About Taxes

Although most of the real estate news seems to focus on the First Time Home Buyer Tax Credit, there has also been a new tax credit that will be signed in that is geared to help existing home owners.  The goal behind this bill is to encourage potential buyers who already own a home and have maintained (or paid in full) their mortgage bills steadily for at least five years.  These buyers would usually be moving up, or buying a larger or more expensive home.  The strong buyers' market that is ...
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Different countries have different tax laws and have different rate of 'tax deduction' and different rules for 'tax credit' that reduces total annual tax payable, by the amount of 'tax credit' a person is eligible for. Tax deduction in effect reduces your total income whereas tax credit reduces your total tax burden. So we can differentiate between the two in many ways some of which are described below. 1. Tax deduction is done in a number of ways like tax deduction at source by ...
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<!-- @page { margin: 2cm } P { margin-bottom: 0.21cm } --> Under the Income Tax Act, property is considered as one of the heads of income. Hence, tax is levied on it. In India, property includes flats, buildings, shops and such. Though land itself is excluded from this kind of tax, but the one adjacent to apartments and houses is accounted to be a property and hence, falls under the tax. The property tax is levied by the local municipal corporation in order to carry out ...
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Companies are to submit income tax returns for every fiscal year. Individuals are to submit the same. Income tax for a year is charged on what companies or individuals earn in that particular year. Income tax is charged on the net income of a company or of a business house for a particular year whereas total annual income is considered to fix income tax for the individuals. Tax system or taxation may be of progressive or digressive variants according to the standard norms of the ...
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While the inception of penicillin brought a bit of a stir, and the television warranted some focus, it is somewhat easier now to fashion an idea into something sustainable. Easier again is the ability to make an idea into a business without leaving the house. For this to happen, we must blame our current communications networks, or more specifically, the Internet. Tele commuting, as it is known, can never replace physical relocation. Nor is it likely that we will be able to download a pint of ...
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'Unreported Income:' The best way to get the IRS to send you a love note suggesting you two get together for a chat. That means an AUDIT! If you received W-2s and/or 1099s, guess who else got copies? Yup,the IRS.And they now have a sophisticated computer program that matches every W-2 and 1099 with 1040 Tax Returns. Guess what happens when they get a 1099 that isn't reported on your 1040? Hey,you're quick! Although most income you receive is taxable,and must be reported as 'earned income'for ...
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Which is better? Many people use their anticipated tax refund as a type of "forced savings."  If you're not disciplined enough or don't have a high enough income to put anything in savings during the year, your federal tax refund may serve well as a form of savings for large purchases.  But is this really the best way to go? Big Refund Equals Lost Interest If you try to maximize your refund during the year you're losing out on additional money.  The IRS is basically holding ...
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21st Century Counter Trade By William Cate The U.S. Department of Commerce hates it. The World Bank questions its long-term economic impact. However, an estimated 130 countries are doing almost US$500 billion worth of global trade under counter-trade-related schemes. If the world relied solely upon Counter Trade, the U. S. wouldn't have a $278,000,000,000.00 trade deficit. The world debt crisis and growing weakness in the American Dollar has made trade financing very risky and thus increasingly ...
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The term 'levy' is used to describe a number of collection methods the IRS employs. Levies actually redirect funds to the IRS as a repayment of a debt. Following are a few different types of levies:Wage garnishments actually fall under the levy heading. Wage garnishments redirect a portion of your income directly to the IRS. A garnishment continues until either the debt is repaid, expires, or you successfully negotiate a release. Wages can be a paycheck from your employer, federal payments like ...
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As utilities auditors and consultants, one of the most common overcharges we encounter is in the area of sales tax. Our consultancy is in New York State, where some commercial uses of electricity are taxable and some are not. Yet we find that many non-taxable uses of electricity are taxed, anyway. Evidently electric companies -- at least some of them -- elect to play it safe:  when in doubt they collect the tax and turn it over to the taxing authority, whether it's owed or not. ...
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