor. Garnishment law also states wage garnishment according to which the money is deducted directly from the person's salary after assessing the monthly expenses vis-a-vis monthly income.

Taxpayer Advocate – Customer Service at the IRS

Every business has a department that deals with complaints from customers. At the IRS, this department is known as the taxpayer advocate office.

What To Do If You Didn't Get a Form 1099

If you earned revenues as an independent contractor in 2005, you should have received a 1099 Form for the work. So, what if you haven’t received one?

Tax Preparation Software: The Good, the Bad and the Ugly

The pros and cons of using software to complete your tax return.

What Happens If You Give More Than $12,000 To Someone in 2006?

In an earlier article, we discussed the annual gift tax exclusion and how it works. In summary, we said that you could give up to $12,000 in cash or property to any one person during 2006 and not have to pay a federal gift tax. In fact, you don't even have to file a gift tax return. This is not the result of a kind and benevolent federal government at work. Rather, it is simply an effort to avoid an administrative nightmare keeping track of everyone's nominal gifts for weddings, birthdays, holidays, etc. Can you image having to file a gift tax return every time you took a bottle of wine over to your neighbors' for dinner?

Minister's Housing Allowance

The housing allowance that a minister of the gospel receives as a part of the minister's compensation is not subject to income tax. May the minister deduct mortgage interest and real estate taxes on a home the minister owns for which the church provides a tax-free housing allowance? This article answers that question and explains the tax consequences of a minister's housing allowance.

New for 2006, the Roth 401k

Beginning in 2006, a 401k plan may include a Roth 401k. A Roth 401k plan is similar to a Roth IRA. The money contributed to a Roth 401k plan is not tax deductible, but the money grows tax free and can be received tax free at retirement. Unlike the Roth IRA, the Roth 401k is not subject to income limits. In addition, a taxpayer may contribute a much larger amount to a Roth 401k than to a Roth IRA. In 2006, a taxpayer may contribute up to $15,000 ($20,000 if age 50 or older) a Roth 401k plan

Cyprus Buying Investment Property - How to handle CGT

Everyone knows about capital gains taxes these days and tips to reduce the tax paid are welcome. This article tells how you can reduce this to a minimum when you come to realise your property investment in Cyprus. But you will still have to pay UK CGT but the good news is that you can set off what you have paid in Cyprus. Finally the article tells you how to avoid paying Cyprus CGT all together.

Minimizing the Income Tax on the Receipt of Lump-Sum Social Security Benefits

Taxpayers who receive Social Security benefits in one lump sum might have to pay taxes on up to 85 percent of those benefits. This article explains to how minimize the income tax burden from the receipt of lump-sum Social Security benefits by making the proper election under Section 86(e) of the Internal Revenue Code.

Home Equity Loan Tax Deductions - Deducting Home Equity Interest

Home equity interest is tax deductible under certain circumstances. Here is some information on the requirements and circumstances when the interest on a home equity loan is deductible.

What You Need To Know About Tax Write-offs For Casualty Losses

Life is full of ups and downs, and there is no way of predicting when you will suddenly find yourself in a bad situation. However, there is at least one up side to disaster; most can be counted as casualty losses or deductions on your taxes. While you won’t get all the money back you lost, for major losses, it is worth claiming the deduction.

Avoid the Tax on Capital Gains by Donating the Property to a Charity

May a taxpayer avoid the tax on capital gains ty donating capital gain property to a recognized charity? This article explains the basic tax rules for donations of property to a charity and how a taxpayer can use them to save taxes.