Tax Tips - Which Tax Form Is Right For Me?
IRS Tax forms can be confusing.
Am I a 1099 or a W-2.
Do I need an 8832 or a W-7.
What the difference between an "S" corp and schedule "C" income?
Tax Secrets of the Rich Found Here
Our program is designed to teach you to build lasting wealth. In order to do so, we've got to start with a fundamental principle.
Stop focusing on IRS Tax forms and start focusing on generating income.
I don't mean to be rude, but some people are so hung up on which form to use, they never really get out of the starting gates. So here's my suggestion - get your business making money first and then worry about the IRS forms.
As you build your asset column bigger and stronger, you got to start surrounding yourself with competent advisors. I call this your wealth team. You need a great attorney (or two). You need a financial planner and probably an estate planner. And you need a knowledgeable C.P.A. that is familiar with the tax saving strategies we teach.
The truth is, you should never worry about which IRS forms to use. That's your accountant or C.P.A.'s job. Your job is to make lots of money and then structure yourself so that lawsuits and taxes can't take it away from you.
So, keep your eye on the ball. Stay focused on the right things and let your C.P.A. figure out which IRS forms to use.
All the Best, -Drew Miles
Drew has combined what he learned during formal education, informal education and twenty five years of business experience in the development of programs designed to teach people how to build and preserve lasting wealth. He is an author, teacher and international speaker in the areas of asset protection, and tax saving and wealth building strategies.
MORE RESOURCES:
Hiring demand for Accountants in the last quarter of 2011 grew 33% compared to 2010, with more than 76,000 new job ads posted online, according to WANTED Analyticsâ„¢.New York, NY (PRWEB) January 31, 2012 During October, November, and December of 2011, more than 76,000 job ads for Accountants and Auditors were posted online, according to WANTED Analyticsâ„¢ (http://www.wantedanalytics.com), the ...
TORONTO , Jan. 17, 2012 /CNW/ - The Canadian Institute of Chartered Accountants (CICA), Certified Management Accountants of Canada (CMA Canada ) and the Certified General Accountants of Canada (CGA-Canada) ...
TORONTO , Jan. 20, 2012 /CNW/ - According to the latest CICA/RBC Business Monitor, fewer Canadian executive chartered accountants are predicting a recession in Canada and a majority are forecasting a positive ...
The Certified General Accountants Association of Canada (CGA-Canada) has welcomed the release of the comprehensive report by the Red Tape Reduction Commission and congratulated the Commission for its dedicated work over the past year.
VANCOUVER , Jan. 18, 2012 /CNW/ - The Certified General Accountants Association of Canada (CGA-Canada) welcomes the release of today's comprehensive report by the Red Tape Reduction Commission and congratulates ...
Intuit Inc. is offering a free, mobile application to help taxpayers determine if they qualify for the Earned Income Tax Credit, or EITC.
CWB reports 2011 quarterly and annual results under IFRS
Avalara’s AvaTax and TrustFile™ also among CPA Practice Advisor magazine’s reader favoritesBainbridge Island, WA (PRWEB) January 10, 2012 Avalara (http://www.avalara.com), the market leader in automated, up-to-date sales and use tax compliance solutions, was recently honored by the readers of CPA Practice Advisor, as part of the magazine’s 2012 Readers’ Choice Awards.Based on votes submitted ...
Bountiful is not a religious commune and at best one of its leaders, Winston Blackmore, is nothing more than patriarch of a large, polygamous family.
With the scanning and OCR categorization of 62 T-Slips and source documents, the first production release of DoxCycle for the 2012 tax season brings new efficiencies and paperless organization to professional ...
How to Donate Your Car to Charity and Get Tax Deduction
Donating your used car to charity is a win-win situation; the charity gets your gift and you get tax deduction. Below are some simple steps to make a car donation.
Taxation of Isle of Man Companies from April 2006
At the present time a company incorporated in the Isle of Man, owned by non-residents and which complies with the other statutory requirements, is not liable to Isle of Man taxation. Whilst locally trading companies pay tax at 18%, a qualifying offshore company pays a flat annual tax of £475 or £1,000.
10 Tax Tips to Reduce Costs and Increase Income
No one likes paying tax. Everyone understands that tax is a necessary evil and that without it our government would not be able to afford our roads, health services, education, welfare system etc.
How To Get An Extension To File Your Business Tax Returns
Yes, the tax season is upon with the first filing date for some businesses being March 15, 2005. If you can't imagine getting your tax returns together by that date, you need not worry.
10 Thoughts on Tax Offer in Compromise
Beware of advertisements that claim to settle tax debts for "pennies on the dollar". Check the Offer In Compromise requirements to see if it is right for you.
The Annual Gift Tax Exclusion: Getting The Edge
Whether 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.
Electronic Commerce Taxation and Pakistan
Assume a buyer in Pakistan downloads software from the Internet for a 30-day trial. If he likes the software, he submits his credit card information and receives an authorization code that allows him unrestricted use of the software.
How to Reduce the Estate Tax Using the A-B Revocable Living Trust
In a past article I relayed the plight of the widow who stated:"I didn't realize what an A-B Revocable Living Trust meant and that it had to be divided between the survivor and the deceased spouse and that I am limited as to what I can use from his share."She told me that she only learned of this after her husband passed away.
Early Distributions From Retirement Plans
An early distribution from an Individual Retirement Arrangement (IRA) or a qualified retirement plan need not be a "taxing" experience. Fortunately, there are exceptions to early distributions.
Tax Reform, My Way
We need real tax reform and we need it now. Previous attempts have been made at tax reform, but they have only provided band-aid solutions that have still left us with too many quirks, complication, and read tape.
Income Tax Returns Your Accountant Should Not File
You've been feeling uneasy (perhaps even guilty) because you've failed to report your under the table business income. Perhaps you've never filed a tax return, even though you know you owe money.
How to Check the Status of Your Tax Refund Online
So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The question for most taxpayers expecting a return is, "Where is my refund?"Check Your Refund Status OnlineThe easiest way to check on your refund is to ask the IRS through IRS.
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.
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.
Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000
Does your incorporated business pay alternative minimum tax ["AMT]? If so, there is a 93% chance you have been overpaying your taxes by an average of $11,000 a year according to the Treasury Inspector General.The Office of the Treasury Inspector General for Tax Administration was created in 1999 to oversee the IRS.
What You Need To Know About Taxes If You're Getting Married
It may not be high on the list of wedding planning activities, but there are a few simple steps that can help keep tax issues from interrupting your newly wedded bliss. If you recently married, check out your new tax situation.
Tax Reduction Tips
In the rush to get tax returns prepared and filed by April 15th, many overpay their taxes. Following are a few tax reduction tips that could help you save a bundle.
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.
Access to E-records by Taxing Authorities: A Case for Pakistan (Part I)
Background issues of access to recordsTo assess the records at hosted remote retained out of the jurisdiction of Pakistan root many legal issues which are needed to be addressed. Hereinafter there is description of the emerging legal issue of access to e-records.
About Income Taxes; Tidbits
1812The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt.