With effect from 16.06.2005, Service Tax was levied on Club or Association Services. Club or Association was defined under Section 65(25a) as, Club or Association means any person or body of persons providing services, facilities or advantages, for a subscription or any amount to its members. The purpose of this paper to examine as to whether trade or industry association can be liable to pay Service Tax under this head or under any...more
Moving is an experience most people dread. Not only is it stressful, its expenses often run in the thousands of dollars. One silver lining is that those moving expenses are often tax-deductible. This article details the IRS guidelines on tax deductions for moving. IMPORTANT NOTE: These are guidelines based on material published by the Internal Revenue Service, but always check with your tax professional.Qualifying for the DeductionThere are two...more
Despite the new tax rate reductions of the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for many retirees is a whopping 46.3%. Why? Because Social Security benefits are subject to income tax. Those affected are Social Security recipients who have the good fortune (misfortune?) to be subject to both the 25% income tax bracket and the 85% inclusion rate for Social Security benefits. Here's how it works. First, you must understand how Social Security benefits are taxed. The income tax formula begins with the calculation of combined income. For all practical purposes, combined income equals adjusted gross income (not including Social Security), plus municipal income, plus one half of the taxpayer's Social Security benefit.So far, so good. If a married couple's income is under $32,000 ($25,000 for a single taxpayer), Social Security benefits are not taxable. If combined income is between $32,000 and $44,000 (or $25,000 and $34,000 for a single person), the taxable amount of Social Security equals the lesser of one half of Social Security benefits or one half of the difference between combined income and $32,000...more
Many writers among us are unfamiliar with what a sentence structure corrector is and its capability to aid us to produce high-quality text. Thanks to the internet, we all now practice the art of writing for us to convey our opinions and beliefs and to communicate. If you want to improve the way you write, this brief article will...more
There are many things to consider after a successful turkey kill. Many hunters choose wild turkey hunting for a variety of reasons. After a successful turkey hunt, you will be faced with a variety of choices. If you are interested in preserving the turkey kill, should you choose a professional taxidermist? Or should you proceed with...more
For the successful trader, the best tax advice is to incorporate.With the proliferation of online stock and option trading, traders are looking for tax advice on the best way to structure their trading business. This especially true for day traders, those people that produce most or all of their income from trading. An individual or sole proprietor cannot take advantage of the numerous tax advantages and asset protection strategies available to companies. In order to gain the same tax treatment afforded to companies, traders are incorporating their trading businesses.Tax Treatment for CompaniesTrading through a business structure is good tax advice since all the activities of a company is tax deductible. Individuals earn income, pay taxes on that income, and then spend what is left over. Companies, on the other hand, earn income, spend that income, and pay taxes on what is left over. The key tax tip for trader is to incorporate and to take advantage of all the tax exemptions afforded to companies.According to the IRS, "trading" is not a business activity. It considers all income from trading as unearned or passive income. The presumption is that the trading activity of...more
Bloomberg's Global quarterly survey was polled by over 1,400 Bloomberg subscribers in six continents. New York topped the survey as the hottest place for financial services and it has sustained its supremacy in spite of being severely battered by the...more
Devendra JainIn a vastly populated developing nation, the parallel role of NGOs in public welfare is indispensable. The Income-tax Act, 1961 has recognized the importance of the very concept of charity in the Indian society. The income derived by...more
Ever want to know how social security tax rates have changed over the years? Let’s start by reviewing how money comes into the social security system. How Money Goes InIt all starts when a parent submits a social security card...more
If you've been thinking about donating a car for a tax deduction and not sure how to go about it, here are some tips you should know. You want to be able to donate the car, truck, RV, boat, motorcycle or other vehicle and get the best tax write-off...more
Low Income Housing Tax Credit (LIHTC or Housing Tax Credit) program has been made a permanent element of chapter 42 of the Federal Income Tax Code. Owners of Low Income Housing Tax Credit Properties receive tax credits for a portion of the...more
Its tax time again across America and for most people that means taking time to round up the receipts, W2 forms, and mortgage documents necessary to file with the IRS. It's estimated that more than half of the filers use an accountant...more