Due to some false ideas that tax refunds are like free money, most of us have the challenging intention to spend them unwisely. If you are on the fence concerning the purpose of this unexpected money, this article might be very useful for you. There are a lot of ways on how to spend your tax refund but the best are the one's you can get profit of in the closest future. Here are some money-smart suggestions you can use as possibility to solving your dilemma:
Pay down credit card debt. Paying ...
Read the rest of this entry »
July 29th, 2010 in
Business
<!-- @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 ...
Read the rest of this entry »
July 28th, 2010 in
Business
When people have completed their tax return and realize that they will be getting a tax refund, many seek something called a tax refund anticipation loan. In this article, we will take a look at what this is and whether it is a good idea to take advantage of these loans. Each year, my friend Calvin has his tax returns prepared by H&R Block. Since he typically has too much money withdrawn from his paycheck each pay period, Calvin is always told that he is due a tax refund by the tax ...
Read the rest of this entry »
July 27th, 2010 in
Finance
This article is based on the following 2 assumptions:
1) You are a small business owner or self-employed person
(including home-based businesses and part-time entrepreneurial
activities).
2) You don't like to pay taxes. In fact, whenever you think
about paying taxes, you get so mad you end up "all lathered up
and nowhere to go."
Now, if paying taxes makes you so upset, what have you done
about it lately?
Why was your tax bill so high last year?
You paid too much tax last year (and the year ...
Read the rest of this entry »
July 26th, 2010 in
Finance
The time has come to file for income tax returns. The deadline is set at 15th of April. If this deadline is missed, the individual may need to pay certain penalties. The next deadline is October 15th. If your tax return has been rejected, you can file your tax return again by Oct. 15th, but the penalties will apply.To avoid having to pay penalties unnecessarily, try to file your tax return on time. Many people file late because of several reasons.1) Forget to file in time due to heavy ...
Read the rest of this entry »
July 25th, 2010 in
Finance
Small Business Q&A with Tim Knox
Q: I read your last column about paying income tax on eBay sales
if you are doing it as a business, but as someone who only sells
on eBay occasionally I'm still confused if the IRS rules apply
to me. Can you tell me more? -- Norman L.
A: Last week's column on whether you were required to report
income earned from eBay sales to the IRS sparked a number of
additional questions and comments from eBay sellers who were
hoping that I could somehow validate that their ...
Read the rest of this entry »
July 24th, 2010 in
Business
The purpose of this article is to demonstrate the importance of
the tax impact in the sale of your business. As an M&A
intermediary and member of the IBBA, International Business
Brokers Association, we recognize our responsibility to
recommend that our clients use attorneys and tax accountants for
independent advice on transactions.
As a general rule, buyers of businesses have already completed
several transactions. They have a process and are surrounded by
a team of experienced mergers and ...
Read the rest of this entry »
July 23rd, 2010 in
Business
The expiration of the Federal Tax Credit for first-time and existing homebuyers has been detrimental to home sales in many markets across the United States.
The decline in sales was far more substantial than economists predicted. Many markets were hit with a decline as much as 25% to 30% in home sales, often twice their expected drop.
While April new-home sales were up 45% from the previous year put the annual home sales rate at 504,000. Weak sales figures for May left many ...
Read the rest of this entry »
July 22nd, 2010 in
Finance
Someone once said, 'the best way to calculate your taxes
is'Honestly'. For 2005, add 'Smartly' to that and you'll get to
keep more than you make. This April 15th is going to be the day
of reckoning for every taxpayer. If you are smart enough with
your accounting and keep your eyes and ears open, this could be
your favorite day of the year. Take full advantage of tax
deductions due you and you can come back richer from the IRS
office.
As a home business owner who has been keeping track of ...
Read the rest of this entry »
July 21st, 2010 in
Finance
Did you receive a Form 1099-MISC and aren't sure what it means and/or what to do with it? This article will answer that question. Form 1099-MISC is one of the most common tax forms in the world of the self-employed. And it's most common use is to report income made by sole proprietors who have performed services for other businesses. By "sole proprietor" I'm referring to self-employed people such as independent contractors, consultants or free-lancers who are in business for themselves but do ...
Read the rest of this entry »
July 20th, 2010 in
Finance