Money earned abroad by American corporations is free from U.S. taxes until it is returned to the United States. However, once these foreign earnings are repatriated, they are taxed at a rate of 35%. The current tax code allows multinational companies to avoid this tax, but only if they invest in certain domestic assets such… Continue reading →
tax preparation
IRS Tax Tips for the Unemployed – What to Know When Money is Tight
If you are unemployed you are probably worried about many other things but there are some tax consequences and conversely some tax breaks that result from being unemployed. Here are some facts that unemployed taxpayers will need to know when filing a 2011 tax return on April 15 2012. 1. Severance packages, Accumulated sick leave, Vacation, and Holiday pay are… Continue reading →
IRS Tax Debt – Avoid a Tax Liability When Helping Friends or Relatives
With credit so tight and banks unwilling to loan to small businesses and individuals, more and more family members are faced with the difficult decision of how or when to help out. Once you decide to lend a hand, you have to consider the potential tax implications. You ask yourself would it be better to… Continue reading →
Tax Preparation is Key in Claiming Your Adoption Credit; Thousands Have Yet to Receive Refund.
Thousands of Americans are still waiting on large refunds from the IRS due to their adoption credit. This is partly due to the fact that this is the first year the credit is refundable. This means the money goes directly to the taxpayer, and not applied to future taxes owed. This would be especially helpful… Continue reading →
Sending your kids to a summer day camp? Some of the expenses may qualify for the Child and Dependent Care Credit.
When trying to determine tax settlement strategies, the best is to not incur the balance to begin with! Here is one tip to help you lower your tax liability. If you paid for someone to provide care for your child while you, your spouse, or both were either working or looking for work, you may… Continue reading →
Unfiled Tax Returns or Back Tax Troubles? Here is Some Back Tax Guidance
Can You Get Help With Back Taxes? If you are like many Americans who are having trouble keeping up with finances these days then you may have also found yourself a year or two behind on paying your taxes. Perhaps you even skipped filing for a few years. Left unresolved, unpaid tax debt or unfiled… Continue reading →
