by J Wyatt
California Property Tax Appeal
Ok, I had finally had it with the property tax increases here in California. My taxes have been going up by insane amounts for the past six years. At this point, my husband and I could hardly afford the monthly payment
So I am writing this to tell you that WE DID SOMETHING ABOUT IT. Actually, we tried several things. First we filed a general appeal with the Assessor's Office. We waited for weeks only to be denied. We had to beg and plead just to get some kind of justification for my our assessed value was so high. How can the housing market be taking such a "hit" and our assessed value keep rising?
It made no sense at all. And before I go on, let me tell you that I don't live in some beach front, million dollar home. We live in a nice residental neighborhood that was feeling the effects that alot of people around the nation are feeling. Houses in our neighborhood were being sold for ten to fifteen percent less that what they were purchased for back in the late 1990's.
So after my California property tax appeal was unsuccessful, I just could not give up. What was happening was just not right and I wanted justice, or at least a break!
So I did some searching online, but I found few helpful resources. Honestly I just did not know what the next step i could take would be. I needed a guide, a reseource that could explain to me the next step of how to appeal further. I thought of the obvious path, a lawyer, but the costs of hiring an attorney would have far exceeded the increase in property taxes. I am all about winning my California property tax appeal, but not to the point I would actually lose money in the process.
So I came across a blog that had some helpful information on how the system works and how you can fight the system in these situations. I bought this ebook dirt cheap on how to win my California property tax appeal and decided it was worth the effort of my own to save some money since my California property tax appeal was denied unjustly!
I look at it this way, not only am I on a mission to save money NOW, but also save for future years once my assessed value is lowered. If you are in a similar situation and have been denied at every turn, get this book and you will be amazed at all of the options in front of you that your assessors office will never tell you about.
I was fortunate to have found this resource and lowered my assessed value over 6%, making my taxes go down by several hundred dollars. You can get your property taxes lowered NOW by clicking here.
About the Author
J Wyatt is a teacher and loves her job!
Monday, October 11, 2010
Saturday, October 2, 2010
When to use a Tax Attorney
by Steve Patterson
Do you know what to expect or what you need to do if you are chosen for an IRS audit? The purpose of this article is to teach the reader what they will need to know to survive being audited by the IRS.
Every tax payer is at risk of being audited by the IRS. Although it isn't very likely to happen, it can and does happen. Some factors put certain people at a higher risk of being audited then others. If you are among the few that receive a letter, learning what to expect can help you get though an audit.
Why Me?
There are many reasons that a tax return may be chosen for audit. Some of those reasons include significant capital gain, large gross incomes or those filed with a Schedule C are most commonly chosen for audit. Also, taxpayers that don't properly report their income or other items are likely to be selected for an audit.
How The Audit is Conducted
An audit may be done completely through the mail; others will require you to meet an auditor at an office of the IRS. You will know if you are chosen because you will receive a letter explaining what information and paperwork the IRS needs as well as the year that you are being audited for. You can request that the date be postponed if you need extra time to prepare.
What to Bring to the Audit
When you go to your appointment at the IRS, only bring the information that they have specifically requested from you. If you bring other documents, such as returns from previous years', you may find yourself being investigated for other reasons.
Hiring an Attorney
If you want to, you can choose to be represented at the audit by a tax attorney, an accountant, an IRS agent or, the person that prepared your tax return. Representation can be costly but can be worth it by making it so you do not have to appear at a meeting. To decide if it makes sense for you to bring representation you should consider some things such as how complex your case is, the dollar amount that you are being audited for, to name a few. You should also consider how comfortable you are about dealing with the IRS yourself when trying to decide if you want to take representation.
About the Author
Steve Patterson is an author for the site 2009 Taxes.
Do you know what to expect or what you need to do if you are chosen for an IRS audit? The purpose of this article is to teach the reader what they will need to know to survive being audited by the IRS.
Every tax payer is at risk of being audited by the IRS. Although it isn't very likely to happen, it can and does happen. Some factors put certain people at a higher risk of being audited then others. If you are among the few that receive a letter, learning what to expect can help you get though an audit.
Why Me?
There are many reasons that a tax return may be chosen for audit. Some of those reasons include significant capital gain, large gross incomes or those filed with a Schedule C are most commonly chosen for audit. Also, taxpayers that don't properly report their income or other items are likely to be selected for an audit.
How The Audit is Conducted
An audit may be done completely through the mail; others will require you to meet an auditor at an office of the IRS. You will know if you are chosen because you will receive a letter explaining what information and paperwork the IRS needs as well as the year that you are being audited for. You can request that the date be postponed if you need extra time to prepare.
What to Bring to the Audit
When you go to your appointment at the IRS, only bring the information that they have specifically requested from you. If you bring other documents, such as returns from previous years', you may find yourself being investigated for other reasons.
Hiring an Attorney
If you want to, you can choose to be represented at the audit by a tax attorney, an accountant, an IRS agent or, the person that prepared your tax return. Representation can be costly but can be worth it by making it so you do not have to appear at a meeting. To decide if it makes sense for you to bring representation you should consider some things such as how complex your case is, the dollar amount that you are being audited for, to name a few. You should also consider how comfortable you are about dealing with the IRS yourself when trying to decide if you want to take representation.
About the Author
Steve Patterson is an author for the site 2009 Taxes.
Friday, August 13, 2010
Choosing the right Tax Attorney
by Draven Jack
Most everyone knows the old adage about the certainty of death and taxes but many fail to understand that tax laws are constantly changing. It isn't difficult to find yourself facing the Internal Revenue Service for failure to pay all the taxes they believe you owe. Your ignorance of a change in tax laws isn't going to hold much water when faced with tax evasion. The best way to avoid a showdown with the dreaded Internal Revenue Service is to enlist the expertise of a tax attorney.
Although a tax lawyer is not an accountant and is seldom involved in the process of filing your taxes with the IRS, they can be invaluable in helping you to avoid future tax pitfalls that could draw the attention of the Internal Revenue Service. They are not only committed to keeping up with the ever-changing tax laws, they are also adept in offering advice when setting up your business, trust funds, stock portfolios, etc. Why risk the possibility of future tax problems when they can be avoided by enlisting a tax expert?
If you have inadvertently slipped into the black hole of an Internal Revenue Service audit, you definitely need a tax attorney to guide you back to the light. Attempting to fight this battle alone would be extremely irrational; you are going to require all the help you can get to go up against the most feared branch of the Federal Government.
The IRS should never be considered your friend, especially when they think you owe them money. Their sole purpose is to extract every penny they believe you owe and they are committed to accomplishing their mission by whatever means is necessary. They have the power to seize your business and personal assets, lever fines on the amount you owe and even send you to jail. With friends like that, who needs enemies?
The Internal Revenue Service is not concerned with your excuses, as they have already heard every excuse under the sun. They are not there to protect your rights either; plus, they are experts in the art of intimidation and will have no problem in prosecuting you for tax evasion if you are foolish enough to face them alone.
Unless you are intent on disaster, it would be wise to employ the services of a professional Tax Attorney who has experience in tax laws, litigation and negotiations with the IRS. They will be able to protect your rights and possibly negotiate a workable solution for you.
About the Author
The author of this article is a tax attorney. Being an experienced tax attorney the suthor has written many articles as well.
Most everyone knows the old adage about the certainty of death and taxes but many fail to understand that tax laws are constantly changing. It isn't difficult to find yourself facing the Internal Revenue Service for failure to pay all the taxes they believe you owe. Your ignorance of a change in tax laws isn't going to hold much water when faced with tax evasion. The best way to avoid a showdown with the dreaded Internal Revenue Service is to enlist the expertise of a tax attorney.
Although a tax lawyer is not an accountant and is seldom involved in the process of filing your taxes with the IRS, they can be invaluable in helping you to avoid future tax pitfalls that could draw the attention of the Internal Revenue Service. They are not only committed to keeping up with the ever-changing tax laws, they are also adept in offering advice when setting up your business, trust funds, stock portfolios, etc. Why risk the possibility of future tax problems when they can be avoided by enlisting a tax expert?
If you have inadvertently slipped into the black hole of an Internal Revenue Service audit, you definitely need a tax attorney to guide you back to the light. Attempting to fight this battle alone would be extremely irrational; you are going to require all the help you can get to go up against the most feared branch of the Federal Government.
The IRS should never be considered your friend, especially when they think you owe them money. Their sole purpose is to extract every penny they believe you owe and they are committed to accomplishing their mission by whatever means is necessary. They have the power to seize your business and personal assets, lever fines on the amount you owe and even send you to jail. With friends like that, who needs enemies?
The Internal Revenue Service is not concerned with your excuses, as they have already heard every excuse under the sun. They are not there to protect your rights either; plus, they are experts in the art of intimidation and will have no problem in prosecuting you for tax evasion if you are foolish enough to face them alone.
Unless you are intent on disaster, it would be wise to employ the services of a professional Tax Attorney who has experience in tax laws, litigation and negotiations with the IRS. They will be able to protect your rights and possibly negotiate a workable solution for you.
About the Author
The author of this article is a tax attorney. Being an experienced tax attorney the suthor has written many articles as well.
Friday, June 4, 2010
Keep a Close Watch on IRS Tax Audits Process
by David Johnson
Could you ever sense of a situation where anybody is authorized to prepare your federal tax return in handful US states? Even tax preparers without holding any type of license, certification or meeting any competency requirements can charge a fee for the service from you. With the emergence of the strict administration of IRS (Internal Revenue Service) now every paid tax prepares has to undergo necessary certification process. After 6 months of study on paid tax preparation services the new rule is not going to effective for tax payers from 2011.
United States federal government deploys their revenue service (IRS) to an agency, the bureau of Department of the Treasury supervised by the Commissioner of Internal Revenue. Every State can have their corresponding IRS system in vogue so need a state specific attorney in general. For example, to collect information on IRS in Maryland search for a Maryland lawyer would be an wise take.
Now if you are running a small business and pondering over for being audited by the Internal Revenue Service, truly your journey through out the procedure can be real tidy. While filing for tax returns IRS conduct investigations called "Audits". Preparing for audit and appealing for audit results too demand considerable amount of proficiency and time which might not get affordable for you. Let us see how the IRS audit get processed enabling you safeguard your business.
How IRS examine Tax returns:
Generally two procedures: Through computer program to identify the returns with incorrect amounts and from outside information sources like newspapers, public records and individuals
What type of audits you may undergo:
Whether it is an automatic computer generated or manual identification process, screeners will determine the type of examination for your tax return. For example, Campus Examinations and Area Office Examinations.
a) Campus Examinations:
The campus, one of the ten service centers in the country, generally handle simple issues that can be resolved by verification through mail. In this examination procedure tax payers are initially contacted through letter or telephone for proposed changes to the return. You will receive a 30 day letter and the notice of deficiency. You may respond by agreeing to the correction, requesting additional explanation, requesting a personal interview or not responding or not agreeing to the correction. If your provided information is satisfactory, the return will be accepted and you will get a no-change letter from IRS.
b) Area Office Examinations
You may be invited to bring books and records to a local IRS office to resolve any issues (Office examinations). Or else, the revenue agent will visit your home or business place to held the exam (Field Examinations)
How the Audit will be prepared?
Prior to filing your tax return you can do good record keeping during the tax year only. It can be real handy when IRS tax agent will ask your tax information. Here are some other get going suggestions for you:
* Hire a tax attorney or a certified public accountant to comprehend issues IRS is focusing on
* Review IRS Publication 1, the taxpayers' bill of rights, which will be brought with your audit notice
* Read the issues with IRS website
* If came across any difficulties consult with your tax preparers and ask him or her to accompany you during the audit.
* If facing trouble in assimilating tax records then don't hesitate to call off the audit.
Finally at the end of IRS tax audit, your IRS agent will notify you the problems with tax return. You will be advised to file a formal report if any tax adjustments needed. Expect to collect the complete examination report within 3 years of the time you filed the return.
About the Author
David Johnson is an eminent Tax preparer in Maryland. He spent more than 10 years with Maryland IRS tax audit preparation system and suggests visiting www.thorntaxlaw.com/ . You can share your business related tax return queries with him.
Could you ever sense of a situation where anybody is authorized to prepare your federal tax return in handful US states? Even tax preparers without holding any type of license, certification or meeting any competency requirements can charge a fee for the service from you. With the emergence of the strict administration of IRS (Internal Revenue Service) now every paid tax prepares has to undergo necessary certification process. After 6 months of study on paid tax preparation services the new rule is not going to effective for tax payers from 2011.
United States federal government deploys their revenue service (IRS) to an agency, the bureau of Department of the Treasury supervised by the Commissioner of Internal Revenue. Every State can have their corresponding IRS system in vogue so need a state specific attorney in general. For example, to collect information on IRS in Maryland search for a Maryland lawyer would be an wise take.
Now if you are running a small business and pondering over for being audited by the Internal Revenue Service, truly your journey through out the procedure can be real tidy. While filing for tax returns IRS conduct investigations called "Audits". Preparing for audit and appealing for audit results too demand considerable amount of proficiency and time which might not get affordable for you. Let us see how the IRS audit get processed enabling you safeguard your business.
How IRS examine Tax returns:
Generally two procedures: Through computer program to identify the returns with incorrect amounts and from outside information sources like newspapers, public records and individuals
What type of audits you may undergo:
Whether it is an automatic computer generated or manual identification process, screeners will determine the type of examination for your tax return. For example, Campus Examinations and Area Office Examinations.
a) Campus Examinations:
The campus, one of the ten service centers in the country, generally handle simple issues that can be resolved by verification through mail. In this examination procedure tax payers are initially contacted through letter or telephone for proposed changes to the return. You will receive a 30 day letter and the notice of deficiency. You may respond by agreeing to the correction, requesting additional explanation, requesting a personal interview or not responding or not agreeing to the correction. If your provided information is satisfactory, the return will be accepted and you will get a no-change letter from IRS.
b) Area Office Examinations
You may be invited to bring books and records to a local IRS office to resolve any issues (Office examinations). Or else, the revenue agent will visit your home or business place to held the exam (Field Examinations)
How the Audit will be prepared?
Prior to filing your tax return you can do good record keeping during the tax year only. It can be real handy when IRS tax agent will ask your tax information. Here are some other get going suggestions for you:
* Hire a tax attorney or a certified public accountant to comprehend issues IRS is focusing on
* Review IRS Publication 1, the taxpayers' bill of rights, which will be brought with your audit notice
* Read the issues with IRS website
* If came across any difficulties consult with your tax preparers and ask him or her to accompany you during the audit.
* If facing trouble in assimilating tax records then don't hesitate to call off the audit.
Finally at the end of IRS tax audit, your IRS agent will notify you the problems with tax return. You will be advised to file a formal report if any tax adjustments needed. Expect to collect the complete examination report within 3 years of the time you filed the return.
About the Author
David Johnson is an eminent Tax preparer in Maryland. He spent more than 10 years with Maryland IRS tax audit preparation system and suggests visiting www.thorntaxlaw.com/ . You can share your business related tax return queries with him.
Sunday, May 23, 2010
Tax Planning - details to know before you choose a lawyer Tax Planning - details to know before you choose a lawyer
by Daniel Smith
Taxation on individuals and businesses at the local, state and federal levels is under certain rules and regulations. It is necessary to have a grasp of these legal details for proper tax planning. You need to know current tax laws to understand the categories of expenses that are tax deductible, manage the tax implications, and other such details.
You need the help of experts for accomplishing this task. The right tax planning lawyer would know which approach would work for your case. The chief focus is to ease the burden of taxation on the entity.
The application of the laws on the revenue generated in a particular tax period is what tax planning aims at. If you are an individual, this revenue may be sourced from salaries and wages, bank account generated interest, profits from investment, and such others. In case it's a business the income may be from stocks and bonds, profits from sales, and so on.
Reduction in the taxable income amount for the time also helps in tax planning. You need to have a good idea about the tax exemptions as well to handle proper planning. It is necessary to have adequate knowledge about the deductions and the right way to claim it, in suitable circumstance, when you file for tax return.
It's not easy to take care of all these on your own. You need to opt for a reputed Hampton Tax Planning Law Firm to deal with the case. They would be able to tackle the planning with their knowledge and expertise.
Tax planning attorneys are proficient in the current laws. They could help you manage your taxes and ensure that you do not face any legal hassles regarding taxation. They are also capable of preparing the paperwork involved in the matter.
The common methods utilized for planning your taxes are as follows:
Reduction in the gross income - A decrease in the adjusted gross income for the certain period of time proves to be beneficial for the entity. The exemptions and allowances play an important role in this approach.
Increase in tax deductions - Application of these deductions on the expenses helps in this matter. Your tax planning lawyer knows how the current laws could enhance the scope of using this particular method.
Use of tax credits - The credits pertaining to earned income, or adoption of children or retirement savings schemes could be utilized for effective solutions.
It's essential that you base your selection of tax planning attorney on some key factors. Adequate knowledge is a necessity in such a case. Opt for individual lawyers or law firms who have been working in this field for quite sometime. Choose lawyers with the right specialization; a real estate attorney won't be suitable for the job, you need one that understands taxes and tax management.
About the Author
Daniel Smith is an expert on tax laws and tax planning and management. He is known for his writings on topics like Hampton Tax Planning Law Firm.
Taxation on individuals and businesses at the local, state and federal levels is under certain rules and regulations. It is necessary to have a grasp of these legal details for proper tax planning. You need to know current tax laws to understand the categories of expenses that are tax deductible, manage the tax implications, and other such details.
You need the help of experts for accomplishing this task. The right tax planning lawyer would know which approach would work for your case. The chief focus is to ease the burden of taxation on the entity.
The application of the laws on the revenue generated in a particular tax period is what tax planning aims at. If you are an individual, this revenue may be sourced from salaries and wages, bank account generated interest, profits from investment, and such others. In case it's a business the income may be from stocks and bonds, profits from sales, and so on.
Reduction in the taxable income amount for the time also helps in tax planning. You need to have a good idea about the tax exemptions as well to handle proper planning. It is necessary to have adequate knowledge about the deductions and the right way to claim it, in suitable circumstance, when you file for tax return.
It's not easy to take care of all these on your own. You need to opt for a reputed Hampton Tax Planning Law Firm to deal with the case. They would be able to tackle the planning with their knowledge and expertise.
Tax planning attorneys are proficient in the current laws. They could help you manage your taxes and ensure that you do not face any legal hassles regarding taxation. They are also capable of preparing the paperwork involved in the matter.
The common methods utilized for planning your taxes are as follows:
Reduction in the gross income - A decrease in the adjusted gross income for the certain period of time proves to be beneficial for the entity. The exemptions and allowances play an important role in this approach.
Increase in tax deductions - Application of these deductions on the expenses helps in this matter. Your tax planning lawyer knows how the current laws could enhance the scope of using this particular method.
Use of tax credits - The credits pertaining to earned income, or adoption of children or retirement savings schemes could be utilized for effective solutions.
It's essential that you base your selection of tax planning attorney on some key factors. Adequate knowledge is a necessity in such a case. Opt for individual lawyers or law firms who have been working in this field for quite sometime. Choose lawyers with the right specialization; a real estate attorney won't be suitable for the job, you need one that understands taxes and tax management.
About the Author
Daniel Smith is an expert on tax laws and tax planning and management. He is known for his writings on topics like Hampton Tax Planning Law Firm.
Saturday, May 8, 2010
Hiring A Tax Lawyer: Tips To Consider
by Andrew Stratton
There are times when actually the whole process can lead to additional issues with a variety of penalties, ranging from small fines to jail time in some extreme cases. In the event you encounter a similar issue, you may want to consider hiring a professional tax lawyer to assist you with the problem in concern.
Tax lawyers not only have the education, training, and experience to help you solve your tax troubles but are also knowledgeable about the IRS' complicated tax code and therefore, better suited to help you resolve your problem.
When looking at the available options, there are several key points to consider. First, call around to see if you can land a few recommendations. Ask other businessmen, friends, or family members who may have had a need for a lawyer in the past. You also have the option of contacting your state or local bar association and asking for a list of certified tax attorneys in the area. Once you have a list, target the practices.
Do a little research, and only consider professionals who have completed additional formal education in taxation beyond law school. You also want to be sure that the legal professional you decide to hire is licensed to practice before the correct courts. In addition, it is always a good idea to hire a lawyer who has been practicing law for a longer period of time; experience is simply priceless.
At this point, you may be wondering how you should determine exactly when you need an attorney. The easy answer here is whenever you are contacted by a taxing authority. The reasoning behind this goes back to the old rule "better safe than sorry". By taking on the IRS alone, you may end up causing more trouble for yourself in the long run.
An additional area which many attorneys of this type can provide service in is with business and business transaction issues. You may decide to inquire as to the various specialties your attorney is familiar with. You never know just how helpful they may turn out to be. Many can even provide solutions to long term planning, strategies, and guidance that will serve in allowing your business to be the most profitable in light of current taxation laws and procedures.
There is really no telling if or when you might receive that call from the authorities. You may want to do your attorney shopping prior to any known issue just to be prepared in case something does come up. Is never hurts to be prepared.
About the Author
A Palm Springs tax lawyer can help get you through the often complicated process of dealing with taxes, and also make sure that you get to keep as much of your hard-earned money as possible. To know more, visit http://www.monkmanlaw.com/
There are times when actually the whole process can lead to additional issues with a variety of penalties, ranging from small fines to jail time in some extreme cases. In the event you encounter a similar issue, you may want to consider hiring a professional tax lawyer to assist you with the problem in concern.
Tax lawyers not only have the education, training, and experience to help you solve your tax troubles but are also knowledgeable about the IRS' complicated tax code and therefore, better suited to help you resolve your problem.
When looking at the available options, there are several key points to consider. First, call around to see if you can land a few recommendations. Ask other businessmen, friends, or family members who may have had a need for a lawyer in the past. You also have the option of contacting your state or local bar association and asking for a list of certified tax attorneys in the area. Once you have a list, target the practices.
Do a little research, and only consider professionals who have completed additional formal education in taxation beyond law school. You also want to be sure that the legal professional you decide to hire is licensed to practice before the correct courts. In addition, it is always a good idea to hire a lawyer who has been practicing law for a longer period of time; experience is simply priceless.
At this point, you may be wondering how you should determine exactly when you need an attorney. The easy answer here is whenever you are contacted by a taxing authority. The reasoning behind this goes back to the old rule "better safe than sorry". By taking on the IRS alone, you may end up causing more trouble for yourself in the long run.
An additional area which many attorneys of this type can provide service in is with business and business transaction issues. You may decide to inquire as to the various specialties your attorney is familiar with. You never know just how helpful they may turn out to be. Many can even provide solutions to long term planning, strategies, and guidance that will serve in allowing your business to be the most profitable in light of current taxation laws and procedures.
There is really no telling if or when you might receive that call from the authorities. You may want to do your attorney shopping prior to any known issue just to be prepared in case something does come up. Is never hurts to be prepared.
About the Author
A Palm Springs tax lawyer can help get you through the often complicated process of dealing with taxes, and also make sure that you get to keep as much of your hard-earned money as possible. To know more, visit http://www.monkmanlaw.com/
Wednesday, January 27, 2010
You Need To File A Tax Return If....
by Norine Peardon
1. You have income exceeding the standard deduction plus your allowable dependent exemptions. For a single individual this amount is currently, $9,350.00. Reference: IRS Information
2. You worked for an employer and received a W-2 showing your earnings. A copy of your W-2 is submitted to the federal government and your state government. It also reveals the amount of taxes withheld by your employer for the year.
3. You worked as an independent contractor and received a form 1099 from the firm who employed you as an independent contractor. This includes consulting work and other services.
4. You may be elligible for earned income credits. If you worked for an employer and did not make enough wages to produce income for federal tax purposes, you may be elligible for an earned income credit and a refund on withheld taxes. Qualification for the earned income credit can also affect subsequent tax withholding.
5. You may have overpaid your withheld taxes or estimated tax and are due a refund. Remember withheld taxes are "your money"! Large amounts of expenses, i.e..medical, charitable, property tax, and interest are just some of the expenses which could offset your income, causing no tax to be paid or resulting in a refund.
6. You have sold or redeemed stocks, bonds, mutual funds or received dividends or capital gains. The brokerage companies sent you another type of form 1099.
7. You are retired and have income from IRA's (individual retirement plans)or pensions.
8. You are a student who worked for an employer, either full time or part time, and have education credits reported to you by your school.
9. You were self-employed.
It's the law!
Sources for more information are:
IRS Forms and Publication
Your financial consultant or tax attorney
About the Author
© Norine Peardon, 2010
The author, Norine Peardon has written many articles and blogs for the Internet. Visit her other publications at the following:
Buying Your First House Bulletin Board
Guide To Buying Your First House
1. You have income exceeding the standard deduction plus your allowable dependent exemptions. For a single individual this amount is currently, $9,350.00. Reference: IRS Information
2. You worked for an employer and received a W-2 showing your earnings. A copy of your W-2 is submitted to the federal government and your state government. It also reveals the amount of taxes withheld by your employer for the year.
3. You worked as an independent contractor and received a form 1099 from the firm who employed you as an independent contractor. This includes consulting work and other services.
4. You may be elligible for earned income credits. If you worked for an employer and did not make enough wages to produce income for federal tax purposes, you may be elligible for an earned income credit and a refund on withheld taxes. Qualification for the earned income credit can also affect subsequent tax withholding.
5. You may have overpaid your withheld taxes or estimated tax and are due a refund. Remember withheld taxes are "your money"! Large amounts of expenses, i.e..medical, charitable, property tax, and interest are just some of the expenses which could offset your income, causing no tax to be paid or resulting in a refund.
6. You have sold or redeemed stocks, bonds, mutual funds or received dividends or capital gains. The brokerage companies sent you another type of form 1099.
7. You are retired and have income from IRA's (individual retirement plans)or pensions.
8. You are a student who worked for an employer, either full time or part time, and have education credits reported to you by your school.
9. You were self-employed.
It's the law!
Sources for more information are:
IRS Forms and Publication
Your financial consultant or tax attorney
About the Author
© Norine Peardon, 2010
The author, Norine Peardon has written many articles and blogs for the Internet. Visit her other publications at the following:
Buying Your First House Bulletin Board
Guide To Buying Your First House
Monday, January 18, 2010
Selecting a Quality Tax Attorney
by Cat Tikison
If you're looking for a tax attorney there are a few things to consider before making a decision. This guide will help you locate a tax attorney and choose someone that can aid with tax related problems or questions.
Things to Consider When Selecting a Tax Attorney
First off, not all tax attorneys are equal. You want someone that has experience in the tax law field. Many lawyers may advertise themselves as tax attorneys but do not have specialized knowledge in this area. Why is a professional tax attorney better than just a general lawyer working in tax law? A tax lawyer that has experience with tax law will be able to help you with unique tax situations that a normal lawyer cannot.
Places to Look for a Tax Lawyer
There are several places you can find a tax attorney. Get out your favorite phone book and browse the yellow pages under attorneys. There will probably be hundreds of listings, depending on the size of your city. The Web is the next place you should search and probably the best. Do an Internet search with your favorite search engine for 'tax attorneys' or 'tax lawyers'. The nice thing about searching the Web is you will find directories that list only tax attorneys, usually grouped by state or city. You can quickly find someone to help with your tax problems by using this method to locate tax lawyers.
Tips on Choosing a Tax Lawyer
A good strategy is to pick two or three final candidates and then setup interviews with them to make a final choice. Have a list of questions ready for the tax attorneys you are meeting with to find someone that can help with your special needs. Having a budget in mind is another important factor as tax attorneys may have higher rates than regular lawyers. Above all, use common sense and only work with someone that appears to have your best interest in mind.
About the Author
You can browse tax attorneys and locate a lawyer to assist with your tax issues now at http://www.taxattorneys4u.com .
If you're looking for a tax attorney there are a few things to consider before making a decision. This guide will help you locate a tax attorney and choose someone that can aid with tax related problems or questions.
Things to Consider When Selecting a Tax Attorney
First off, not all tax attorneys are equal. You want someone that has experience in the tax law field. Many lawyers may advertise themselves as tax attorneys but do not have specialized knowledge in this area. Why is a professional tax attorney better than just a general lawyer working in tax law? A tax lawyer that has experience with tax law will be able to help you with unique tax situations that a normal lawyer cannot.
Places to Look for a Tax Lawyer
There are several places you can find a tax attorney. Get out your favorite phone book and browse the yellow pages under attorneys. There will probably be hundreds of listings, depending on the size of your city. The Web is the next place you should search and probably the best. Do an Internet search with your favorite search engine for 'tax attorneys' or 'tax lawyers'. The nice thing about searching the Web is you will find directories that list only tax attorneys, usually grouped by state or city. You can quickly find someone to help with your tax problems by using this method to locate tax lawyers.
Tips on Choosing a Tax Lawyer
A good strategy is to pick two or three final candidates and then setup interviews with them to make a final choice. Have a list of questions ready for the tax attorneys you are meeting with to find someone that can help with your special needs. Having a budget in mind is another important factor as tax attorneys may have higher rates than regular lawyers. Above all, use common sense and only work with someone that appears to have your best interest in mind.
About the Author
You can browse tax attorneys and locate a lawyer to assist with your tax issues now at http://www.taxattorneys4u.com .
Monday, January 11, 2010
Estate Planning - Key Tax Changes - Florida
by Robert Fowinkle
Taxation of property transfers at death can be traced back to ancient Egypt as early as 700 B.C. Nearly 2,000 years ago, Roman Emperor Caesar Augustus taxed estates of the wealthy at death.
Federal estate tax was implemented by the U.S. Congress in 1916. There was an exemption of $50,000 for residents at that time. Estate tax exemptions have risen over the years from $600,000 in 1987 to $2 million in 2008.
The exemption beginning in 2009 is $3,500,000 and a 45% tax on estate dollars above the exemption. Bush's tax cuts set into motion a gradual phase-out of the estate tax.
"Death should not be a taxable event, and government should not be profiting from death," Republican, Senator Grassley of Iowa, said.
Critics of the current system say it effectively taxes income twice, first when it is earned and again when the earner dies and leaves it to an heir.
Officially as it stands, in 2010 there will be no estate tax, but tax experts generally don't believe that will happen under the new administration. If no congressional action takes place it will revert back to 2001 levels in 2011.
Jonathan Weisman of the Wall Street Journal writes: Democrats in Congress will move quickly to block the estate tax free year of 2010. The Democratic stance on the estate tax contrasts with Mr. Obama's reluctance to press forward with his campaign pledge to raise income-tax rates on top earners. Under the Obama plan detailed during the campaign, the estate tax would be locked in permanently at the rate and exemption levels that took effect this year. That would exempt estates of $3.5 million -- $7 million for couples -- from any taxation. The value of estates above that would be taxed at 45%.
I personally have to agree with Senator Grassley's statement above. "Death should not be a taxable event". However if we must have a tax on estates the exemption of $3.5 million per individual and $7 million for couples -- from any taxation and 45% on amounts above would be acceptable at this time.
The element of automatic increases or indexing of the exemptions on individuals and couples is very important and should be implemented into the law. This would certainly help stabilize the estate planning process. Our current system has created a nightmare of changes in the planning process.
I would be remiss if I did not cover one very important issue of the heirs paying the estate taxes. There are four methods of paying federal estate taxes (1) current cash (2) borrowing money or arranging payments to the IRS (3) selling off assets (4) life insurance. The first three methods are the most expensive ways to pay federal estate taxes. Life insurance is by far the least expensive.
If you are in need of an estate planning review I recommend you use a team of three or four professionals. The team should consist of your CPA or accountant, estate planning attorney, estate planning life agent and financial adviser, if you use one.
About the Author
Robert "Bob" Fowinkle, CIC, CLU is the president of Moore, Fowinkle, & Shroer Agency in Bradenton.
Taxation of property transfers at death can be traced back to ancient Egypt as early as 700 B.C. Nearly 2,000 years ago, Roman Emperor Caesar Augustus taxed estates of the wealthy at death.
Federal estate tax was implemented by the U.S. Congress in 1916. There was an exemption of $50,000 for residents at that time. Estate tax exemptions have risen over the years from $600,000 in 1987 to $2 million in 2008.
The exemption beginning in 2009 is $3,500,000 and a 45% tax on estate dollars above the exemption. Bush's tax cuts set into motion a gradual phase-out of the estate tax.
"Death should not be a taxable event, and government should not be profiting from death," Republican, Senator Grassley of Iowa, said.
Critics of the current system say it effectively taxes income twice, first when it is earned and again when the earner dies and leaves it to an heir.
Officially as it stands, in 2010 there will be no estate tax, but tax experts generally don't believe that will happen under the new administration. If no congressional action takes place it will revert back to 2001 levels in 2011.
Jonathan Weisman of the Wall Street Journal writes: Democrats in Congress will move quickly to block the estate tax free year of 2010. The Democratic stance on the estate tax contrasts with Mr. Obama's reluctance to press forward with his campaign pledge to raise income-tax rates on top earners. Under the Obama plan detailed during the campaign, the estate tax would be locked in permanently at the rate and exemption levels that took effect this year. That would exempt estates of $3.5 million -- $7 million for couples -- from any taxation. The value of estates above that would be taxed at 45%.
I personally have to agree with Senator Grassley's statement above. "Death should not be a taxable event". However if we must have a tax on estates the exemption of $3.5 million per individual and $7 million for couples -- from any taxation and 45% on amounts above would be acceptable at this time.
The element of automatic increases or indexing of the exemptions on individuals and couples is very important and should be implemented into the law. This would certainly help stabilize the estate planning process. Our current system has created a nightmare of changes in the planning process.
I would be remiss if I did not cover one very important issue of the heirs paying the estate taxes. There are four methods of paying federal estate taxes (1) current cash (2) borrowing money or arranging payments to the IRS (3) selling off assets (4) life insurance. The first three methods are the most expensive ways to pay federal estate taxes. Life insurance is by far the least expensive.
If you are in need of an estate planning review I recommend you use a team of three or four professionals. The team should consist of your CPA or accountant, estate planning attorney, estate planning life agent and financial adviser, if you use one.
About the Author
Robert "Bob" Fowinkle, CIC, CLU is the president of Moore, Fowinkle, & Shroer Agency in Bradenton.
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