FinanceAllStar

Insider Guides to IRS Audits!

Ever wish that, as a business owner, you knew exactly what would raise “red flags” at the IRS? Or how to make an IRS audit go as smoothly and painlessly as possible?

If you’re in the right type of business, you …

Six Urban Myths About Taxation

Six Urban Myths ? Taxation

"I am proud to be paying taxes? I could be just as proud for half the money." ? Arthur Godfrey

Temporary Taxation in Canada

In 1917, the Income War Tax Act (7-8 George V, Chap. 28) …

Fiscal Deity: Tax Consultant

Strategic planning throughout the year results in a minimal tax balance. The objective of planning your tax payables is not to prevent paying taxes, it is to pay no more than your fair share of taxes, and keep your money …

Tips and Simple Guidelines on How to Calculate Payroll Taxes

Managing a business small, medium or big requires you to pay your taxes, as well as your employees taxes. Managing a payroll can be an arduous and taxing job, no pun intended. There are laws that require us to pay …

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 …