Category Archives: Taxes
One aspect of all laws, and tax laws in particular, is that they change. Not all laws and not all the time but it’s vital you are aware of the current law if you are considering using bankruptcy as a tool to deal with your tax debt. An appointment with a bankruptcy attorney should assist you in understanding your options.
If you have income tax debt due and your financial position is difficult, one option can be to file for bankruptcy. As a general rule Bankruptcy can be used only t......
Six Important Facts about Dependents and Exemptions
Some tax rules affect every person who may have to file a federal income tax return – these rules include dependents and exemptions. Here are six important facts the IRS wants you to know about dependents and exemptions that will help you file your 2010 tax return.
1. Exemptions reduce your taxable income. There are two types of exemptions: personal exemptions and exemptions for dependents. For each exemption you can deduct $3,650 on ......
When unpaid taxes accumulate overtime, they can be quite troublesome and difficult to fix especially when the IRS starts sending you notice. As stated in the constitution, any person who is working and receiving compensation in the United States must pay their taxes. Failure to do so is illegal and shall be dealt with accordingly. Some Americans often fail to file a return as a result; they must bear with large penalties and interest rates because of their negligence. So you see, nonpaymen......
Tax credits
The tax credits might or might not be having refund liability to that extent as if there were any chances for them to exceed their particular tax rates. Tax system might allow tax credits for the businessmen or any other individuals, such tax grants are variable by the type of the credit.
Employee Tax Forms (what is hr tax)
This heading includes what actually HR tax credit is in general.
This comprises of a system in which all employees should complete a specific Form given to ......
Income of the employee is treated as the wages provided by the employer while estimating Federal Insurance Contributions Act taxes (FICA). The credits granted are equal to the obligation of employer under FICA for the tips excluding the ones compensated for the wages to satisfy the Federal Minimum wage rate. The minimum wage rate established to calculate the credit is $5.15 per hour with effect from 1st January 2007.
Credit Allowance
The amount of credit that is allowed for the tips that ......
For both individuals and businesses in Naperville, tax preparation can be a difficult and stressful process. Having the right people in on your side can make it much easier. At Susan S. Lewis, Ltd., we bring experience to the table and a sincere interest in your fiscal well being. Whether your needs are small or complex, personal or corporate, we’ll provide you with the exact services that you require–we’re on your side.
Whether for a single individual or a large bus......
What is the Home Buyers’ Tax Credit?
For 2009 and future years, the Home Buyer’s Tax Credit (HBTC) is a new non-refundable tax credit (which means it reduces the amount of income taxes paid). It is based on an amount of $5,000, for certain home buyers where the purchase closing date is after January 27, 2009.
How is the HBTC calculated?
The HBTC is calculated by multiplying the lowest personal income tax rate which is 15% in 2009 by $5,000, meaning in the year 2009, it is worth......
McConnaughy is a name of a family that traces its origin in medieval times. McConnaughy originated in Scotland. They inhabited the western coast of Scotland and the desolate islands of Hebrides. The name McConnaughy came from a personal name Roberts. The senior branches of the family tree, known as Clan Donnachaidh, were the hereditary abbots of Dunkeld. They descended from Iona. Abbot Duncan of Dunkeld led the warriors bearing the reliquary of St. Columba in 964. He was killed in the batt......
Employers are entitled to tax deductions for mileage reimbursements to employees. However, the types of records maintained affect tax reporting by the employer as well as the tax impact on the employee.
A registered tax agent, such as an IRS enrolled agent may be called upon to represent either employers or employees relating to mileage reimbursement matters. Reinforcing knowledge about such subjects is the purpose of meeting the annual enrolled agent education requirement.
Mileage reimbur......
In general tax credits can be figured out, by deducting all amounts deductible from the gross earnings and then figuring out the real amount of tax to be paid and then, finally reducing this figure by the total credit you are going to claim. Thus business credit is an advantage over the business tax. Business Tax credits are established in gratitude of business tax already compensated, as a financial backing, or to support investment and other activities.
Credits
Business Tax credits may o......
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