Earned Income Tax Credit

How Does the Government Recover the VAT Rate Change Shortfall?

Obviously, in reducing the VAT rate from 17.5% to 15% for a year will create a shortfall in the government’s finances for the year. There are a variety of predictions on exactly how much this will be, however, most agree that it will be somewhere in the region of £12.5 billion. This article deals with some of the ways the Government might make this shortfall up.

Solutions for Social Security Deficit

The annual report from the Trustees for the Social Security program indicates that this fund is starting to show deficits. The main cause of the problem is the “baby boomers” effect. In 2004, the annual deficit for the year 2033 was $300 billion, so it is projected to exhaust Social Security reserves in 2041. This issue has became “The Third Rail of American Politics,” in other words, if they touch it they are considered dead. Some presidential candidates offered during their campaigns to solve this problem, but it looks like their proposals did not take into account the current crises in Wall Street and in the housing market.

The Technique of the “Valuation Discount” For Family Limited Partnerships

The Family Limited Partnership (“FLP”) is often used to transfer interests to family members on a “discounted” basis, thereby lowering or sometimes even eliminating transfer taxes. The idea is to use a “discount” so that the value of the property appears to appraisers to be much less than it is.

Don’t Wait Till April to Do Your Taxes

There are certain things we are happy to do in our free time and others that we will naturally put off to the last moment. Taxes definitely fall into this second category. Unfortunately, there is usually a cash penalty for waiting to deal with them.

Choosing the Right Tax Preparer For You

Whenever it’s a matter of tax preparation, choosing the right tax preparer for you should receive maximum consideration. Though there are many commercial tax preparers, most people need to feel secure enough with their tax preparer to provide their financial information that results in a less stressful tax submission. Here are several tips for choosing the right tax preparer for you:

IRS Tax Issues, Refund and Tax Preparer Scam – Part 1

A lot of people don’t realize their ability and potential to negotiate, do their tax returns or even how to expect to receive their refunds. Referencing my previous article where and when I said: “I repeatedly use the expression that “lack of knowledge costs a person a lot of money” or  “knowledge is wealth.”  I interpret this expression by saying, “scammers see your lack of knowledge as PRICELESS.”

What to Do When Receiving an IRS Notice

There you are minding your own business. You work all day, catch the kid’s game and then come home. You innocently grab the mail and start looking through it as you walk up the driveway. Junk mail, magazines, a bill and…a letter from the IRS! So much for your relaxing day.

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