After The Events In Boston And Texas, Charity Scams Are Common

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Charity Scams Are Common

When you use TurboTax to file your taxes, you may notice that you can write off the money that you gave to charities. This is a good way to reduce your total tax bill or get a bigger return, and you get to help the victims of tragedies at the same time. However, the IRS has said that taxpayers like yourself need to be aware of common charity scams that can cheat you out of your money.

Walk for Cancer - it's raining!
Walk for Cancer – it’s raining! (Photo credit: miamism)

Many charity scams crop up after every tragedy, and the ones in Boston and Texas are no exception. Most of the time, charity scams will be set up to look like real charities that you may have reported contributions to on TurboTax before. They could mimic the name, the color scheme and other important aspects. Always make sure that you check with the IRS to see if the charity is verified before donating.

It is also important that you never give out your social security number, your credit card numbers, or any other personal information. Some charity scams will use these things to steal your identity, and they can then steal your money later on, above and beyond what you donate so that you can write it off on TurboTax. On top of this, you never want to donate cash just in case the organization is a charity scam. It is easier to report transactions on TurboTax if you donate with a check or a credit card, and this means that you have a record of the transaction if it is a scam.

Tax Carnival Ecstasy – March 19, 2013

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Welcome to the March 19, 2013 edition of Tax Carnival Ecstasy. In this edition we start with an article from Bill Smith on the effect of the tax code’s bias towards debt decreasing. John Schmoll has 4 Ways to Make Filing Taxes easier every year for us from the site Frugal Rules. Finally, Edward Webber presents The New Tax Code for 2013-2014 in the UK. Hope you enjoy all the articles, bookmark, share, tweet, like on Facebook, and visit a few of our sponsors.

Hitesh Haryani presents A Must Read, If You Want to Trade for a Living posted at OnlyForexTrading.com, saying, “Yes, it is Possible, You can become a Successful Forex Trader by Understanding & Implementing on all the points mentioned in this post with Proper Focus & Dedicated Efforts.”

dominic mondal presents Securing your Pension Plan by Investing in Self Managed Super Funds and Property posted at Recent Articles.

Quick Draw McGraw -- Quick Draw was often acco...
Quick Draw McGraw — Quick Draw was often accompanied by his deputy, a Mexican burro called Baba Looey …..item 1..Too many applicants vying for too few jobs (December 30, 2011) … (Photo credit: marsmet53)

deductions

Bill Smith presents U.S. tax reform – Effect of decrease in the tax code’s bias for debt posted at 2012 Tax – Free Tax Filing Options, saying, “The much awaited tax reform has at last arrived to reduce the tax code’s bias for debt.”

filing

John Schmoll presents 4 Simple Ways to Make Filing Taxes Easier Every Year – Frugal Rules posted at Frugal Rules, saying, “Very few people enjoy doing and filing their taxes. However, with a few simple steps you can make the process easier every year.”

retirement

dominic mondal presents What To Keep In Mind When Looking For Payday Loans Orlando FL posted at Recent Articles.

tax law

Bill Smith presents The Discretion of the President to Plan Cuts Under Debate posted at 2012 Tax – Free Tax Filing Options, saying, “President Barack Obama has been pretty vocal about the effect that automatic budget cuts are going to have.”

taxes

Alan Webster presents A Day in the Life of a Trader posted at TradingAcademy.com, saying, “Have you ever wondered what the average day is like for a trader? In this blog post we interview Steve Moses, an options trader, to sneak a peek into his average day.”

Edward Webber presents The New Tax Code for 2013-2014 posted at TaxFix Feed Update, saying, “In the UK the tax allowance is about to increase. This means that anyone working in the country can earn 9,449 pounds before they need to pay any tax. This post explains all about it.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Tax Carnival Ecstasy – January 22, 2013

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Welcome to the January 22, 2013 edition of tax carnival ecstasy. In this edition we start off with an article from Bill Smith on the IRS delay in tax filing acceptance until the end of January, a delay caused by the late tax law changes passed by congress. There is also an article from John Schmoll who looks at 4 Helpful Free Investment Tools that you can use. Hope you like all the articles, tweet our carnival on Twitter, share with your friends, bookmark and come back next time.

Brian McKay presents Mortgage Debt Cancellation Relief Extended Until December 31, 2013 posted at Bank CD Rates, Mortgage Rates, Savings Rates, Banking Reviews, saying, “Homeowners facing a foreclosure, a short sale or reduced loan principal by their lender after December 31, 2012, faced owing taxes on any mortgage debt that was forgiven by the mortgage lien holder. Home owners had rushed to complete short sales or debt reduction before the end of the 2013 because it looked like the fiscal cliff tax issues wouldn’t be worked out in Washington.”

Taxes
Taxes (Photo credit: Tax Credits)

swapnil presents Share Market: Tax Structure in India posted at Share Market.

filing

Bill Smith presents Free Tax Filing for 2011 Taxes posted at 2011 Tax, saying, “Each year, thousands of taxpayers fail to file their federal income taxes. Some individuals willingly forgo this action while others run into special circumstances.”

Bill Smith presents Processing of Tax Returns to Begin on January 30 posted at 2012 Tax – Free Tax Filing Options, saying, “Earlier this week, the US Internal Revenue Service (IRS) announced that electronic filing of tax payments for the year 2013 will commence on January 30.”

retirement

John Schmoll presents 4 Helpful Free Investment Tools posted at Frugal Rules, saying, “Investing in the stock market can be a challenge for the seasoned investor, much less a newbie investor. By using some free investment tools you can make more informed investment decisions that will benefit your portfolio.”

taxes

Bill Smith presents Eliminating State Income Taxes Could Spur Economic Growth posted at 2012 Taxes – Free Tax Filing Options, saying, “While Washington continues to struggle with attempts at major changes to the federal tax system, individual states have no such problem.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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Tax Liability Of An Annuity – Does It Exist?

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Tax Liability Of An Annuity

Everybody is interested in avoiding taxation legally because no one likes to pay taxes. There is generally no tax liability in case of annuities and this is what makes it so popular. After all, ‘a penny saved is a penny earned’ therefore why not invest in these since they do not require you to pay tax? The tax-deferred growth that one can enjoy from an annuity is probably one of the most attractive features about it. The government isn’t going to tax you on any of the earnings as long as the money stays inside the annuity. Thus, if you were filing for 2009 taxes then your annuity wouldn’t come under it.

However, it cannot remain like this forever since all good things should come to an end. Therefore your deferred annuity will get taxed in its later stages. To understand this, it is necessary to take a look at the two stages of a deferred annuity. The accumulation phase is the first phase and during this phase the annuity is allowed to grow and there is no tax liability on it.

In the second phase, i.e. the distribution phase, the annuity is paid out and the payment can be made in a single lump sum or it can be segregated into a series of payouts at fixed intervals over a lifetime or a pre-determined period of time. It does not matter which mode of payment is opted because the income tax will be due on each of the annuity payment which the recipient receives.

How Accounting Management and Software Can Help Your Business

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With every new company, it is important to have an accounting system that works well and is prepared to grow with the business. Office work may be the least favorite part of getting a start-up off the ground, after all, you are a visionary with a great business idea, and taxes and sales reports aren’t exactly exciting. The future of any new business depends on careful planning. Not being prepared with the tax and bookkeeping management can turn even the greatest business plan into a failure.

Choosing Software

The type of accounting software you choose really depends on the type of business. For many small companies, QuickBooks is the first choice, mostly because it has been around long enough to improve itself over the years. If your business is more global, a cloud-based program such as Salesforce.com may be more your speed. This application is useful for customer relationship management. It combines record keeping with customer interactions, which can help a new company grow. Freshbooks is another program that provides streamlined billing and organization tools you can manage online.

Keeping Track

A new business should keep track of all receipts and all expenses from the beginning. It is crucial to know how much money is going in and out of the accounts. Taxes aren’t something you think about once a year, as your business grows, new requirements come with it, such as quarterly filings with the state or federal governments. Many Balancing books and keeping track of the latest tax laws could very well be the reason why one business outperforms a competitor. Keeping the books balanced means you have fewer problems to fix, and let an owner spend time making the business a success.

Hire an Expert

The best way to make a company more productive is finding the right people to do the job. If you have an employee who is a natural with numbers and bookkeeping, let that be their specialty. If your establishment has more of the innovative and imaginative types, let them shine where they belong and hire an outside firm to do the books. Many accountants make a living helping small firms with their tax and record keeping tasks.

Plan Ahead

Getting a new business off the ground can be difficult, but the mistake many of them make is not continuing with their planning. Very few successful companies still use the same bookkeeping system they started with. Maybe a laptop and a simple software program was all you needed to get started, but after a while, your needs will change as the business does. Thinking about an expandable accounting system from the start will ensure that you have a start-up that takes off and stays profitable for the long haul.

Aristides Trimindis is the Managing Director of Istos Global Limited an independent Firm offering Cyprus Accounting, Audit, Cyprus Tax services and Advisory services. In addition to the above Istos Global can help you Register a Company in Cyprus.

Solutions To The America’s Hard Economic Time

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With $1.3 trillion deficit decline in State’s Revenue, and 43 States faced with budget deficit, these proves that the United States of America is not left out in this hard economic time. As a solution to the situation, 2012 taxes, tax cuts was enacted.  Unfortunately, it was tricky hence; the US resorted to slashing programs and lowering costs. Worse still, it led to increase of some taxes but still a total of eight-tax cut set forth.

2012 taxes, tax cuts stands out as a major challenge. Brooking reports show that 40 States raised taxes and consequently spending declined. Previously, taxes increased by nearly $24, translating to a cool 3.5% increase. 2012 taxes, tax cuts therefore look slightly effective in the struggle to shrink the State’s deficits. Large States like New York and California, recorded a bulk of tax increase.

Among the six States that raised taxes the most, five of them slashed services in various sectors namely public health, higher education, State workforce, early education and K-12 and the elderly or disabled. This is a clear indication that 2012 taxes, tax cuts is close to impossible or else the country suffers a decline. Two states also slashed their services in four of these sectors while the other two scrapped off funding for all the five sectors.

Interestingly though, the States with the highest tax raise still had some of the most generous programs for the residents instead 2012 taxes, tax cuts.

In the 2008 fiscal year, out of the six States, four of them spent over $4,600. This exceeded the national average of $4,114 per individual.