Fiscal Deity: Tax Consultant

Strategic planning throughout the year results in a minimal tax balance. The objective of planning your tax payables is not to prevent paying taxes, it is to pay no more than your fair share of taxes, and keep your money where it earns you the most.

If you aren't aware of it yet, Uncle Sam pays no interest. If he deducts your tax payment monthly or quarterly, and takes more than his fair share, he doesn't give you anything back for the privilege of using your hard earned money. By the same token, if you don't pay in enough, he charges you a penalty and interest.

As a W-2 wage earner, if you are over paying your tax debt, you may be considering it a 'forced savings plan', but you gain nothing, using that particular plan. By putting the same amount in savings every year, earning interest on the balance, and continuing to regularly invest in your savings fund, you may be able to utilize the retirement savings plan reducing your tax debt significantly. With the advice of a competent tax consultant, your savings can become an investment with a tax reduction at the end of the year.

As a business owner paying tax quarterly, over paying your taxes can cost you considerably more. Your tax debt may actually be borrowed money, on a line of credit from the bank where you pay interest for the use of the money. If tax planning were part of your business expenses, you get to deduct the amount paid to the tax consultant from your business, you don't have to pay interest on more than you need to pay in (if using a line of credit to pay taxes), and any saved money can be placed in a retirement fund or savings plan to draw interest for you. Once again, a tax consultant can save you money.

These are just a couple of ways you can save money by hiring a tax consultant. So, who is your Tax Deity? Your tax consultant or Uncle Sam?

Copyright © 2005 ? Jan Verhoeff

Tax planning is an important part of setting up your business, working your job, or living in a world where taxes are a fact of life. Consider saving money on your taxes this year, by planning well, and paying yourself first. Visit eBiz Brand Performance for more information.

In The News:

Airtel Niger faces shutdown over non-payment of taxes  Business TodayThe General Tax Directorate of Niger ordered the closure of the offices of Airtel Niger, seeking tax amounts that have been disputed by Airtel.
EDMC proposes two new taxes, education cess in 2019-20 budget  Times of IndiaNew Delhi, Dec 10 () Cash-strapped East Delhi Municipal Corporation (EDMC) on Monday proposed two new taxes and an education cess in its budget for ...
Climate change: Protecting the poor from green taxes  BBC NewsHas President Macron's controversial fuel tax set back carbon taxes globally?
Net direct taxes collections up 14.7 percent in April-November  BusinessLineRefunds worth Rs 1.23 lakh crore have been issued in the eight months of the current fiscal.
Hired a nanny this year? Claim this tax credit for 2018  CNBCAs you prepare your tax documents for the end of the year, remember to get right with your nanny. That's because if you're paying her under the table, you won't ...
Withdrawals Under National Pension Scheme To Be Tax-Free  BloombergQuintWithdrawals made by subscribers of the National Pension Scheme at the time of retirement will be made tax free.
Taxpayers Alert! Have you filed your income tax? Remember these deadline nears; know from TDS, TCS to chall...  Zee BusinessAlthough one would not like to share their income and income from other sources with authorities, however, it comes as a helping hand for government in ...
Altoona taxes to drop | Front Page  Leader-TelegramHomeowners in Altoona will receive an early Christmas present in the form of lower property tax bills, thanks in large part to the largest lottery credit in state ...
Kansas, Missouri have high taxes on cell phones, report says  The Wichita EagleKansas, Missouri and Nebraska all ranked high in a report tracking tax rates on wireless *service*.
Beware! These tax-saving investment mistakes can sink your finances  The Financial ExpressIt's said, if you fail to plan, it means you plan to fail. So, it's better to plan before you make your tax-saving investments, so that you may reach your financial goal ...
It may be time to stop itemizing your taxes  New Jersey HeraldAround this time of year, many taxpayers begin the annual ritual of pondering The Big Question: Do I take the standard deduction or spend time hunting for ...
Good jump! Corporate tax collection up 18 per cent in April-November, fastest in five years  The Financial ExpressCorporate tax collection grew an impressive 18.3% in April-November of FY19, the fastest pace in at least the last five years.
Govt says no scope for corporate tax cut in near future  LivemintEuropean Union and the US cutting corporate tax rates not sufficient to sway India, says CBDT.
No tax on up to Rs 50,000 interest for senior citizens  Times of IndiaIndia Business News: In a notification issued on December 6, it has clarified that no TDS has to be deducted under section 194-A of the Income Tax (I-T) Act in ...
7 year-end tax tips to boost your refund  CNBCThe new tax law has put a whole new spin on year-end tax planning, though it hasn't eliminated the need to do it altogether. "The tricks we had in our back ...
Taxmen catch buffalo meat, slap Rs 25 lakh in taxes, penalty  Economic TimesThe Commercial Taxes department officials in Belagavi have collected Rs 25 lakh in GST levies as well as penalty after intercepting four trucks mounted with ...
UK Parliament Member Wants You to Pay Your Taxes with Bitcoin  CCNEddie Hughes, a member of Parliament in the United Kingdom, wants locals to be able to pay their taxes with bitcoin, the largest cryptocurrency.
Construction resourcing boss banned for failing to pay correct taxes  GOV.UKBoss of Bolton-based company that supplied construction workers has been disqualified for seven years for failing to declare all the company's tax liabilities.
How to save tax on capital gains arising from selling a house  Economic TimesMy 71-year-old father had purchased a house in 1972 for Rs 1,000. Now he is planning to sell it for Rs 28 lakh. What will be his capital gains tax liability?
It May Be Time to Stop Itemizing Your Tax Deductions  NerdWalletThe standard deduction nearly doubled for 2018, leaving many taxpayers wondering whether itemizing tax returns is worth the effort anymore. Tax pros share ...
6 last-minute tips that will trim your 2018 tax bill  CNBCBefore you break out the Champagne, take a look at these six strategies that could help you trim your 2018 tax bill — as long as you act before Dec. 31.
Investing solely to avoid taxes is a bad, wasteful strategy: View  Economic TimesWhile many opt for creative accounting of expenses and tax deductibles, these practices also needlessly complicate matters for inheritors.
French lesson for Modi: Don't raise fuel tax  Economic TimesRIOTERS IN PARIS Last weekend, demonstrators turned Paris's wealthiest neighbourhoods into a battle zone to make themselves heard. Until Saturday ...
Central govt staff can now save tax via NPS with only 3-year lock-in  Economic TimesSubstantially reducing the lock in for availing section 80C tax benefit on NPS investment the government has brought it on par with one of the most popular tax ...
What Are the 2019 Tax Brackets?  Motley FoolHere's a look at the tax brackets for 2019 and what they could mean to you.
Californians Face Tax Deadlines After Devastating Fires  NPRProperty taxes are due in California Monday. In Butte County, people who lost their homes to fire are rushing to defer taxes and get their property reassessed.
How State Taxes Could Affect Where Bryce Harper and Manny Machado End Up  Sports IllustratedManny Machado and Bryce Harper face enormous decisions about their baseball futures, but how might state taxes steer their final free-agent decision?
Property owners in Washington could soon see an increase in taxes  CIproud.comMonday night, the Washington City Council held a Q and A session with residents about the $1.6 million tax levy they are proposing.
India's tryst with taxes  Forbes IndiaWhile the rich pay a bulk of the income tax paid by individuals in India, many wealthy people do not pay their share of taxes.
Leominster residential taxes rising average $127  Sentinel & EnterpriseLEOMINSTER -- Residential property owners can expect to see a slight bump in their tax bill next year while owners of commercial and industrial properties can ...
How Much In Taxes Will I Owe When Selling My Home?  ForbesWill you owe capital gains taxes when selling your primary residence? Is selling a home tax free? We walk you through what you need to know before selling a ...
How high are wine taxes in Alabama?  AL.comAlabama's has one of the highest excise taxes on wine in the country, according to the Tax Foundation.
The 13 N.J. counties where undocumented immigrants pay the most in taxes, ranked  NJ.comThough they are living here illegally, undocumented immigrants are paying millions in taxes, according to estimates.
Divorcees can save on taxes — if they take this one step  CNBCIf you're planning on shedding weight in 2019 — in the form of your soon-to-be ex — be sure you understand this tax-planning benefit. Why the "head of ...
ETWIW: Multicap funds, financial planning errors, and efficient tax planning in Kolkata  Economic TimesDo multicap mutual fund schemes make more sense after the recent re-categorisation exercise by Sebi?
More Property Tax, Health Plans Part Of Proposed Delhi Civic Body Budget  NDTV NewsHike in property tax, levying of professional and betterment taxes, and plans for a health scheme on the lines of Ayushman Bharat for Class IV employees were ...
French taxes cut as Macron caves in to rioters, admitting he is 'partially responsible'  Sky NewsBy Alix Culbertson, news reporter. Emmanuel Macron has promised to raise the minimum wage as he acknowledged he was partially responsible for weeks of ...
On the IRS naughty list: You failed to withhold enough pay for taxes in 2018  CNBCAt this point, if you haven't adjusted your tax withholding at work, you should prepare yourself to owe the IRS or get a smaller refund in 2019. Though Uncle Sam ...
Northern Wisconsin bands sue over land tax  Duluth News TribuneFour northern Wisconsin bands have filed a federal lawsuit against Gov. Scott Walker, the state and town officials over the taxation of reservation lands.
Taxes Up, But No Service Cuts as St. John's Tables Heavy Budget  VOCMResidents and businesses are going to be paying more in taxes next year as the capital city feels the pinch from declining residential property values.
Leaving an IRA to a loved one? How to avoid a tax bomb  CNBCYou wouldn't trust your toddler with a pile of cash, right? Well, this estate-planning technique may allow you to safely pass your IRA on to future generations — if ...
Study pushes for Scottish land and property tax reform  Financial TimesThere is a strong case for reform of land and property taxes in Scotland and the introduction of a land value tax might boost efforts to diversify ownership and ...
Paris Is Burning Over Climate Change Taxes -- Is America Next?  ForbesThe bottom line is this: economic freedom—the kind you get with a large middle class—leads to prosperity, economic growth, and technological innovation.
NJ marijuana legalization: What will NJ get from legal weed taxes?  Asbury Park PressWhile New Jersey marijuana legalization may be inching loser to reality, legal weed taxes are not likely to create a revenue windfall.
France drops fuel tax as “yellow vest” anger persists  The HinduThe movement began with the aim of highlighting the squeeze on household budgets caused by fuel taxes but morphed into a broader, sometimes-violent ...
Hammered for rising property taxes, Ald. Tom Tunney runs for political cover  Chicago Sun-TimesSome long-term Lake View residents say they are being punished for working hard to revive their neighborhood, Ald. Tom Tunney (44th) said.
Pay Your Taxes In Bitcoin, Trigger Tax Losses On Price Drop Too  ForbesWith Bitcoin and other crypto prices down again, many holders don't want to sell. But if you owe taxes, how about paying them in Bitcoin? Selling now may ...
Going Through Divorce? Start These 3 Steps Today To Save On Taxes  ForbesThe Tax Cut and Jobs Act eliminated the alimony deduction for divorces after 2018. The new law will mean less money for expenses of the two household.
Property taxes to stay the same in Conception Bay South  CBC.caConception Bay South politicians announced Monday that the town's budget has no increase in taxes to residents or businesses and includes no increase in ...
Niger government orders closure of Airtel arm over unpaid taxes  Economic TimesKOLKATA: The Niger government has ordered the closure of Bharti Airtel's whollyowned arm in the African country for nonpayment of over $107 million (about ...
How senior citizens can avail tax break on interest income under Sec 80TTB  Economic TimesBudget 2018 introduced a new section, 80TTB, under the Income Tax Act which allows senior citizens to claim tax break on specified interest income up to Rs ...
Taxes could present 'significant problem' for Trump, says ex-federal prosecutor | TheHill  The HillFormer federal prosecutor Gene Rossi on Monday said that taxes could present significant legal hurdles for President Trump after federal prosecutors in New ...
Income Tax panel won’t cut rates; but don’t lose heart, here’s what it will do for taxpayers  The Financial ExpressThe task force was set up by the finance ministry in November last. Arbind Modi was made the convenor of the panel and he retired on September 30.
Taxman starts questioning & issuing notices to BPOs  Economic TimesIndustry trackers fear that more and more companies may now be issued notices and questioned.
Run, tax-evaders, run  Economic TimesOn December 1, world leaders at the G20 summit in Buenos Aires, Argentina, agreed to reform the World Trade Organisation (WTO), even as the US and China ...
Pakistan government to impose 'sin tax' on tobacco  Economic TimesISLAMABAD: Pakistan will soon impose a 'sin tax' on cigarettes and sugary beverages and that fund would be diverted to the health budget, Minister for National ...
'Taxes, Taxes and Taxes': Tax-Burdened Protestors Reach Tipping Point in Socialist France  CBN NewsThe French are used to high taxes, but it was a new carbon tax that finally pushed French taxpayers to the tipping point, and ignited the worst protests in 50 ...
The Tax Cuts And Jobs Act: 3 Changes You Should Know  ForbesTax season is coming more quickly than you might think — has the Tax Cuts and Jobs Act affected you? Read here to discover more!
Japanese Regulator Aims to Reduce Crypto Tax to Revitalize the Market  CCNIn October, Japan hinted its plans to ease the process of taxing crypto investments to refrain from impractical policies affecting the local market.
"Positive Impact Of Notesban": High Growth Rate Highlight Of Tax Report  NDTVThe Income Tax Department has mopped up over half the kitty of the targeted direct tax revenue for this fiscal -- at more than Rs 6.63 lakh crore -- riding at a ...
Trump's China tariffs are a regressive tax on Americans and risk a recession  The GuardianBy imposing tariffs, Trump has in effect raised taxes on most Americans and made them poorer.
'Generational divide': UK split by age over tax rises for public services  The GuardianUnder-45s list climate change, Brexit and technology as bigger priorities than healthcare.
Could high gas tax get higher?  WJAC JohnstownWe've been hearing from people in person and online telling us they've heard the gas tax in the commonwealth is going up next year. 6 News contacted the ...
10 properties confiscated over tax dues  Times of IndiaPUNE: The Pune Municipal Corporation (PMC) has confiscated 10 properties from across the city for non-payment of the property tax dues. The action was ...
US State of Ohio Accepts Bitcoin for 23 Types of Taxes  Bitcoin NewsThe U.S. state of Ohio has set up a cryptocurrency payment portal and reportedly starts accepting payments in bitcoin for 23 types of taxes this week. “Ohio has ...
Modesto City Council approves tax rate for marijuana retailers  The Modesto BeeThe City Council in Modesto, California, has approved a tax rate for cannabis retailers and other marijuana businesses, including distribution, microbusiness, ...
Tax Deductions 2018: 42 Tax Write-Offs You May Not Know About  EntrepreneurYou might not want to hear this, but it's already time to start thinking about tax preparation. Although April feels far away, the earlier you begin planning your tax ...
Murphy and N.J.'s top D.C. Democrats met, talked property taxes, health care and other big issues. Then came a little surprise.  NJ.comA majority of New Jersey's soon-to-be Democratic-heavy congressional delegation elected in the Trump midterm huddled behind closed doors Monday with Gov ...
Six tax deductions you'll lose on your 2018 return  CNBCIf you were hoarding receipts in a shoebox with the hope of claiming a big break on your 2018 taxes, prepare to be disappointed. That's because the Tax Cuts ...
1 Smart Tax Move to Make in December 2018  Motley FoolMost of the provisions of the tax reform bill that passed in late 2017 took effect at the beginning of this year. Between new tax rates and brackets, expansions of ...
Rs 29,088 cr indirect tax evasion detected during April-Oct  Economic TimesThe investigation arm of the Finance Ministry has detected tax evasion worth Rs 29,088 crore in 1,835 cases during April-October period of the current financial ...
What the Amazon tax breaks really mean  Vox.comI think the easiest way to understand Amazon's HQ2 and the specific question of cities handing out tax subsidies is to abstract away from the particular details of ...
Tax on free services: PMO set to wade into ₹40,000 cr spat between banks, revenue dept  BusinessLineMumbai, November 25. With banks staring at a massive tax outgo of ₹40,000 crore on free services provided to customers to maintain a minimum balance, and ...
10 things you probably didn't know you could deduct on your taxes  Business InsiderWhat deductions are you missing when filing your tax return? Here are 10 that are often overlooked ahead of tax day 2019.
Sorry France, but fuel taxes are a bitter pill we must all swallow  New ScientistThe reversal of France's fuel tax sends a worrying message to world leaders meeting this week in Poland to firm up climate commitments, says Olive Heffernan.
Israel Tax Authority Launches Offensive on Undisclosed Crypto Earnings  Bitcoin NewsThe Israel Tax Authority has launched an offensive designed to crack down on cryptocurrency earnings not reported by Israeli citizens, reportedly resulting in the ...
Single, married or cohabiting: Who pays the least tax?  The Irish TimesNot getting married could cost you more than €400000 in extra tax over 40 years.
Are the French hit especially hard by fuel taxes?  The GuardianA planned rise sparked the gilets jaunes protest – here's how their fuel costs compare with the rest of Europe.
Blockchain and Crypto in the Labor Market: Overview of Salaries, Taxes and the Most In-Demand Jobs  CointelegraphJob seekers' interest for positions related to blockchain and cryptocurrency has declined, while employers' interest only rose in 2018. How do cryptocurrencies...
Treasury Softens Parking-Tax Hit for Churches, Nonprofits  Wall Street JournalWASHINGTON—The Treasury Department offered relaxed rules for nonprofits on Monday, easing a new tax burden for churches and charities that offer ...
Vancouver utility and property tax increases slated for 2019  CityNews VancouverVANCOUVER (NEWS 1130) — Vancouver's proposed 2019 budget will likely mean a hit to your wallet, as city council is set to review its upcoming expenses on ...
Tax savers start hunting for best ELSS ahead of tax-saving season  Economic TimesTraditionally, January to March is known as the tax-saving season. However, the season has already started in December ahead of the tax season next year.
Half of direct tax collections netted; high growth clocked post DeMo: CBDT report  The Financial ExpressThe direct taxes revenue collection target for the 2018-19 financial year is Rs 11.5 lakh crore and the taxman is left with four months to achieve the target by the ...
FBR recommends new taxes to bridge shortfall  DAWN.comISLAMABAD: After dealing with the external sector deficit, the government's attention is now being drawn to a growing shortfall in tax revenues that is beginning ...
Bitcoin news: MP wants to pay council tax in bitcoin  ExpressYou could soon be paying your council tax with bitcoin, according to one MP. Eddie Hughes, MP for Walsall North, says the prospect of making payments to local ...
Income Tax department has become service-oriented, says Ashu Jain  Economic Times"The I-T department has evolved from being an administrative and tax laws implementation department to a *service*-oriented department," said Principal Chief ...
Slight increase to mill rate, residential property tax in Corner Brook  CBC.caThe City of Corner Brook unanimously passed it's 2019 budget on Monday featuring a slight increase in both spending and residential property taxes.
Pakistan to introduce ‘sin’ tax on cigarettes, sugary beverages  The Indian ExpressSin tax is not a new concept and is charged in over 45 countries, including India. It is imposed to discourage consumers from using products known to harm ...
5 tips for saving money on your 2018 tax bill  USA TODAYWith the changes in tax law approved last year, here are some things to do -— and not do — by Dec. 31 to save money on your taxes.
Make the Most of Potential Tax Deductions Under the New Tax Law  Kiplinger's Personal FinanceWith some year-end planning, you may still find it worthwhile to file an itemized return to lower your 2018 tax bill.
Broadalbin residents outraged about potential tax hike  WRGBBROADALBIN, N. Y. (WRGB) - A sudden spike in taxes has Broadalbin residents concerned and questioning why many of them will be paying nearly triple what ...
Why only 2% of Chinese pay any income tax  The EconomistOF COURSE NOT, I'm not an idiot,” says Liu Yongli, a chauffeur in Beijing, when asked whether he has ever paid personal income tax. Despite earning well ...
Herbert proposes $200 million tax cut — but also new taxes to 'broaden' Utah's shrinking tax base  Deseret NewsIn a year with more than $1 billion in new state revenue, Gov. Gary Herbert is proposing a $200 million sales tax cut to help Utahns keep more money in their ...
Why greens are turning away from a carbon tax  POLITICOPutting an economic price on greenhouse gases is proving a hard sell with the public, even as time to head off climate change shrinks.
Trump’s Tax Promise of Trillions Back to U.S. Fails to Materialize  BloombergThe amount of offshore cash U.S. corporations have returned home so far this year is just a fraction of what President Donald Trump had promised.
Tax saving feature and decent returns make NSC an attractive investment option  Moneycontrol.comIt is December and if you are procrastinating investment in a tax saving bank fixed deposit because of low interest on offer, here is an alternative in the form of ...
How to avoid tax saving traps set by unscrupulous wealth managers, bank officials  Economic TimesAn average investor neither has the time or the inclination to go into the finer details of the policy.
Expect councillors to question proposed transit tax and fare increases  Ottawa CitizenIs a proposed 3.5 per cent transit tax increase a sign of things to come?Expect councillors to ask that and other questions during a meeting Wednesday as ...
Australian Tax Office contractors accused of links to tax havens  The GuardianReport queries arrangements at Stellar, Serco and Outsourcing Inc, which provide labour or help run ATO call centres.
Niger shuts Airtel telecom offices over unpaid taxes  The Financial ExpressNiger on Saturday ordered the closure of the offices of the country's biggest telecoms operator Airtel, a subsidiary of India's Bharti Airtel group, for unpaid taxes of ...

Reducing Taxes Through Dividend-Salary Mix Calculations

Should I take wages or dividends from my privately owned... Read More

Save Money on Taxes - Let Uncle Sam Pay for Your Fun!

"Deducting Meals and Entertainment"O.K. You've been working really hard on... Read More

Euro Tax Haven Threat

Media reporting of a new EU savings tax directive has... Read More

Identity Theft ? Impacting Your Taxes?

If your identity is stolen, your finances can quickly become... Read More

Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000

Does your incorporated business pay alternative minimum tax ["AMT]? If... Read More

Seven Key Tax Deductions for the Self Employed

As a sole proprietor, it's wise to familiarize yourself with... Read More

Military Reservists, Enlistees May Get Deferral of Back Taxes

Reservists called to active duty and enlistees in the armed... Read More

Employment Taxes ? What Are They?

If you have employees, you are responsible for paying a... Read More

Where to Find Tax Breaks for Your Home Based Business

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

Take Control of Your Taxes

As everyone in the U.S. knows, we have just passed... Read More

Know A Tax Cheat? Get Paid To Tell The IRS

According to the IRS, taxpayers underpay their taxes by some... Read More

Small Businesses Filing Amended Federal Tax Returns to Recover Money

Small Businesses Filing Amended Federal Tax Returns to... Read More

State Tax Information

All states also have their own tax system. Typically there... Read More

Understanding Marketing Tax Deductions

Marketing is a necessary expense in running practically any business... Read More

Taxation of Forgiven Debt: The 1099C & You

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

The Seven Deadly Tax Sins: Commonly Missed Deductions

It's that time again, the April 15 tax deadline is... Read More

IRS Statute of Limitations: Do Taxes Ever Expire?

Many Americans believe that an IRS debt is a debt... Read More

Tax Tips to Save Money on Taxes - Get the Corporate Kick and Save Loads of Money

Why a Corporation Helps Save You TaxesThe Tax Rates (Notice... Read More

How Likely Are You To Be Audited?

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

The Implications of Income Tax Charge on Estate Planning

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

Tax Audits: What Signs Make You More Likely to be Audited by the IRS?

It's a major fear for most Americans: A notice from... Read More

Tips and Simple Guidelines on How to Calculate Payroll Taxes

Managing a business small, medium or big requires you to... Read More

Tax Investigation - What You Need To Do

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

Surprising Truths About Tax Preparers

Choosing the right tax preparer for your business is a... Read More

1031 Exchange Rules and Requirements

Following is a reproduction of the IRS's rules and requirements... Read More