When it comes to income tax, it is no mystery that there are large variances state by state. In fact, some states have no income tax liability. Many of these states pick up the difference with changes in sales tax, property tax, and corporate taxes. There are seven states in total that have various ways...
Category: Tax Saving
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End of Tax Year
The end of the tax year is fast approaching and as everyone rushes to maximize their tax-free savings first direct has compiled some tips to help negotiate the tricky waters. Get a grip on your finances – work out how much you have in savings, what rate of interest you’re receiving, and whether you’re taking...
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Choosing Your Investment Options for This Year
Do you have any funds to invest in? Have you ever even thought about investing your money? It’s not always something that too many of us think about, but if you’ve built up a significant savings pot already, investing is the perfect way to really build on this. And with many savings accounts offering interest...
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How the Super Rich Avoid Paying Taxes
We’ve all heard tell of billionaires who can’t be bothered to pay taxes. Yet, how are they able to accomplish such a thing? The top earners in America simply hire the best tax lawyers, who understand which tax loopholes are best able to keep money from going toward building roads and maintaining social security benefits....
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Tips For Filling In Your Tax Return Online
Undoubtedly amongst the countless amounts of advantages to having derived from the global phenomenon that is the internet is the ability to complete certain important documents online without the need to go through a more drawn-out procedure by hand. When your tax return is required to be filled in you can complete it online and...
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If Income Taxes Increase, Will Rich People Leave the USA?
Ever since this country was founded, Americans have hated paying taxes. So it should come as no surprise then that many rich American citizens are considering leaving the country and renounce their citizenship to avoid paying those taxes. The Abroad Tax Issue The United States is one of the few countries worldwide to tax its...
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Five Steps to Take to Get the Cheapest Tax Return Quotes
Image by Images Money. If you’re self-employed or the owner of a small business, it is usually much more worthwhile outsourcing your tax return to an accountant than doing it yourself. Even if you can do it quickly and efficiently, having an accountant fill out your tax return reduces your chances of making expensive mistakes...
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Relation Between Income Tax Returns And Your House Loan
Home loans and rents payable, both play a significant role in offering great income tax returns. One must understand, that loans are a dicey investment, as irrespective of however much one may save, they pay a lot more than that in interests. One has to find the right bank, which does not cheat them but...
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Claiming a Home Office on Your Taxes
A home office can be one of the best tax deductions for professionals that choose to work at home. Unfortunately, a home office tax deduction is also one of the biggest red flags for an IRS audit. To avoid tipping off the IRS audit monsters, make sure your home office follows the guidelines for a...
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Five Common Mistakes Regarding Travel & Entertainment Deductions
Expenses for entertaining and travel are one of the most common expenses that small and medium-sized businesses have to make. They are also one of the areas of expenses that cause the most confusion and seem to have the most unexpected complications for people when filling out their tax forms. That’s because of some common...