How Tax Relief Can Help The Small Business

If you own a small business you know that there are many things in a expenses that you need to deal with in order to keep it running and for it to become profitable in short amount of time. And just like those that are employed, you need to consider your taxes and what you may owe as well. While no one likes to do this, it is important that you report your income correctly so that you don't get a visit from your local tax office. However, you may also want to consider how tax relief can aid your small business.

While many people think of tax relief as involving lawyers as well as deals, tax relief can also be as simple as going through your various business expenses on monthly basis and ensuring that you keep the receipts and check your accountant if you're not sure.

The reason for this is that tax deductions are a form of relief as well. However where many people have issues is deciding on what can be deducted and what cannot. Typically, business expenses such as phone, Internet and lunch meetings can be deducted. You can also deduct travel expenses as well as fuel costs provided you use your car solely for the purposes of business.

Something else you want to consider is that you want to make sure that you keep the receipts of even small business related items such as pens, pencils and printer paper. Remember that anything you need to buy that is related to your business to help run can be deducted. By doing this carefully, you'll find that your tax bill is much less at the end of the year.

Learn more by going to tax relief

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Tax Court Ruling Helps Innocent Spouses in Tax Disputes

Money has often been the central issue of fights with couples. Married couples have often run into the worst of all money issues - tax problems. When a marriage fails, an "innocent spouse" can often be left holding the bag. The IRS has slowly, but surely, started implementing procedures to grant relief to the spouses. Now a tax court has bolstered the effort.

Marriage is a wonderful thing until it isn't. Unfortunately, statistics reveal that more than a few of them don't last. When marriages end in divorce, the proceedings are often acrimonious given the emotions involved. From a financial perspective, the issue of taxes is something that often isn't considered fully and it can really come back to haunt one of the parties to the divorce.

A married couple usually files taxes "jointly". This seems intellectually obvious at the time of filing since, well, they are married after all! The term, however, has major tax implications. The term "jointly" doesn't so much refer to the fact they are married as it refers to the fact that they are jointly verifying the tax information reported and the duty to pay the taxes for the time period in question.

As you might imagine, this can lead to problems down the road when tax issues arise. If the IRS determines taxes, penalties and interest are owed at a later date, both spouses are jointly responsible for the debt. This doesn't really matter if the couple is together, but it can be a major nightmare if a divorce has occurred as the debt is often used as a weapon by one spouse or the other.

The 'innocent spouse" doctrine was created to deal with this situation. It essentially says that a spouse is not jointly liable for the debt in question if they can prove a few things. This includes that the signing spouse did not know of the error in the tax return when they signed it and to hold them jointly liable for the debt would be inequitable. This relief can be granted only if the innocent spouse makes the request within two years of the IRS starting collection efforts.

The problem with the rule is the innocent spouse often wasn't aware there was a collection effort. The two year period would roll by and the spouse would end up being stuck with a debt that hadn't known even existed. A tax court has now granted relief in this situation. While the IRS is sticking to the rule, the tax court has now established that it will review cases on its own to determine if the two year limit should be enforced or not. This essentially takes the power out of the hands of the IRS and helps innocent spouses who were otherwise getting a raw deal.

How will the IRS react to this ruling? The agency appears to be receptive to it and has indicated it will soften its view of the time cut off as a weapon to be used against claims from innocent spouses. Whether this translates to real action is yet to be seen.

Richard A. Chapo writes about fighting the IRS other issues related to taxes for BusinessTaxRecovery.com.

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Solving Your IRS Debt - How To Find The Right Tax Relief

Final Answer? So you've got a tax issue but have no idea what company is the best. You've seen tons of commercials and hundreds of advertisements, but you just don't know who to choose. Here's a few helpful hints on how to get you with the company that best suits your needs.

The Phonies. Beware of the companies that tell you they will settle your tax debt for "Pennies on the Dollar." These guys will take your money and submit your paperwork for an Offer in Compromise, knowing that you're not going to qualify. Make sure you know the best possible route for your situation, so you can know how to avoid getting scammed. The reason the IRS only accepts 3% of the Offer in Compromise cases is because these companies don't really know what they're doing.

Skeletons in the Closet. When selecting a company, it's important to know who you're dealing with. Research with the Better Business Bureau can be a major factor in determining the company that is best for you. However, being a member of the BBB means that you can sweep some mistakes under the rug. You're next step is to double-check these places with Dun and Bradstreet or the Chamber of Commerce.

Smokes and Mirrors. Hundreds of thousands of American Taxpayers all over the country are experiencing debt issues with the IRS. So it would be ridiculous to think that one way is best for everyone. There is no magic formula for settling IRS tax debts. Everyone's situation is different and should be carefully analyzed before a resolution is planned. Check out some of these programs to see if you qualify:

· Offer in Compromise (Lower your debt amount and settle for less!)

· Installment Agreement (A solid, steady way of paying back your debts)

· Currently Not Collectable (Prove you don't have it and they can't take it)

· Affordable Payment Plan (Pay as you go, comfortably and affordably)

The Real Deal. Crooked companies with empty promises and costly gimmicks are waiting around every corner to strike you, the innocent tax payer. Don't let that happen! The real solution is education. Learn the nuts and bolts of an OIC, Installment Agreement, CNC, and APP before you call a tax relief company. Knowledge is power!

Do it now! Ultimately, the only way you're going to solve your tax issue is to attack it with full force. You want to have confidence in the company that will be leading you to victory.

Now you have the smoking gun...Use it!

Richard Close was an IRS-Hitman. He was a revenue officer who took out anyone that owed the IRS money. He left that behind and now helps thousands of Americans beat Uncle Sam and save thousands of dollars. The IRS-Hitman can help you with your tax debt problems. He has partnered with Tax Defense Network to offer free advice and tips to get you tax debt settled one and for all with the IRS. Visit at: http://www.irs-tax-settlement-hq.com Contact: http://www.taxdefensenetwork.com or call 1-888-248-9058

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Welch rallies for Wall Street Bonus Tax on Capitol Hill

Momentum continued to build Thursday for a tax on excessive Wall Street bonuses as 11 House members held a Capitol Hill press conference to rally for the Wall Street Bonus Tax Act (HR 4426). Introduced by Rep. Peter Welch (D-Vt.) earlier this week and cosponsored by 23 House members, the bill would tax bonuses at firms that have received assistance through the Troubled Asset Relief Program at a rate of 50 percent for all bonus compensation in excess of $50000. Revenues generated through the tax would fund a new direct lending program administered by the Small Business Administration (SBA). Cosponsors of the bill include: Reps. Doggett, McDermott, McGovern, Hinchey, DeFazio, Cohen, Cardoza, Massa, Sutton, Slaughter, Schakowsky, Yarmuth, Hare, Garamendi, Capps, Kildee, Teague, Rothman, Michaud, Courtney, Braley and Kagen. Fifteen months after the American taxpayer threw Wall Street a life preserver, its biggest firms are about to break their own records of lavish, excessive and unearned bonuses. Paid for by hardworking Americans who continue to struggle through tough economic times, these bonuses are Exhibit A that Wall Street has not learned its lesson, said Rep. Peter Welch. When you see a bank being robbed, you try to stop it. My bill will put an end to this breathtaking heist. Were having this press conference early in the morning, because it is time for a wake-up call. With double-digit unemployment in a recession they helped cause, theres no justification for 7 or 8 ...



http://www.youtube.com/watch?v=-uXhU7M9WlA&hl=en

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John McCain Ad - Military Service

ANISSUE THAT LIBERALS, INDEPENDENT AND CONSERVATIVES CAN AGREE WITH!!! Mike Huckabee is a supporter and a leader in the FAIRTAX(tax reform) and that is why John McCain should pick Mike Huckabee for Vice President!!! Call McCain's office at 703-418-2008 and let him know you want the FAIRTAX and Mike Huckabee for Vice President! A MUST READ!!! A brief summary of the FAIRTAX A. The FAIRTAX will eliminate income taxes, withholding, self-employment taxes, bonus taxes, overtime taxes, social security taxes, medicare taxes, alternative minimum taxes, estate taxes, gift taxes, corporate taxes, capital gain taxes, dividends taxes, small business taxes, and replace it with a 23% sales tax. Plus it will give each American household that are citizens a rebate check based on the poor necessities of life. It will also abolish the 16th admendment and prevent the government from taxing us twice! B. Its Fair because for example if you are rich and you buy a $20000 rolex watch you pay more in taxes but the same percentage as someone buying a $95.00 fossil watch so it is fair for the rich and the poor that may one day become rich. C. The FAIRTAX is Fair for the poor and middle class because of the rebate check. Under the FAIRTAX there is no taxes on necessity items (food, clothing, water etc), but it is not a necessity to have a party and to buy lots of food or to go on a shopping spree and buy lots of cloths. That is the purpose of the FAIRTAX rebate checks, and the size of the rebate ...



http://www.youtube.com/watch?v=r_YjpfAvdDc&hl=en

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Tax Debt Relief Acts of 2001 and 2007

Every year, taxpayers are required to file their tax returns with the IRS. However, the economy has suffered greatly in the recent years and so many taxpayers were not able to pay for their obligations on time. If you have no idea about tax debt relief, you should read this article.

Tax relief happens when the government exempts any form of tax. Perhaps you've heard about the Mortgage Debt Relief Act of 2007 and the Economic Growth and Tax Relief Reconciliation Act of 2001. Until today, people are still debating as to the specifications and terms of tax relief but this is primarily due to the complex tax laws. With the right info in your hands, you can easily handle this situation.

According to the Act passed in 2007, you can be exempted from paying for the tax which resulted from a debt amount that was canceled or forgiven. If you qualified for the loan modification, you can qualify for the debt relief. This can be applied from 2007 until 2012.

You can only qualify for this debt relief if you filed for bankruptcy, non-recourse loan, certain farm debt, and if you qualified for a loan modification provided that your home's value is lower than the amount owed. The maximum amount is $2,000,000 and for married individuals filing separately, the maximum amount is $1,000,000. Just in case your balance is greater than the amount, you can check out Form 982 for the instructions.

When you qualify for this act, you will need to fill out Form 982 and submit it together with your tax return. The Act of 2001 made considerable changes to the retirement plans. This included increased deductibility limits and contributions for the IRA, employer-sponsored plan, and the portability rules. The EGTRRA has also increased the amount for the generation-skipping transfer-tax exemption and estate-tax exclusion.

You need to be aware of these tax solutions so that you will not find it hard to pay for your tax debts. There is always an appropriate tax debt relief option that will work for you. It would also help if you consult a lawyer who specializes in tax.

***Update***
I have done a bit of research for you. Tax Settlement Experts can help you get the relief you deserve. Find out if you qualify for a tax debt settlement today.

Click here to fill out a short form to save your finances and get out of debt as early as this week!

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Rep. Blumenauer on Economic Recovery

Rep. Earl Blumenauer spoke against a proposed Republican substitute offered by House Republicans which would cut tax relief for working Americans provided by the American Recovery and Reinvestment Act. This recovery package is the first crucial step in a concerted effort to create and save 3 to 4 million jobs, jumpstart our economy, and transform it for the 21st century. This means real change: it will strengthen the middle class, not just Wall Street CEOs and special interests in Washington.



http://www.youtube.com/watch?v=TFEl-wkHJu4&hl=en

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Michelle Obama "THAT'S AMERICA"

ANISSUE THAT LIBERALS, INDEPENDENT AND CONSERVATIVES CAN AGREE WITH!!! Mike Huckabee is a supporter and a leader in the FAIRTAX(tax reform) and that is why John McCain should pick Mike Huckabee for Vice President!!! Call McCain's office at 703-418-2008 and let him know you want the FAIRTAX and Mike Huckabee for Vice President! A MUST READ!!! A brief summary of the FAIRTAX A. The FAIRTAX will eliminate income taxes, withholding, self-employment taxes, bonus taxes, overtime taxes, social security taxes, medicare taxes, alternative minimum taxes, estate taxes, gift taxes, corporate taxes, capital gain taxes, dividends taxes, small business taxes, and replace it with a 23% sales tax. Plus it will give each American household that are citizens a rebate check based on the poor necessities of life. It will also abolish the 16th admendment and prevent the government from taxing us twice! B. Its Fair because for example if you are rich and you buy a $20000 rolex watch you pay more in taxes but the same percentage as someone buying a $95.00 fossil watch so it is fair for the rich and the poor that may one day become rich. C. The FAIRTAX is Fair for the poor and middle class because of the rebate check. Under the FAIRTAX there is no taxes on necessity items (food, clothing, water etc), but it is not a necessity to have a party and to buy lots of food or to go on a shopping spree and buy lots of cloths. That is the purpose of the FAIRTAX rebate checks, and the size of the rebate ...



http://www.youtube.com/watch?v=78BKtvK7VtM&hl=en

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The 2009 Stimulus Package - What's in it For My Small Business?

We've all heard about it: the American Recovery and Reinvestment Act of 2009, also known as the ARRA. But what exactly is it, and how can it help your small business? To begin with, the ARRA is essentially a $787 billion dollar bill passed in February 2009 by President Obama in order to provide for various tax relief and investment opportunities. More specifically, the full title text of the ARRA is as follows:

An act making supplemental appropriations for job preservation and creation, infrastructure investment, energy efficiency and science, assistance to the unemployed, and State and local fiscal stabilization, for the fiscal year ending September 30, 2009, and for other purposes.

While many of the benefits of the ARRA are readily available for small businesses and individuals to utilize, it is important to note that the advantages are not automatic; in other words, they require that you as a small business or individual be proactive in applying the benefits and fully utilizing them to assist in putting more money in your pocket (or at least having to shell out less!) With that said, let's take a look at a small sampling of the benefits that the 2009 ARRA has to offer for small businesses:

1. Utilization of Current Losses to Offset Profits: Typically, as a business incurs losses, these can be used to offset taxes on profits for the past two years. However, this ARRA provision allows companies to use losses to offset profits for three, four, or even five years, depending upon circumstance. Given the financial hardship that the current economic situation has inflicted on many small businesses, this provision may provide much-needed financial assistance to small businesses in need.

2. Increased Depreciation: You may recall the Economic Stimulus Act of 2008 as the Act which provided individual taxpayers with a one-time tax rebate of anywhere between $300 and $1,200. Another aspect of this Act included a "50% bonus depreciation provision for 'qualified' property purchased, manufactured, constructed or produced in 2008". The 2009 ARRA provision essentially provides for a carryover of this depreciation benefit for 2009, fundamentally providing an accelerated depreciation schedule for fixed asset purchases. Thus, this provides an incentive for businesses to make purchases of necessary or desired assets, such as equipment and computers, as businesses are now able to utilize this benefit into 2009.

3. Credit for Work Opportunity: Employers will have the opportunity to take advantage of a credit in the amount of up to 40% of the first $6,000 in wages paid to certain new hires. The catch is that these hires must come from one of nine specific "target groups," including ex-felons, disabled veterans, "disconnected" youths, and food stamp recipients. The great part of this is that the benefit is available in 2009 and 2010.

Another area of opportunity for business is partially included in the "Credit for Work Opportunity" discussed above and is a program I've had the privilege of utilizing recently. My local county (San Bernardino) has been appropriated ARRA funds for providing youths to work for businesses of all types and in various capacities. As long as your company has room for an entry-level employee where honing a skill or learning a general business practice is afforded, this program covers both wages and worker's comp insurance for youths ages 18-21 for up to 180 hours. This is a summer program, but is going to be carried over into a year-round opportunity as well. While the details of this program may vary by county or municipality, please visit the Career Institute at http://www.careerinstitute1.org/ for information on this program in San Bernardino County. The helpful staff there will be able to assist you in either locating youths for hire (for free!) or in locating a similarly appropriate organization for your company.

While there are many areas of assistance for small business, the ARRA is also focused on assisting individuals with some very interesting programs as well. Even though the focus of this article is on small business, since we are all individuals, let's also quickly take a look at a few of these benefits as well:

1. Payroll Tax Credit (the "Making Work Pay" Credit): Similar to the Economic Stimulus Act described above, this credit will provide $800 for joint filers and $400 for individuals. This credit will phase out for individuals earning an AGI of over $75,000 and for couples with an AGI of over $150,000. Unlike last year's payout by check, however, this credit will be given in the form of a reduction of tax withholdings.

2. New Homebuyer Credit: This credit will provide first-time homebuyers an $8,000 credit for home purchases made between January 1 and December 1, 2009.

3. Home Energy Credit: Homeowners who make financial outlays to increase the energy efficiency of their homes in 2009 and 2010 could receive up to a 30 percent (or up to $1,500) credit for such purchases.

Clearly, there are numerous other areas of benefit that the American Recovery and Reinvestment Act of 2009 has in store, benefits for both small businesses and individuals. A great place to begin to further explore these opportunities is at the official ARRA site, www.recovery.gov. From there, you can investigate various aspects of the ARRA, including information on the unprecedented level of accountability and transparency included in the Act. Furthermore, as a great deal of the funding from the ARRA is going directly to individual states, you can use the site's State, Local, Tribal and Territorial Information portal to locate more detailed information on programs available in your area. I personally encourage you to explore the Wikipedia entry pertaining to the ARRA, and more specifically a breakdown of the provisions of the Act, by clicking here. While Wikipedia is by no means a scholarly source of information, this page does give an excellent (read: simple) breakdown of the Act and where its monies will be focused and spent, giving you a great springboard for further conducting your own research and for areas of benefit to discuss with both your business and personal accountants.

Overall, however, one of the best ways you can prepare yourself to take full advantage of the ARRA is to arm yourself with knowledge of the benefits that the Act has to offer, and take this information with you as you consult with your accountant or financial planner. As he/she is intimately familiar with you and your business, press this individual on the topic of the ARRA, and encourage them to do their due diligence in discovering how the numerous ARRA benefits can help both you and your organization!

Michael Capps is a graduate of California State University's MBA in Entrepreneurship program, the #4 ranked MBA Entrepreneurship program in the US by Entrepreneurship Magazine & The Princeton Review. Michael has assisted numerous businesses and organizations in taking their operations to the next level through his unique approach to and outlook on business planning and strategics. To find out more about the services he can offer you and your organization, please visit http://www.meg-enterprises.com or email him directly at mcapps@meg-enterprises.com.

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The Promise of Clean Energy

President Obama speaks about how clean energy investments can diminish the environmental risks of continued use of fossil fuels and provide new jobs and opportunities after touring the Solyndra solar panel plant in Fremont, CA. May 26, 2010.



http://www.youtube.com/watch?v=ulyTh0VtZb8&hl=en

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www.unionvoice.org truskool.againstthestorm.com http www.prysm.us www.ri-familylifecenter.org http Providence Youth Student Movement 401-383-7450 ProJo Article below about push for an override When a government is locking up your children is'nt time we protect them from the Government? Or as Howard Zinn states to disobey with civil disobedience. The General Assembly did not override Governor vetoed. We have concerns that bill 5127, a bill that will eliminate mandatory minimum drug sentences, is not on their list for the overrides. We need your help today to get it on their list. Please call the numbers below to make sure your voice is heard! House bill 5127 and its Senate companion bill 207 restores discretion to judges in drug related cases so that judges can match people with a sentence that makes sense to their individual situation, and paves the way for more effective solutions like treatment and rehabilitation. Over the past five years over 27 states have either amended or completely reversed their mandatory minimum drug laws. Across the nation and in Rhode Island there is a growing recognition that we need to transition from a "tough on crime" approach to a "smart on crime" approach. It was in this spirit that the General Assembly showed overwhelming support for and passed bills H5127 and S207 in June and it is in this spirit that we call on the legislature to override Governor Carcieri's veto. Please make these call now! Representative Murphy 222-2466 ...



http://www.youtube.com/watch?v=cHu7epr8MyY&hl=en

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Native American Grants

There are an abundant number of Native American grants available for registered American Indian tribal members and Alaskan and Hawaiian natives. There are Native American grants for education, housing, caring for elderly tribal members, cultural renewal, environmental protection, and tribal economic development. And that's just the tip of the ice burg! However, just because funds are available in all of these areas and more, one must not get the impression that the money is easily won. Receiving Native American grants is a competitive procedure and that requires persistence and research. My website at the bottom of this article will give you all the information you need to get a hold of one.

One of the first steps of applying to almost all Native American grants is proving that you are a registered member of a federally recognized tribe. It is important to get this underway as soon as possible. To determine if you are eligible for tribal membership you should contact your ancestral tribe. Individual tribes determine tribal membership. The Bureau of Indian Affairs (BIA) Tribal Leaders Directory lists all federally recognized tribes, as well as contact information for local tribal leaders and BIA offices. Other avenues for tracing your Native American heritage include searching home records, using internet search engines, and checking local and state record keeping offices. Talk to your older relatives and try to find birth and death certificates, marriage licenses, diaries, newspaper clippings, etc. Check school, church and county courthouse records for information - also look for deeds, wills, land or other property conveyances. You can also write to the Bureau of Vital Statistics for information. Another options is employing a professional genealogist to do the research for you for a fee. You can write to the Board of Certification of Genealogists or the Association of Professional Genealogists and request their listings of genealogical researchers for hire.

When searching online you'll be astonished at the amount of grants out there (just use 'Native American Grants' as your key word on my website). For example, the Native American Housing Assistance and Self-Determination Act of 1966 created a block grant that gives money annually to low-income Native Americans and Alaskan natives to help with housing needs. The money is awarded to tribes and Alaskan villages who in turn manage the money and distribute it in the way that best fits the needs of their individual community. The U.S. Department of Housing and Urban Development (HUD) also has home ownership and housing rehabilitation opportunities available specifically for Native Americans.

One interesting resource is the Seva Foundation, which awards grant money anywhere between $500-$5,000, for grass roots, native people initiated programs which may be overlooked by the larger foundations. Seva awards $50,000 a year in small grants to urban and rural communities in the United States. Because of Seva's strong belief in the importance of self-reliance and self-determination only Native led and initiated projects are accepted. The beauty of these grants is that they allow for a lot of creativity and originality.

Another great resource is CodeTalk, which is a federal, interagency, Native American website designed specifically to deliver electronic information from government agencies and other organizations to Native American communities.

Search my site for Native American Grants Here: [http://www.freegrantdollars.com/Native-American-Grants]

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The Largest Tax Protests in American History

The Stamp Act of 1765
After the British victory in the Seven Years War, the British government felt the American colonies should pay off some of the war's debt with a new tax. They chose to tax a wide selection of printed materials, such as stamps, to repay the debt. Since the English bill of rights - the Magna Carta - granted citizens the right to only be taxed with proper consent, the colonists felt the new tax was unfair and revolted. By 1766, the tax was repealed, but not before the British Parliament was given the power to legislate over the colonists in the future, which would lead to the American Revolution.

The Boston Tea Party
One of the most famous protests in history, the Boston Tea Party, has become a symbol of American independence. The historic event took place when hundreds of Boston residents dressed as Native Americans and threw hundreds of pounds of East India Trading Company tea bags in to the sea. There were several different reasons they did this, but the most common of which was the lack of colonial representation in the British government.

The Whiskey Rebellion
In 1791, during Washington's presidency, taxes were raised in the U.S. on whiskey to pay off a national debt. The Secretary of Treasury at the time (Alexander Hamilton) said it was both a way to raise revenue and to enforce social policy. However, it upset the American public enough to start a tax rebellion that led to a series of violent protests.

Proposition 13
The people of California approved Proposition 13 in 1978, which resulted in a cap on property tax rates in the state, reducing them by an average of 57%. In addition to lowering property taxes, the initiative also contained language requiring a two-thirds majority in both legislative houses for future increases in all state tax rates or amounts of revenue collected, including income tax rates. It also requires two-thirds vote majority in local elections for local governments wishing to raise special taxes. The act of passing the legislation is claimed to be one of the most successful acts of tax protest in American history, and pre-saged the election of Ronald Reagan to the U.S. presidency in 1980.

The Tea Party Protests of 2009
The recent "Tea Party" protests have been called the biggest protest in the country's history. However, there has yet to be any official confirmation on the exact number of participants. Estimates say that roughly 650,000 decided to protest federal taxation on April 15, 2009. The people involved stated many reasons for their protests, including but not limited to out-of-control federal government spending and federal bailouts.

The Roni Deutch Tax Center is one of the nation's hottest income tax franchise.
Income tax preparation is a recession resistant industry. Learn more about this new tax franchise opportunity today.

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Use TARP Money To Start The Next Google

President Obama talks about taking the money used to bail out wall street and lending it to small businesses. Key Quote: Because financing remains difficult for good, credit-worthy small businesses across the country, Ive proposed that we take $30 billion from the TARP fund originally used for Wall Street and create a new Small Business Lending Fund that will provide capital for community banks on Main Street. These are the small, local banks that will be able to give our small business owners more of the credit they need to stay afloat. We should also continue to waive fees, increase guarantees, and expand the size of SBA-backed loans for small businesses. And yesterday, I proposed making it easier for small business owners to refinance their mortgages during these tough times. Distributed by Tubemogul.



http://www.youtube.com/watch?v=rmV55yDMVhU&hl=en

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Top 7 Tax Law Changes For 2007

There is a new law for record keeping of charitable contributions. You must have a record of any cash contributions you made to a charity in 2007 in order to deduct the contribution. The record could be a canceled check or copy of a canceled check, a bank statement that shows the date, amount and name of the charity, or a letter from the charity showing the amount and date.

The earned income amount for the additional child tax credit has increased to $11,750. The earned income credit amount for one qualifying child has increased to $2,853. if you have more than one child the maximum earned income credit is $4,716 and $428 for no children. The maximum earned income amount has also increased to $39,783 if you are married and filing a joint tax return or $37,783 if you are single or filing separately with more than one child. If you have only one child, the maximum earned income amount is $35,241 if you are filing a joint return or $33,241 if you are single or filing separately. If you have no children the maximum amount is $35,241 for joint returns and $12,590 if you are single or filing separately. The amount of investment income that you are allowed to have and still receive the earned income credit has increased to $2,900.

The tax relief granted for victims of hurricane Katrina, Rita and Wilma has expired for the tax year 2007. Also, you cannot claim the qualified electric vehicle credit.

Your may qualify to deduct 10 percent of your mortgage insurance premiums for 2007. The new tax laws allow qualifying mortgage insurance premiums to be treated as mortgage interest on your Schedule A.

The maximum amount of taxable social security wages has increased to $97,500 under the new tax laws for 2007.

Deductible mileage has increased to 48.5 cents per mile for business related miles. The deductible mileage allowed for qualifying medical or moving related trips has increased to 20 cents per mile.
To make sure that you get the most out of the 2007 tax law changes you may want to consider using a qualified income tax preparer or having your income tax return prepared by an online income tax service.

Additional information of interest that was not included in the top 7 tax law changes applies to individuals and married filers of forms 1040, 1040A and 1040EZ. The standard deductions have been increased to $5,350 for single or married filing separately and $10,700 for married filing jointly. If you file as head of household (single with one or more dependents), the standard deduction is $7,850. If you are over the age of 65 or blind, you can add an additional $1,300 to your standard deduction and an additional $1,050 if you file a joint return and your spouse is also blind or over 65. If your itemized deductions are more than the standard deductions you will want to use the itemized deductions instead.

Hobbyist writer/web developer. See [http://www.how2life.com]

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IRS Tax Lien Removal

www.AmericanTaxVideo.com IRS Tax Lien Removalinformation from American Tax Relief. We are a nationwide firm specializing only in helping people remove their IRS Tax Lien though various settlement methods. Please call 800-700-6948 for more information. IRS tax lien removal, Tax Settlement, Offer in Compromise, IRS Representation, Tax Help, Washington Tax Services, Payroll Taxes, Penalties, Interest, offers in compromise, IRS, taxes, settle taxes, enrolled agent, cpa, levy, tax attorney, certified public accountant, tax lien



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Will Rogers - Knowing When To Get Off

William Penn Adair "Will" Rogers (November 4, 1879 August 15, 1935) was a Cherokee cowboy, comedian, humorist, social commentator, vaudeville performer and actor. Known as Oklahoma's favorite son, Rogers was born to a prominent Indian Territory family. He traveled around the world three times, made 71 movies (50 silent films and 21 "talkies"), wrote more than 4000 nationally-syndicated newspaper columns, and became a world-famous figure. By the mid-1930s, Rogers was adored by the American people. He was the leading political wit of the Progressive Era, and was the top-paid movie star in Hollywood at the time. Rogers died in 1935 with aviator Wiley Post, when their small airplane crashed near Barrow, Alaska Territory. He poked fun at gangsters, prohibition, politicians, government programs and much more... "When I die, my epitaph or whatever you call those signs on gravestones is going to read: "I joked about every prominent man of my time, but I never met a man I dident like." I am so proud of that I can hardly wait to die so it can be carved. And when you come to my grave you will find me sitting there, proudly reading it." "I belong to no organized party, I'm a Democrat" "Lord, the money we do spend on Government and its not one bit better than the government we got for one-third the money twenty years ago." "What of ugly campaign rumors? Don't worry: "The things they whisper aren't as bad as what they say out loud" "Our foreign policy is an open book - a checkbook ...



http://www.youtube.com/watch?v=UJl_qOV5q5s&hl=en

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Residential Energy Property Tax Credit - What Homeowners and Builders Should Know

Homeowners can now make energy saving improvements to their homes and receive a tax credit up to $1,500 when filing their 2009 income tax return.The American Recovery and Reinvestment Act which was enacted earlier in 2009 expanded this credit. If you spend $5,000 before the end of the year, on eligible energy-saving improvements, you may be able to save as much as $1,500 on your 2009 Federal income tax return.

The credit is equal to 30% of the cost of all qualifying improvements subject to maximum credit limit of $1,500 claimed for 2009 and 2010(both years combined). The credit applies to improvements such as insulation, energy-efficient exterior windows and energy-efficient heating and air-conditioning systems. For additional information on qualifying improvements please visit the IRS website.

To qualify as energy-efficient, the improvements are required to meet new standards that are more restrictive than the standards that existed in prior years. In addition, manufacturers are required to certify that the product meets the new standards by providing a written statement to that effect. In order to qualify for the credit, the improvement must be placed in service after December 31, 2008 but prior to January 1, 2011. The improvements must be made to the taxpayer's principal residence which must be located in the United States.

Taxpayers must claim the credit in the tax year in which the improvement is made by completing Form 5695.

Tax Tip - Some vendors may mislead you or there may be some confusion about the certification since the credit existed in prior years. For this reason, it is very important that you make sure the certification statement is for the 2009 credit rather than a credit from a prior year. A word of advice, since certain slow-moving energy-efficient products from last year may be marketed at closeout prices during the holiday season, it's critical to verify that you have purchased a current year product with the 2009 certification from the manufacturer in order to use the credit on your 2009 income tax return.

The tax credit can only be used if you have a tax liability and you cannot use it if you have no tax liability. You are now required to file a regular Form 1040 to use the credit. It is not available to 1040EZ and 1040A filers. So instead of filing Forms 1040EZ and 1040A you need to file Form 1040.

Due to other credits claimed by a taxpayer, limits based on tax liability and other factors, the actual savings may vary.To best determine if you qualify for this $1,500 credit you should ask your accountant to help you make this determination.

To learn more about our special 1040EZ program, please visit http://www.sl-cpa.net/form1040taxes.php and register in our secured portal for the 2009 tax season and you will lock into our special pre tax season 1040EZ price, a monthly tax and accounting newsletter and over 50 financial web based calculators at no additional charge.

Sandor Lenner,CPA/MBA has over 35 years of accounting experience and is also a Certified QuickBooks ProAdvisor.He works part-time with Susan Missal Lenner, P.A. - http://www.sl-cpa.net

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Joe Biden in Suffolk, Virginia (part1)

Senator Joe Biden visited much of Virginia just as his running-mate did in the 2008 Presidential Election. Here is a look at a stop he made in Suffolk, VA. He visited Nansemond River High School and spoke in front of a crowd of nearly 1000 people. Well received, Biden's speech covered tax relief for the middle class, assistance for college students, the Iraq war, Replenishing American jobs and the housing crisis. Virginia is a very important battleground state. With just over a week until election day, Biden told the crowd that if they win Virginia, they win the presidency! They did just that!



http://www.youtube.com/watch?v=NZ2fE3tjsqM&hl=en

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IS IT HAPPENING TO YOU? HOPE ALLIANCE PHONE CALL FORECLOSURE SCAM

WARNING: EXPLETIVE USE AT END OF VIDEO!! Buyer beware this is telephone conversation I had today, December 22, 2009, with (Richard) Greg Cruz at a company called HOPE ALLIANCE (8777949528, 9045272390, 8884357270), not to be confused with the federally endorsed HOPE NOW ALLIANCE. I received 2 calls from the organization since last Friday and returned the call today. During the conversation, I was given conflicting information and was also led to believe that HOPE ALLIANCE and HOPE NOW are one in the same. Please listen for yourself. With many consumers desperate for relief and afraid they might lose their homes in these difficult economic times, some unscrupulous individuals prey on these fears for their own financial gain. The HOPE ALLIANCE scam has given consumers false hope under the guise of the government-endorsed HOPE NOW Alliance. The Federal Trade Commission (FTC) charged the defendants with violating federal law by misrepresenting that they could obtain mortgage loan modifications for consumers in all or virtually all cases and that they would refund consumers money if they did not. The website states that it is an alliance of nonprofit organizations and housing counselors that can assist homeowners in obtaining a loan modification or stopping foreclosure. The website also states that it is a 501 (c) (3) non-profit organization. However, HOPE Alliance is not registered with the IRS or the Attorney Generals Office as a non-profit. The Attorney Generals complaint ...



http://www.youtube.com/watch?v=raO2GTdmGbc&hl=en

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20070902 Mount Airy Maryland Fire

September 12th, 2007 -- corrected April 14, 2008: Recovery efforts underway from recent 3 alarm fire in Mount Airy by Kevin Dayhoff 09/02/2007 Mount Airy Fire Photos by SD and M Dorrance In the early morning hours of Sunday, Sept. 2, the town of Mount Airy was awakened to a three-alarm fire in the 200 block of South Main Street. The damage is estimated to be around $4 million for seven businesses, and five apartments destroyed in the historic main downtown business district of Mount Airy. The businesses affected by the fire, included Larienzo's Brick Oven Cafe, A Do or Dye Day Spa & Salon, Déjà vu, Retro Metro, Inspiration Point, Matrix Solutions, and the Olde Towne Restaurant. An empty lot vacated by a fire which destroyed a grocery store a number of years ago separated the fire from the newly renovated Town Hall, which was unharmed. Two buildings were destroyed, the Watkins building owned by Bill Chapman and the Bohn building owned by CBI Development Group, LLC. The American Red Cross provided assistance for the displaced apartment residents. Over a hundred firefighters from Carroll, Frederick, Montgomery, and Howard counties fought the blaze. There were no reports of injuries. Fighting the fire was reported to have been difficult and complicated by a relatively narrow Main Street, overhead wires, various other access issues, and challenges obtaining water. None of the buildings or businesses involved had sprinkler systems. The small town of about 9200 residents which ...



http://www.youtube.com/watch?v=IKri33TVk0s&hl=en

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Tax Relief - Strategies

A long time back, watching a Bill Gates interview changed my point of view on accumulating wealth. When asked what the key was to his financial success, he responded, 'A working knowledge of the tax code.' It is surprising that the answer was not hard work or ground-breaking technology. This is a pointer to how the rich are getting richer. The issue is not merely about how much money you make, but also how much of it you can retain using tax relief strategies.

It is important that you understand the usefulness of exploiting the tax laws to your advantage. This does not depend on your experience or understanding of business. You can be a veteran business individual or just starting out; this knowledge can change the way you do business! It will also get you much required tax relief for yourself and your company.

As a matter of fact, two major wealth stealers you come across are taxes and lawsuits. Taxes work against you by nibbling away at your wealth. This includes federal income taxes, state taxes, and self employment or social security. In a year, an average American or employee will lose around 42-55% of his or her earnings in taxes. As luck would have it, the richest people in the U.S. are only paying single digit taxes. So can you, by being more aware of the ways you can get tax relief.

The other killer of assets is lawsuit. It can lead to a sudden loss of hard earned money. Nobody really wins a lawsuit, as even winning it takes a lot of time and money. You can guard yourself by understanding how to structure your business.

Do you also want to learn about getting rid of your IRS and/or state tax problems? Visit us at our website for money saving Tax Debt Tips and Strategies. http://www.LimonWhitaker.com

Over the past few years R. L. Daniel and partners have helped thousands of people with their IRS and state tax problems.

We'll Handle The IRS For You

If you have urgent questions or concerns about your tax debt, we are available to help you at 800.993.1249 Monday to Friday 6:00AM to 8:00PM Pacific Time.

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President Bush on tax relief

President Bush, speaking at the US Chamber Small Business Summit, on the need for long-term tax relief. April 18th 2008, Washington DC - uschambersummit.com



http://www.youtube.com/watch?v=42ptm0UlwzI&hl=en

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American Tax Relief

merican Tax Relief is a consulting company that specializes in helping individuals and businesses who are in trouble because they owe significant back taxes. Typically, the clients of American Tax Relief are under extreme financial pressure. They are worried about the large size of their delinquent tax liability and the added threat of penalties, interest and tax liens. Many fear that their tax problems are growing out of control and that they will soon get worse. American Tax Relief helps deal with these tax problems.



http://www.youtube.com/watch?v=0Yao8BFowCM&hl=en

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