financereal.info - Taxes

Let's Lower Taxes To Get National Health Care, Social Security And Free College! by Mark Fishman 2008-05-16 22:30:02

The key to financing National Health Care, solving Social Security's long term funding problem and going to college free of charge is to lower taxes. As incredible as this sounds, it's true. This can be accomplished by eliminating tax deductions and a simple restructuring of the tax code.Eliminating the tax deduction is the key to tax reform. This is because tax deductions are the main cause of tax fraud and the inequities associated with our current tax system. It is the tax deduction that ...

Employment Taxes – Depositing With The Irs by Richard A. Chapo 2007-04-07 16:20:01

If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS. Depositing Employment Taxes To pay employment taxes, you must deposit the money with the IRS. As is typical with tax situations, the payments are not actually made to the IRS. Instead, you must deposit the employment taxes with a federal depository. Moving the burden to the private sector, the IRS requires ...

Early Distributions From Retirement Plans by Richard A. Chapo 2007-04-07 11:20:01

An early distribution from an Individual Retirement Arrangement (IRA) or a qualified retirement plan need not be a “taxing” experience. Fortunately, there are exceptions to early distributions. Any payment that you receive from your IRA or qualified retirement plan before you reach age 59Ѕ is normally called an “early” or “premature” distribution. As such, these funds are subject to an additional 10 percent tax. But there are a number of exceptions to the age 59Ѕ rule that you should investigat ...

Donating Cars To Charity - New Tax Rules by Richard A. Chapo 2007-04-07 06:20:01

On June 3, 2005, the IRS released guidance on charitable deductions for donated vehicles. The American Jobs Creation Act (AJCA) radically changed the amount of the deduction taxpayers can claim for their donated car. Fair Market Value v. Actual Sales Price When donating a car to charity, a taxpayer traditionally was allowed to deduct the fair market value. The new law changes this valuation to the actual sales price of the vehicle when sold by the charity. The taxpayer is also required to get ...

Doh! Irs Loses Taxes In San Francisco Bay by Richard A. Chapo 2007-04-07 01:20:01

On September 23, 2005, the Internal Revenue Service began sending notices to tax payers in thirteen states that there may be a problem with their tax payments. Here is the scoop. Traffic School? It seems one of the trucks carrying the payments was involved in a traffic accident and the payments were lost. The accident actually occurred in San Mateo, California and resulted in…wait, I have to stop laughing. Okay. Deep breathe. The tax documents were “ejected into the bay” and can’t be recovered ...

Deducting Points On Home Refinances by Richard A. Chapo 2007-04-06 20:20:01

Any points that you pay in the refinancing of your residence are tax deductible over the length of the loan in question. The deduction is allowable only if the residence is your primary home and the new mortgage replaces a previous one and/or is used to improve the residence. To the extent that money is taken out to pay off credit cards and non-residence costs, the points may not be used as a tax deduction. Big Deductions By Refinancing Twice If you refinanced your primary residence twice duri ...

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