IRS tax debt If you happened to be one of the unfortunate individuals to owe tax debt from your past years, or you have paid your taxes for the current year, and still expect to owe further taxes to the IRS in the form of IRS debt, it’s possible for you to find a solution [...]

1. National Tax ComplianceThe IRS is having a hard time collecting tax debts during the economic crisis. According to recent studies, Federal tax revenue plunged $138 billion—or 34% from last year—which is the biggest drop in almost three decades. A large amount of the lost revenue can be attributed to offshore tax evasion. This leaves [...]

Could you use more tax deductions?  How about a lot more tax deductions?  Read on to find out what it takes to maximize your tax savings — legitimately — so you too can live on pretax dollars in a post-tax world. The first step you’ll have to take is start a business.  Your business is [...]

Are you paying too much in taxes?  In the first two parts of this series, we addressed the need to have your own business and how that helps reduce your taxes, often dramatically.  Read on for more details on how to make sure this system works the way it’s supposed to. First of all, it’s [...]

Tax reduction is just one of the benefits of cost segregation. Many real estate owners and tax preparers believe cost segregation simply defers payment of taxes. While they recognize it effectively generates an interest-free loan from the government, they do not understand it also provides tax reductions in most cases. For most real estate owners [...]

IRS Summertime Tax Tip 2009-02 Anyone starting a new business this summer should be aware of their federal tax responsibilities. Here are the top seven things the IRS wants you to know if you plan on opening a new business this year. First, you must decide what type of business entity you are going to [...]

Why the credit crunch doesn’t have to spell disaster for small businesses and start-ups. The BBC has recently been following the fortunes of ten small businesses across the UK as they continue to succeed in the face of the economic downturn. The ten small businesses are run by people from all walks of life and [...]

The answer to this question will depend on a variety of factors. The determining factors are included if you have a mortgage or own the rental property outright. In order to receive any tax breaks on property, you will need to itemize your taxes. This task should be dedicated to a CPA so it is [...]

If you are a homeowner, you will be entitled to tax breaks when you sell your home. It is possible to profit up to $250,000 if you file your taxes singly. If you file jointly, you could get $500,000. To make things even nicer, you will owe nothing to the IRS. There are a few [...]

Summertime Tax Tip 2009-03 Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Here are five facts the IRS wants you to know about a tax credit available for child care expenses. The Child and Dependent Care Credit is [...]