Taxes on wealth or simply wealth tax is the tax levied on the value of wealth owned by a person. As the term ‘wealth’ carries with it a broader meaning, generally capital transfer taxes (which include inheritance tax and gift tax), property tax, and capital gains taxes are some times invariably referred to as wealth taxes. Taxes on wealth were…
Category: Taxes
What Your Tax Dollars Do For You
In this article, we will take a look at the influence the government exerts over our daily lives through our taxation, and the good and bad aspects of that influence. Through direct spending, the U.S. government controls approximately 43-45% of the economy. Today, government spending accounts for almost as much of the economy as spending in the private sector. After…
Dear John Letters From The Irs
Undoubtedly, you are aware of Dear John letters. Often a young lady sent them to men in the military, often containing bad news. Well, the IRS sends them to taxpayers as well. Dear John Letters From The IRS The Internal Revenue Service sends out millions of Dear John letters to taxpayers every year. Instead of informing you of a break…
Sustainable Architecture Helps Texas Instruments Save Money
Conserving energy is on the minds of most Americans today. With gas prices skyrocketing, everybody is looking for ways to save energy, which translates into saving money. If it takes $500 to heat your home in the winter, imagine how much it costs to heat a huge factory. Obviously any company building a factory needs to be as frugal as…
Save Energy And Money On Taxes At The Same Time
In an effort to help promote alternative energy and energy conservation, the federal government is offering some tax credits to people who buy certain products like insulated windows, energy-efficient heat pumps and hybrid cars. In August of 2005 the federal government passed the Energy Policy Act, and the resulting tax credits went into effect January 1 of 2006. Not only…
Finding Assistance With Your Taxes
Organizing your taxes can get quite nerve-racking. This is the main reason why many people would find some assistance in preparing their taxes. When you file your taxes, you can find someone who can do the job for you. Look for a person who is knowledgeable, an experienced expert with tax specialization. There are actually various available types of assistance…
How To Avoid Double Taxation Of Your Small Business Profits
Have you been thinking about incorporating your small business or self-employment activity? The advantages are many! For starters, you’ll be protecting yourself and your family from the possibility of a business ending lawsuit. Forming a corporation is Step One on the path known as “Asset Protection” — you are moving from the world of unlimited liability to the world of…
Tax Considerations When Hiring A Nanny
To satisfy the IRS and remain a happy law abiding citizen, you’ll need to assume the role of employer and pay employment taxes (Social Security, Medicare, etc.), report payroll withholdings (taxes, insurance benefits and the like) and of course, make sure that she is legally able to work in the United States. Here are a list of quick steps to…
How To Audit Proof Your Tax Return Forever A Recent Close Encounter Of The Irs Kind
Congress has passed legislation that is supposed to result in a more “sensitive” Internal Revenue Service. You know, not such a lean, mean, tax-collecting machine. Hmmm . . . . What do you think? A few months ago, one of my clients (let’s call him Mr. Jones) got one of those IRS “love letters” requesting more information about his return,…
Come And Get It Your Federal Tax Credits
Money is like manure; it’s not worth a thing unless it’s spread around encouraging young things to grow. – Thornton Wilder The lack of money is the root of all evil. – Mark Twain Did you know that Congress passed a bill in 2005 that can provide you a tax credit (that’s a dollar for dollar reduction in your tax…