Purchase Equipment before Year-End!Under current tax guidelines, businesses can deduct up to $108,000 in equipment purchases, as long as they do not buy more than $430,000 in equipment. Therefore, if you're going to buy something in January, buy it now and get the deduction...
YEAR END TAX PLANNING Help Minimize Your Company's 2006 Tax Bill A basic principle of year-end tax saving is, accelerate deductible expenses into this year and defer income until next year. Of course, that doesn’t work in all cases....
Is New Wife Liable for Husband's Prior Taxes?===========Question: ===========Category: Tax and Taxation LawLocation: VASubject: responsibilityIf I marry a man that has back taxes due federal and state will I be responsible for his back debt also?===========Reply: ===========Category: Tax and Taxation LawLocation: VASubject: Re:...
Don't Be Fooled by Jackson Hewitt's 'HELP' PR Newswire via NewsEdge Corporation : Jackson Hewitt, a leading tax preparer with more than 6,000 offices throughout the country, claims they want to "HELP" low-income consumers this year. Their "HELP" though is an expensive and risky loan...
Asset Protection Failure - Man Jailed until He pays Creditors11-30-2006 -The unprecedented length of disgraced financier Martin Armstrong's confinement for civil contempt did not violate the law, the 2nd U.S. Circuit Court of Appeals ruled Monday. Addressing several novel issues of law, the circuit upheld...
Milton Friedman, Free Market Economist DiesToday was a loss to the country and the economics profession. Nobel prize winning, free-market-championing Milton Friedman, the primary advocate of monetary economic policy, died today at the age of 94. He was a key economic advisor to several presidential...
IRS Continues to Attack TaxpayersA new government report concludes in fiscal year 2006 there was a:7 percent increase in individual audits18 percent increase in high-income audits8 percent increase in small-business audits15 percent increase in collection case closuresThe increase in IRS Audit and Collection activity requires...
Turbo Tax is Not A Defense to Tax Penalties The U.S. Tax Court has again rejected a taxpayer’s attempt to pin the blame for their negligent tax return on tax preparation software. On Nov. 9, the court handed down an opinion finding against a...
IRS Charges More For Installment AgreementsThe IRS has announced that effective Jan. 1, 2007, the following fees will increase:The fee for new direct debit installment agreements, where payments are deducted directly from a taxpayer’s bank account, will increase from $43 to $52.The fee for other...
IRS Issues 2007 Mileage RatesThe IRS issued the 2007 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2007, the standard mileage rates for the use of a car (including...