The World Business

Posts Tagged ‘Tax’

People always ask the question: What is the statute of limitations for unfiled taxes? This is an easy one...there isn't one. Taxpayers often believe that if they just don't file their returns then at some point there is a statute that expires. But when you don't file then the statute clock has not started. So in theory the IRS can come after you for tax returns for an unlimited number of years. What normally happens is that if you have outstanding W2s and 1099s are other income that the IRS is aware of then after 3 or 4 years the IRS will often file a Substitute for Return (SFR). The SFR won't give you as many deductions as you would normally have if you had properly filed your return. Once filed, collection efforts will then start and the IRS will pursue collection with any means possible. Read the rest of this entry »

Many taxpayers are facing back tax issues, especially considering the financial situation of today's economy. So the question often arises - how do I get an installment agreement request form? But once you get the request form, how do you complete it and what information do you need to include to make sure that it is successful? Before the IRS will agree to an installment agreement, the agency will do a financial review of the individual taxpayer's financial position. The goal is to determine the collection potential of the taxpayer's account. Read the rest of this entry »

If you are in small business, you are looking to avoid as much tax as possible. Avoiding tax can soon turn into tax evasion. Whether or not tax accountants will recommend these controversial tips, is another matter. If you are considering tax evasion, you need to do a little homework. Even if you have great tax accountants, they might not tell you explicitly what is written in this article. If you are running your own small business, there are concrete ways to avoid paying tax. This does not mean they are legal, and so you should take care in what you do. These are tools and techniques that you can use if you are tired of paying too much tax. This article does not actively promote these ideas as they may be illegal in your country. Make your own decisions after being informed. Read the rest of this entry »

Just because your employer is protecting you with worker's compensation cover, does not mean that you should disregard income protection insurance. There are many people out there who believe their worker's compensation is more than enough. Income protection is something you must instigate yourself, and is beyond what you are covered for with worker's compensation. A look at the issue.

• What is worker's compensation? Worker's compensation is compulsory coverage employers must provide for their employees in Australia. There is no consistency between the states. The amount of benefit and payout time will vary considerably depending on the state. All normally provide coverage for: income replacement, permanent impairment, death benefits and medical expenses. You may get one or more coverage for any single instance.
Read the rest of this entry »