Cheap Tax Relief Services

8 Medical Expenses You Should NOT Deduct on Your Taxes

Rich — Tue, 13 Mar 2012 20:27:26 +0000

Adding up your medical expenses can be a difficult and time-consuming task. The Medical Expense is a great deduction, but there are a lot of rules and a lot of things you might think you can deduct but you can’t. We actually see a lot of people trying to claim medical related expenses on their taxes that are not actually deductible. This is bad news because this creates red flags that will cause the IRS to audit you.

IRS Tax Penalties Explained: Why You Should Resolve Your Tax Debt This Tax Season

Rich — Mon, 12 Mar 2012 22:57:46 +0000

Everyone knows you’re supposed to pay your taxes on time and in full, but you may not understand the actual penalties the Internal Revenue Service can levy if you fail to comply. This tax season, resolve any delinquent tax issues you have before the penalties threaten your income and property.

Stop IRS Levy: Choosing A Tax Relief Firm

Rich — Mon, 12 Mar 2012 02:15:38 +0000

So you have acquired either a “Notice of Intent to Levy” or maybe an actual levy has been delivered to your bank, company or placed on another source of income. A “Notice of Intent to Levy” is a 30 day notice left at the individual’s regular workplace, house, or shipped to the last known address on file. The IRS will move forward with delivering a levy if the tax problem is not solved before the 30 day time frame comes to an end.

Can You Insure Stamp Duty Mitigation Schemes?

Rich — Sun, 11 Mar 2012 23:36:59 +0000

HRMC is certainly talking a good game – it says it is going to strongly challenge any deficits – or what it sees as deficits – in SDLT repayments. In reaction to decreasing tax income, HM Revenue and Customs (HMRC) are using a more confrontational and competitive strategy to fighting recognised tax avoidance. How is HMRC currently approaching recognised tax avoidance?

Stamp Duty Mitigation – Is It Legal?

Rich — Sun, 11 Mar 2012 17:50:47 +0000

Stamp Duty Mitigation is also called Stamp Duty Land Tax (SDLT) Planning. It involves the use of a tax law prevalent in the United Kingdom to reduce the amount of SDLT that has to be paid to HMRC (HM Revenue and Customs). The stamp duty land tax is to be paid for the purchase of residential, commercial, and land exceeding amounts of 250,000 GBP.

3 Simple Steps To Paying Your Property Taxes On Time

Rich — Sat, 10 Mar 2012 13:45:47 +0000

After buying or building your dream home in Houston Texas, and enjoying the peaceful yet exciting community experience that it offers, there are other annual matters of equal importance (aside from hosting Christmas parties and birthday dinners) that you need to take care of. And that is, paying for your property taxes.

Deducting Mileage on Your Taxes

Rich — Sat, 10 Mar 2012 06:25:00 +0000

This week we would like to talk about a common but valuable business tax deduction, vehicle mileage. When you deduct your vehicle mileage, you keep track of your mileage and then multiply it by the standard mileage rate. You then take that amount and deduct it on your taxes. For example, in 2010, the mileage rate was 50 cents per mile. So if you drove 20,000 miles in 2010 you would have been able to deduct $10,000.

Claiming Parents on Your Taxes and Their Deducting Medical Costs

Rich — Fri, 09 Mar 2012 16:59:48 +0000

The baby boomers are hitting retirement age in huge numbers over the next 10 years. Couple this with the stock market performing in a horrid manner over the last decade and low interest rates on savings and you have lots of children that may have to provide care for their parents. The question arises, can I claim my parent as a dependent?

Income Tax Clearance Certificates

Rich — Fri, 09 Mar 2012 00:46:34 +0000

India has a network of treaties for avoidance of double taxation. These treaties do not provide for any bilateral arrangement for assistance in tax recovery by one country from the residents of another country.

Avoid Tax Problems by Filing Your Return Early

Rich — Thu, 08 Mar 2012 16:07:56 +0000

While you may be tempted to put off filing your taxes, there are a number of advantages to filing early. To prevent errors and avoid hefty tax penalties, make sure to file your return well before the deadline.