If you sell on eBay, it's imperative that you keep up with the laws and guidelines that affect your online business. According to E-Biz attorney Cliff Ennico (http://CliffEnnico.com), author of The eBay Seller's Tax and Legal Answer Book, staying informed and up-to-date on your legal responsibilities as an eBay seller can spare you many unnecessary problems. The following are a few of the most common issues that new eBayers often EBay ...
If you have been offered a Compromise Agreement to terminate your employment, you must ensure that your solicitor understands how payments will be taxed. Often the agreement can be worded differently to save you money. In this article, Andrew Crisp, an employment law solicitor, explains how it works. The basic position is that compensation for loss of employment is not taxable up to a maximum of £30,000.00. This includes any Any ...
If you work in a service where you get tips, guess what? The IRS expects you to report them and pay taxes on them. Your Tip Earnings and TaxesThe internal revenue service takes a very simple approach to tips. It views all tips you make in your job as taxable income that must be reported and for which taxes must be paid. Put another way, the IRS has a simple but brutal view towards taxes Now tips come in different forms. Some are received from to ...
One often-overlooked tax benefit for business owners is putting their kids to work in their business. If you are self-employed you can take advantage of this by paying your kids $4,000 each for performing services in your business. The business gets a tax deduction for the compensation and that saves taxes on the parent's tax return. Also, there is no Social Security or Medicare Taxes due on the wages you pay to your child. The next a ...
Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your case.During their contact with taxpayers, IRS employees are required to explain and protect these taxpayer rights, including the right to appeal. The IRS ...
Taxes is an issue when running an Auction Business. But is there a grey line when it comes to declaring it?It's really within reason if you're going to do a huge amount of it, a small amount is negligible.Some people want to have a small business for write-offs, you might want to consider taking it to the next level and be able to write off some of your expenses like your computer, office space, supplies, etc.Each state and each has of ...
Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your case. During their contact with taxpayers, IRS employees are required to explain and protect these taxpayer rights, including the right to appeal. The IRS ...
Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent themselves. They hire sub-par representation and now are in MORE need of help than ever before.These are the kind of services a Tax Attorney can provide: Offer in Compromise Cases, Penalty Abatement Petitions, Full Audit Representations and ...
2007 is just around the corner, and there are several issues to consider if you currently have an Health Savings Account (HSA), or are planning on getting one in the near future. 100% of the deposit you place in your HSA is deductible on your federal income taxes. All but four states also make HSA contributions tax-deductible on state income taxes. If you are looking to reduce your 2006 tax burden and put away more money for retirement, your is ...
Someone recently asked me what they could do now to make tax time easier for this upcoming tax season. The best thing you can do is to think about taxes before then year ends. Most people wait until the tax filing deadline before they ask how they can reduce their income taxes. Unfortunately, once 2007 ends, there's very little you can do to minimize your taxes for 2007. To start your tax planning, you should review your income, and the a ...