FinanceAllStar

The Tax Man Cometh… To Search

You’re at your office, or home, and the doorbell rings ? it’s the Canada Revenue Agency ("CRA").

The first thing to do is find out why they’ve come. If it is an "inspection, audit or examination" of your books and records …

IRS Lock-In Letters ? What?s An Employer To Do?

Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. The IRS will then send a "lock-in" letter on the amount to …

Back To School ? Educators Deduct School Expenses

As teachers and students head back to school following a glorious summer, it’s time to remind teachers to organize 2004 school expenses. Under a temporary tax code change, teachers can deduct certain school-related expenses from adjusted gross income.

Educator Expense Deduction

If …

Get Uncle Sam To Pay $36,000 For Your Childs Education!

Let’s assume that you would like to begin saving for your children’s education fund. At the end of each year, for the next 8 years, you will contribute $2,000 into a Coverdell Education Savings Account (Education IRA), using your after-tax …

Requirements To Produce Tax Information (Whats Up With That?)

“What we’ve got here is a failure to communicate.” –Strother Martin in Cool Hand Luke

Statutory Law

Governments pass laws, it’s what they do. It is the job of others to interpret the laws that Parliament has made.

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About Income Taxes; Tidbits

1812

The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for this, the government doubled …

State Tax Information

All states also have their own tax system. Typically there is a tax on real estate, and there may be additional income taxes, sales taxes, and excise taxes. Oil and mineral producing states often have a severance tax, which is …

History Of The Federal Income Tax

The powers of Congress, and the limitations set upon those powers, are set forth in Article I of the United States Constitution. Section 8 specifies both the power to collect, “Taxes, Duties, Imposts and Excises,” and the requirement that, “Duties, …

What Is Tax Law?

The federal tax code is complex. This complexity generally arises from two factors: the use of the tax code for purposes other than raising revenue, and the feedback process of amending the code.

While its main intent is to provide revenue …

Send Your Kids To Summer Camp and Write It Off

If you paid someone to care for a child so you could work, you may be able claim a tax credit for child and dependent care expenses on your federal income tax return. This credit is available to people who, …