20. September 2013 · Comments Off · Categories: Tax News · Tags: , , ,

Lib Dem conference: Leaked briefing over tax hike for 2.6m earning over £50000

Mr Clegg accused David Cameron of stealing the Lib Dems' flagship policy to raise the personal tax allowance to £10,000 a year next year. The Coalition's decision will be trumpeted at next month's Conservative Party conference, where "a tax cut for 25m …
Read more on The Independent

Plenty of countries worldwide have increased taxes or reduced tax relief incentives to weather the economic storm. This does not mean that all tax relief is actually claimed back by citizens. It goes without saying that knowing which social benefits and tax reliefs you qualify for can put you in a more comfortable position financially.

PAYE or Pay as You Earn is a common form of tax payment for full time workers in the UK, Ireland and other nations worldwide. It takes the form of employers withholding or collecting tax on behalf of the government from employees as a conditional payment of income tax on the employee’s salary.

PAYE workers need to ask themselves whether or not they have researched and pursued every possible claim for tax relief back from their country’s revenue authority. Accurate tax submissions not only save time but allow for faster claims. This makes it worthwhile to submit your taxes early.

Tax allowances are often added by governments to encourage savings and investments. For example: allowances on items such as pension contributions, private health insurance premiums and mortgage interest can be claimed in some countries. Are you claiming for all of your allowance?

Some individuals, often part-time workers or self-employed individuals, opt to pay all taxes due directly to the revenue authority. The disadvantage of self assessed individuals is that this approach requires an indepth knowledge of the Tax System and it takes time to work out the details for submission. If you are paying your full years taxes in one go (as opposed to monthly) you would need to budget your
year’s spending very carefully.

The good news is that tax savings can be achieved through good tax planning and implementation.

You may decide to hire a professional to manage your taxes – particularly if you have multiple income sources or have a lot of scope for tax claims. Being sure your claim is done correctly the first time not only saves you the headache of resubmitting your details but also saves you time. 
 
Questions a self assessed individual need to ask themselves:
Are you availing of all allowable expenditures and capital allowances against your self-assessed income?
Are your tax affairs up to date and compliant?
Are you incurring interest penalties and surcharges?

Tax planning is a key tool in controlling your Personal Economy. You may wish to consult a professional to ensure that you are budgeting correctly and have a system in place that is as tax efficient as possible. Maximising on all your tax reliefs and opportunities available is good habit to form and reliable advice is the best way to kick-start this great new habit.

Sebastian, FL (PRWEB) September 19, 2014

Imagine being able to help small business owners save money on their taxes while at the same time helping American farmers and land owners enjoy the financial incentive of tax deductions combined with preserving the legacy of their land for the benefit of preservation and future enjoyment for Americans? This is a big, important and financially valuable question with extraordinary ramifications on many levels at the heart of the legislative proposition on the table before congress, says tax attorney, Drew Miles, President of Pathfinder Business Strategies, (http://www.TaxSavingProfessionals.com) a tax saving, tax consulting company that has more than 7000 clients from around the country to its credit.

The Legislative Issue

The Enhanced Easement Incentive Tax Incentive Bill, H.R. 2807, essentially presently provides financial incentives to American Farmers and Land Owners financial incentives not to develop their property provided it meets various criteria; these incentives fall in the category of Charitable Deductions. Explains Drew Miles: These are permanent restrictions that dont allow any further development of a property, and in exchange for this arrangement the land owner would receive very attractive tax deductions.

How attractive and valuable are these tax deductions? According to Miles, participants in just such a financial structure could make a charitable donation of up to 50% of their adjusted gross income that is presently allowed with a conservation easement tax deduction. But the financial incentives dont stop there. There is a 15 year carry-forward of any unused deductions under the current rules. This can provide taxpayers valuable future tax benefits.

Good News, Bad News: The Financial Clock is ticking on this Legislation

The good news is that the laws that permit significant tax deductions for the donation of conservation easements are currently in effect until the end of 2014. The bad news is that the legislation and the concomitant tax saving advantages are up for a vote in the form of the House Bill 2807 by December 31st, 2014; what this means is that the current favorable tax deductions status could change.

The Current Bill, Proven to Work for Land Owners and Investors

A report has shown that the present and existing version of Conservation Easement Preservation Act has increased the pace of conservation by a third nationwide. The only thing we seek, says Miles, who is a nationally recognized tax authority, lecturer, author and successful entrepreneur, is to ensure that the present interpretation of the Internal Revenue Code and regulations remains as is, nothing more, nothing less.

Conservation Partnerships

Miles Company, Pathfinder Business Strategies, helps clients save money, reduce their taxes and protect their assets. To that end, after more than 5 years of intense and scrupulous research of scouring the IRX tax codes, the company has identified more than 400 tax deductions that are time tested and proven. Miles points out that the average tax professional generally uses only between 15 to 20 tax strategies. Since 1998, Miless company has helped more than 7000 clients save more than half a billion dollars in taxes. Moreover, the average American tax payer pays 31% in taxes. Pathfinder Business Strategies clients pay on average 15% in taxes.

According to Miles, Conservation Partnerships are one of the more effective strategies used on behalf of clients. Not everyone owns land, says Miles, but through the Conservation Partnerships program individuals do have the opportunity to participate in not only helping to preserve worthwhile property but also to receive economic benefits through tax deductions. A free 10-page report Conservation Partnerships: What You Should Know has been produced by Pathfinder Business Strategies that can be obtained by clicking on the following link: http://bit.ly/1dsMDhx

Land Owners: Act Now, Contact Your Representative to Preserve the Current Status of The Enhanced Easement Incentive Tax Incentive Bill, H.R. 2807

House conservation champions Reps. Jim Gerlach (R-PA) and Mike Thompson (D-CA) introduced the Conservation Easement Incentive Act (H.R. 2807), to make permanent the deduction for the donation of a conservation easement. H.R. 2807 has 136 cosponsors.


Check to see if your Representative is on the list
Please ask your representative and both senators to co-sponsor new legislation in the 113th Congress to make the easement incentive permanent:

Other bills similar to this:

S. 526: Rural Heritage Conservation Extension Act of 2014

Sponsor: Sen. Max Baucus [D-MT]

Introduced: Mar 12, 2014

Referred to Committee: Mar 12, 2014

H.R. 2713: Capital Gains Easement Act of 2014

Sponsor: Rep. Mark Meadows [R-NC11]

Introduced: Jul 17, 2014

Referred to Committee: Jul 17, 2014

H.R. 523: Protect Medical Innovation Act of 2014

Sponsor: Rep. Erik Paulsen [R-MN3]

Introduced: Feb 06, 2014

Referred to Committee: Feb 06, 2014

H.R. 1918: Brewers Excise and Economic Relief Act of 2014

Sponsor: Rep. Tom Latham [R-IA3]

Introduced: May 09, 2014

About Pathfinder

Since 1998 Pathfinder Business Strategies (http://www.TaxSavingProfessionals.com) has helped more than 7,000 clients nationally save more than half-a-billion dollars in taxes. The average American pays 31% in taxes, the average Pathfinder clients pays 15% in taxes. Founded by tax attorney Drew Miles, Drew spent more than 6 years pouring over the IRS tax codes seeking ways in which he could reduce his own personal taxes. The majority of tax professionals regularly use between 15 and 20 tax strategies to help clients reduce their taxes. Pathfinder utilizes more than 400 rarely used, misunderstood or simply unknown tax strategies by the majority of tax professionals. These strategies were developed by Drew along with a team of tax lawyers and CPAs, including a former IRS Revenue Officer and a former prosecutor with the Department of Justice with a 100% conviction rate. Not one of Pathfinders tax saving strategies has ever been overturned by the IRS. Pathfinder Business Strategies achieves this through record keeping and documentation combined with diligent compliance for provisions in the tax code by our Paralegals and Tax Pros – CPAs, Attorneys and Enrolled agents. Drew Miles is an accomplished entrepreneur, author and lecturer.

Company Website: http://www.TaxSavingProfessionals.com

Media Contact: Jeff Mustard: 954-801-8263 | email: jeff(at)thebambooagency(dot)com | http://www.TheBambooAgency.com







How many personal allowances do I get on my W-4 form?
Ok no one claims me dependent (A) and I am single and have one job (B,1)

So do I have two allowances?

http://www.irs.ustreas.gov/pub/irs-pdf/fw4.pdf

Answer by Cat
One. You.

You claim as many allowances on your W-4 as you do personal exemptions on your tax return. if you’re single with no dependents, then that’s one.

If you have a child, you would have two (yourself, and your child)

You can always claim more allowances, but you’ll have less taken out of your paycheck, and you might end up owing money to the IRS at tax time next year, if the withholding wasn’t enough to cover the tax due.

Answer by Judy
You can legally claim two – you’ll come pretty close at tax time, either owing a small amount or getting a small refund. If you don’t want to take any chance of owing, claim one.

PERSONAL TAX ALLOWANCE

PERSONAL TAX ALLOWANCE

Plenty of countries worldwide have increased taxes or reduced tax relief incentives to weather the economic storm. This does not mean that all tax relief is actually claimed back by citizens. It goes without saying that knowing which social benefits and tax reliefs you qualify for can put you in a more comfortable position financially.

PAYE or Pay as You Earn is a common form of tax payment for full time workers in the UK, Ireland and other nations worldwide. It takes the form of employers withholding or collecting tax on behalf of the government from employees as a conditional payment of income tax on the employee’s salary.

PAYE workers need to ask themselves whether or not they have researched and pursued every possible claim for tax relief back from their country’s revenue authority. Accurate tax submissions not only save time but allow for faster claims. This makes it worthwhile to submit your taxes early.

Tax allowances are often added by governments to encourage savings and investments. For example: allowances on items such as pension contributions, private health insurance premiums and mortgage interest can be claimed in some countries. Are you claiming for all of your allowance?

Some individuals, often part-time workers or self-employed individuals, opt to pay all taxes due directly to the revenue authority. The disadvantage of self assessed individuals is that this approach requires an indepth knowledge of the Tax System and it takes time to work out the details for submission. If you are paying your full years taxes in one go (as opposed to monthly) you would need to budget your
year’s spending very carefully.

The good news is that tax savings can be achieved through good tax planning and implementation.

You may decide to hire a professional to manage your taxes – particularly if you have multiple income sources or have a lot of scope for tax claims. Being sure your claim is done correctly the first time not only saves you the headache of resubmitting your details but also saves you time. 
 
Questions a self assessed individual need to ask themselves:
Are you availing of all allowable expenditures and capital allowances against your self-assessed income?
Are your tax affairs up to date and compliant?
Are you incurring interest penalties and surcharges?

Tax planning is a key tool in controlling your Personal Economy. You may wish to consult a professional to ensure that you are budgeting correctly and have a system in place that is as tax efficient as possible. Maximising on all your tax reliefs and opportunities available is good habit to form and reliable advice is the best way to kick-start this great new habit.

Does Anyone Ever Help the Little Guy?

For as long as I can remember, I heard about tax loopholes for the rich, tax breaks for big businesses. Taxes were something we just paid and never got any benefit from. Sure, there were deductions and refunds but no loop holes no tax breaks for the working guy.

In 2008 when the financial crisis started to affect everyone, the government was bailing out everyone from AIG to General Motors, all the banks were being rescued and companies we never heard about.

The housing market collapsed and unemployment climbed. The stimulus bill which was supposed to help all of us seemed to disappear into the pockets of the few.

Everyone on the streets kept asking where is the help for Main Street, we helped Wall Street, we helped the Banks… when do we get help.

In 2013 and 2014 new laws and programs went into effect. Nothing to help the little guy, unemployment didn’t come down, interest rates on credit cards continued to soar. Sure the banks and GM were showing huge profits, but the guy on the streets was farther in debt, barely keeping his head above water waiting for President Obama to do something to help.

With huge credit losses the financial institutions went crying to the government asking for a change in accounting procedures to help with their huge bad debts. The new tax code that came into effect in 2014 offered big tax breaks to the financial institutions to help them with these losses.

A Miracle a Tax Benefit for Main Street

Without knowing it, these new tax codes and accounting changes opened a big tax loophole that benefits the consumer.

The banks can take huge write offs on credit card losses and can therefore share these benefits with the credit card holder. Through a process known as Debt Settlement or Debt Negotiation, the credit card issuer can negotiate or reduce the consumer debt and at the same time claim a loss on their taxes making up for some of that loss. This system makes it more attractive for the banks to offer better reductions on credit card debt to get the consumer to pay off these debts.

This process of Debt Settlement usually is handled by an attorney or a Debt Settlement Company, who will develop a repayment plan with the consumer and then enter into negotiations with their creditors reduce the debt as an incentive to pay the debt in full or with an agreed upon payment schedule.

Both parties benefit, the consumer gets a larger reduction of their debt and the creditor gets a larger tax deduction.

Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $ 10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement. Check out the following link to locate legitimate debt help in your state.

PERSONAL TAX ALLOWANCE

San Francisco, CA (PRWEB) September 18, 2014

More than 50% of US businesses are now using cloud-based infrastructure technology, and the days of legacy data-transmission are numbered. Start-ups and enterprise-class companies are both saving up to 80% on communications with Voice over Internet Protocol, or simply VoIP. But saving money isn’t the only way VoIP supercharges a business. After an exhaustive industry-wide study Voxilla.com has listed the top five ways that business VoIP service is transforming the landscape of business architecture and infrastructure.

1. Increased Productivity

A study conducted by Stanford University found that telecommuters and employees who work from home are 13% more efficient than commuters and that if telecommuting were implemented nationally in applicable occupations, it would eliminate 80% of the carbon emissions in the US. A VoIP unified communications system allows employees to maintain contact with the office and clients from anywhere a WiFi connection is available, and can be integrated with most CRMs.

Moreover, IP video conferencing dramatically reduces travel expenses, and increases the potential geographic outreach of a company thats building its client-base. For those who require less altruistic reasons to promote telecommuting, San Francisco-based Sun Microsystems reported saving $ 68 million in one year on real estate expenditures due entirely to their telecommuting program.

2. Saved Capital

Business VoIP plans start as low as $ 19.95/month per extension, and include a long list of free-tures. Whereas legacy telephone companies have to send out a technician to add or alter extensions, an office VoIP system can be easily managed from a desktop or laptop using cloud-based technology. The reason land-lines are so expensive is because theyre made of hundreds of miles of copper which is expensive to mine, produce, maintain, and repair.

VoIP sends digital signal packets over the Internet and the sound quality is crisp and digitally clear. To get an idea of how much more efficient VoIP is than land-lines, consider the difference between sending someone an e-mail as opposed to driving to their house and handing them a note. Because WiFi dramatically reduces installation, maintenance, rent, and repair costs, its up to 80% cheaper than traditional telephony.

3. VoIP is lean and Green

Image is everything. A significant part of a corporations image is now its ecological outlook and environmental footprint, and consumers definitely notice the choices that companies make. An Ernst & Young study found that 78% of corporate CEOs cited Image among consumers as the number one driver for implementing green initiatives in their companies. Using business VoIP indicates to clients and customers that a business is technologically savvy, fiscally conservative socially responsible.

And, going green saves a company lots of it. IP faxing eliminates the expense and clutter of an analog fax machine because it converts faxes into emails, and sends them directly to and from any Internet-enabled device, including a smartphone, tablet, laptop, or desktop.

Traditional land-lines systems that send paper faxes felled nearly 2 million trees last year, and used 30 cubic tons of toner. Companies that enact green initiatives not only save money, they are also rewarded with tax incentives. So, VoIP is good for a corporations image and overhead, as well as the environment.

4. VoIP is Scalable

Whether a company is comprised of one person in a home office or just hired a dozen employees, its important to remain mobile, flexible, and scalable. With VoIP desktop management, phone systems can be set up in minutes and require no service visit to have extensions added, subtracted, or altered. Many providers give free phones as part of their packages, and the feature loaded phones can be relocated to anywhere theres a, Internet connection without having to reconfigure them.

As the company grows, the phone system can grow just as quickly. Simply log-in to the cloud-based management system, and make any needed changes with the touch of a button. In fact, most VoIP providers have no setup fees or contracts required. Its just plug-and-play. VoIP service plans can accommodate as few or as many extensions as a business needs, with loads of features that help a business run efficiently, and profitably.

5. VoIP is Mobile

Leaving the office? Have calls forwarded to any desired number or numbers in succession. VoIP systems have virtual-secretary and find-me-anywhere features, for maximum mobility. When its necessary to attend trade-shows, conferences, or be out in the field increasing brand awareness, employees can forward calls to multiple extensions or devices in succession. Fewer missed calls means less business lost. If a business doesnt have a dedicated IT department, they can leave management of the office switchboards and hardware units to the service provider.

VoIP providers are increasingly offering hosted (off-site) Private Branch Exchanges in their plans which means no need for a dedicated office space to house it or staff to manage it. A business only needs a laptop to manage a unified communications system that creates the professional veneer of a larger, well established company.

Whether a business is small or large, the abundant features and benefits of inexpensive, versatile business VoIP are clear. Plans differ so businesses should consult providers to suit their specific needs.








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