Tax Reform, My Way

We need real tax reform and we need it now. Previous attempts have been made at tax reform, but they have only provided band-aid solutions that have still left us with too many quirks, complication, and read tape. There are several things Congress could do to simply the tax system and benefit the taxpayers and federal budget at the same time.

First, I would institute a simple two-tiered tax on earnings and passive income (interest, dividends, capital gains, etc.) that are not in a tax-sheltered account. They would be treated equally and no distinction would be made between long-term and short-term capital gains. Individuals (whether married or not) who have taxable earnings and passive income of less than $30,000 would pay no federal taxes. Amounts equal to or greater than $30,000 but less than $200,000 would be taxed at 25%. Amounts equal to or greater than $200,000 would be taxed at 30%.

Second, I would get rid of the quarterly estimated tax requirements and associated penalties for everyone except those who are habitually late (after April 15) filing their return and/or paying their taxes. Few things in our tax system are more complicated than trying to figure whether or not you paid enough estimated taxes, whether they were paid on time, and/or the penalty for not doing so. Even the IRS acknowledges how complicated it is to figure out this penalty, as they offer to calculate it for you.

Third, I would eliminate the annual limits on capital losses as well as those special "wash sale" rules, which further restrict the writing off of capital losses. The reporting of capital gains has never been limited and neither should capital losses. "Wash sale" rules restrict the writing off of capital losses for stocks and mutual funds sold at loss but bought back again within 30 days. As I mentioned in a previous writing, these rules can get very complicated, with those for figuring the estimated tax penalty being the only ones that are more difficult to understand.

Fourth, I would keep personal exemptions and child tax credits intact but eliminate all deductions except for charitable contributions and mortgage interest on one's primary dwelling. There would be no standard deduction or Earned Income Tax Credit.

Fifth, I would eliminate the Alternative Minimum Tax (AMT). This is probably the third most complicated item in the tax law. It was designed to make sure the rich pay at least some taxes, but the elimination of most deductions would accomplish this goal now by taking away most of their shelters.

Sixth, I would make some adjustments to inheritance and gift taxes. For the most part, they would not be treated any differently than ordinary income. However, there would be some exceptions. Inheritances and gifts passed from one spouse to another would be exempt from federal taxes. Inheritances of family farms and other legitimate businesses by any family member from another would not be taxable.

These changes would benefit individuals by making the tax system less complicated for everyone and taking a smaller percentage of income from most taxpayers (especially the middle class). The government would benefit from collecting more taxes because more people would be working and receiving higher incomes (as this system would encourage more investment in infrastructure). Also, more people would be encouraged to make more taxable passive income. The current system discourages taxable passive income. In addition, the extremely wealthy would have fewer options for sheltering their income.

Terry Mitchell is a software engineer, freelance writer, and trivia buff from Hopewell, VA. He also serves as a political columnist for American Daily and operates his own website - http://www.commenterry.com - on which he posts commentaries on various subjects such as politics, technology, religion, health and well-being, personal finance, and sports. His commentaries offer a unique point of view that is not often found in mainstream media.

In The News:

Warren dim on raising gas taxes to pay for infrastructure  CNNDemocratic presidential candidate Sen. Elizabeth Warren has pitched a wide array of proposals that would make most Republicans shudder, but there is one ...
Here are 5 quirky deductions you may not know about that can help lower your taxes  CNBCIf you are looking for a way to pay less to the IRS, think outside the box when it comes to deductions.
How to tax the rich, explained  Vox.comIt's no accident that the Democratic Party went from wanting a 39.6 percent top tax rate to wanting much more.
Most people want higher taxes on rich to support poor – OECD  The Guardian'Deeply troubling' survey of 21 countries finds 60% believe they are not getting 'fair share'
What to do if you haven't filed your taxes in the last few years  Yahoo FinanceTax season is in full swing, but don't fret if you haven't filed—unless fretting will spur you to action. The deadline, April 15, is less than a month away. If you've ...
What Happened to the Income Tax Personal Exemption?  HowStuffWorksHowStuffWorks examines the fate of the personal exemption in light of the tax reform laws of 2017 and it affects 2018 income tax refunds.
Taxes From A To Z 2019: E Is For Earned Income Tax Credit (EITC)  ForbesIt's my annual “Taxes from A to Z” series! This time, it's Tax Cuts and Jobs Act (TCJA) style. If you're wondering whether you can claim home office expenses or ...
7 red flags that could trigger an IRS audit of your taxes  USA TODAYNo one wants a visit from the Internal Revenue *Service*. But if you get too generous with your calculations, you may need to back up your tax return.
This just might be the worst tax-filing status to claim  CNBCWhether your spouse has dubious sources of income or you're in the process of a split, there are a few situations in which it makes sense to file separate tax ...
New York’s Road-Repair Funding Gap Sparks Driver Tax Debate  Wall Street JournalNew York should wean itself off its reliance on gas taxes and consider charging motorists by the mile to pay for roads and bridges, a watchdog group said in a ...
7 Things Artists Should Know before Filing Taxes  ArtsyWe spoke to artist-accountant Hannah Cole to learn some basic tips that can help artists navigate tax season.
Nintendo Tortures Animal Crossing Fans With Tweet About Taxes  KotakuYesterday, the Nintendo of America Twitter account posted the above image of Animal Crossing's Tom Nook and suggested the money-lending raccoon had ...
Tax return 2019: IRS says deadline to claim $1.4 billion in refunds approaching  CBS NewsAttention, taxpayers: If you haven't filed a tax return for 2015, your time to claim money owed you is running out. The Internal Revenue *Service* said as many as ...
GST Council meet: Realtors get two options to tax under construction house  Business StandardReal estate developers with unsold housing inventories can now choose either the old rate or the new one if the project is still under construction on March 31.
The Supreme Court’s Online Sales Tax Ruling Is Already a Huge Headache for Small Businesses - Reason.com  ReasonAn overlooked ruling could force small businesses to pay sales tax in dozens, even hundreds, of jurisdictions where they have no representation.
Small businesses cheer Trump tax reforms, but some feel they didn't go far enough  CNBCTax breaks enacted to help small businesses aren't permanent, and that's made it difficult for business owners to make long-term decisions.
No respite from Angel Tax despite DPIIT notification  Economic TimesStartups complain that little work has been done on the ground to bring them relief from the so-called 'Angel Tax demon.
Are states getting their fair share of taxes?  LivemintTax devolution to states and union territories will decline to less than 50% of government's budgeted expenditure for 2019-20.This development comes amid ...
'It is not communism, it is just common sense': Historian who confronted Davos elite lays out his case for higher taxes  CNBCRutger Bregman, a Dutch historian who caught the world's attention after criticizing the super-rich at the Davos summit earlier this year, told CNBC Tuesday that ...
Five new ways to save on your taxes in the Federal Budget  Financial PostWhile today's 2019 federal budget contained no tax rate cuts, the government did provide a variety of tax goodies and incentives. Your ability to take advantage ...
Tax optimiser: How salaried Kamal can save Rs 40,000 tax via perks, NPS  Economic TimesNot only should you ask your employer/company for the NPS benefit, but you should also ask for other tax-free perks like LTA, telephone bill. You can reduce ...
UBC: $2.6B in taxes lost yearly to under-the-table pay  Construction DiveConstruction industry news, trends and jobs for building professionals who want mobile-friendly *content*.
Govt banking on advance tax collection to meet direct tax target of Rs 12 lakh cr  Economic TimesNEW DELHI: With fiscal math under pressure due to lower buoyancy in tax collection, the government is eyeing advance tax payment to meet the revised Budget ...
How High-Tax Countries Tax  BloombergThey don't tax wealth much, their income taxes are high but not very progressive, and they rely a lot on consumption taxes.
Powerball $550M lottery jackpot: Here’s the tax damage  Fox BusinessMany Americans are hoping they will be the lucky recipient of the $550 million Powerball prize – though the actual amount a winner Opens a New Window.
Amazon federal taxes: how the company’s corporate tax bill was $0  Vox.comAmazon's founder is America's richest person, but the company paid no corporate income tax last year. How can that be? For starters, Jeff Bezos is rich because ...
5 unexpected tax breaks you can claim on your tax return  Business InsiderThere are several legitimate ways to pay less taxes. Under-the-radar tax breaks include deductions for jury duty and bringing your pet to work.
127 startups apply for angel tax exemption, wait with bated breath for Income Tax department decision  The Financial ExpressOut of 127 startups that had applied for angel tax exemption through Form-2, 92 startups have received an acknowledgment email from the CBDT that their forms ...
The $550M Powerball winner's lottery tax bill will be massive  AOLOne very lucky person will win the Powerball jackpot prize of $550 million this Wednesday, the eighth largest Powerball prize in history. If you're lucky enough to ...
That scholarship may be subject to income tax  CNBCIf your child is deciding between two schools based on a financial aid package, be sure to weigh the taxes that may accompany the offer. Families depend on ...
Here's why the average tax refund check is down 16% from last year  CNBCThe average tax refund check is still smaller this year compared to last. If you're unhappy with those results, it might be time to revisit your withholding at work.
4 important tax benefits of buying a house jointly  Economic TimesIf a property is held jointly, individuals can receive additional tax benefits for the same cost.
How to save income tax via medical expenditures under sections 80D, 80DD, 80DDB, 80U  Economic TimesIf you can't afford to pay for health insurance premium or unable to buy one due to pre-existing conditions, then also you can save tax via medical expenditures.
Long-shot presidential candidate Andrew Yang wants to tax Amazon sales and give that money to Americans  CNBCYang, who announced his candidacy in late 2017, is proposing a 10 percent VAT on big companies like Amazon and Google. But he said he doesn't believe ...
How Democrats Want to Tax the Rich  BloombergDemocrats are leading the 2020 presidential campaign with a slew of tax-the-rich proposals, representing a tone change revealing a party moving to the left.
Powerball's jackpot surges to $550 million. Here's what the winner would pay in taxes  CNBCRight off the bat, the IRS would shave tens of millions of dollars off the windfall, and more would be due at tax time. And depending where you live, state taxes ...
Why Americans Don’t Cheat on Their Taxes  The AtlanticThe weirdly hopeful story of how the U.S. came to be a leader in tax compliance.
China's VAT cut still does not do enough for small manufacturers  South China Morning PostOwners play down suggestions it could boost domestic business and aid employment to help offset the slowdown in growth caused by the US-China trade war.
Proposals to tax pieds-à-terre in New York are gaining ground  The EconomistNUMBER 220 Central Park South is one of New York City's swankier addresses. Its amenities include a golf simulation room and a saltwater swimming pool.
Govt simplifies, widens definition of Startup to provide relief from Angel Tax  Economic TimesAnother crucial change is that no entity with a turnover of Rs 100 crore and above can be called a startup any longer.
Tax officials say undeclared properties worth Rs 41 cr found  Greater KashmirIncome tax department has started scrutiny of documents recovered during raids in Jammu and Kashmir, claiming its officials detected undeclared properties ...
Billionaire investor Ron Baron: It's OK for me to pay 50% in taxes — but I could always move to Florida if I didn't want to  CNBCBillionaire Ron Baron says capitalism works for people if "they are educated and are able to take advantage of the system."
Tax queries: Annuity received on a periodic basis is taxable as an income under the head ‘Salaries’  Economic TimesDilip Lakhani Senior Chartered Accountant, answers queries from our readers on income tax and other levies.
Americans want the wealthy and corporations to pay more taxes, but are elected officials listening?  Brookings InstitutionEconomic inequality is on the rise in the United States and has been for the past 40 years. Prominent Democrats have offered several proposals to curb ...
Louisiana accidentally gave out $26 million in tax refunds after it paid people twice. Now it wants the money back.  INSIDERTaxpayers in Louisiana could be joining the many Americans who are unhappy about smaller tax refunds this year. The state of Lousiana is trying to recoup tax ...
Taxes and penalties may await wealthy parents in college admissions scam  CNBCWealthy parents ensnared in a massive college admissions scheme may have another worry on the horizon: the IRS. Two famous actresses and a group of ...
Amazon Doesn’t Plan to Pay the IRS Anything This Tax Season  BloombergAmazon.com Inc. does not plan to pay the IRS anything this tax season. Yet that's not largely because of President Donald Trump's tax overhaul.
Ottawa tweaks excise tax for edibles, pares revenue estimates from pot taxes - Article  BNNBloomberg.caCanada's federal budget contains a tweak to cannabis excise taxes for edibles and other extractable products that will be made legal later this year, as well as a ...
Here's how tax refunds are looking halfway through tax season  CNBCThe average check from Uncle Sam hit $3068 for the week of March 1, up 0.7 percent from this time last year, according to data from the IRS. Here's what you ...
Illegal immigration taxes: Unauthorized immigrants pay state taxes  Vox.comUndocumented workers paid about $11 billion in state and local taxes, according to a 2017 report by the Institute of Taxation and Economic Policy.
Hey, US taxpayers. Filed your taxes? Good, good. $500m of it is going on an Intel-Cray exascale boffinry supercomputer  The RegisterIntel will, as expected, provide the processors for the US government's exascale-grade Aurora supercomputer, due to be deployed in 2021. The contract to build ...
Capital gains arising from redemption of gold bonds is exempt from tax  LivemintI am 33 years old and I have invested about 70% of my savings in equity mutual funds. I have a high appetite for risk and my investment horizon is long term.
Govt faces direct tax mop-up shortfall, collects Rs 4 trn as advance tax  Business StandardPhoto: Shutterstock The income-tax (I-T) department collected over Rs 4 trillion as advance tax from corporates and individuals as of March 15 in the current ...
Amazon paid no federal tax for 2018 – but how much profit did it earn?  The GuardianThough Amazon's Queens headquarters were ultimately scuppered it turns out the company is already receiving benefits from the government.
Resolve angel tax issues fast, CBDT tells its officers  Economic TimesMUMBAI: The Central Board of Direct Taxes (CBDT) has asked its officers across India to avoid taking “coercive measures” against companies that have ...
View: A case for a minimum alternative tax on revenues, not on profits  Economic TimesThe right alternative is to tax revenues, not profits. A tax on revenue will apply even to loss-making companies.
Disabled can claim tax saving deductions up to Rs 1.25 lakh under sections 80DD, 80U  Economic TimesThe Income Tax Act allows deductions from your gross total income, before the levy of tax, if medical expenditure has been incurred on the treatment of a ...
How to find Income Tax Assessing Officer or AO details?  Economic TimesAssessing Officer is authorized to assess the income tax return you have filed and if he finds any discrepancy in your filed return, he will send you a notice ...
ET Wealth Wisdom: Tax-saving 101 for young earners  Economic TimesIn this week's ET Wealth Wisdom podcast, Shambhavi Mehrotra and Tania Kishore Jaleel try to simplify tax saving for young earners.
Take school taxes off property tax bill, says Mayor Bowman  Winnipeg SunMayor Brian Bowman says he doesn't believe school taxes should be levied on municipal bills and he's ready to vote “no” if asked to repeat that practice next ...
Fresh tax trouble for Shah Rukh Khan: I-T challenges relief over alleged benami property  Moneycontrol.comThe I-T mounted the challenge after the Adjudicating Authority dismissed the case and slammed the department for labelling a property acquired by Shah Rukh's ...
What is pink tax and are you paying it ?  LivemintPink tax refers to the invisible cost that women have to pay for products designed and marketed specifically to them.One way to beat pink tax is to not fall for ...
Tax the Rich? Here’s How to Do It (Sensibly)  The New York TimesEveryone, it seems, has ideas about new tax strategies, some more realistic than others. The list of tax revolutionaries is long. The short list includes ...
Pay your pending advance tax by 15 March  LivemintYou need to pay the fourth and last instalment of advance tax for financial year (FY) 2018-19 by 15 March, if you want avoid paying an interest on the amount ...
Pre and post-Budget 2019: How tax benefit changes for individuals with 2 home loans  Economic TimesThe interim Budget 2019 has proposed to treat the second house owned by an individual as self-occupied and thereby removed the necessity of paying tax on ...
Half-measures: new angel tax rules for start-ups  The HinduIt is good the 'angel tax' has been moderated, but its arbitrary nature remains intact.
Liberal budget to raise taxes on stock options for execs of large companies  Global NewsThe government plans to exclude startups and rapidly growing businesses from the cap, so they can keep using stock options to attract and reward employees.
Big names on property tax defaulters’ list in Puri  Odisha Television Ltd.The Puri Municipality has issued notices to several business establishments as well as individuals over pending holding tax amounting to over Rs 1 crore.
Best tax saving investment for my retired mother  Economic TimesI am looking for a tax saving investment for my mother. She is retired and 58 years old. Her yearly pension is Rs 2.4 lakh. Can you please suggest some ...
How to avoid last-minute tax planning mistakes  Economic TimesTaxpayers often commit mistakes in a rush to save tax. Here's how to avoid investing errors you might regret later.
ELP tax partner Anay Banhatti moves to Bombay bar for independent practice  Legally IndiaExclusive:Economic Laws Practice (ELP) tax partner Anay Banhatti has left and will be starting independent counsel practice, cementing the trend of tax lawyers ...
India lowers tax on new home sales ahead of general election  ReutersIndia on Sunday announced a cut in the goods and services tax charged on sales of residential properties under construction as the government looks to ...
‘Hold me to it. We will abolish Angel Tax,’ says Rahul Gandhi at an interaction with entrepreneurs in Bengaluru  YourStoryThe heat and dust of an Indian election season is well upon us with major political fortunes at stake at the upcoming 2019 General Elections. It's the time to woo, ...
4 tips to protect yourself against tax return fraud this year  CNBCWhile the IRS has had recent success combating tax return fraud, the responsibility to protect personal information begins with taxpayers. Here are four ways to ...
Be tax-ready before March 31  BusinessLineMake some payments before the end of the financial year to optimise tax outgo.
Bill Gates Spells Out Democrats’ Tax Plans as a Capital Gains Hike  BloombergBill Gates, Elizabeth Warren and Bernie Sanders all want the rich to pay more taxes, but Gates is saying what the Democratic candidates appear to be thinking: ...
Democrats Want to Tax the Wealthy. Many Voters Agree.  The New York TimesA proposal to tax wealth finds support across party lines, along with the premise that the government should combat inequality.
Will abolish Angel Tax and tweak e-comm policy, if voted to power: Rahul Gandhi  EntrackrThe Angel Tax and e-commerce policy have been two contentious issues, which are troubling startups and entrepreneurs in the country. The current government ...
Taxing your privacy  TechCrunchData collection through mobile tracking is big business, and the potential for companies helping governments monetize this data is huge. For consumers ...
3 Tax Credits Parents Should Take Advantage Of  The Motley FoolRaising a child is incredibly expensive, but it also opens up a world of new tax breaks that can help you hold onto more money for your family. Many of these ...
Tax hikes, budget cuts on the table to solve downtown tax problem  Calgary HeraldCity council is poised to take action to relieve the pressure on businesses caused by the downtown tax shift — with a hike to residential property taxes appearing ...
Majority would pay higher taxes to resolve housing crisis, study finds  The Irish TimesResearch also suggests more than two-thirds list financial security in old age as top risk.
County meals tax gains support | Nvdaily | nvdaily.com  Northern Virginia DailyWOODSTOCK – Shenandoah County leaders may be told by voters in November if they want a meals tax to relieve pressure on property owners.
A visit to a medical lab or diagnostic centre can help you save tax; here's how  Economic TimesThis is a yearly phenomenon that happens at the end of every financial year. All kinds of financial *service* providers - right from banks to insurers to fund houses ...
Tampon taxes to be eliminated in Denver  FOX 31 DenverDENVER -- The City Council is expected to eliminate sales taxes on all Feminine Hygiene Products at its next Council Meeting. Currently, there is a 4.31% sales ...
Taxpayers can compare tax liability declared in final, summary GST returns forms: GSTN  Economic TimesNEW DELHI: The GST Network Tuesday said businesses registered under GST can now compare the tax liability declared as well as input tax credit claimed in ...
Tax collectors chase rich New Yorkers moving to low-tax states. Auditors inspect cell records, even your dog's vet bills  CNBCThe cat-and-mouse game between state tax collectors and wealthy New Yorkers who are moving to Florida has reached new levels — and gone high tech.
ELSS or insurance: which is the best tax-saving option under Section 80C?  Economic TimesI need to invest Rs 1 lakh in tax saving mutual funds this month for FY 2018-19. My father used to take 80C deduction from LIC premium. Most of the policies ...
Tax optimiser: Paying rent to mother, contributing to NPS can cut Kumar's tax by Rs 1.4 lakh  Economic TimesAvinash Kumar has a very tax-friendly salary structure but still pays high tax because he is unable to avail some of the exemptions.
Indexation benefits available on debt MFs make them more tax efficient than FDs  LivemintGains made on investment in debt mutual funds held for more than 36 months is considered LTCG and indexation benefit is available on it.The indexation ...
Penalty, interest waiver and free health check-up for paying pending property tax! Check details  Times NowNew Delhi: In order to encourage residents to come out and pay their pending property tax, South Delhi Municipal Corporation (SDMC) is organising health ...
'Gabbar Singh Tax, Rahul?' asks BJP after Manmohan Singh awards Jaitley-led GST Council  Business TodayUnion Finance Minister Arun Jaitley accepted the Business Line "Change-maker of The Year Award" for the implementation of Goods and Services Tax (GST) ...
(Update) Voters say ‘yes’ to keeping school taxes  Cullman Times OnlineCullman County voters overwhelmingly said “yes” Tuesday to renewing that portion of the property taxes they've been paying for the past 30 years that helps ...
Don’t ignore taxation when planning for retirement  Economic TimesOne of the biggest mistakes investors tend to make while planning for their retirement is looking at returns in isolation, said Prakash Lohana, Managing Director, ...
Budget 2019: No marginal relief for taxpayers whose taxable income exceeds Rs 5 lakh  Economic TimesAlthough the interim budget 2019 has made income up to Rs 5 lakh tax free, the marginal increase in income above Rs 5 lakh will result in more tax outgo than ...
France targets Google, Amazon and Facebook with 3% digital tax  CNBCThe French government on Wednesday introduced a tax aimed at internet giants like Google, Amazon and Facebook, forging ahead with stricter regulation on ...
Companies with high input tax claims under lens  Economic TimesNEW DELHI: Indian businesses that paid most of their goods and services tax (GST) liability using input tax credit or reported asignificant variation in turnover ...
Do your taxes for cheap! H&R Block Tax Software Deluxe is on sale for just $18  PCWorldThe tax deadline is still a few months away, but this deal for H&R Block Tax Software Deluxe can't be missed.
Income Tax dept seeks Rs 5,872 crore from Grasim on its mega merger  Business TodayThe Income Tax Department has slapped a Rs 5872 crore demand in tax on Aditya Birla Group company Grasim Industries with respect to its merger with Aditya ...
Angel Tax: Govt now plans mechanism to identify genuine investors  Business TodayAfter the government prescribed the necessary conditions for start-ups to be exempted from Angel Tax, it is now planning to earmark the investors who can ...

Where to Find Tax Breaks for Your Home Based Business

April 15th looms in front of most people every year... Read More

Complaince of Tax Return in Electronic Commerce Taxation

Emerging Legal issues of Tax compliance of e-business Self-assessment system... Read More

Taxing Overseas Firms for SOX Compliance

The Sarbanes-Oxley Act, also called the Public Company Accounting Reform... Read More

Fraudulent Tax Shelters ? KMPG Goes Down Hard

In the largest criminal tax case ever filed, KMPG has... Read More

Highlights of IRS List of 2005 Tax Scams

Each year, the IRS lists various scams taxpayers get caught... Read More

IRS Lock-In Letters ? What?s An Employer To Do?

Employers often ask employees to designate the amount of tax... Read More

How Likely Are You To Be Audited?

Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing... Read More

Electronic Commerce Taxation and Pakistan

Assume a buyer in Pakistan downloads software from the Internet... Read More

Taxation of Forgiven Debt: The 1099C & You

Often people fall on hard times and stop paying on... Read More

Tax Reform, My Way

We need real tax reform and we need it now.... Read More

Send Your Kids To Summer Camp and Write It Off

If you paid someone to care for a child so... Read More

Tax Records - What You Should Keep And For How Long

Many taxpayers are confused about how long they should keep... Read More

How To Claim CHILD TAX CREDIT The Right Way And Add An Extra $2,000 To Your Refund

The U.S. Department of Agriculture estimates that it costs nearly... Read More

The Tax Man Cometh... To Search

You're at your office, or home, and the doorbell rings... Read More

Paying Workers ? What Can You Write-Off?

As your business grows, you are going to need help.... Read More

Tax Investigation - What You Need To Do

The knock on the door from a Tax Inspector is... Read More

Getting A Second Extension to File 2004 Taxes

Millions of people file tax return extensions every year. The... Read More

Tax Trap #3 -- IRS Penalties, Interest and Love Letters

As a small business owner or self-employed person, one of... Read More

Small Business Tax Issues for Self-Employed Individuals

The United States is a nation of entrepreneurs. There are... Read More

The Implications of Income Tax Charge on Estate Planning

OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon... Read More

Understanding Basic Tax Terms

If your like many, you don't always understand what people... Read More

Failure To Pay Employment Taxes ? Penalties

As an employer, you must pay employment taxes if you... Read More

Home Based Business Tax Deductions

Running a home based business reaps many wonderful tax deductions... Read More

Need an Offshore Sales Office in a Tax Free Environment?

The 100 year old investment-banking firm of... Read More

Section 179 ? Tax Relief From Depreciation Rules

"Depreciation." For business owners, this word is the one most... Read More