VAT: The Basic Principles

VAT (Value Added Tax) is a sales tax, levied on the expenditure of consumer goods and services and business transactions, which is paid by the consumer at the point of purchase and collected by Her Majesty’s Revenue and Customs (HMRC). First introduced to the UK in 1973, it is now a major source of revenue for the government.

Mortgage Interest Tax Deductability - What Are The Limitations

What Americans don't realize about the limitations on their mortgage interest deduction can cost them a lot of money in the future.

How Are Bonds Taxed Upon Death

Question: My grandmother, recently deceased, left E, EE, & HH bonds to me, my sister, and mother. The total is approximately $600,000, under the limit to be taxed. However, there is substantial interest accrued on the bonds. What would be the best way to distribute these? Should we have them changed to our names to avoid the Capital Gains or do the taxes have to be paid before distributed? Will taxes be due when we eventually cash them in? Will any taxes be due on the HH bonds? Are the CGT over and above the income taxes? Please Advise. Thank You. R.

How to Settle Your Tax Debt for Pennies on the Dollar

When you owe the IRS for back taxes, you probably owe a large sum. Most people who fall behind in their taxes, owe for more than just one year. When you owe back taxes, you know that the penalties and interest will end up costing you more than the original debt - usually MUCH MORE!

Accounting - Tax Deductible Medical and Dental Expenses

The itemized deduction option is available to taxpayers who wish to claim medical and dental expenses. The option gives taxpayers a larger total deduction, if they qualify.

Purchase Your Car With Unsecured Car Loans And Fair Sum Of Money

Buying a car, particularly a swanky one needs a hefty amount of money. For most people in UK it becomes difficult, sometimes almost impossible to purchase a car in cash. That is why many car purchasers depend on car financers and car dealers to buy the car of their choice. But research reveals that these people end up paying a large sum of extra money by financing their car through car dealers. Instead, taking an unsecured car loan, to finance the car can save the buyer a fair amount of cash.

How Long Does the IRS Have to Collect Taxes From You?

IRS can extend the ten-year period by suing you in federal court. This does not happen very often, so I am told.

Who Hates Taxes?

I would love to pay a lot of taxes, A LOT! Crazy you say, well the reality is unless I am going to dodge the law and take my chances I am going to have to pay taxes.

Making More Money from Capital Gain Taxes

As we may know, keeping a diversified portfolio can be beneficial to the overall health of our financial stability and growth. Taking a closer look at each investment, they fall into two categories of taxes: capital gains tax and ordinary tax. Many people have both types of taxes within their portfolio but are not sure which tax applies to the investments.

Not all CPAs and Attorneys Are Knowledgeable on Capital Gains Tax Issues

Does your CPA, Attorney, Financial Advisor or Realtor understand how to help you with your Capital Gains Tax Problem? Many have no idea, but are reluctant to tell you so.

10 Things Every Taxpayer Needs to Know About the Pension Law

The new pension law provides a surplus of tax breaks likely to affect taxpayers and retirees and includes provisions regulating charitable giving and tax deduction procedures. A list of important provisions is provided in the following article.

IRS and California To Crackdown On Options Backdating Together

The IRS has joined with California's local stock options backdating task force to investigate alleged backdating of stock options iwth an intent to defraud.

What Does It Mean When IRS Assesses You for Certain Tax Years and Who Can Help You?

IRS is driven by Forms; the correct form filled out correctly will change your status with IRS within moments. Most competent Tax Practitioners know and understand this. Sometimes it is only a matter of providing additional information to IRS or amending the tax return

What Are The Advantages Of A Rental Property Tax Deduction?

So many advantages are available to those who are working as a landlord on rental property in the form of the rental property tax deduction. Rent, payment to cancel a lease, expenses paid by the renter and many other things can be part of the amounts you can claim under the tax deduction. Find out more...

How Can I Qualify For A Mortgage Tax Deduction?

When buying a home there are many tax benefits you can take advantage of, including a mortgage tax deduction. Besides a real estate deduction, a mortgage tax deduction can be a great benefit. Find out more...