| |
| |
|
Taxes Information |
|
|
Another Tax Loophole
Just image, you are a small manufacturing company, business has been good, but yesterday you received a call from a customer who wants 50,000 widgets in 45 days. The customer is a large account and if you turn the business down, he may never call you again. Problem: You need to hire more staff to meet the manufacturing needs of this customer. AND the customer said nothing about an advance payment. In fact he mentioned that he would be paying net 30 once shipment was received. You need working capital and you needed it yesterday You sit down and you start to think. Well let's see, it will take much needed time to apply to the bank for a loan, your wife threatens to leave with the kids if you refinanced the house one more time for business reasons and your credit cards are maxed out. As you look around your messy yet effective office you wonder where you can get the working capital you need? Sitting in front of you is your secretary mailing out invoices. You slowly walk over to her desk and you ask "What's the total amount of invoices that we have outstanding at this very moment? Your secretary looks on her computer, moves the rat around a few times, clicks a couple of times, and then hits something that makes the printer start singing. She looks up at you with those "I want a raise" eyes" and says, "it's coming out on the printer" You walk slowly over to the printer and pick up the sheet of paper. Just when you think you are ready to read and understand the page another page prints. She says very softly, "the second page will give you the total" You pick up the second page and allow your eyes to scroll down to the bottom of the page and much to your surprise the total amount is well over $300,000. You don't want to call a Factoring company because, they will discount your Invoices and you won't get all your monies OR do you? Your secretary reminds you that all the fees for Factoring the Invoices is tax deductible and in the end the Factoring will cost you nothing. (Your secretary is taking tax classes at night, something about becoming more valuable to the company and earning more money) She also reminds you that you can Factor the Invoices and be paid up to 92% of the total invoice amount within 48 hours. Plus, the Broker does not charge you. It is at this point that you try to remember why you married your wife instead of your secretary? You quickly change from that thought back to who should I call? There are so many Sharks in the water and about $200,000 of the invoices are Government Contracts. You know you need a Factoring company whose rates are fair and who can deal with the endless paperwork that the Federal Government requires to Factor one of their Contracts. Needless to say, he called me; the names have been changed to protect the guilty. This article was written by C. Ingraham, Broker for Government and Corporate Invoice Lines of Credit at http://www.taxeswilltravel.com
MORE RESOURCES: One state lawmaker wants to impose a tax on strip club patrons. Another plans to call for higher cigarette taxes. A third will propose putting the state's four percent sales tax back on all groceries. With the state facing a $2 billion to $2.5 billion shortfall this fiscal year and possibly worse financial news next year, lawmakers are searching for ways to fill gaps to avoid slashing education, ... Some out-of-work residents choose not to have taxes withheld from their unemployment checks, but that can be dangerous. Property owners are seeking payment plans on their taxes in Wake County. SHELBY - Long lines formed at the Cleveland County Administrative building Monday as people paid their property taxes at the last minute.Jan. 5 is the final day to pay before interest begins to accrue.Derek Mauney, waiting in a line that stretched down Antrim Township in Franklin County is eliminating property taxes. A new poll shows that registered voters in New York appear willing to pay higher taxes in order to prevent spending cuts in the state’s massive Medicaid program. LANCASTER, Pa. -- The Lancaster City Council unanimously passed Mayor Rick Gray's 2009 budget. The $46 million spending plan calls for a 5 percent increase in property taxes. With the economy struggling, Hoosiers have more on their minds: more jobs, more efficient government and surprisingly, more taxes. Being self-employed can bring a strong sense of independence and ownership. But like every business, self-employed individuals still must pay taxes. Facing a looming $42 billion state deficit, should state legislators rely most heavily on raising taxes and fees or cutting programs and employees? |
|
|
|
RELATED ARTICLES
Need a Copy of Your Tax Return Information? Taxpayers have two easy and convenient options for getting copies of their federal tax return information - tax return transcripts and tax account transcripts - by phone or by mail.A tax return transcript shows most line items from the tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. How Likely Are You To Be Audited? Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing individuals in 2003 when compared to 2002. The increase was approximately 14%, but still constituted only 6. IRS Statute of Limitations: Do Taxes Ever Expire? Many Americans believe that an IRS debt is a debt for life and that the tax collector can hound them to the grave. Thankfully, that is not the case and there are statutory time limits on the ability of the IRS to examine and collect taxes. Uncle Sam is Ready...Are You? Organizing Tips for Tax Time Anyone who is closely related to an accountant knows that there are not four, but five seasons in a year: Spring, Summer, Fall, Winter, and 'Tax Season.' During the other seasons, we accumulate leaves, snow, and mosquito bites. Need an Offshore Sales Office in a Tax Free Environment? The 100 year old investment-banking firm of Warburg, Dillon Read (on Park Ave. N. IRS Lock-In Letters - What's An Employer To Do? Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. Tips and Simple Guidelines on How to Calculate Payroll Taxes Managing a business small, medium or big requires you to pay your taxes, as well as your employees taxes. Managing a payroll can be an arduous and taxing job, no pun intended. Rental Property Tax Deductions Own residential rental properties? This article discusses how income from those properties impacts your taxes.What Constitutes Revenue?Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Tax Help Secret: Avoiding the Entreprenuers Curse Your days as an entrepreneur and businessperson are consumed with one primary activity; making money. Whether you think in terms of growing your business, getting the word out there, or some fancy new marketing technique, your days and weeks and months in business are focused on that one group of activities. Taxing Overseas Firms for SOX Compliance The Sarbanes-Oxley Act, also called the Public Company Accounting Reform and Investor Protection Act of 2002 was signed into law on July 30, 2002 by President Bush. In the aftermath of Enron, Arthur Andersen, Global Crossing, and WorldCom, SOX promises greater corporate accountability and transparency. Tax Trap #2 -- Double Taxation: Isnt Once Enough? Have you been thinking about incorporating your smallbusiness or self-employment activity? The advantagesare many!For starters, you'll be protecting yourself and your familyfrom the possible of a business ending lawsuit. Forming acorporation is Step One on the path known as "AssetProtection" -- you are moving from the world of unlimitedliability to the world of limited liability. Tax Jokes and Quotes Do you realize that some tax forms ask you to check a box if you are BLIND?Quote: "Two years ago it was impossible to get through on the phone to the IRS. Now it's just hard to get through. Keeping Your Own Money - NOT Handing It Over To The Taxman Most people trying to make a crust online (or offline for that matter) are so focused on doing just that, they ignore taking simple steps to ensure that they hang on to just as much of it as they can. Instead, they hand over large lumps of their hard-earned money in tax, usually in one of two mistaken beliefs. How To Get An Instant Pay Raise As a gentleman was leaving my class recently, he wanted me to clarify something I had said. He was making sure that he should take his four or five thousand dollar tax refund and pay off debt. 1031 Exchange Rules and Requirements Following is a reproduction of the IRS's rules and requirements for 1031 tax deferred exchanges with regards to real property. If you have any questions regarding the sale of your real property or questions about what qualifies for a 1031 exchange or not, please consult your tax professional. Furnishing Evidence in E-Tax Compliance Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This concept is recognised in all tax statutes, which sets out taxpayers' primary obligations, and clearly spells out that taxpayers are required to determine the amount of tax payable correctly and to pay it on time. Anticipating Your IRS Refund Can Cost You Plenty While accountants are reaching for aspirin, millions of Americans are reaching for some fast cash this tax season. Unfortunately, those who reach for fast cash in the form of a "refund anticipation loan" are getting hit with interest rates and fees that are out of this world. Complaince of Tax Return in Electronic Commerce Taxation Emerging Legal issues of Tax compliance of e-business Self-assessment system relies on taxpayers voluntarily meeting their tax obligations by tax payee. This concept is recognised in all tax statutes, which sets out taxpayers' primary obligations to fill tax return on self-assessment, and clearly spells out that taxpayers are required to determine the amount of tax payable correctly and to pay it on time. How to Cut Duty Cost and Increase Profit as an Importer Import duties continue to be significant elements in the cost of international trade. Yet many companies and businesses still pay more duties than the law requires - which impacts adversely on landed cost and ultimately on business profitability. The Seven Deadly Tax Sins: Commonly Missed Deductions It's that time again, the April 15 tax deadline is looming large. If youre like most people, you havent gathered all of your tax records, let alone filled your return.
|
|
home | site map |
| © 2006 |
