Taxes Archive

Homeowners who have lost their home to foreclosure may be in for an unpleasant surprise. Many think that just because the bank has foreclosed on their home that their financial woes are behind them and …

When doing your taxes there are certain “little” deductions that are good to be aware of.  Many people will disregard the little tax deductions but if you want to be aware of what can be deducted; keep …

Getting divorced is one of many life events that has a direct effect on your taxes.  Depending upon your situation, the effects may be very good, or very bad.  In divorce, some people may wind up …

The payroll giving scheme in the UK enables employees to donate to charities of their choice through direct deduction of the donations from the employee’s wages. This enables tax relief to be given immediately through …

Inheritance tax in the UK is charged on certain transfers of value during an individual’s lifetime and on the assets in a person’s estate at death. The rate of inheritance tax payable where a transfer …

When a UK business uses the standard VAT scheme it has to complete a VAT Return at the end of every VAT period, which is usually 3 months. The VAT Return informs HM Revenue & …

When you get married, you start to combine everything.  You combine your households.  You combine your finances.  You may even decide to combine your taxes.  However, there are times that combining your taxes is not …

The foreign tax credit is meant to help reduce the double taxation that might occur if foreign income were to be taxed both by the other country and by the United States. The credit allows …

From your local non-profit police organization to the National Leukemia Foundation, there are so many organizations that accept donations for a good cause. Many people make charitable donations out of honest desire to help others, …

The concept of domicile is important in determining liability to the inheritance tax in the UK. If a person is domiciled in the UK the inheritance tax can apply to that person’s assets wherever they …

H&R Block was founded by brothers Henry W. Block and Richard A. Block in 1955. Since then the company has become the world’s largest tax preparation business. It has retail offices in the U.S, Canada, …

UK inheritance tax is charged on lifetime transfers of assets and on the estates of deceased persons. The rate of tax is 20% for lifetime transfers and 40% for assets on death, subject to a …

Tax return forms can be intimidating and confusing. Using a tax guide can provide taxpayers a better understanding as to which form or forms should be used as well as knowing what information is needed to complete …

Tax return preparer fraud usually involves the preparation and filing of false income tax forms by professional preparers who either claim inflated expenses, credits that are not allowed, or excessive exemptions on returns that are …

There are basically two types of life insurance policies: term life and whole life. Term life includes an insurance component only.  The premiums are quite inexpensive compared to whole life policies.  A middle-aged non-smoker in …

Taxes have been a frequent subject of political discourse since the first tax was levied. In recent years, a flat tax system has been advocated as a solution to complex tax laws and unfair taxation. …

The government is currently offering federal tax credits for energy-efficient or renewable energy systems for your home. Some of the tax credits available in 2009 can be claimed on your 2010 return, but are the …

It seems that every year there are new tax credits being offered for any of a variety of ways that you can be more energy efficient.  Whether it is Energy Star compliant appliances, high efficiency …

What is a gift tax and who has to pay the gift tax? In the United States there are literally thousands of tax code variations and tax law variations that can affect each of us …

Life, death and taxes the common denominator in everyone’s existence. It is costly to file your tax return if you use a tax preparation or accounting firm. Accounting and tax preparation firms can charge up …

The five best tax books for taxpayers cover up to date, and pertinent tax concepts while also providing insight and useful knowledge regarding tax filing, planning and strategy. No one tax book may provide all …

It is possible to reduce your taxes by itemizing your deductions. Even if you have been itemizing for years, there are deductions that you may have overlooked. Some involve additional recordkeeping, but that extra effort …

The tax liabilities of self employment. This article provides an overiew of the self-employed tax liability situation as it applies to the UK. There are three direct forms of taxation for the self-employed person in …

As 2009 winds to a close, it’s time to start thinking about income tax returns. Every year there are tax changes that have resulted from legislation enacted by Congress. In 2009, there are some new …

The UK inheritance tax applies to the worldwide assets of persons who are domiciled in the UK, and to the UK assets of persons who are not UK domiciled. A person’s domicile is the jurisdiction …

Income is categorized into approximately 24 types according to the Internal Revenue Service (IRS). Although there are several different types of income, they all can be labeled as taxable income. However, not all kinds of …

Homeowners facing foreclosure, short sale and mortgage restructuring greatly benefit from tax debt relief. Anyone that experienced a home foreclosure prior to 2007 also got the double whammy of a year-end tax bill from the …

Taxes on short-term disability benefits are determined by the method of coverage and the reporting of coverage as per the U.S. IRS Revenue Rule 2004-55.(1)  For example, for employer provided disability insurance coverage, the cost …

With the increasing popularity of IRS e-File, income tax refunds arrive much more quickly than in years past. Even with the more rapid deposit of refunds, occasionally some type of issue occurs that will delay …

Volunteer time that is tax deductible is intrinsically able to provide incentive for individuals to volunteer in addition to assisting potential increases in GDP, mental and physical health, and improve cultural and socio-economic factors important …