Saving Taxes Offshore

On how opening an offshore savings account has little value by itself but as part of an overall asset protection structure can provide safety and peace of mind.

Take a Two-Week Vacation and Rent Your Home for Tax-Free Income

All income is taxable unless the law allows a specific exclusion. One of the allowable exclusions is the rental of your home for up to 14 days a year. This article provides an explanation of how a taxpayer can take advantage of this exclusion to generate tax-free income while enjoying a two-week vacation.

Get a Jump Start on Your Taxes

Preparing and filing your taxes is a less than exciting task. Much like visiting the dentist it something that must simply be done. There are ways to make it a little less painful.

What To Do If You Didn't Get a W-2

If you worked in a salaried position during 2005, your employer should issue you a W-2 form for your tax reporting. So, what if you haven’t received one?

Prepaid Tuition Costs Can Save Thousands of Dollars in Gift and Estate Taxes

With education costs soaring to all time highs, making tuition payments for grandchildren and others can save lots of money in gift and estate taxes down the road - even if the donor is not alive when the tuition money is actually used.

IRS Gives Victims of Hurricane Katrina More Relief

The IRS has announced further tax relief for victims of Hurricane Katrina due to slow clean up efforts and obviously devastated areas.

Tax Pitfalls For An Internet Newbie

For those of us new to the Internet, here are some pointers on IRS audits and how vulnerable we are in our naivete.Culled from recent field audit experience!

Help Me Prepare My Taxes

Nothing leads to more gnashing of teeth than the thought of preparing your own taxes. Fortunately, there are people out there that do it for a living.

Your Home and the IRS

How to calculate the cost basis of your home for tax return preparation.

S Corporations Can Reduce Self-Employment Tax

As a sole proprietor, 100% of your profits are subject to self-employment taxes. The self-employment tax is 15.3% of all profits up to $94,200 (for 2006). Profits beyond the first $94,200 are subject to a 2.9% self-employment tax. If the profits from your business are $200,000, you will pay self employment taxes of $17,037.

Selling Your Business - A Tool To Reduce Capital Gains Taxes

When you sell your business, wouldn't it be nice to pay Uncle Sam as little as possible. This article discusses a method to greatly reduce and delay capital gains and depreciation recapture on the sale of your business.

Be Cautious With Home-office Deductions

Home office deductions make many people nervous. Thought to be a red flag to the IRS for an audit, many taxpayers simply don't bother with the deduction. But they could be wasting quite a bit of money.

Tax Time - Top 10 Tips to Assist in Tax Preparation

The Super Bowl's over and it's about that time to take a long, sober look at what we may/ may not owe Uncle Sam. That's right - it's tax time again. So, here are 10 valuable tips that should help to make the task of tax preparation a little less onerous.