The introduction of independent taxation in April 1990 affected nearly all married couples. As well as allowing married women privacy in their own financial affairs, another major gain was that many couples – especially retired people – became better off financially. (more…)
Given the current economic outlook and after confirming the inmediatarecesión of international trade and the contraction of the first economies in the world, our politicians should consider different contingency plans.
HM Revenue & Customs do sometimes make mistakes. Normally, if they have charged you insufficient tax and later discover the error, they will send you a supplementary demand requesting the balance owing. However, under a provision known as the ‘Official Error Concession’, if the mistake was due to HMRC’s failure ‘to make proper and timely use’ of information it received, it is possible that you may be excused the arrears. For this to be likely, you would need to convince HMRC that you could reasonably have believed that your tax affairs were in order. (more…)
When you retire, you may be due for a tax rebate. If you are, this would normally be paid automatically, especially if you are getting a pension from your last employer. The matter could conceivably be overlooked, either if you are due to get a pension from an earlier employer (instead of from your last employer), or if you will only be receiving a State pension – and not a company pension in addition. (more…)
In the past two years there have been five pieces of tax legislation that have included tax provisions targeting energy conservation. Through these tax incentives, the federal government is trying to change (socially engineer) the way people and businesses act with respect to energy use. Here is a summary of each one of the five tax incentives recently legislated: (more…)
Taxes are an everyday expense of life that allow your local, state, and federal governments to provide important services. Taxes pay the bills for those services such as Medicare, Medicaid, the military, the national debt, police and fire protection, public schools, road maintenance, parks, libraries, and safety inspection of foods, drugs, and other products. (more…)
Those who are working in regular offices usually do not have to worry about filing their taxes. More often that not, their employers take care of all taxing concerns for them. For freelancers, taxation is usually a problem because they have to do all the work themselves. Determining which is taxable and how much can become confusing if you are a freelance worker. If you are one of them, here are some tax tips for the self employed working at home. (more…)
Caught your attention, huh? Okay, there IS a catch. I admit it. You can’t do anything illegal. You have to report all your income. You can’t work under the table. You’re following all the rules. So how are you making money that the IRS can’t touch AND staying out of jail?
You’re going to use frugality to make your current income do more than seems possible! For example, if you make $35,000 per year, by using frugality you can make it do the work of $45,000. You’ve just “made” $10,000 that you don’t have to report to the IRS! (more…)
One of the main reasons people invest in real estate is for the beneficial tax breaks it provides. The tax breaks are most substantial for middle-income investors who are their own property managers. The value of tax relief depends on your annual income and what type of job you have. Even though the breaks are most significant for the middle class, there are also tax shelters for income produced by passive investors and high-income earners. (more…)