Author : seomul EvansIf you chose in the past to forego the services of a tax attorney and now find yourself in trouble with the IRS, either because of back taxes, and audit, investment fraud, or anything else, now is the time to hire a tax attorney And now means now Don’t wait another minute Waiting too long to address the issues can result in liens, garnishment, fines, interest, and even prison time Here are four things you need to know when pursuing the services of a tax attorney

1 Generalist or Specialist The attorneys you find in your area will either specialize in a particular area or identify themselves as generalists While generalists may be helpful in some cases, you need an attorney that specializes in tax law And you need to find one with a good reputation and track record Check him or her out to make sure he or she is in good standing with the bar association and with the IRS

2 Fee Schedules Tax attorneys aren’t cheap They work hard to specialize in their particular area of expertise and they provide a valuable service to folks who find themselves in hot water with the IRS Because of their value, they can get away with charging a lot for their services So before you decide on one particular attorney, make sure you can afford his or her services Fees will vary depending on how complex your case is, where you live, and the particular attorney you’re considering hiring There are three typical fee structures

- Hourly Rate This is very common among tax attorneys He will charge you based on the amount of time he spends working on your case When you have your free consultation with him, he will be able to give you an idea of how many hours will be required for him to resolve the issues

- Flat Rate As the name suggests, the tax attorney will review your case and tell you exactly how much he will charge you

- Contingency In this case, the attorney will charge you a fixed percentage of whatever she is able to recover on your behalf But you will be responsible for other expenses such as phone charges, copies, filing fees, court costs, and others

3 Retainers Regardless of the type of fee structure your attorney uses, you will probably be charged a retainer A retainer is essentially a down payment for the attorney’s services and part of it will be paid back to you once the work is completed

4 Other Questions to Ask When you’re interviewing potential tax attorneys you also need to find out if the tax attorney will be handing off your case to someone else or taking care of it himself or herself Handing it off to someone else shouldn’t necessarily be a deal-breaker, but you should ask to speak to the person who will actually be handling your case Find out how many cases similar to yours your potential attorney has handled How many went to trial and how many were settled outside of the courtroom? Are you comfortable sharing sensitive, personal, and financial information with this person?

Although the cost of hiring a tax attorney may seem prohibitive, the cost of not hiring a tax attorney is far greater Tax attorneys can negotiate on your behalf such that you end up having to pay the IRS far less than you would had you represented yourself They can advocate on your behalf as you interact with IRS agents, which makes the whole process much less intimidating and scary So instead of asking yourself whether you can afford a tax attorney, ask yourself if you can afford not to hire one Seomul Evans is a Dallas SEO Marketing consultant for leading Fort Worth IRS Attorney and contributor of Cyber Law articles.

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Author : Wayne DaviesDo you need more time to prepare your personal tax return? Look no further than Form 4868 And if you need help completing Form 4868, look no further than this article Here are five tips for completing the extension form without a glitch

Tip 1: Relax This form is one of the easiest tax forms on the planet

Tip 2: Go to the IRS website to print out a copy of Form 4868 Or you can use your tax preparation software program to fill it out Either way, have a copy of the form in front of you as you read the rest of this article

Tip 3: Do you know your full name, address and social security number? That’s all there is to Part I Put your name and address on Line 1, your social security number on Line 2, and your spouse’s social security number on Line 3 (if you are married and are filing jointly) On to Part II (There are only two parts to this form I told you this would be easy )

Tip 4: For Part II, you must provide the following four numbers:

Line 4 - An estimate of your 2008 tax liability For some folks, this is the only challenging part of the form You may have to do some number crunching here to come up with a reasonably accurate amount But remember this is only an estimate, and by definition an estimate need not be exact If you are pressed for time, do the best you can and keep moving

Line 5 - Total tax payments you made for 2008 The three most common sources of federal tax payments include: Form W-2 withholdings (go to your W-2 Box 2 to find that); Form 1099-R withholdings (if you received any retirement plan, pension plan or IRA distributions, you should have been sent a 1099-R by now Check in Box 4 to see if any federal income tax was withheld); quarterly estimated tax payments made via Form 1040-ES (self-employed folks often make these payments, so look in your checkbook register to see if you made these payments; they were due on April 15, June 15, September 15 and January 15)

Line 6 - Balance due Calculate this by subtracting Line 5 from Line 4 If Line 5 (your payments) is greater than Line 4 (your tax liability), you don’t have a balance due Yeah! But if Line 5 is less than Line 4, you have a balance due and if at all possible, you should send a payment for that amount to the IRS with Form 4868

Line 7 - Amount you are paying If you have a balance due, pay as much of it as possible now Ideally, you want to make the entire payment Otherwise, you’ll eventually receive a bill from the IRS for late payment penalties and interest (assuming your tax return reports a similar tax liability to the Line 4 amount)

Tip 5: Be sure to send the form and, if applicable, the accompanying payment, to the IRS on or before April 15 Make your check payable to the U S Treasury and check the form instructions for the correct IRS mailing address You can also pay by credit card or electronic funds withdrawal; check the form instructions for guidance on that If you are using a tax preparation software program, you may be able to e-file the form Looking for more tax tips? For a free copy of the Special Report ‘How To Instantly Double Your Deductions’, visit www.YouSaveOnTaxes.com. Wayne M. Davies is author of 3 ebooks on small business tax reduction strategies.

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Author : Ramapati Singhania”Tax shelters are any method of reducing taxable income resulting in a reduction of the payments to tax collecting bodies, including state and central governments The methodology can vary depending on local and international tax laws ” - Wikipedia

Types:

Some tax shelters are quasi legal

* Offshore companies

By transferring funds to a company in another country, one may claim the transfer as an expense, and so lowering the taxable income International tax treaties often make the income not legally taxable e g Double tax treaties between Mauritius and China and India let resident Mauritius companies invest into those countries with negligible taxes

* Financing arrangements

By paying unreasonably high interest rates to a related party, one can severely reduce the income of an investment (or even create a loss), but create a massive capital gain when one withdraws the investment The tax benefit derives from the fact that capital gains are taxed at a lower rate than the normal investment income such as interest or dividend

Other tax shelters can be fully legal

* Limited Partnerships

Certain companies, such as mining or oil drilling often take several years before they can generate positive income, while many of them will go under This normally deters common investors who demand quick, or at least safe, returns

To encourage the investment, the US government allows the exploration costs of the company to be distributed to shareholders as tax deductions (not to be confused with tax credits) Investors are rewarded by:

1) the near instant tax savings

2) the potential massive gains if the company discovers gold or oil In US terminology, these entities are given the generic title of “limited partnership” and function as tax shelters

* Retirement plans

In order to reduce burden of the government funded pension systems, governments allow individuals to invest in their own pension and deduct some or all of its income for tax calculations e g 401 [k] in the USA These vary by country and very often are linked to governments trying to influence people behavior during the period the tax saving plan is introduced

* Owning your own business

The surest way to reduce your taxes is to convert personal expenditures into allowable deductions Turn even a hobby into a business and you’ll cut your tax bill

You can incorporate yourself, as an Type S or a limited partnership or a sole proprietorship, or even show that there was a profit motive that drove the expenditure Most governments tax corporate income at lower rates than individual earnings And your expenses are deductible even if you do not make a profit!

Even if you’re employed full time elsewhere, that doesn’t prevent you from having another activity on the side, subject to no objections from your current employer, of course But the expenses you want to deduct must be reasonable since they will be scrutinized thoroughly by the tax man

* Real estate is a widely used tax shelter

Real estate provides leverage, an inflation hedge, cash flow and equity buildup As your property appreciates in value, you are allowed a paper deduction for depreciation If structured correctly, you buy the property with your down payment

Hopefully, your rents cover your mortgage interest, taxes and operating expenses

Incorporation of offshore to save your investments and even do business is always an attractive option Ramapati Singhania specializes in creating and managing web businesses. His latest website http://www.incorporation-offshore-saves-wealth.com focuses on helping you to incorporate offshore companies in Seychelles, Mauritius and BVI. You can also visit his blog, http://www.ramapatisinghania.com

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Author : Ramapati SinghaniaWhen you incorporate an offshore company in Seychelles, there is no such thing as a Seychelles Tax!

Information Seychelles:

Located in the stunning waters of the Indian Ocean, northeast of Madagascar and 1,600 from Kenya, the Republic of Seychelles is a paradise in many ways There are 115 small islands that make up Seychelles, and these islands are unknown to many people today

Seychelles offers a wealth of prospects in terms of investment opportunities, recreational activities and overall quality of life It is now one of the worlds most recognized tax havens, because there is no Seychelles tax, offering strong competition to those well known tax havens located in the Caribbean

That is right It is a tropical haven, and because of no Seychelles tax, a tax haven as well, one that offers a world of opportunities This country might look tiny on the map, but it is fully equipped with excellent communication systems, well developed infrastructure and exceptionally appealing investment opportunities that many business people are beginning to capitalize on

Zero Seychelles Tax Companies:

It has some of the most enticing and appealing offers making it a first choice destination a zero Seychelles tax It is an increasingly popular tax haven, so much so that in July 2004 the Seychelles International Business Authority (SIBA) was established, to help and this authority regulates all offshore company activity

There are two types of tax haven companies in Seychelles:

1) The zero Seychelles tax International Business Company (IBC) and

2) Low tax Special License Company

The different between the two is that the first pays no Seychelles tax on income generated overseas, while the second pays 1 5% on income generated overseas The Special License company is a tax resident company in Seychelles, which can sometimes lead to easier business undertaken overseas, and can take advantage of the Double Tax Treaties that Seychelles has with several other countries

However in terms of competitiveness, a tax free International Business Company in Seychelles is considered one of the best Not only is the Seychelles International Business Company [IBC] easy to form, but there are also other perks associated with it

Investors benefit from:

* Fast services

* Low cost of incorporation seychelles

* Strict confidentially protected by law

* No information sharing agreements

To set up a tax haven company is straight forward and simple at Seychelles Companies can be registered in English or French, and the name of the company can be in any language so long as it has a subsequent translation

Other advantages of seychelles offshore company formation:

* There is no minimum capital requirement for a zero Seychelles tax company

* This company is extremely flexible in many ways, for example an IBC can choose whether it wishes to hold annual meetings Directors meetings are not a requirement However they can be held in Seychelles if desired

* IBCs only need one director, more if desired, however this is not a requirement

* IBCs can have directors and shareholders of any nationality and be residents of any country

* The IBC can engage in business which is legal in any country and in whatever currency, however business can not be undertaken with residents of Seychelles

And the tax benefits:

One of the best thing about having a seychelles offshore company formation is the no tax policy IBCs are completely exempt from all taxes on income derived outside of the Seychelles

Investing in Seychelles offers so many advantages Enjoy stringent privacy, see your wealth increase, open bank accounts in your companies name Everything is possible, and it is easy to implement! Let us not forget that Seychelles is not only a tax haven, but it’s also a tropical haven offering the ideal lifestyle

The Republic of Seychelles:

Capital: Victoria

Currency: Rupee

Language: There are three official languages in Seychelles Creole, French and English

Total land occupancy: 455 3 square kilometers

Population: 81,000

Government: Seychelles is a Republic, and it is members of the Commonwealth, La Francophonie, the United Nations, the African Union The President is the head of state

Brief History: Seychelles was initially colonized by the French, however in 1814 it became territory of Britain In 1976 Seychelles achieved its independence from Britain Today Seychelles enjoys her independence while being a republic in the commonwealth The Republic of Seychelles offers everything from attractive investment opportunities to fun recreational activities!Ramapati Singhania specializes in creating and managing web businesses. His latest website http://www.incorporation-offshore-saves-wealth.com focuses on helping you to incorporate offshore companies in Seychelles, Mauritius and BVI. You can also visit his blog, http://www.ramapatisinghania.com

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Author : Ann Knapp2009 promises to be a year for change A new Presidential administration, a new political direction for the country, a new Facebook layout, a new guy playing Jason in the Friday the 13th movies

Cigar smokers are bracing for change too A recent bill designed to increase funding for child health insurance will also increase federal tobacco taxes by a big margin: a sixty-two cent increase on cigarette packs, a whole dollar on little cigars, and thirty-five cents on cigarillos

Tobacco taxes on large cigars will be capped at just over forty cents per stogie Those who hope to hide out from the new increases by rolling their own smokes won’t be exempt, either: roll-your-own tobacco products also face a commensurate increase

This is the first major increase in federal excise taxes on tobacco in over ten years A 1997 excise tax was phased in via a two-stage process: a ten-cent increase in 2000 and another five-cent increase in 2002 This new tax will hit all at once

The SCHIP increase has public-health advocates in a good mood, but some cigar smokers are, understandably, less excited, and a few are already screaming for President Obama’s head There’s at least one cigar company that disagrees, though

A California-based company (briefly) made a killing during the Inauguration fever of January 2009 with a Nicaragua-made cigar named after the hugely-popular President Cigar lovers say this special model will probably be more in demand among political-memorabilia collectors than cigar smokers themselves, however

Alongside this federal SCHIP-related increase, several cash-strapped states (nearly all the states are cash-strapped these days) are contemplating their own, independent tobacco tax increases, including Pennsylvania (where the measure enjoys Governor Ed Rendell’s warm advocacy), Arkansas and Kentucky

New smoking restrictions have been enacted in Virginia, typically among the strongest pro-smoking states in the Union But this ban is criticized by anti-smoking groups for not going far enough in restricting public smoking, which brings us to the other noticeable trend among smoke-banning states–one considerably more encouraging for cigar smokers

There’s other news for cigar fans–some of it doesn’t even involve higher tobacco taxes or smoking bans, either While the popularity of smoking bans seems to be increasing nation-wide, so is the trend of writing special exemptions into such bans, allowing some smoking in designated locations–a compromise that cigar lovers, cigar-lounge owners, and the rest of the world can live with

The Laguna Beach, California, City Council has pioneered this fair-minded approach, recently voting to allow smoking of all kinds at tobacco shops and lounges in the otherwise smoke-free city This is the same city council that pioneered harsh anti-smoking legislation in the early 1990s, passing one of the country’s first bans on smoking in all public places in 1993 (This ballot measure enjoyed a heavy endorsement from voters in the 1994 state elections ) Good news for smokers–especially those who live in Laguna Beach, if there still are any!

Cigars also made early-2009 headlines thanks to the Michael Phelps case Summer Olympics hero Michael Phelps found himself the object of unwanted attention from newspapers–not to mention South Carolina police–when a photo was published showing him taking bong hits during a December 2008 party South Carolina police have since arrested several of Phelps’s friends shown in the photo, and have announced their attention to arrest the world’s greatest swimmer as well, should the opportunity present itself, despite a groundswell of pro-Phelps public sentiment

In all the controversy, Gurkha Cigars offered Phelps a fairly large chunk of money to serve as its “smokesperson”–figuring, very reasonably, that premium cigars are one form of smoking that won’t get Phelps in trouble with South Carolina police No word yet on whether the world’s strongest pair of lungs will add Gurkhas to the list of smokeable substances that he’s on record as enjoying CigarFox provides you the opportunity to build your own sampler of the finest cigars that include cigar brands like Montecristo, Romeo & Julieta, H Upmann, Macanudo, Cohiba, Partagas, Gurkha and many more. Choose from more than 1200 different cigars! Other cigar products include cigar humidors, cigar boxes, and cigar accessories like Zippo Lighters.

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Author : Shawn WilsonIt comes around every year like clockwork Springtime And with the arrival of the sun comes the arrival of tax time You’ve spent a whole year making and spending money Now it’s time to pay up

For most people, tax time is one of their most dreaded seasons Not just because you’ve got to pony up to the government but also because of the bureaucracy and the paperwork and the fear of getting something wrong and paying for it for years to come They don’t make it easy, they don’t make it pleasant And for most of us, they don’t make it cheap

Depending on what country you live in, there are different policies and tricks to use to save money –and time– on your taxes But while every place is different, there are some universal things that can help most people lower their taxes no matter where they live All they have to do is plan ahead and plan smart

In today’s difficult financial climate, we all want to lower our taxes as much as possible Looking to see a lower number in your “amount owed” box? Read of for a few smart tips for saving money on your taxes

Know the System

In every country, calculating and paying taxes is an incredibly complicated system Each year new rules are put into place, with new breaks or new taxes for different classes of incomes Unless you work as a tax accountant, chances are you don’t know about everything you need to allow you to pay the smallest amount possible on your taxes Well, it’s time to learn! If you want to save on your taxes, take the time to bone up on your country’s tax laws, and learn what is new during your filing year and how those new policies affect you

The best way to do this? If you can’t pay for a personal tax accountant, look for some great tax software The best tax software takes changes in tax law into account when calculating your taxes, and will help you get the best deal you can

Search for Tax Breaks

Tax time usually hits the self-employed harder than any other group Not only do small business owners tend to pay higher taxes than many individuals, they also have a lot more paperwork to worry about And the last thing they want to do is add more work to the pile

But if you’re self employed or own your own business, adding more work to the pile might just save you thousands on your taxes If you look into all of the tax breaks, write offs, etc , available to you, chances are there are quite a few you’re not using When calculating your taxes, you should always look at the following business expenses if they apply to your business:

- Mileage and gas
- Travel expenses (business only, of course!)
- Per diem
- Business-specific purchases (if, say, your business is a blog about internet dating websites, a paid membership to an internet dating site may be a business expense)
- Costs of running the office

Invest your Money

If you have money sitting around as taxable income (and you don’t plan on spending it) you may want to look at investing it in order to avoid paying taxes on it during that year (Of course, this depends on what country you live in ) If you’re a resident of the United States, you can invest as much as $5,000 into your IRA or 401k before your taxes are due to be paid This will come out of your taxable income and help pay for your future retirement

Claim Your Losses

If you invest in the stock market, chances are you haven’t had a very good year The economy is suffering, the stock market has plummeted, and investors are reporting losses all around Fortunately, when it comes to tax time you can use this to your advantage When your losses exceed your gains for the year, you can generally write them off While U S residents can’t write off more than $1,500 in losses at a time individually, they can keep writing off up to $1,500 year after year until those losses have all been written off

It’s no fun losing money on your investments If you make money, paying taxes on your earnings probably doesn’t feel like so much of a burden But if you lose money, that “tax pain” at the end of the year doesn’t have to be as great Most countries’ tax laws give investment losses a bit of a silver lining, providing some tax breaks for those who have made bad investments If you’ve had a bad year, research you’re countries policies on losses and use those policies to your best advantage This article was written by Shawn Wilson, a member of the customer support team at Datepad, where we always offer free internet dating. Datepad has a massive directory of informative free dating articles along with a great list of dating site reviews on our dating blog.

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