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Tax InformationBack To School ? Educators Deduct School ExpensesAs teachers and students head back to school following a glorious summer, it?s time to remind teachers to organize 2004 school expenses. Under a temporary tax code change, teachers can deduct certain school-related expenses from adjusted gross income. 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. The IRS will then send a ?lock-in? letter on the amount to be withheld. What?s an employer to do? The Tax Man Cometh... To SearchYou?re at your office, or home, and the doorbell rings ? it?s the Canada Revenue Agency (?CRA?). Tips and Simple Guidelines on How to Calculate Payroll TaxesManaging 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. There are laws that require us to pay taxes and everyone have to comply with that. But keeping up with the payroll can give many people sleepless nights. There are so many deductions needed to be done and they have to be exact to avoid confusion and complications later on. State and federal taxes are very strict and you don?t want the IRS pounding on your door because of some mistakes. Make sure that you do your calculations correctly to avoid a mess later on. Keep your payroll records and tax payments as your reference so you have proof of the deductions and payments you have done. Different states have different laws about records; check it out with your lawyer or accountant to make sure. Fiscal Deity: Tax ConsultantStrategic 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. Six Urban Myths About TaxationSix Urban Myths ? Taxation Insider Guides to IRS Audits!Ever wish that, as a business owner, you knew exactly what would raise "red flags" at the IRS? Or how to make an IRS audit go as smoothly and painlessly as possible? Where to Find Tax Breaks for Your Home Based BusinessApril 15th looms in front of most people every year like a big, full moon full influencing a tax based frenzy, but knowing where to find tax breaks for your home based business can make that frenzy a little less frantic and more beneficial to you and your home based business. Finding tax breaks for your home based business is not overly difficult, but make sure you discuss tax breaks for your home based business with the person doing your taxes. Paying Workers ? What Can You Write-Off?As your business grows, you are going to need help. This help comes in the form of employees and independent contractors. What you can write-off is dependent upon how your helper is classified ? as an employee or independent contractor. Employment Taxes ? Depositing With The IRSIf your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS. Failure To Pay Employment Taxes ? PenaltiesAs an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade. Render Unto CaesarOnce a year Canadian taxpayers are required, by law, to file an income tax return in the prescribed form: $150(1). Taxing Overseas Firms for SOX ComplianceThe 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. Named after Senator Paul Sarbanes and Representative Michael G. Oxley, SOX focuses on the importance of ethical behavior in corporate governance-across the United States and now?overseas. The Annual Gift Tax Exclusion: Getting The EdgeWhether helping the kids with a down payment on their first home, paying the premiums on a life insurance policy in an irrevocable trust, or moving appreciated assets to a younger generation, annual gifting will touch the lives of millions of Americans. But before the transfer is made, an investor should spend some time looking at the investment and the tax ramifications of the property to be passed. Small Businesses: Company Car Vs. Personal Mileage Reimbursement In Hurricane Katrinas WakeWith gas prices at an all time high before Hurricane Katrina left her mark on our nation, most Americans were hoping that gas prices would settle down once summer passed. But gas prices have jumped as much as 80 cents a gallon across the country once Hurricane Katrina destroyed the Gulf Coast and impacted all of our lives.
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