Mid-Year Tax Planning
As most of you already know, contributing to a retirement plan is one of the best ways to keep more of what you earn. Money invested in retirement accounts can grow faster than other investments because earnings are not taxed until you withdraw the money.
There are plenty of retirement saving plans to choose from and thanks to increases in the contribution limits, you can put away more than ever before. Here are some options.
Tax bill too big? IRS offers payment options
What if you can't pay your tax bill off in three years or five or ...?
Then it may be time to negotiate.
The IRS may be willing to accept an Offer in Compromise, a lump sum payment you offer to pay that is less than the total amount of tax you owe. In these cases, the agency hopes to get some taxpayer money sooner than it would after years of costly collection efforts.
Big names, big debt - Stars with money woes
Feeling overwhelmed by debt? You're not alone.
There's a slew of stars that have struggled mightily with debt, including Lorraine Bracco of "The Sopranos," musician Elton John, actress Kim Basinger, boxer Mike Tyson, who went through $300 million living lavishly if not wisely, and an early president of the United States, Thomas Jefferson.
Income tax time
Identity theft is a growing problem worldwide. It’s estimated that as many as 750,000 Americans are the victims of identity theft every year.
With just a small bit of information, namely your Social Security number, identity thieves can open phony bank accounts, qualifying them for credit card accounts, even expensive purchases like cars, boats and jewelry.
Protecting your financial privacy is more important now than ever.
It's Income Tax Time
If you do use a tax preparer, remember that the more you do, the less cost you incur in the preparation of your return.
If you can summarize all your expenses by category and get it on paper, it will cost less than if your tax preparer has to do it.
Gearing Up For Tax Time
There is always a lot of confusion about what is and is not deductible. These are the most common misunderstood nondeductible items.
Deadhead miles, unpaid miles, downtime, and labor on do-it-yourself repairs and maintenance. If someone tells you they are taking these deductions be aware they are not legitimate deductions. If the IRS catches these deductions they will be disallowed.
The Hidden Costs of Owning a Truck
It's still risky to ask the IRS for advice. During the March and April 2003 tax filing season, auditors from the Treasury posing as taxpayers went to IRS Taxpayer Assistance Centers to ask questions about the tax law.
IRS personnel answered only 72% of the questions correctly, answered 25% incorrectly, and suggested that the taxpayers do their own research or referred them to someone else in the rest of the cases.
The Seven Sisters of Success
"What impressed me was that the keys to their success were not related to family or background. They had not been born wealthy, and only about half completed college. They did not seem "driven" for success. They did not make their fortunes in high-tech or by winning a lottery."
The ABC's of Successful Expediting
"You have to have a very clear understanding of the product you will haul and the geographical area you will spend the most time in. Once you understand that, you will be able to make a smart decision on how to set up your equipment."
"It is also critical that you spend plenty of time making an informed decision about the carrier you will contract to. You will be much more successful if you make this decision right the first time and avoid changing carriers."
Smart choices for smart truckers
"Ignoring your IRS problems is only going to make matters worst. The best thing to do is handle the problem head on. If you haven't filed your taxes in years the first thing to do is get the returns prepared, then get them filed and then payment arrangements can be negotiated for reasonable monthly payments."
"The key to getting out of debt with the IRS is to get on a monthly payment program for back taxes while making estimated tax payments on the current years taxes."