UK Resident Doctors and Dentists - 7 Tax Saving Tips for the Next 12 Months

Achieving success with your financial planning is as much about how much money you manage to keep rather than how much you earn. Saving tax is one area where you can make a big difference to your net income, so use these strategies to your advantage...

Understanding Capital Gains Tax

One of the most common yet least understood taxes imposed by the government on investors is the Capital Gains Tax.

7 Ways To Organize Yourself For Taxes

Don't let your accountant organize your receipts for taxes. You and only you are responsible to the IRS if your receipts are not categorized correctly. Take your time, lay out your reciepts, and place them in the category you think they belong in. Attach each category to a sheet, list the category at the top of the sheet, list each item on each sheet and why it is deductible.

A Winning Marketing Plan for Tax Planning

Integrating tax planning into your financial planning practice may help grow your business, but it must be marketed effectively and consistently. The key elements in developing a winning marketing plan are positioning and using the basic communication channels.

IRS Wants to Know About Fake Emails Using IRS Name

Obviously, you use the Internet or you wouldn’t be reading this article. Since you use the web, you know about phishing scams or should. Some scams are now using fake IRS identification.

Inheritance Tax, and How to Avoid it

Karl Marx, Andrew Carnegie and John Maynard Keynes all favored high inheritance taxes. Fortunately, you don't have to take financial advice from any of them: this article reveals one way of avoiding inheritance tax altogether.

Six Month Extension to File Form 1040 Now Available

The IRS now allows an automatic extension of six months to file Form 1040. A taxpayer applies for the extension on Form 4868. In prior years, the extension was for four months, but a taxyer could apply for an additional two months extension by showing good cause. Obtaining an extension can reduce the possibility of being assessed the penalty for failure to file a timely return. An extension also allows the taxpayer more time to make many tax elections.

IRS Won't Forgive Taxes Owed by eBay, Amazon 'Hobby' Sellers

Many part-time online sellers believe they aren't liable for paying federal income tax. But even if you have a full-time job where income is withheld for taxes, Uncle Sam still wants his cut from your part-time selling profits.

How To Find A Good Tax Accountant

A tax accountant has been trained as an accountant and is able to inspect, prepare, and maintain financial records for a business or individual. However a tax accountants main focus is on preparing and maintaining tax information.

Home Equity Loan Tax Deductions - Deducting Home Equity Interest

Home equity interest is tax deductible under certain circumstances. Here is some information on the requirements and circumstances when the interest on a home equity loan is deductible.

Minimizing the Income Tax on the Receipt of Lump-Sum Social Security Benefits

Taxpayers who receive Social Security benefits in one lump sum might have to pay taxes on up to 85 percent of those benefits. This article explains to how minimize the income tax burden from the receipt of lump-sum Social Security benefits by making the proper election under Section 86(e) of the Internal Revenue Code.

Ten Tips On Becoming a Tax Preparer and Earning Big While Working P/T

Enrolling and completing tax school will put you in the line up for what I call the “Half-Year Tax Professionals” They do taxes 5 or 6 months out of the year and spend the other half of the year traveling.

Build Wealth with a Tax-Free Gain on the Sale of Your Home

If you owned and lived in your home for at least two of the five years before you sold it, the gain is tax free up to $250,000 if single or up to $500,000 if married. However, if you ever used part of the home for business purposes, such as a home office, only the gain due to depreciation recapture is taxable. You can maximize the benefits of this exclusion by buying a home below value such as a foreclosure or building a home while acting as your own general contractor.

Save Taxes with a Health Savings Account

Many taxpayers receive no tax benefit from their medical expenses because the total medical expenses must exceed 7.5 percent of their adjusted gross income to provide any benefit. A health savings account is a good way to plan around this limitation. This article explains the tax benefits of a health savings account.

Tax Preparation Software: The Good, the Bad and the Ugly

The pros and cons of using software to complete your tax return.