Internal Revenue Code

Which is Best: 1099 Independent Contractor or W2 Wages It's a common conundrum; which is best 1099 contractor or being a W2 employee. Many business give their employees an opportunity to make this decision for themselves. If you ever find yourself in this situation, be sure to consider the following information. Taxes The first thing you should look at is the taxes you will be asked to pay. As a 1099 Independent Contractor, you will be forced to pay both Social Security and Medicare. This comes…

Wacky Tax Deductions Unusual Tax Deductions Generate Unexpected Income People have successfully claimed some pretty zany deductions, and in the interests of lightening up the dry topic of preparing taxes, we 'd like to examine the lighter side of business and tax planning by covering some of these deductions. Of course, there is a point to reviewing these wacky deductions -- you’ll get a better of idea of how the IRS applies tax law to your tax claims. You can deduct those claims that the IRS…

Government is recollecting less tax revenues each consecutive year because inversions. A study shows that companies are holding more than $2 trillion in capital outside of the U.S. boarders. Because once a company decides invert, it is no longer U.S. taxpayer. Tax inversion is a form of tax avoidance. Why? Because tax inversion is perfectly legal, so it is not a kind of tax evasion. Even though the purpose of tax inversion is to lower or pay less taxes, Internal Revenue Service permits to…

Idolatry is the worship of an inanimate object meant to represent a god. In the past humans worshipped idols to receive a bountiful harvest, a successful childbirth, or pleasant weather. Later, society began to evolve from these asinine rituals into a more developed practice; they shifted their outlook to a more human-centered approach called humanism. With advanced thinking and new discoveries in medicine, the arts, and architecture, humanism, a philosophical viewpoint that emphasized the value…

Have you ever needed something, but did not have the transportation or it was too far away? This is a question that most can relate to in some way. Growing up in a small town this is something that was often faced and the commute to the “big city” was sometimes a daunting thought. The hour or more drive, terrible traffic and the crazy drivers, but it is what had to be done to go to the movies, Home Depot, the Pediatrician, OB/GYN and Chili’s. While some may not be able to comprehend the idea of…

QUESTION NO 1: Jack and Jill who own a business called Bed and breakfast in a partnership. During their financial year they bought some of the assets for their bed and breakfast business, on the other hand they bought one more asset for their investment property which is own by both in partnership as well. Below are the assets they bought for their bed and breakfast business and the cost (depreciation) they can claim on their taxable income of the year. There are two methods that they can…

Obamacare • Secret Service Sex Scandal • Downplay of ISIS • Associated Press Scandal • NSA Scandal These are but a few of the questionable acts from a very long list. One scandal in particular, is enough to raise a few hairs on your neck. That is the Internal Revenue Service scandal. Caution, if you value your right to privacy, read on. What was the IRS Scandal? The IRS scandal targeted conservative groups who were applying for tax exempt status. Many of these groups…

time of tight financial crunch and lack of government resources, where do some of our citizens find help? Nonprofit organization (NPO) becomes more needed than ever in our community. It is a term coined by the Internal Revenue Service (IRS), defined as a tax-exempt organization whose revenue turnover should be used entirely to enhance their charitable amenities. NPO plays an essential part in social, economic or beneficial in all communities. American loves nonprofits. They represent…

Are you one of those people that every once a year you have the obligation to do taxes? Whether you like it or not this is a duty that must be accomplished in order to not get into a dilemma with the government. In order to do your taxes you must know the history and how they came to be. If not, you are just doing paperwork for the government without knowing what you're getting yourself into. It all dates back to the summer of 1861, we are in the verge of the commencement of the Civil War. The…

section 117 (Reg § 1.74-1(a)(1)).” The regulation clearly states that all amounts received as a prize or award are required to be included in gross income. The Pontiac G6 awarded to Oprah’s audience fits the description of a prize or award stated in the code. There are exceptions…