December 9, 2010 – 10:02 am
Nevada has spent the last several years revising its corporate code to become more suitable to small, privately held companies to incorporate in.
Nevada boasts no corporate taxes, maximum privacy and protection of private assets. Other benefits include; many tax advantages, total privacy of shareholders, nominal annual fees, and no minimum initial capital requirements to incorporate.
Some of the tax benefits include no state corporate taxes, no franchise tax, no tax on corporate shares, and no personal income tax.
Probably the most appealing advantage is the protecting to your personal assets when you incorporate your business in Nevada. … Read more at 2008 Taxes.
By Steve
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Also posted in capital gain, Home Business, property taxes, tax planning, tax return
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Tagged Business, corporate taxes, Corporation, Delaware, incorporate, Incorporation (business), Nevada, personal income tax, Sole proprietorship, tax, Turbo Tax Federal Free Edition, United States
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September 21, 2010 – 4:56 pm
The Internal Revenue System (IRS) fortifies its efforts in discovering and collecting tax returns and frauds. “The IRS aims to detect tax return differences which can eventually result to an audit,” said David Gannaway, tax litigation consultant of Marks Paneth and Shron, a New York accounting firm.
According to a recent survey conducted by the Oversight Board of the IRS, the concerted efforts to rectify tax return inaccuracies are prompted by a volatile and weak economic conditions. It is roughly estimated that thirteen percent of the tax payers say yes to tax cheating which is significantly higher than nine percent … Read more at 2008 Taxes.
September 4, 2010 – 4:07 pm
In October of 2008 I received notice from the IRS that a tax audit was being done on my 2006 tax year filing. After you get a notice like this from the IRS you then set up an appointment to see the tax examiner who will be handling your case. My appointment was scheduled for November at the Deerfield Beach IRS office in Florida and I was told which documents to bring for the auditor to look at. I had not reported my entire income on the Form 1040 and that is what had triggered the examination. I would not … Read more at 2008 Taxes.
August 10, 2010 – 10:32 pm
If a creditor writes off your debt, or even if you settle that debt with your creditor, the IRS may still count the amount as taxable income.
If you work out a deal to settle with a creditor for any less money than the exact amount that you owe, or if the creditor writes off the debt, the IRS may still regard you as owing money. The IRS will consider the forgiven amount of the debt as income, and you will continue to owe income taxes on it.
How does this work? Creditors will often wait for a pre-determined period … Read more at 2008 Taxes.
August 4, 2010 – 10:39 pm
The time has come and gone to file federal taxes and even if you haven’t yet filed with the IRS, it is still possible that backs taxes be filed for your benefit.
Obviously, it’s best to pay off IRS back taxes as quickly as you can. The current approach of the government is to allow each tax payer to file their returns voluntarily. However, this doesn’t mean that payment of those taxes isn’t mandatory. While participating in the voluntary filing of taxes, on time or otherwise, the tax payer has the option of applying a number of deductions and … Read more at 2008 Taxes.
Sometimes things go wrong and you cannot make those payments. I know a case where a fellow student defaulted on his student loan payments and paid the penalty at the hands of the IRS. The IRS was actually able to prevent him from accessing his income tax refund. This went on until the student loan amount was completely paid off. The IRS is indeed a very powerful organization.
IRS Garnishment is never an ideal situation for the tax payer. It is however very popular as a method to recoup funds owed to the state. In the case of student … Read more at 2008 Taxes.
