Tax refund

you locate money to put towards your credit card bills each month? Here's a few thoughts: Tax return: Do you usually get a big tax refund each year? If you do, then you can certainly use part or all of your tax refund to pay down your debts. What's more, you might want to adjust your tax withholding so a lesser amount of income taxes are withheld from each paycheck; you'll get a smaller income tax refund, but you will have additional…

Those who have sat through even the most introductory of tax courses know that the determination of income tax liability is not often a completely objective matter. It has become nearly impossible for the statutes, rulings, and cases to keep up with the ever-evolving business environment. In 2006, the Financial Accounting Standards Board (FASB) took a step towards curbing this ambiguity with the release of Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48). This…

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…

Shifting the Burden During the 1950s and 60s, the biggest growth period in American economic history, the rich and the poor alike got wealthy, giving life to the American Dream in. There was as much growth in the top five percent, as there was in the bottom five percent. Welfare state measures were implemented which improved life for much of the population This made it possible for a black worker to get a decent job, buy a home, get a car, and have his children go to school. Large corporations…

made by engineers at HP. It was during this time that he decided he wants to work on computers. I was born into a family with a CPA for my dad, and a nurse for my mom. My dad has his own firm that he started a few years ago and specializes in business tax. My mom is a manager for M.D. Anderson. I grew up with all the resources that Gates and Jobs didn’t have when they were young. Phones, computers, TVs, a game system. I also grew up learning how to socialize with people. When Gates shifted out…

Thank you for choosing our company, Ma’s Tax Services, for your tax preparing needs. In response to your recent correspondence regarding travel business deductions, tax preparers have a duty to file tax returns with accurate and complete information. Furthermore, under federal tax law, trade or business deductions are disallowed if the taxpayer cannot substantiate the deductions. Unfortunately, since you do not have substantiation regarding your business travel expenses, the travel expenses are…

The issue with income inequality is not one that is only a state issue, or a country issue, but of an issue that is a global problem in today’s society. It is embedded within our culture and also within the so-called “American Dream” like nothing else in comparison. Our world is ruled by Capitalism, the world’s top heavy weights are of capitalistic ideology and have structured their economies to run in said fashion. It is near impossible to eliminate income inequality in a realistic environment,…

Income-tax notices and how to avoid them It is not uncommon to be served with income tax notices because many people may not be aware of what they are supposed to do. Most tax notices alert the recipients about the issue that needs to be addressed or corrected immediately. Whatever reason is behind your notice, never ignore the notice because the tax department can impose fines of up to Rs 10,000 if the concerned party fails to reply to the notice in assessee. The number of people being served…

considered a like exchange. Purchasing another indoor soccer arena qualifies as a like replacement according to the criteria set in Section 1031. However, purchasing stock of SoccerMagic Inc. does not qualify for exception of tax deferment under 1031. However, according to tax ruling DeCleene v. Commissioner, purchasing all outstanding stock-100 percent stake- in a holding company for the property does give the owner control over the property, which would make the purchase qualify as a like…

little foreign to most people. While you can certainly attempt to do your taxes yourself with one of the DIY programs, you might not want to. If you encounter any of these five situations, you should probably hire a tax attorney: 1. Disputes One of the more common reasons for hiring a tax attorney is disputes. If you have received an audit or are filing taxes for multiple years, you will likely encounter a dispute at some point during the filing process. While you can certainly communicate…