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Apple’s $14.6B tax bill explained

The European Commission has ordered Ireland to recover unpaid taxes, plus interest, from Apple dating back to 2003. CNNMoney's Samuel Burke reports.

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Posted by rr1455 - May 7, 2017 at 10:48 am

Categories: of Interest   Tags: , , , , , , , , , , , , , , , , , ,

How to Save Tax Receipts

You don't need to keep paper receipts for the IRS. Scanning your receipts to keep an electronic copy is just as good for them and can simplify your recordkeeping.

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Posted by rr1455 - March 8, 2017 at 12:16 am

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maxmydeductions.com|federal tax deductions|save on taxes

Taxbot is an application for (Independent) business owners who need to keep track of their expenses and maximize tax deductions. Taxbot will also help ensure your records are bulletproof against an IRS or Canada Revenue Agency audit. Plus, exclusive online training library with tons of IRS secrets from North America's Nr. 1 Tax Expert, Sandy Botkin, CPA, ESQ & former IRS Agent Trainer. Track your mileage quickly, easily and accurately to save thousands on your taxes! On average, customers increase their mileage deductions by 50%!

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Posted by rr1455 - March 8, 2017 at 12:15 am

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Tax Guru : Tax Saving Tips

This week in Tax Guru, how to save tax if you are in thirty per cent bracket, what is the maximum limit to invest in minor’s PPF account, are you eligible for tax rebate if you buy residential property after selling agricultural land, and solve other tax related queries with Tax Guru Subhash Lakhotia

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Posted by rr1455 - February 27, 2017 at 10:39 pm

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How to Save Money with Frequently-Missed Tax Deductions

Nutella Bread Recipe:

Watch more How to Do Your Taxes videos:

Make sure you're keeping every penny you can! Here are some legitimate deductions that filers often miss.

Step 1: Deduct your taxes
Deduct your state, local, and foreign income taxes, and non-business property taxes. Experts say taxpayers often forget that these are deductible.

Step 2: Track your mileage
Calculate mileage related to medical needs for you and any dependents, like trips to the doctor and pharmacy. Mileage pertaining to charitable works is also deductible, as long as the organization is a 501(c)3 non-profit.

Tip
Keep receipts for everything you take as a deduction; if you're audited, anything you can't document won't be allowed.

Step 3: Write off job-hunting expenses
Deduct expenses related to a job search as long as you're seeking a position in the same field as your current field.

Step 4: Cut your gambling losses
Cut your gambling losses: If you won more than $600 gambling, but your losses exceeded those winnings, you may deduct the amount you won.
  Click here for details

  

Tip
You must be able to prove your losses, so save receipts from trips to the casino and lottery ticket purchases.

Step 5: Claim your parents
Claim your parents as dependents if they earn less than the exemption amount, and you can prove you are responsible for at least half their living expenses.

Tip
Dependent parents don't necessarily have to live with you.

Step 6: Include investment advice
If you paid for financial advice, claim it as an investment expense.

Step 7: Deduct necessary home improvements
Deduct home renovations that are medically necessary, like a wheelchair ramp.

Step 8: Remember rental property
If you have rental property, deduct any and all expenses related to managing and maintaining it, including mileage involved in checking on the property, collecting rent, or running around getting the supplies to make a repair, the cost of which is also deductible.

Step 9: File amended returns
If you missed these deductions or any others, you may file amended tax returns going three years back.

Did You Know?
Americans spend about 100 days a year working just to pay their income taxes.

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Posted by rr1455 - February 21, 2017 at 4:20 am

Categories: Taxes   Tags: , , , , , , , , , ,

Income Tax Formula – Your guide to understanding and saving income tax

– Your Guide to Understanding Income Tax and Maximizing Tax Savings

– Do you want to save the maximum possible income tax and increase your in-hand salary?
– Do you want to know the best avenues to invest so that you not only save income tax but also earn great returns?
– Do you want to understand the basics of income tax — how the tax is calculated, what is TDS, how to pay self assessment tax, which income tax return (ITR) form to use, and more — so that you can keep saving income tax year after year?
– Do you want all this in an easy to understand, jargon-free form?

If this describes you, the "Income Tax Formula" is what you need!

You can lose 1000's of Rupees if you do not fully understand the principles of Income Tax. But you can save 1000's if you do! Do not make the mistake of planning your taxes without reading this page – –
Read on to find out everything about the "Income Tax Formula"

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Posted by rr1455 - December 19, 2016 at 5:15 pm

Categories: Taxes   Tags: , , , , , , , , , , , ,

7 tax saving tips you might not know

This video talks about 7 tips which can help a person in saving more tax in India. Those tips are

1. Gift money to your major children and Save tax on Future Income
2. Claim stamp duty and registration fees in 80C
3. Get deduction for rent even without HRA
4. Declare your losses in tax return to save tax in future
5. Buy House with Parent or Siblings as joint-owners
6. Use education loan to lower tax for your Children in Future
7. Take unlimited deductions for your second home loan interest payment

Created by : www.jagoinvestor.com

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Posted by rr1455 - December 19, 2016 at 2:38 pm

Categories: Taxes   Tags: , , , , ,

Small Business Tax Deductions + How to Save Money on Taxes

If you own a company, you must complete annual tax returns. If you run a home business and do not have any employees besides yourself, taxes immediately became much easier. Even though your job just became easier, there is basic but important tax information you should know before you get started, plus tips on how to make the job simpler.

Home Business Tax Deductions

When launching a start-up, many business owners wonder what costs they can and can not deduct. A simple rule to follow is that deductions have to be both ordinary expenses and necessary expenses to the business.

There are a variety of places where entrepreneurs can deduct costs. For instance:A few areas are supplies, advertising, travel and entertainment, insurance, repairs, rental fees, worker pay, etc. Also deductible is the business use of your home and car.

The IRS website has additional information on write offs. If you maintain documented receipts and excellent records of expenditures regularly, tax returns will be easier to complete. Use a business credit card for business expenses. Do not mingle personal and business accounts.

For people who don't use an accountant, you may want to take advantage of a simple accounting software program like Quick Books Pro or Quick Books Simple Start. These programs organize both income and expenses so that preparing income tax returns does not become overwhelming.

Tax Return Documents

The income tax forms needed for a particular business will vary, depending on the way the company is organized (a sole proprietorship, corporation, s corporation, LLC or partnership). You can access the required forms from the IRS site, with directions for filling them out.

According to the IRS website, those who run a sole proprietorship or LLC complete a 1040 individual income tax return form with a Schedule C Attachment, profit or loss from business. Corporate entities use form 1120 while S corporations use form 1120-S. Companies that are partnerships use form 1065.

Tax Preparation Software

A tax professional can be paid to fill out business returns, or you can do them yourself. Just like individual tax software, there is do-it-yourself tax preparation software for small businesses.

You can even find home and business software packages which include both programs for preparing personal returns and corporation business returns. Buying a multi-software package most times is marked down and can be a great deal for small internet businesses on a budget.

Recognized companies such as H&R Block and Intuit offer home and business software together that you can buy for under $100. For people who do not like to download and install software, Tax Act offers a web-based program that is accessible online and you don't have to hassle with any software.

Tax returns filled out by a tax professional can set you back $500 or more, so there is a big cost savings to doing the work yourself. However, tax pros typically have knowledge of little-known deductions that non-professionals miss out on, and professionals can of course save you the work completing returns.

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Posted by rr1455 - December 18, 2016 at 5:15 pm

Categories: Taxes   Tags: , , , , , , , , , , ,

Lower Taxes, Higher Revenue

Should tax rates be higher? It's the million dollar question! Up? Down? No change? Where in the world should taxes go? In election years, the question of tax rates fills the airwaves. In non-election years, the question of tax rates, again, fills the airwaves. So what's the answer? UCLA Professor of Economics Tim Groseclose explains his research on the topic. Basically, there's a certain point at which higher tax rates actually reduce the amount of revenue the government collects. What's that point? When are tax rates too high? Learn a valuable lesson in economics, and public policy.
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Posted by rr1455 - December 18, 2014 at 5:26 pm

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