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Articles in Home | Insurance And Finance | Taxes Title|Newest|Oldest AeroMarineTaxPros.com: Misapplying Board Annotations Will Result In A Tax Liability  By : Thomas Alston A recent case demonstrated how taxpayers can be at a disadvantage when it comes to understanding how to legally avoid sales/use tax. The taxpayer purchased his aircraft outside the State of California and intended to support a claim for exemption based on commercial use in his own business. Don't Commit To An Outright Sale - Start A 1031 Tax Exchange  By : Trisha Coppley The process of a 1031 tax exchange is one that is best entered into with a certain amount of planning and foresight; the process presents the incautious property investor with ample opportunity for costly errors. AeroMarineTaxPros.com: Transfer of Tangible Personal Property - Regulation 1595, Part 1  By : Thomas Alston When contemplating the purchase of an aircraft, a potential owner must consider the ownership structure that will best suit their needs. Often, only afterwards, does the owner realizes they don't own the aircraft in the entity that is most beneficial for tax purposes or that limits their liability. 10 tips employees can use to reduce your tax bill  By : Rebecca Lim Many tax planning tips are for the self employed or those who own their own business. These tips are for any employees to use to reduce their tax bill. Identifying A 1031 Replacement Property Doesn't Have To Be A Grueling Process  By : Trisha Coppley Conducting a Section 1031 tax exchange is not always an easy endeavor; there are a great many rules, restrictions, and legal nuances that must be taken into account during the course of the exchange, and many possible obstacles that may crop up. Fortunately, though, many of these obstacles can be avoided by way of planning and forethought. A key part of the 1031 process that can be greatly simplified provided that one makes the necessary preparations beforehand is making an identification on a piece of replacement property. I used money from my home equity loan to pay off some of my personal debts. Can I deduct interest?  By : ratetake In some instances, it is possible for individuals to deduct the interest of such home equity loans on their state and federal taxes, which are, or at least should be, filed annually the Internal Revenue Service. Despite the fact that the money can be used for reasons other than to buy, build or improve an individual's place of residency or home, the debt for which the home equity loan is used may still allow the loan's interest to qualify as home equity debt. When to Refinance Your 1031 Property - A Contentious Issue Among Investors  By : Trisha Coppley One of the most essential concepts in the process of a 1031 exchange is that a property investor is not allowed to draw any direct benefit from the proceeds of the sale of his or her 1031 property; any money removed from the transaction is considered to be boot, Maximize Your Profits With A 1031 Tax Exchange  By : Trisha Coppley As an investor, you must be aware that single dollar that you have working for you in an investment is compounding your wealth, and, in contrast, that each and every dollar not working for you is a missed opportunity to further compound your profits. So, when the time comes to make a sale on a piece of real estate, UK Taxation Treatment For Rental Income  By : Arthor Pens Land and property income is all income deriving from such property as if it were a trade. Therefore this is calculated as all income being assessed in the tax year on an accruals basis. Why a 1031 Capital Gains Deferral is Like an Interest-Free Loan to Investors  By : Trisha Coppley A 1031 tax exchange is a method commonly used by property investors so that they may defer capital gains tax liability on the sale of a property. This is accomplished by giving the rights to a piece of property one would like to sell to an intermediary, who holds on to the proceeds from its sale and uses them to acquire a replacement that complies with the regulations delineated in Section 1031 of US tax code. 2 Ways To Get the Customized Property You Want From Your 1031 Exchange  By : Trisha Coppley A key truth about the 1031 process is that you may not use the proceeds off the sale of your relinquished property to construct property you own already. Tax Time Tips for Mortgage Holders  By : ratetake It's that time of year again when numbers such as 1040, W-2 and INT-1099 become all too familiar to millions of people. One of the benefits of holding a mortgage on your house is the ability to claim certain deductions that can assist you in offsetting some of your tax burden. As you prepare to file your yearly taxes let's look at a few areas where you can take advantage of tax deductions and keep a little more green in your pocket this tax season. Your Kids Can Reduce Your Taxes And Get Rich  By : Arthor Pens One often-overlooked tax benefit for business owners is putting their kids to work in their business. Tax Savings Tips For Parents  By : Kelly Renaul This article assists parents in tax planning and financial preparation. Tax Credit For Hybrid Car  By : Anton Rowd Today, there is a growing number of fuel-saving hybrid cars being sold in the market. Because of this, the government is therefore obligated to apply taxes. For those interested in buying hybrid cars though, there is good news. The Internal Revenue Service has already qualified a number of hybrid car brands for tax credit. For purchasers, this might actually be a good idea. The government's proposal of this tax credit for hybrid car goods is possibly one of the best incentives yet. How Tax Deductions Work  By : rateempire Many people know that the interest paid on a mortgage is deductible on their income taxes. But they don't understand how it really works. Pay Someone Else's Taxes  By : rateempire Did you know that you could make money by paying someone else's property taxes? Thirty-one states provide a little-known investment opportunity that might be perfect for you. How To Qualify As A Dependent On A US 1040 Tax Return  By : Dassana Jayalath First, the qualifying individual must be a US citizen or national, and their marital status must be single, read the full article for more information... A Simple Introduction To Filing Electronic Taxes  By : Keisha Seaton Our current topic of discussion, is electronic tax filing, it makes use of the digital nervous system of the tax department, and in simple terms, it is the World Wide Web’s way of filing your tax returns. Capital Gains Tax and You  By : Dassana Jayalath What you need to know about Capital Gains Tax and corporate tax structure Rapid Tax Refunds  By : Shobjanta Since the advent of the computer age and the great invention of the internet, the Internal Revenue Service has been fairly quick to react to the benefit of electronic filing. The returns are filed much faster, refunds are made faster, and money due the IRS can be obtained faster. Standard paper filing, electronic filing with direct deposit, rapid refunds, and refund anticipation loans are the options we have the choice of exercising. Let’s take a minute to look at the different refund options. Personal Exemptions  By : Shobjanta What are our allowable personal exemptions and how is the exemption rate calculated? Thanks to the complexity of the United States tax codes, the system itself, and the variations of tax codes from state to state, completing your personal tax return and maximizing your deductions and exemptions to their fullest potential, is like trying to complete a mind-twisting maze. The following article will discuss and define these terms, and what they mean to the average tax payer. Medical Expenses and Your Itemized Deductions  By : Shobjanta The average individual required to file a personal tax return has no grasp of the US tax system, and must therefore rely on one of the many tax professionals to complete their return. Quite often, deductions and exemptions are overlooked simply because of a lack of communication. The following article will discuss the medical deductions available to the individual tax payer, and the fact that qualifying for these deductions must be communicated to the tax preparer. Education Credits  By : Shobjanta What are education credits, who is eligible, and why should we take them? Well, let’s start with the first part of the question, and work our way to the end. Education credits are tax credits available for qualified education expenses paid by the taxpayer in the furthering of their education. Qualified education expenses are defined as an expense paid during the tax year for tuition and fees required by an eligible educational institution for student enrollment and attendance. Tips About Income Tax Refunds  By : Shobjanta Once you determine you’re receiving a refund, there are several options for actually putting that money in the taxpayer’s hands. Standard paper filing, electronic filing with direct deposit, rapid refunds, and refund anticipation loans are the options we have the choice of exercising, and for many refund anticipating individuals, the rapid refund or the refund anticipation loan is the refund of choice. Hope and Lifetime Learning Credits  By : Shobjanta What are the Hope and Lifetime Learning education credits, who is eligible, and why should we take them? Well, let’s start with the first part of the question, and work our way to the end. Education credits are tax credits available for qualified education expenses paid by the taxpayer in the furthering of their education. Personal Deductions  By : Shobjanta Thanks to the complexity of the United States tax codes, the system itself, and the variations of tax codes from state to state, completing your personal tax return and maximizing your deductions and exemptions to their fullest potential, is like trying to complete a mind-twisting maze. The average individual required to file a personal tax return has no grasp of the US tax system, and must therefore rely on one of the many tax professionals to complete their return. What is a Dependent for tax purposes?  By : Shobjanta Other than fitting the description of a constant liability, what other qualifying attributes must one have, to be classed as a dependent, and how do you determine this for tax purposes? The following paragraphs explain the qualifying tests for determining dependency as it relates to your tax status, liability and available credits. First, we need to make you aware that there are two different types of dependents. There Your Tax Status  By : Shobjanta There are five ways in which you can classify yourself for your tax filing status: single, married filing jointly, married filing separately, head of household or qualifying widower with dependent child. The remainder of this article will examine each of these, and how you determine your correct status. Please note here, that if more than status will apply to you, you should choose the status that provides for the greatest tax benefit. Tax Form 1099s  By : Shobjanta What is a 1099 and who gets one? Well, here of late, this term is used more and more frequently as many employers are opting to use contract labor versus hiring employees, who can turn out to be quite expensive when you factor in the insurance, payroll taxes, and other possible liability. This article will take a look at the 1099, its purpose, who can receive one, and why. Mortgage Interest and Your Itemized Deductions  By : Shobjanta For the average consumer who has managed to acquire credit card debt, automobile loans, and various other small debts, is the mortgage interest, especially with an interest only loan an answer to mortgage interest deductions and elimination of non-deductible interest?

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