What Is A Deferred 1031 Tax Exchange?
A tax deferred exchange represents a simple, strategic method for selling one qualifying property and the subsequent acquisition of another qualifying property within a specific time frame. Although the logistics of selling one property and buying another are virtually identical to any standard sale and purchase scenario, an exchange is…
Tax Credits for Retirement Savings
It is a well-known fact that Americans are miserable failures when it comes to saving for retirement. Well, the government is offering tax credits to change this for some of us. Tax Credits for Retirement Savings Social security is going to be under siege as baby boomers hit retirements. Fortunately,…
Income Tax Returns Your Accountant Should Not File
You’ve been feeling uneasy (perhaps even guilty) because you’ve failed to report your under the table business income. Perhaps you’ve never filed a tax return, even though you know you owe money. Finally, you contact an accountant to resolve the situation. Although it is commendable that you are trying to…
Tax Services For Individuals
The tax services that individual taxpayers need could be very complex at times because in addition to filing tax paperwork for income reporting purposes, the individual might have investments that need to be managed throughout the year. Low-income individuals will usually perform all tax services alone because the tax forms…
When IRAs, 401(k)s, and Other Tax-sheltered Investments Don’t Make Sense
Every year about this time, people start talking about and considering things like IRA contributions. Most of the time, tax-sheltered investments make great sense. The federal and state governments have designed their tax laws to encourage such savings. However, that said, there are three situations in which it may be…
Professional Tax Preparation Requires The Right Professional For Your Specific Needs
Preparing taxes is one of the least enjoyable tasks a person faces each year. While many single or multiple income households feel that they can prepare their taxes on their own each tax season, it is a good idea to think about taking advantage of professional tax preparation services. In…
How Wealth Tax Is Better Than Income Tax
Wealth Tax Do you want to move money from the wealthy to the poor? Well, tax wealth. Wealth tax causes far less market distortion, and hence, much fairer than income tax. Wealth tax hurt productivity less. If you live in a capitalistic country, then your income is yours fairly. However,…
Tax Tips for IT Consultants and Contractors
I live and work, quite literally, down the road from the main Microsoft campus. No surprise, then, that I’m commonly asked by freelance consultants for free advice about how these self-employed independent contractors can minimize their income taxes. If I can, I try to weasel my way out of the…
Helping Working Families with the Earned Income Tax Credit
In the past, clients of NORWESCAP’s Family Self-Sufficiency program, have used the tax return they received through the Earned Income Tax Credit (EITC) for a down payment on a car, a security deposit on an apartment or to pay debts, said Penny Olson, the program’s director. For clients of Homeless…