Bank finance articles and tips

What is the increased threshold?

Married couples and registered civil partners can effectively increase the threshold on their estate when the second of them dies - to a maximum of £650,000 in 2011/12. Their personal representatives must claim the unused Inheritance Tax threshold or "nil rate band" of the first spouse or civil partner so that it is available to set against the estate of the second spouse or civil partner....

There are hundreds of ways for a small business owner to minimize their tax bill. Although the first two tips below may seem obvious, most small business owners pay too much tax because they aren't tracking those two items properly. As for the third tip, a small business owner rarely saves money by doing their own taxes. Read on to find out why....

You know that feeling of stress that overwhelms you as you try and correctly fill out those confusing IRS forms during tax time? Well, that's nothing compared to the sinking feeling you get when a certified letter from the IRS shows up in your mailbox. In fact, it is a near statistical certainty that sooner or later in life there will come a time when you have to deal with the IRS on some level.

Whether it is something minor like substantiating a simple tax deduction on your 1040 to something more serious like a broad scope IRS audit, knowing where and how to negotiate with the IRS will greatly improve your chances of a positive and speedy outcome.

In this article series, "Negotiating with the IRS: 6 tips from a tax professional", I will cover when, where, and how to successfully negotiate with the IRS. Each topic has been written as a stand alone article, but below you will find a summary of each....

Payroll taxes can be a headache for business owners. Employers are required to withhold some types of payroll taxes from an employee's paycheck. Some must be paid by both the business owner and the employee, while some are the responsibility of the business owner alone. Along with understanding the different types, employers must stay up-to-date on the amount of each tax, as well as the most current legislation regarding taxes. Many business owners consult a CPA to make it easier....

Council Tax is the form of taxation levied on the domestic properties in the UK. These taxes are collected to contribute in financing the local services in English communities such as fire, police, schools, roads, libraries etc. Council tax in United Kingdom was introduced in 1993 and is applied to every domestic property regardless of the fact whether it is an owned property or a rented one. Till date, this form of taxation is excised on over twenty million homes in England....

Taxpayers who seek assistance from IRS enrolled agents have access to plenty of information about substantiation of tax deductions. When the IRS audits someone, documentary proof is required to validate the deductible expenses under investigation. Professionals with enrolled agent certification are more familiar than most tax practitioners with consequences from IRS audits.

Surprisingly, many taxpayers who claim questionable deductions have less than adequate record keeping systems. This is particularly troublesome considering the increasing likelihood of IRS audits regarding certain activities and tax deduction categories. The enrolled agent exam addresses the types of expenses that are deductible in specific situations....