February 1, 2012 – 1:15 pm
If you have recently come into a large sum of money, you may want to think about setting up a structured settlement instead of receiving a lump sum. While this option isn’t for everyone, it can be beneficial when it comes to budgeting, and paying less tax on your earnings.
Here is a four-question guide to structured settlements.
1. What is a structured settlement?
A structured settlement is when you receive periodic payments for the money awarded in a lawsuit that you have won. It is “structured” because you are agreeing to receive a set amount of that money each … Read more at 2008 Taxes.
January 15, 2012 – 9:52 pm
No one likes to pay taxes. In fact, you may even wonder where your hard earned money goes. It’s especially upsetting to hear that government money was used to fund some insane research, like whether or not mice like cheese. Regardless, you have to pay them. Still, it helps to know where that money goes. This April, maybe you’ll be a bit more at ease knowing that your tax dollars are actually be used for some pretty amazing things.
How Are Federal Income Taxes Used?
It may surprise you, because our military gets paid so little, but over 50% of … Read more at 2008 Taxes.
By Steve
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Also posted in irs, Stimulus Bill, tax return, turbotax
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Tagged income tax, internalrevenueservice, Politics, Social Security, tax, Taxation, Tennessee, United States
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January 12, 2012 – 11:37 am
Did you know that whenever anyone dies, the money and the property which is left to the beneficiaries are subject to an inheritance tax? This tax is usually 40% of anything above the threshold, which in the UK at the moment is £325,000.
However, if you are like most people you will not want to see a large chunk of your inheritance go towards taxes. Luckily, there are ways that you can avoid meeting the inheritance tax threshold and not have to pay. Effectively planning your inheritance can save your family hundreds of thousands of pounds.
As house prices … Read more at 2008 Taxes.
By Steve
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Also posted in Tax Preparation, tax return, turbotax
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Tagged Estate tax in the United States, Facebook, income tax, Inheritance tax, Money, Simon Grant, tax, Taxation, Trust law, turbotax, United States, Washington D.C.
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January 11, 2012 – 5:12 pm
Business owners would agree that a proper bookkeeping system is not only essential, but it’s also the foundation that will secure your company’s financial future.
Running a business means more than just keeping your clients happy; it requires proper systems that are in place to secure your company’s future, whether this is looking after your employees, providing top-notch customer service, or maintaining a decent set of books. Bookkeeping is one of the most important aspects of managing an organization and failing to look after this important part of your office can ultimately lead to a financial disaster.
The Basics of … Read more at 2008 Taxes.
By Steve
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Also posted in Debt Relief, Tax Preparation, tax return, turbotax
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Tagged Accounting, bookkeeping, Business, Customer service, Employment, Finance, Small business, turbotax
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January 10, 2012 – 4:12 pm
All of us are liable to make mistakes every now and then; after all, we’re only human. But there are some seemingly small mistakes that can snowball into something big and bring irreparable consequences to businesses.
If you have typos in a book report, or forget to pay a bill on time, it is easy to be forgiven for these minor errors. However, when you are part of a large company, a simple mistake can turn into a million dollar lawsuit that can render your business helpless or bring it to the brink of bankruptcy.
Listed below are some of … Read more at 2008 Taxes.
November 22, 2011 – 3:26 pm
The Internal Revenue Service (IRS) grants organization eligibility in receiving donations and giving them a tax-deductible status. Qualified organizations meet requirements upon obtaining the status that allows taxpayers to claim charitable deductions. You may ask the organization about their status in which they should be able to provide you with details. There is also a listed publication (IRS Publication 78) available through the IRS that lists qualifying organizations.
The most common way in determining if the organization is qualified is to review organization types. There are 5 general types of organizations that will have an assigned status such as … Read more at 2008 Taxes.
