ABOUT TAXES, THE FUNDAMENTAL OF TEXESFOR
BUSINESS
BUSINESS
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THE FUNDAMENTAL OF TAXES
C Corporation
Pros
Cons
Liability limited in case of lawsuit
Double taxation occurs when dividends are paid to shareholders
Shareholders risk only their investment
Corporations must comply with recordkeeping and other government regulations
Corporation can survive the death of owner, officer, or shareholder
State laws can limit operating flexibility
Easy to sell small portions of stock to raise capital
Tax rate may be lower
Corporation can elect different year-ends than shareholders—helpful for tax planning
Corporation can provide certain benefits not available to other entities
Also named from a chapter in the tax code, S corporations offer the same legal protection as C
corporations but don’t pay corporate taxes. Instead, shareholders report the company’s income and
losses on their individual tax returns. The tax may be higher at the individual level than it would have
been at the C corporate level, but because the S corporation itself pays no taxes, the income is only
taxed once, not twice as it can be with the C corporation.
Let’s say your business isn’t yet profitable and you’re earning money from another source, such as a
part-time job. The money from this other source is taxable, but if you have an S corporation, you can
reduce the amount of your total tax by deducting your S corporation operating loss from income
being earned from other sources. Reducing the amount of taxable income in this way may add up to
significant tax savings.
S Corporation
Pros
Cons
No double taxation
Company must be registered as a domestic corporation
Changing from C to S and from S to C is possible
Corporation can issue only one class of stock
Limited number of shareholders can own stock
Limitations on who qualifies for shareholder status
Limited-Liability Company (LLC)
This relatively new type of business is a cross between a C corporation and a partnership. An LLC
gives its shareholders, or members, all the legal protection that a corporation offers, but an LLC may
elect how it is to be taxed, whether as a corporation or as a partnership. This is called the “check the
box” election. If the LLC elects to be taxed as a partnership, it means that profits earned by the LLC
are passed through to the members, who report them on their individual tax returns.
If the legal protection and the tax setup are the same for both an LLC and an S corporation, how is
an LLC different? In an S corporation, there are certain laws restricting the number of shareholders
and also the type of stock that can be issued. With an LLC, none of that applies. Thus an LLC has
more flexibility than an S corporation. But there’s a downside. Because LLCs are relatively new, there
is no solid history of legal test cases, and laws governing LLCs vary from state to state. Some states
have “bulletproof” laws, meaning that if you establish an LLC and follow all the rules, you’ll
automatically be given favorable tax status. In other states you may follow all the rules but not gain
favorable tax status. It’s best to check with a legal expert before forming an LLC.
Limited-Liability Company
Pros
Cons
Owners or members have management authority
More expensive to open than a partnership
Allows an unlimited number of shareholders
Rules may vary by state
Can elect to have income or loss pass through to members’ returns
Must have consent of members to transfer interest to another person
Liability protection of a corporation with no responsibility for debts
The Secret of the Rich
Now that you know something about corporations, you have more insight into the secret of the rich.
This secret has been around ever since the days of sailing ships, when the rich created the
corporation as a vehicle to limit their risk. The rich would put their money into a corporation to
finance a voyage. If the ship was lost the crew lost their lives, but the loss to the rich would be limited
to the money they invested for that particular voyage. Corporations can protect assets and serve as
vehicles for the creation of new assets. If you understand that basic secret, then you’re ready to
master the art of building the B-I triangle.
C Corporation
Pros
Cons
Liability limited in case of lawsuit
Double taxation occurs when dividends are paid to shareholders
Shareholders risk only their investment
Corporations must comply with recordkeeping and other government regulations
Corporation can survive the death of owner, officer, or shareholder
State laws can limit operating flexibility
Easy to sell small portions of stock to raise capital
Tax rate may be lower
Corporation can elect different year-ends than shareholders—helpful for tax planning
Corporation can provide certain benefits not available to other entities
Also named from a chapter in the tax code, S corporations offer the same legal protection as C
corporations but don’t pay corporate taxes. Instead, shareholders report the company’s income and
losses on their individual tax returns. The tax may be higher at the individual level than it would have
been at the C corporate level, but because the S corporation itself pays no taxes, the income is only
taxed once, not twice as it can be with the C corporation.
Let’s say your business isn’t yet profitable and you’re earning money from another source, such as a
part-time job. The money from this other source is taxable, but if you have an S corporation, you can
reduce the amount of your total tax by deducting your S corporation operating loss from income
being earned from other sources. Reducing the amount of taxable income in this way may add up to
significant tax savings.
S Corporation
Pros
Cons
No double taxation
Company must be registered as a domestic corporation
Changing from C to S and from S to C is possible
Corporation can issue only one class of stock
Limited number of shareholders can own stock
Limitations on who qualifies for shareholder status
Limited-Liability Company (LLC)
This relatively new type of business is a cross between a C corporation and a partnership. An LLC
gives its shareholders, or members, all the legal protection that a corporation offers, but an LLC may
elect how it is to be taxed, whether as a corporation or as a partnership. This is called the “check the
box” election. If the LLC elects to be taxed as a partnership, it means that profits earned by the LLC
are passed through to the members, who report them on their individual tax returns.
If the legal protection and the tax setup are the same for both an LLC and an S corporation, how is
an LLC different? In an S corporation, there are certain laws restricting the number of shareholders
and also the type of stock that can be issued. With an LLC, none of that applies. Thus an LLC has
more flexibility than an S corporation. But there’s a downside. Because LLCs are relatively new, there
is no solid history of legal test cases, and laws governing LLCs vary from state to state. Some states
have “bulletproof” laws, meaning that if you establish an LLC and follow all the rules, you’ll
automatically be given favorable tax status. In other states you may follow all the rules but not gain
favorable tax status. It’s best to check with a legal expert before forming an LLC.
Limited-Liability Company
Pros
Cons
Owners or members have management authority
More expensive to open than a partnership
Allows an unlimited number of shareholders
Rules may vary by state
Can elect to have income or loss pass through to members’ returns
Must have consent of members to transfer interest to another person
Liability protection of a corporation with no responsibility for debts
The Secret of the Rich
Now that you know something about corporations, you have more insight into the secret of the rich.
This secret has been around ever since the days of sailing ships, when the rich created the
corporation as a vehicle to limit their risk. The rich would put their money into a corporation to
finance a voyage. If the ship was lost the crew lost their lives, but the loss to the rich would be limited
to the money they invested for that particular voyage. Corporations can protect assets and serve as
vehicles for the creation of new assets. If you understand that basic secret, then you’re ready to
master the art of building the B-I triangle.
THE FUNDAMENTAL OF TAXES----- PART TWO
“In this world nothing
can be said to be certain,
except death and taxes.”
— Benjamin Franklin
Nobody likes taxes. Ever since the Boston Tea Party in 1773, when colonists dumped British tea into
Boston Harbor rather than paying the tax on it, Americans have been seeking ways to avoid giving
their hard-earned money to the government. Their efforts have been in vain. Today the Internal
Revenue Service is a fact of life, and we all have to pay taxes. But there’s no reason you have to
hand over more than your fair share. If you take the time to learn some of the basics of tax law, you’ll
reduce your burden and keep more of your money. By becoming financially literate, you’ll learn what
the rich already know: While you can’t beat the IRS, you can turn it to your advantage.
“That the institution of the income tax will tend to silence all boasting about wealth may ... be
regarded as one blessing associated with it; we know at present of no others.”
—The New York Times in 1913, the year income tax was introduced
Income Tax: A Pocket History
Personal income tax is a relatively new phenomenon in American life. It wasn’t until 1863 that the
federal government even began collecting income tax to fund the war effort, and nine years later the
tax was repealed. For the next forty-one years the government funded most of its activities by levying
duties on imported goods such as wool and shoes. The system of duties, however, prevented the
United States from gaining a competitive edge in world trade. Thus in 1913 Congress reduced duties
on imported goods and, to make up for the loss in revenue, ratified the 16th Amendment to the
Constitution legalizing personal income tax.
During World War II, paycheck withholding was introduced. Under this system, taxes were taken out of
a person’s paycheck each payday instead of annually, giving the government enough ready cash to
cover the cost of the war. To reduce government borrowing, the tax rate was also raised, in some
cases to a whopping 94 percent of personal income. Since then rates have settled back down, but
not—as the tax wars of the last few decades suggest—to everyone’s satisfaction.
Becoming Tax LiterateThe U.S. tax system is progressive, meaning people earning more money pay
tax at a higher rate than people earning less. If only it were that simple ... The present Byzantine tax
code may have your money passing through more than one tax bracket before your final tax bill is
calculated. The rate you pay depends on many factors, not just your income but whether you’re
married or single, how many children you have, and so forth. So complicated is the tax system that
some lawmakers in Washington have repeatedly called for a straightforward proportional tax, that is, a
tax that takes the same percentage of each person’s income. It is often called the flat tax.
Instead of overhauling the tax code, Congress is forever tinkering with it, changing this and adding
that. The result resembles a house built without blueprints. Doors give way to walls, and staircases
lead nowhere. Many laws are written to favor investors, others are not. It’s important to know the laws,
and it can be very expensive if you don’t.
For instance, in 1986 Congress passed the Tax Reform Act which eliminated the tax break for real
estate investors whose expenses on rental properties exceeded the rents they collected. When the law
changed and the government stopped subsidizing people for losing money, some people went
bankrupt and the stock market took a steep dive. It’s never a good idea to invest in something just to
avoid paying taxes or in something that’s losing money. The idea is to make money, not lose it. The
1997 Taxpayer Relief Act introduced a whole new set of rules, and it contained some good news for
some. For example, now if you’re married and you sell your house, you can avoid paying capital
gains tax on profits up to $500,000. The law is always changing, and the best way to reduce your tax
burden is to keep abreast of developments. How? By watching the financial news on television,
reading the financial section of your newspaper, or consulting your tax attorney or accountant.
“In this world nothing
can be said to be certain,
except death and taxes.”
— Benjamin Franklin
Nobody likes taxes. Ever since the Boston Tea Party in 1773, when colonists dumped British tea into
Boston Harbor rather than paying the tax on it, Americans have been seeking ways to avoid giving
their hard-earned money to the government. Their efforts have been in vain. Today the Internal
Revenue Service is a fact of life, and we all have to pay taxes. But there’s no reason you have to
hand over more than your fair share. If you take the time to learn some of the basics of tax law, you’ll
reduce your burden and keep more of your money. By becoming financially literate, you’ll learn what
the rich already know: While you can’t beat the IRS, you can turn it to your advantage.
“That the institution of the income tax will tend to silence all boasting about wealth may ... be
regarded as one blessing associated with it; we know at present of no others.”
—The New York Times in 1913, the year income tax was introduced
Income Tax: A Pocket History
Personal income tax is a relatively new phenomenon in American life. It wasn’t until 1863 that the
federal government even began collecting income tax to fund the war effort, and nine years later the
tax was repealed. For the next forty-one years the government funded most of its activities by levying
duties on imported goods such as wool and shoes. The system of duties, however, prevented the
United States from gaining a competitive edge in world trade. Thus in 1913 Congress reduced duties
on imported goods and, to make up for the loss in revenue, ratified the 16th Amendment to the
Constitution legalizing personal income tax.
During World War II, paycheck withholding was introduced. Under this system, taxes were taken out of
a person’s paycheck each payday instead of annually, giving the government enough ready cash to
cover the cost of the war. To reduce government borrowing, the tax rate was also raised, in some
cases to a whopping 94 percent of personal income. Since then rates have settled back down, but
not—as the tax wars of the last few decades suggest—to everyone’s satisfaction.
Becoming Tax LiterateThe U.S. tax system is progressive, meaning people earning more money pay
tax at a higher rate than people earning less. If only it were that simple ... The present Byzantine tax
code may have your money passing through more than one tax bracket before your final tax bill is
calculated. The rate you pay depends on many factors, not just your income but whether you’re
married or single, how many children you have, and so forth. So complicated is the tax system that
some lawmakers in Washington have repeatedly called for a straightforward proportional tax, that is, a
tax that takes the same percentage of each person’s income. It is often called the flat tax.
Instead of overhauling the tax code, Congress is forever tinkering with it, changing this and adding
that. The result resembles a house built without blueprints. Doors give way to walls, and staircases
lead nowhere. Many laws are written to favor investors, others are not. It’s important to know the laws,
and it can be very expensive if you don’t.
For instance, in 1986 Congress passed the Tax Reform Act which eliminated the tax break for real
estate investors whose expenses on rental properties exceeded the rents they collected. When the law
changed and the government stopped subsidizing people for losing money, some people went
bankrupt and the stock market took a steep dive. It’s never a good idea to invest in something just to
avoid paying taxes or in something that’s losing money. The idea is to make money, not lose it. The
1997 Taxpayer Relief Act introduced a whole new set of rules, and it contained some good news for
some. For example, now if you’re married and you sell your house, you can avoid paying capital
gains tax on profits up to $500,000. The law is always changing, and the best way to reduce your tax
burden is to keep abreast of developments. How? By watching the financial news on television,
reading the financial section of your newspaper, or consulting your tax attorney or accountant.
THE FUNDAMENTAL OF TAXES---- PART THREE
Partnership
A partnership is two or more people co-owning a business for profit. The partners agree to
establish and run the business, sharing in profits, assuming responsibility for all losses and
liabilities, and paying all taxes, which are paid at the individual rate. There are two types of
partnerships: general and limited.
In a general partnership, the partners have full rights to control all the day-to-day affairs of the
business. They also share all the liability for the partnership’s debts or obligations. If the
partnership’s assets are insufficient to meet its obligations to creditors, or if a third party is
damaged or injured, then each partner’s personal assets can be taken to satisfy the debt.
Partnership
Pros
Cons
Combined assets and expertise
Partnership terminates on death or withdrawal of any partner
Flexible decision making
Partners totally liable
Partners, not partnership, taxed at the individual level
Each partner can enter into other business agreements, so control is difficult
Business expenses deductible
Each partner is individually liable for agreements made by any partner
Ease of formation
A limited partnership has both general partners, who run the daily business and make all the
decisions, and limited or silent partners, who generally put up the money in hopes of profit.
Limited partners have limited financial liability, meaning that if a creditor or an injured party
sues, limited partners can’t be held responsible for any more than the amount they originally
invested. When it comes to taxes, general partners and limited partners are treated the same
way. Any profits from the business go directly to them, that is, they are “passed through” to all
the partners, who report their share of the partnership net income on their individual tax returns.
Limited Partnership
Pros
Cons
Limited partners are not personally liable for the partnership’s debts and obligations
Transfer of interest usually requires general partner approval
Partnership does not dissolve with death of limited partner
Complete and separate paperwork filings
Number of partners/owners unlimited
Limited partners have little, if any, control over daily operations
Corporation
Most people think of a corporation as a business in a big building with lots of employees. A
corporation is really nothing more than a way of doing business. It is a legal entity regarded as
separate from the owner, one that offers distinct tax advantages as well as liability protection
from creditors and others who might sue. The owner controls the corporation and is a
shareholder, possibly the only shareholder. As owner and shareholder, the owner is the boss.
KNOWLEDGE FINANCIAL Tip
“Utilizing the corporation is one of the secrets of the rich: Own nothing, but control everything.”
The owner controls what happens in the corporation, but because the corporation is a separate
entity, the owner doesn’t own any of the corporation’s assets and therefore doesn’t have to
assume any of the corporation’s debts. The corporation owns its own assets and pays its own
debts. This is one of the secrets of the rich: Own nothing, but control everything. This was Rich
Dad’s favorite form of entity in which to build businesses.
There are two types of corporations: C and S. The C corporation, named for Subchapter C of the
federal tax code, is also known as a regular corporation. It offers all the legal protection just
mentioned but is taxed as a separate entity. In general, income tax rates for a corporation are
lower than rates for individuals. After the C corporation deducts business expenses from its
income, tax is paid on the corporation’s profits. The owner/shareholder in turn pays tax on any
money received from the corporation, usually in the form of a salary or bonus, and the
corporation can deduct these payments as expenses on its tax return. However, when a
corporation pays a dividend to its shareholders, the dividends are taxable to the shareholders
but not deductible by the corporation. This is often called double taxation, that is, tax is paid on
the income by the corporation when it earns the money, and tax is paid again by the shareholder
when the corporation pays a dividend with that same money.
But there’s a way around double taxation, and the rich use it all the time. When the C corporation
deducts legitimate business expenses and pays out profits in the form of compensation to its
shareholders, there may be no taxable income left. In that case, the corporation doesn’t have
enough income left to pay dividends. Shareholders must report any compensation (deducted on
the corporation’s return) on their individual tax returns, but they have no dividend income to
report. Taxation occurs once, not twice. Note: The shareholders must be performing duties for
the compensation they are receiving, and compensation should be reasonable, not excessive.
Another advantage of the C corporation is in the area of fringe benefits. The C corporation
usually gets a deduction for fringe benefits, and the employee does not recognize taxable
income. Many of the fringe benefits available to the C corporation are not available to, or are
restricted in, an S corporation, partnership, or LLC. For example, a C corporation can make
contributions towards life, accident, health, or other insurance deductibles and offer tax-free
benefits under a medical-expense reimbursement plan.
Partnership
A partnership is two or more people co-owning a business for profit. The partners agree to
establish and run the business, sharing in profits, assuming responsibility for all losses and
liabilities, and paying all taxes, which are paid at the individual rate. There are two types of
partnerships: general and limited.
In a general partnership, the partners have full rights to control all the day-to-day affairs of the
business. They also share all the liability for the partnership’s debts or obligations. If the
partnership’s assets are insufficient to meet its obligations to creditors, or if a third party is
damaged or injured, then each partner’s personal assets can be taken to satisfy the debt.
Partnership
Pros
Cons
Combined assets and expertise
Partnership terminates on death or withdrawal of any partner
Flexible decision making
Partners totally liable
Partners, not partnership, taxed at the individual level
Each partner can enter into other business agreements, so control is difficult
Business expenses deductible
Each partner is individually liable for agreements made by any partner
Ease of formation
A limited partnership has both general partners, who run the daily business and make all the
decisions, and limited or silent partners, who generally put up the money in hopes of profit.
Limited partners have limited financial liability, meaning that if a creditor or an injured party
sues, limited partners can’t be held responsible for any more than the amount they originally
invested. When it comes to taxes, general partners and limited partners are treated the same
way. Any profits from the business go directly to them, that is, they are “passed through” to all
the partners, who report their share of the partnership net income on their individual tax returns.
Limited Partnership
Pros
Cons
Limited partners are not personally liable for the partnership’s debts and obligations
Transfer of interest usually requires general partner approval
Partnership does not dissolve with death of limited partner
Complete and separate paperwork filings
Number of partners/owners unlimited
Limited partners have little, if any, control over daily operations
Corporation
Most people think of a corporation as a business in a big building with lots of employees. A
corporation is really nothing more than a way of doing business. It is a legal entity regarded as
separate from the owner, one that offers distinct tax advantages as well as liability protection
from creditors and others who might sue. The owner controls the corporation and is a
shareholder, possibly the only shareholder. As owner and shareholder, the owner is the boss.
KNOWLEDGE FINANCIAL Tip
“Utilizing the corporation is one of the secrets of the rich: Own nothing, but control everything.”
The owner controls what happens in the corporation, but because the corporation is a separate
entity, the owner doesn’t own any of the corporation’s assets and therefore doesn’t have to
assume any of the corporation’s debts. The corporation owns its own assets and pays its own
debts. This is one of the secrets of the rich: Own nothing, but control everything. This was Rich
Dad’s favorite form of entity in which to build businesses.
There are two types of corporations: C and S. The C corporation, named for Subchapter C of the
federal tax code, is also known as a regular corporation. It offers all the legal protection just
mentioned but is taxed as a separate entity. In general, income tax rates for a corporation are
lower than rates for individuals. After the C corporation deducts business expenses from its
income, tax is paid on the corporation’s profits. The owner/shareholder in turn pays tax on any
money received from the corporation, usually in the form of a salary or bonus, and the
corporation can deduct these payments as expenses on its tax return. However, when a
corporation pays a dividend to its shareholders, the dividends are taxable to the shareholders
but not deductible by the corporation. This is often called double taxation, that is, tax is paid on
the income by the corporation when it earns the money, and tax is paid again by the shareholder
when the corporation pays a dividend with that same money.
But there’s a way around double taxation, and the rich use it all the time. When the C corporation
deducts legitimate business expenses and pays out profits in the form of compensation to its
shareholders, there may be no taxable income left. In that case, the corporation doesn’t have
enough income left to pay dividends. Shareholders must report any compensation (deducted on
the corporation’s return) on their individual tax returns, but they have no dividend income to
report. Taxation occurs once, not twice. Note: The shareholders must be performing duties for
the compensation they are receiving, and compensation should be reasonable, not excessive.
Another advantage of the C corporation is in the area of fringe benefits. The C corporation
usually gets a deduction for fringe benefits, and the employee does not recognize taxable
income. Many of the fringe benefits available to the C corporation are not available to, or are
restricted in, an S corporation, partnership, or LLC. For example, a C corporation can make
contributions towards life, accident, health, or other insurance deductibles and offer tax-free
benefits under a medical-expense reimbursement plan.
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INFORMATION CENTER: MIAMI DADE
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COUNTY, PALM BEACH COUNTY, STATE
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You name it, You get it
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You want it, Search for it!
FREE FINANCIAL ADVICE. WAYS TO
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Consumer information, resources and
important tools about credit, banking,
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Real Estate general information
center... Everything about Real Estate.
Mortgage Loans Learning Center. Full
and complete financing information to
succeed...
Five Insurance Policies Everyone
Should Have...
Protecting your most important assets
is an important step in creating a solid
personal financial plan.
. INSURANCE: WAYS TO MAKE MONEY
& SAVE MONEY ON YOUR INSURANCE.
15
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General Tax Information: TAX SAVING,
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US ECONOMY, THE FINANCIAL SYSTEM, THE
CREDIT MARKET. WHAT'S GOING?
MONEY MANAGEMENT. Ten Resolutions to
Make Your Financial Life Easier
FINANCE: THE BANKING AND THE AMERICAN
FINANCIAL SYSTEM HISTORY, SUCCESS
AND FAILURE
SAVING MONEY: THE SECRETS OF SAVING;
WAYS TO SAVE A LOT OF MONEY AND
GETTING RICHER
IRA / INDIVIDUAL RETIREMENT ACCOUNT.
What is an IRA? And what does it matter?
SOCIAL SECURITY; THE ULTIMATE
RETIREMENT GUIDE. HOW DOES SOCIAL
SECURITY WORK?
FINANCIAL REPORT: How to bring your
spending under control, so that you get the
most out of every dollar. 8 Reasons to get
pre-qualified for a mortgage loan!
ESTATE PLANNING: Estate planning, is it
really the process of accumulating and
disposing of an estate to maximize the goals
of the estate owner to avoid probate, to
lower the tax?
Assets Protection: Don't Get Sued: Five Tips
To Protect Your Company! Types of Asset-
Protection Vehicles;
Many different strategies have been
developed over the years claiming to protect
assets. How to protect yourself from...?
BUILDING WEALTH! How to Become Wealthy?
Nine Truths That Can Set You on the Path to
Financial Freedom
FINANCIAL KNOWLEDGE: The Successful
Investment Journey, Ten Tips For The
Successful Long-Term Investor
FINANCIAL SYSTEM: AMERICA’S MONEY
CRISIS / Bailout 101.
LEARN ABOUT: Top 6 Biggest U.S.
Government Financial Bailouts In History!
2-LEARN ABOUT MARKET CRASHES
HISTORY. HOW AND WHEN?
3-LEARN ABOUT: THE UNITED STATE, AND
THE WORLD MOST IMPORTANT FINANCIAL
INSTITUTIONS!
4-LEARN ABOUT THE COMPLETE FINANCIAL
TURMOIL, THE CREDIT CRISIS!
BANKING & FINANCE / Knowledge Financial.
com; an educational, a life changing website
with great ideas of small business, with
important things to know about our
economy, and investment
INVESTMENT: MAKE YOURSELF RICHER BY
INVESTING THE RIGHT WAY IN THE RIGHT
PRODUCTS. REAL ESTATE INVESTMENTS
CAN HELP
STOCK MARKET: STOCK MARKET A WAY TO
INVEST AND MULTIPLY YOUR PROFITS.
THESE INDUSTRIES HAS THOUSANDS OF
COMPANIES TO BUY STOCKS FROM.
FOREX MARKET: THE LARGEST MARKET IN
THE WORLD TO INVEST AND GET RICHER IF
YOU USE THE RIGHT TOOL.
TAX CERTIFICATES: / TAX DEED: A BETTER
WAY TO INVEST MONEY AND GET RICHER.
TAX LIENS: How Can You Safely Earn 18% to
240% Per Year On Your Investments? Yes
you can... By investing in Government
Issued Tax Liens, Tax deed, Tax Certificates.
REITs: REIT: Real Estate Investment Trust. A
GREAT WAY TO INVEST IN REAL ESTATE
WITHOUT TAKING A MORTGAGE LOAN
COMMERCIAL INVESTMENT. COMMERCIAL
REAL ESTATE; A BETTER WAY TO INVEST
AND GET RICHER! MULTI-WAYS TO WIN BIG
IN REAL ESTATE. WHAT IS COMMERCIAL
REAL ESTATE?
PENSION PLANS: THE ULTIMATE
RETIREMENT GUIDE; HOW TO RETIRE EARLY
AND RETIRE REACH. WHAT ARE 401K, ROTH
401K, INDIVIDUAL 401K, 403B, 457 PLAN,
THRIFT SAVINGS PLAN.
IDENTITY THEFT: WATCH OUT, STOP IT FROM
HAPPENING, GET THE TOOLS YOU NEED TO
PREVENT IT RIGHT HERE! AT KNOWLEDGE
FINANCIAL.COM
INSURANCE 101: THE IMPORTANCE OF
INSURANCE IN SOMEONE'S LIFE.
EVERYTHING YOU NEED TO KNOW ABOUT
INSURANCE; NOW IS YOUR CHANCE TO
KNOW HOW TO SAVE MONEY ON YOUR
INSURANCE! LEARN ABOUT THE 15
INSURANCE POLICIES YOU DON'T NEED!
MONEY, MAKE MONEY, AND GET OUT OF
DEBT!
PERSONAL FINANCE. What are you doing
with your money in the wake of the financial
crisis? --- Where is the safe place to put
money? My personal finance!
FINANCIAL FREEDOM: A SMARTEST WAY TO
PREPARE A BETTER FUTURE. Money-Making
Information You'll Need to Succeed
US ECONOMY, THE FINANCIAL SYSTEM, THE
CREDIT MARKET. WHAT'S GOING?
MONEY MANAGEMENT. Ten Resolutions to
Make Your Financial Life Easier
FINANCE: THE BANKING AND THE AMERICAN
FINANCIAL SYSTEM HISTORY, SUCCESS
AND FAILURE
SAVING MONEY: THE SECRETS OF SAVING;
WAYS TO SAVE A LOT OF MONEY AND
GETTING RICHER
IRA / INDIVIDUAL RETIREMENT ACCOUNT.
What is an IRA? And what does it matter?
SOCIAL SECURITY; THE ULTIMATE
RETIREMENT GUIDE. HOW DOES SOCIAL
SECURITY WORK?
FINANCIAL REPORT: How to bring your
spending under control, so that you get the
most out of every dollar. 8 Reasons to get
pre-qualified for a mortgage loan!
ESTATE PLANNING: Estate planning, is it
really the process of accumulating and
disposing of an estate to maximize the goals
of the estate owner to avoid probate, to
lower the tax?
Assets Protection: Don't Get Sued: Five Tips
To Protect Your Company! Types of Asset-
Protection Vehicles;
Many different strategies have been
developed over the years claiming to protect
assets. How to protect yourself from...?
BUILDING WEALTH! How to Become Wealthy?
Nine Truths That Can Set You on the Path to
Financial Freedom
FINANCIAL KNOWLEDGE: The Successful
Investment Journey, Ten Tips For The
Successful Long-Term Investor
FINANCIAL SYSTEM: AMERICA’S MONEY
CRISIS / Bailout 101.
LEARN ABOUT: Top 6 Biggest U.S.
Government Financial Bailouts In History!
2-LEARN ABOUT MARKET CRASHES
HISTORY. HOW AND WHEN?
3-LEARN ABOUT: THE UNITED STATE, AND
THE WORLD MOST IMPORTANT FINANCIAL
INSTITUTIONS!
4-LEARN ABOUT THE COMPLETE FINANCIAL
TURMOIL, THE CREDIT CRISIS!
BANKING & FINANCE / Knowledge Financial.
com; an educational, a life changing website
with great ideas of small business, with
important things to know about our
economy, and investment
INVESTMENT: MAKE YOURSELF RICHER BY
INVESTING THE RIGHT WAY IN THE RIGHT
PRODUCTS. REAL ESTATE INVESTMENTS
CAN HELP
STOCK MARKET: STOCK MARKET A WAY TO
INVEST AND MULTIPLY YOUR PROFITS.
THESE INDUSTRIES HAS THOUSANDS OF
COMPANIES TO BUY STOCKS FROM.
FOREX MARKET: THE LARGEST MARKET IN
THE WORLD TO INVEST AND GET RICHER IF
YOU USE THE RIGHT TOOL.
TAX CERTIFICATES: / TAX DEED: A BETTER
WAY TO INVEST MONEY AND GET RICHER.
TAX LIENS: How Can You Safely Earn 18% to
240% Per Year On Your Investments? Yes
you can... By investing in Government
Issued Tax Liens, Tax deed, Tax Certificates.
REITs: REIT: Real Estate Investment Trust. A
GREAT WAY TO INVEST IN REAL ESTATE
WITHOUT TAKING A MORTGAGE LOAN
COMMERCIAL INVESTMENT. COMMERCIAL
REAL ESTATE; A BETTER WAY TO INVEST
AND GET RICHER! MULTI-WAYS TO WIN BIG
IN REAL ESTATE. WHAT IS COMMERCIAL
REAL ESTATE?
PENSION PLANS: THE ULTIMATE
RETIREMENT GUIDE; HOW TO RETIRE EARLY
AND RETIRE REACH. WHAT ARE 401K, ROTH
401K, INDIVIDUAL 401K, 403B, 457 PLAN,
THRIFT SAVINGS PLAN.
IDENTITY THEFT: WATCH OUT, STOP IT FROM
HAPPENING, GET THE TOOLS YOU NEED TO
PREVENT IT RIGHT HERE! AT KNOWLEDGE
FINANCIAL.COM
INSURANCE 101: THE IMPORTANCE OF
INSURANCE IN SOMEONE'S LIFE.
EVERYTHING YOU NEED TO KNOW ABOUT
INSURANCE; NOW IS YOUR CHANCE TO
KNOW HOW TO SAVE MONEY ON YOUR
INSURANCE! LEARN ABOUT THE 15
INSURANCE POLICIES YOU DON'T NEED!
ATTENTION, ATTENTION!
IMPORTANT INFORMATION ABOUT THE
UNITED STATES FIVE [5] BIGGEST
FINANCIAL INSTITUTIONS...
Bank of America Financial Services
Wells Fargo Financial Services
PNC-National City Mortgage Financial
Services
Citibank,Citifinancial, Citimortgage,
Citigroup
JPMorgan-Chase Financial Services
How to make the Bank say, "Yes You're
Approved"
Learn here the most effective ways to
get the best loan rates, and the best
terms
IMPORTANT INFORMATION ABOUT THE
UNITED STATES FIVE [5] BIGGEST
FINANCIAL INSTITUTIONS...
Bank of America Financial Services
Wells Fargo Financial Services
PNC-National City Mortgage Financial
Services
Citibank,Citifinancial, Citimortgage,
Citigroup
JPMorgan-Chase Financial Services
How to make the Bank say, "Yes You're
Approved"
Learn here the most effective ways to
get the best loan rates, and the best
terms
CREDIT:--- CREDIT: SAVE YOUR
CREDIT, RESCUE IT, PROTECT IT,
INCREASE YOUR SCORE. WE HAVE
VALUABLE INFORMATION TO HELP
YOU. LEARN MORE...
INVESTING:--- INVESMENT: METHOD
AND TECHNIQUES TO INVEST IN
TODAY'S MARKET FOR A BETTER
TOMORROW!
CREDIT REPORT:--- Consumer Credit
Report: What's On It? Your Access to
Free Credit Reports. How do I get my
free online Credit Report?
SAVING MONEY:---SAVING MONEY
IMPORTANT TIPS... 66 WAYS TO SAVE
MONEY
CREDIT INFO:--- REVEAL GUARDED
SECRETS OF AMERICAN CREDIT
SYSTEM. Your credit has to do with
everything in life today. Credit Repair:
Self Help May Be Best.
MORTGAGE GENERAL INFORMATION:
--- FLORIDA REAL ESTATE FINANCING
& REFINANCING, MORTGAGE HOME
LOANS...
ID-THEFT--- HOW TO PROTECT AND
DEFEND YOURSELF AGAINST IDENTITY
THEFT? -----DETER, DETECT AND
DEFEND?
REAL ESTATE INFORMATION CENTER:
--- Information You'll Need to Succeed
in Your Real Estate Investments.
MONEY MAKING MACHINE REAL
ESTATE INVESTMENT OPPORTUNITIES
FOR ALL!..
CREDIT CARDS:--- Six Smart Credit
Card Strategies. Have a questions
about credit cards? We have answers
the top ten most frequently asked credit
card questions.
PROTECTION AGAINST IDENTITY THEFT:
--- DEFEND YOURSELF AGAINST
IDENTITY THEFT; LEARN THE
IMPORTANT METHODS AND
TECHNIQUES TO RECOVER FROM ID
THEFT!
CREDIT HELP:--- Understanding Your
Debt Collection Rights. LEARN THE
REAL TRUTH ABOUT CREDIT REPAIR!
How to Use Your Credit Clout: Credit
Laws That are on Your Side?
BANKING FINANCE Knowledge:--- The
more you know the closer you are to
accomplish great success.
CREDIT RATING:--- THE IMPORTANCE
OF YOUR CREDIT RATING. Tips to
Improve or Maintain a High Credit
Score... Credit Card Fraud: 21 Tips to
Protect Yourself
TAXES:--- TAX KNOWLEDGE: MEANING
TAX SAVING, EQUAL
MORE MONEY FOR YOU! TAX SAVING,
TAX HELP: What to do if you Can’t Pay
your Tax Bill? How to Cut Your Property
Taxes
GOVERNMENT:--- Government's
general information;
Local, State, and Federal, and Housing
Finance Authority of Miami dade,
Monroe, Broward, and Palm Beach
County.
THE BLOG:--- WHERE AND HOW TO
FIND MONEY TO INVEST IN REAL
ESTATE? THE MOST LUCRATIVE,
SECURED PROFITABLE BUSINESS?
FINANCIAL HELP:--- FREE FINANCIAL
ADVICE. WAYS TO SAVE MONEY, TO
MAKE MONEY, AND GET OUT OF DEBT!
CREDIT, RESCUE IT, PROTECT IT,
INCREASE YOUR SCORE. WE HAVE
VALUABLE INFORMATION TO HELP
YOU. LEARN MORE...
INVESTING:--- INVESMENT: METHOD
AND TECHNIQUES TO INVEST IN
TODAY'S MARKET FOR A BETTER
TOMORROW!
CREDIT REPORT:--- Consumer Credit
Report: What's On It? Your Access to
Free Credit Reports. How do I get my
free online Credit Report?
SAVING MONEY:---SAVING MONEY
IMPORTANT TIPS... 66 WAYS TO SAVE
MONEY
CREDIT INFO:--- REVEAL GUARDED
SECRETS OF AMERICAN CREDIT
SYSTEM. Your credit has to do with
everything in life today. Credit Repair:
Self Help May Be Best.
MORTGAGE GENERAL INFORMATION:
--- FLORIDA REAL ESTATE FINANCING
& REFINANCING, MORTGAGE HOME
LOANS...
ID-THEFT--- HOW TO PROTECT AND
DEFEND YOURSELF AGAINST IDENTITY
THEFT? -----DETER, DETECT AND
DEFEND?
REAL ESTATE INFORMATION CENTER:
--- Information You'll Need to Succeed
in Your Real Estate Investments.
MONEY MAKING MACHINE REAL
ESTATE INVESTMENT OPPORTUNITIES
FOR ALL!..
CREDIT CARDS:--- Six Smart Credit
Card Strategies. Have a questions
about credit cards? We have answers
the top ten most frequently asked credit
card questions.
PROTECTION AGAINST IDENTITY THEFT:
--- DEFEND YOURSELF AGAINST
IDENTITY THEFT; LEARN THE
IMPORTANT METHODS AND
TECHNIQUES TO RECOVER FROM ID
THEFT!
CREDIT HELP:--- Understanding Your
Debt Collection Rights. LEARN THE
REAL TRUTH ABOUT CREDIT REPAIR!
How to Use Your Credit Clout: Credit
Laws That are on Your Side?
BANKING FINANCE Knowledge:--- The
more you know the closer you are to
accomplish great success.
CREDIT RATING:--- THE IMPORTANCE
OF YOUR CREDIT RATING. Tips to
Improve or Maintain a High Credit
Score... Credit Card Fraud: 21 Tips to
Protect Yourself
TAXES:--- TAX KNOWLEDGE: MEANING
TAX SAVING, EQUAL
MORE MONEY FOR YOU! TAX SAVING,
TAX HELP: What to do if you Can’t Pay
your Tax Bill? How to Cut Your Property
Taxes
GOVERNMENT:--- Government's
general information;
Local, State, and Federal, and Housing
Finance Authority of Miami dade,
Monroe, Broward, and Palm Beach
County.
THE BLOG:--- WHERE AND HOW TO
FIND MONEY TO INVEST IN REAL
ESTATE? THE MOST LUCRATIVE,
SECURED PROFITABLE BUSINESS?
FINANCIAL HELP:--- FREE FINANCIAL
ADVICE. WAYS TO SAVE MONEY, TO
MAKE MONEY, AND GET OUT OF DEBT!
WELCOME TO:
KNOWLEDGEFINANCIALGROUP.COM
KNOWLEDGEFINANCIALGROUP.COM
| THE FUNDAMENTAL OF TAXES--- PART ONE Type of business entities Most people earn money, pay taxes through withholding, and spend what little is left over. The rich do it differently. They earn money, spend it, and then pay taxes. The government gets less that way, and it’s legal. Employees of corporations: Earn → pay taxes → spend The rich who have corporations: Earn → spend → pay taxes What is the secret of the rich? They take advantage of the tax loopholes that allow individuals to choose different entities for their businesses. Loopholes, though they may have a negative connotation for some, are intended to help businesses grow and prosper. The tax law allows a corporation, for example, to earn, spend everything it can on legitimate business expenses, and then be taxed only on what remains. How can you get in on this secret? First by learning what business entities are available to you and what the advantages and disadvantages are of each. These entities include the sole proprietorship, the partnership, the corporation, and the limited-liability company, which is a hybrid partnership/corporation. KNOWLEDGE FINANCIAL'S Tip “You can’t beat the IRS. Concentrate instead on earning as much as you can, knowing that you can reduce, but not eliminate, your tax burden.” In the Rich Dad program, it is important that you be aware of the various entity choices and their primary attributes. Consult your legal and tax advisors about what entity may be most appropriate for you and your intended business, whether it is real estate, a purchased business, or a start-up. FEAR: My hard-earned profits will disappear in the black hole of the IRS. FACT: There are business entities available that may help counteract your tax burden. By consulting with your tax and legal advisors, you can structure your business in such a way as to maximize your tax deductions. FREEDOM: If you structure your business properly, you can protect more of your profits. “It’s a game. We (tax lawyers) teach the rich how to play it so they can stay rich—and the IRS keeps changing the rules so we can keep getting rich teaching them.” —John Grisham Sole Proprietorship This is the oldest and simplest form of business. The owner and the business are one and the same, enjoying all the benefits but assuming all the debts and tax responsibilities. Only one person is required to form a sole proprietorship, and since there is legally no difference between the owner and the business, all income generated by the business is regarded as personal income. The owner reports all business income and losses on a personal tax return (Schedule C) and is allowed to deduct business expenses. The owner is also personally liable for the business and can be sued by an unhappy customer or unpaid creditor. If business assets cannot satisfy such a claim, the owner’s house, car, and other personal assets are vulnerable. Sole Proprietorship Pros Cons Owner in complete control Owner completely liable for debts and suits Flexible decision making Business terminates with owner’s death Business expenses deductible Tax rate may be higher than other entities Owner earns all profits Easy and inexpensive to set up |
-- SOUTH FLORIDA REAL ESTATE
INVESTMENTS. ---
FIVE IMPORTANT THINGS EVERY REAL
ESTATE INVESTOR SHOULD KNOW
ABOUT?... ATTENTION, ATTENTION
HOME-BUYERS AND SELLERS...
--- REAL ESTATE INVESTMENTS: WHY
INVESTING IN REAL ESTATE TODAY IS A
GOOD IDEA FOR FIRST TIME HOME-
BUYERS AND FOR EVERYONE?
---... Federal Housing Administration
{FHA} Mortgage Loan Programs
Information Center. Help for America's
Homeowners! How to make your home
affordable?
--- ...REAL ESTATE ADVANTAGE AND
GREAT OPPORTUNITY FOR FIRST TIME
HOME-BUYERS IN SOUTH FLORIDA!
———
-- FIRST TIME HOME-BUYERS.
METHODS, TECHNIQUES, AND
STRATEGIES TO SUCCEED -- THE MOST
IMPORTANT INFORMATION FOR FIRST
TIME BUYERS...
--- INVESTMENT GENERAL KNOWLEDGE
AND FINANCING STRATEGY...
INVEST NOW AND GET RICHER LATER.
INVEST YOUR MONEY TODAY AND GET
RICHER TOMORROW
--- REAL ESTATE FINANCING: WHERE
AND HOW TO FIND MONEY TO INVEST
IN REAL ESTATE?
Bringing the Dream of Home-
ownership Within Reach... THE DREAM
NOW CAN BECOME A REALITY.
--- SOUTH FLORIDA REAL ESTATE
INVESTMENTS. ---
FIVE IMPORTANT THINGS EVERY REAL
ESTATE INVESTOR SHOULD KNOW
ABOUT?... ATTENTION, ATTENTION
HOME-BUYERS AND SELLERS...
--- NSP --- Neighborhood Stabilization
Program
Neighborhood Stabilization Program:
HUD's new Neighborhood Stabilization
Program provides emergency
assistance to state and local
governments to...
---... HOME-BUYER'S TAX CREDIT,
ASSISTANCE WITH DOWN-PAYMENT
AND CLOSING COST. {FLHOP} FLORIDA
HOUSING OPPORTUNITY PROGRAM.
Utilizing home buyer tax credit to
assist at closing
--- What are the advantages of
commercial property investment?
--- REAL ESTATE ADVANTAGE AND
GREAT OPPORTUNITY FOR EVERYONE.
LEARN MORE...
--- How to Step Up and Build Wealth by
Investing in Commercial Real Estate?
INVESTMENTS. ---
FIVE IMPORTANT THINGS EVERY REAL
ESTATE INVESTOR SHOULD KNOW
ABOUT?... ATTENTION, ATTENTION
HOME-BUYERS AND SELLERS...
--- REAL ESTATE INVESTMENTS: WHY
INVESTING IN REAL ESTATE TODAY IS A
GOOD IDEA FOR FIRST TIME HOME-
BUYERS AND FOR EVERYONE?
---... Federal Housing Administration
{FHA} Mortgage Loan Programs
Information Center. Help for America's
Homeowners! How to make your home
affordable?
--- ...REAL ESTATE ADVANTAGE AND
GREAT OPPORTUNITY FOR FIRST TIME
HOME-BUYERS IN SOUTH FLORIDA!
———
-- FIRST TIME HOME-BUYERS.
METHODS, TECHNIQUES, AND
STRATEGIES TO SUCCEED -- THE MOST
IMPORTANT INFORMATION FOR FIRST
TIME BUYERS...
--- INVESTMENT GENERAL KNOWLEDGE
AND FINANCING STRATEGY...
INVEST NOW AND GET RICHER LATER.
INVEST YOUR MONEY TODAY AND GET
RICHER TOMORROW
--- REAL ESTATE FINANCING: WHERE
AND HOW TO FIND MONEY TO INVEST
IN REAL ESTATE?
Bringing the Dream of Home-
ownership Within Reach... THE DREAM
NOW CAN BECOME A REALITY.
--- SOUTH FLORIDA REAL ESTATE
INVESTMENTS. ---
FIVE IMPORTANT THINGS EVERY REAL
ESTATE INVESTOR SHOULD KNOW
ABOUT?... ATTENTION, ATTENTION
HOME-BUYERS AND SELLERS...
--- NSP --- Neighborhood Stabilization
Program
Neighborhood Stabilization Program:
HUD's new Neighborhood Stabilization
Program provides emergency
assistance to state and local
governments to...
---... HOME-BUYER'S TAX CREDIT,
ASSISTANCE WITH DOWN-PAYMENT
AND CLOSING COST. {FLHOP} FLORIDA
HOUSING OPPORTUNITY PROGRAM.
Utilizing home buyer tax credit to
assist at closing
--- What are the advantages of
commercial property investment?
--- REAL ESTATE ADVANTAGE AND
GREAT OPPORTUNITY FOR EVERYONE.
LEARN MORE...
--- How to Step Up and Build Wealth by
Investing in Commercial Real Estate?
TAXES: THE FUNDAMENTAL OF TAXES. THE MORE YOU KNOW, THE LESS YOU PAY. Corporation can provide certain
benefits not available to other entities.
benefits not available to other entities.
How not to pay taxes on Real Estate? 1031
Exchange... CLICK HERE
What to do if you Can’t Pay your Tax Bill?
How to Cut Your Property Taxes
TAX CERTIFICATE / TAX DEED: A BETTER
WAY TO INVEST MONEY AND GET RICHER
Tax strategies, Tax advantage, Tax advice
for all. HOW TO REDUCE YOUR TAXES TO
GET MAXIMUM RETURN FROM THE I.R.S.?
TAXES: THE FUNDAMENTAL OF TAXES. THE
MORE YOU KNOW, THE LESS YOU PAY.
Corporation can provide certain benefits
not available to other entities.
What's New for Tax Savings?
Here are the tax law changes you need to
know to get more money from uncle Sam..
TAX LIENS: ---Investing in Government
Issued Tax Lien Certificates! Do you ever
wonder what would happen if you don't
pay your property taxes? Can You Safely
Earn 18% or more Per Year On Your
Investments?
Education Tax Credit, Tax Saving, Tax
Reduction, Tax Benefits. How to Maximize
Your Tax Deductions
Ten Top Tax Tips!
TAX SAVING TIPS FOR INDIVIDUAL
INVESTOR, AND LANDLORDS; The More
You Know, the Less You’ll Pay. CLICK HERE!
Exchange... CLICK HERE
What to do if you Can’t Pay your Tax Bill?
How to Cut Your Property Taxes
TAX CERTIFICATE / TAX DEED: A BETTER
WAY TO INVEST MONEY AND GET RICHER
Tax strategies, Tax advantage, Tax advice
for all. HOW TO REDUCE YOUR TAXES TO
GET MAXIMUM RETURN FROM THE I.R.S.?
TAXES: THE FUNDAMENTAL OF TAXES. THE
MORE YOU KNOW, THE LESS YOU PAY.
Corporation can provide certain benefits
not available to other entities.
What's New for Tax Savings?
Here are the tax law changes you need to
know to get more money from uncle Sam..
TAX LIENS: ---Investing in Government
Issued Tax Lien Certificates! Do you ever
wonder what would happen if you don't
pay your property taxes? Can You Safely
Earn 18% or more Per Year On Your
Investments?
Education Tax Credit, Tax Saving, Tax
Reduction, Tax Benefits. How to Maximize
Your Tax Deductions
Ten Top Tax Tips!
TAX SAVING TIPS FOR INDIVIDUAL
INVESTOR, AND LANDLORDS; The More
You Know, the Less You’ll Pay. CLICK HERE!
..RICH GUIDE, WHY AREN'T RICH?
BUILDING FINANCIAL WEALTH, OBTAIN
FINANCIAL FREEDOM, BECOME A RICH
PERSON; YES YOU CAN...
..RULE OF 72: The compound interest and
financial success. Rule Of 72 is the most
important and simple rule of financial
success.
..MILLIONAIRE: How To Make Your First $1
Million? The Millionaire's Mindset
..FORTUNE: BEFORE INVESTING IN THE
STOCK MARKET LEARN THIS FIRST!...
..GOVERNMENT: Government's general
information; Local, State, and Federal.
Housing Finance Authority of Miami dade,
Monroe, Broward, and Palm Beach County
..EMPIRE: THE ABC's OF INVESTMENTS,
Ways to Save. THE TRIANGLE OF
SUCCESS...
..INVESTORS: CREATIVE FINANCING:
TOP 10 CREATIVE FINANCING
TECHNIQUES AND STRATEGIES TO FIND
MONEY TO INVEST!
The Five C’s of Credit: LEARN MORE..
CREATIVE FINANCE CAN AND WILL MAKE
ALL THE DIFFERENCE WHEN AN INVESTOR
DECIDES TO INVEST IN REAL ESTATE...
..HOME INSPECTION: HOW TO GET THE
BEST OUT OF IT..
Top 10 home-buying mistakes to avoid!
HOW TO USE HOME INSPECTION
REPORTS TO NEGOTIATE SALE PRICE?...
...ACCOUNTING: The Basics of
Accounting...
...TAXES: THE FUNDAMENTAL OF TAXES.
THE MORE YOU KNOW, THE LESS YOU
PAY...
...ANALYTICS: Top 9 Real Estate Financial
Calculator Problems every investors
should know about...
...REAL ESTATE MARKET:
TODAY'S GREAT DEALS
FOR FIRST-TIME HOME-
BUYERS & FOR EVERYONE
AS NEVER SEEN BEFORE!
WONDERFUL OPPORTUNITY
TO CREATE TREMENDOUS
AMOUNT OF WEALTH...
BUILDING FINANCIAL WEALTH, OBTAIN
FINANCIAL FREEDOM, BECOME A RICH
PERSON; YES YOU CAN...
..RULE OF 72: The compound interest and
financial success. Rule Of 72 is the most
important and simple rule of financial
success.
..MILLIONAIRE: How To Make Your First $1
Million? The Millionaire's Mindset
..FORTUNE: BEFORE INVESTING IN THE
STOCK MARKET LEARN THIS FIRST!...
..GOVERNMENT: Government's general
information; Local, State, and Federal.
Housing Finance Authority of Miami dade,
Monroe, Broward, and Palm Beach County
..EMPIRE: THE ABC's OF INVESTMENTS,
Ways to Save. THE TRIANGLE OF
SUCCESS...
..INVESTORS: CREATIVE FINANCING:
TOP 10 CREATIVE FINANCING
TECHNIQUES AND STRATEGIES TO FIND
MONEY TO INVEST!
The Five C’s of Credit: LEARN MORE..
CREATIVE FINANCE CAN AND WILL MAKE
ALL THE DIFFERENCE WHEN AN INVESTOR
DECIDES TO INVEST IN REAL ESTATE...
..HOME INSPECTION: HOW TO GET THE
BEST OUT OF IT..
Top 10 home-buying mistakes to avoid!
HOW TO USE HOME INSPECTION
REPORTS TO NEGOTIATE SALE PRICE?...
...ACCOUNTING: The Basics of
Accounting...
...TAXES: THE FUNDAMENTAL OF TAXES.
THE MORE YOU KNOW, THE LESS YOU
PAY...
...ANALYTICS: Top 9 Real Estate Financial
Calculator Problems every investors
should know about...
...REAL ESTATE MARKET:
TODAY'S GREAT DEALS
FOR FIRST-TIME HOME-
BUYERS & FOR EVERYONE
AS NEVER SEEN BEFORE!
WONDERFUL OPPORTUNITY
TO CREATE TREMENDOUS
AMOUNT OF WEALTH...
| BUILDING WEALTH RICH GUIDE: WHY AREN'T YOU RICH? BUILDING FINANCIAL WEALTH, OBTAIN FINANCIAL FREEDOM, BECOME A RICH PERSON; YES YOU CAN... Learn More! Financial Education - Financial Knowledge Everything You Need To Know About Finance. Dubai- The World Largest, Biggest, Tallest, Greatest of Almost Everything. Learn more about this magnificent place and as well as other countries. COPYRIGHT-- What is Copyright? The Basics About Copyright Registration. The procedure for copyright registration. Do I need copyright protection? How do I register? Learn More! |
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Cut your tax bill to the bone by claiming all the
breaks you deserve – including some you may
have forgotten or never even knew about.
The Most-Overlooked Tax Deductions
breaks you deserve – including some you may
have forgotten or never even knew about.
The Most-Overlooked Tax Deductions
Tax Credits That Anyone Can Claim
Tax forms can be complicated, but don't let the
complexity scare you away from tax credits that are
legally yours to claim.
Tax deductions and credits aren't just for big
companies and finance-savvy folks. You might be
surprised how many tax breaks - in the form of both
credits and deductions - can be applied to your tax
return.
If the thought of doing taxes makes you break into a cold sweat, you're
probably like many of us; fearful of making a mistake and having the IRS
show up at your door. Tax forms can be complicated, but don't let the
complexity scare you away from tax credits that are legally yours to
claim.
Tax deductions and credits aren't just for big companies and
finance-savvy folks. Look over the list below; you might be surprised
how many tax breaks - in the form of both credits and deductions - can
be applied to your tax return. (For more, see Tablets To 1040s: How
Taxes Began.)
1. Charitable Donations
Most cash donations made to charity in the tax year can be claimed as
an itemized deduction on your tax return, but many folks don't realize
that non-cash contributions can be claimed as well. If you've donated to
a charity or non-profit organization using your credit card, you can claim
that donation.
If you've donated material goods or services, be sure that you have a
receipt from the charity stating the value of the goods or services you
donated. You can claim that value as a charitable deduction. (For more,
see the Top 5 Most Charitable American Cities.)
2. Child Care Credit
If you pay for child care regularly while you are at work, you may be
eligible for a tax credit. The amount of care covered can be up to $6,000
for the care of two or more children, according to Kevin McCormally, the
Editorial Director of Kiplinger.com. Be sure to keep clear records;
paying your child care provider in cash while keeping no traceable
record of the payment will make it extremely difficult to claim the
amount on your tax return.
3. Home Energy Efficiency Improvements
If you have to make any home improvements, go with the energy
efficient options. Consumers can claim 30% of the cost, up to $1,500, of
energy efficient home improvement items, such as "energy-efficient
windows, insulation, doors, roofs, and heating and cooling equipment in
existing homes," according to the Department of Energy. So replace
those doors and windows by the end of the year and get a break on your
taxes.
4. Residential Renewable Energy Tax Credits
Another "green" tax break is for renewable energy additions made to
your home. The Department of Energy includes "solar energy systems
(including solar water heating and solar electric systems), small wind
systems, geothermal heat pumps, and residential fuel cell and
microturbine systems".
Home owners can get a tax credit of up to 30% of the cost of these
improvements. When you consider how much money this type of
renewable energy will save you in lower electric bills over the years and
combine that with the 30% tax credit, greening your home begins to look
like a pretty smart move. (To learn more, check out the Top 10 Green
Industries.)
5. Automobile Tax Credits
Get green on your commute and you could see more green on your tax
return. Purchase a hybrid gas-electric or alternative fuel vehicle before
the end of 2010, and you can get a credit on your taxes.
Amounts vary according to what type of vehicle you purchase and some
credits are phased out as dealers sell a certain amount of cars, so be
sure to ask your car dealer before you purchase. If you're a DIY person,
you can also get a tax credit for 10% of the cost of a plug-in hybrid
conversion kit.
6. Relocating for Work
Whether you're moving for your very first job, for a new job or for
relocation with your current employer, you can recover some of your
relocation expenses.
You have to validate your move by passing a couple of "tests". The first
test involves the distance. The distance from your new work location to
your former home has to be at least 50 miles longer than your previous
commute.
The second test is just a way of proving that you actually moved for the
job; you have to be employed for at least 39 weeks out of the 12 months
immediately following your move, in the vicinity of your new job. You
don't have to actually be employed with the same company, just in the
same general area. (Looking for a job? Check out 4 New Job-Search
Trends.)
Bottom Line
Don't be fooled into thinking that tax credits and deductions are for
everybody but you. Simply donating, working and improving your home
can add up to significant savings on your taxes, so start getting out
those receipts and adding up the numbers.
Document what you claim on the deductions and ask your tax
professional if you have any questions about what you can claim. Then
go for it; you might be getting a much bigger refund than you thought.
Tax forms can be complicated, but don't let the
complexity scare you away from tax credits that are
legally yours to claim.
Tax deductions and credits aren't just for big
companies and finance-savvy folks. You might be
surprised how many tax breaks - in the form of both
credits and deductions - can be applied to your tax
return.
If the thought of doing taxes makes you break into a cold sweat, you're
probably like many of us; fearful of making a mistake and having the IRS
show up at your door. Tax forms can be complicated, but don't let the
complexity scare you away from tax credits that are legally yours to
claim.
Tax deductions and credits aren't just for big companies and
finance-savvy folks. Look over the list below; you might be surprised
how many tax breaks - in the form of both credits and deductions - can
be applied to your tax return. (For more, see Tablets To 1040s: How
Taxes Began.)
1. Charitable Donations
Most cash donations made to charity in the tax year can be claimed as
an itemized deduction on your tax return, but many folks don't realize
that non-cash contributions can be claimed as well. If you've donated to
a charity or non-profit organization using your credit card, you can claim
that donation.
If you've donated material goods or services, be sure that you have a
receipt from the charity stating the value of the goods or services you
donated. You can claim that value as a charitable deduction. (For more,
see the Top 5 Most Charitable American Cities.)
2. Child Care Credit
If you pay for child care regularly while you are at work, you may be
eligible for a tax credit. The amount of care covered can be up to $6,000
for the care of two or more children, according to Kevin McCormally, the
Editorial Director of Kiplinger.com. Be sure to keep clear records;
paying your child care provider in cash while keeping no traceable
record of the payment will make it extremely difficult to claim the
amount on your tax return.
3. Home Energy Efficiency Improvements
If you have to make any home improvements, go with the energy
efficient options. Consumers can claim 30% of the cost, up to $1,500, of
energy efficient home improvement items, such as "energy-efficient
windows, insulation, doors, roofs, and heating and cooling equipment in
existing homes," according to the Department of Energy. So replace
those doors and windows by the end of the year and get a break on your
taxes.
4. Residential Renewable Energy Tax Credits
Another "green" tax break is for renewable energy additions made to
your home. The Department of Energy includes "solar energy systems
(including solar water heating and solar electric systems), small wind
systems, geothermal heat pumps, and residential fuel cell and
microturbine systems".
Home owners can get a tax credit of up to 30% of the cost of these
improvements. When you consider how much money this type of
renewable energy will save you in lower electric bills over the years and
combine that with the 30% tax credit, greening your home begins to look
like a pretty smart move. (To learn more, check out the Top 10 Green
Industries.)
5. Automobile Tax Credits
Get green on your commute and you could see more green on your tax
return. Purchase a hybrid gas-electric or alternative fuel vehicle before
the end of 2010, and you can get a credit on your taxes.
Amounts vary according to what type of vehicle you purchase and some
credits are phased out as dealers sell a certain amount of cars, so be
sure to ask your car dealer before you purchase. If you're a DIY person,
you can also get a tax credit for 10% of the cost of a plug-in hybrid
conversion kit.
6. Relocating for Work
Whether you're moving for your very first job, for a new job or for
relocation with your current employer, you can recover some of your
relocation expenses.
You have to validate your move by passing a couple of "tests". The first
test involves the distance. The distance from your new work location to
your former home has to be at least 50 miles longer than your previous
commute.
The second test is just a way of proving that you actually moved for the
job; you have to be employed for at least 39 weeks out of the 12 months
immediately following your move, in the vicinity of your new job. You
don't have to actually be employed with the same company, just in the
same general area. (Looking for a job? Check out 4 New Job-Search
Trends.)
Bottom Line
Don't be fooled into thinking that tax credits and deductions are for
everybody but you. Simply donating, working and improving your home
can add up to significant savings on your taxes, so start getting out
those receipts and adding up the numbers.
Document what you claim on the deductions and ask your tax
professional if you have any questions about what you can claim. Then
go for it; you might be getting a much bigger refund than you thought.
| -Income Tax Return Free Tax Filing, E-File For Rapid Refund- FREE Tax Filing Online. -Tax Help And Information for Individuals & Professionals- Taxes The More You Know, the Less You’ll Pay-Abouttax . -Tax Saving Tips, THE MOST IMPORTANT TAX SAVING YOU MUST KNOW ABOUT. -TAXES: THE FUNDAMENTAL OF TAXES. THE MORE YOU KNOW, THE LESS YOU PAY. -TAXES: HOW TO CUT YOUR TAXES; EASY STEPS, Tax Breaks That Anyone Can Claim-- - Income-Tax Treatment & Benefits of Life Insurance.--m |
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your original W-2 online. Find Out How...
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W-2 online gives you instant and secure access to a copy of
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| ''Tax Strategies For IndIvidual, Investors, Professionals And Landlords. // ''Ways to Save on Taxes. ''Tax Changes And Tax Credit for This Year: A Great Checklist... 'HOW TO REDUCE YOUR TAXES TO GET MAXIMUM RETURN FROM THE I.R.S.? ''Most-Overlooked Tax Deductions. Income Taxes // Tax Info / / Tax Saving // Tax Fundamental // Tax Help & Documents'// ''FREE TAX E-FILE, And everyone can e-file Individual tax returns for free / Tax Liens Education''/ ''FIND YOUR TAX BRACKET.. |
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Knowledge Financial Group - knowledgefinancialgroup.com does not provide tax, investment, or
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and solely for informational purposes on an “as is” basis at user’s sole risk.
KFG makes no guarantees as to the accurateness, quality, or completeness of the information and
KFG shall not be responsible or liable for any errors, omissions, inaccuracies in the information or for
any user’s reliance on the information.
financial services.
The information available through Investopedia’s Advisor Insights service is provided by third parties
and solely for informational purposes on an “as is” basis at user’s sole risk.
KFG makes no guarantees as to the accurateness, quality, or completeness of the information and
KFG shall not be responsible or liable for any errors, omissions, inaccuracies in the information or for
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Individual Development
Accounts. What are IDAs?
Individual Development
Accounts (IDAs)
An individual development account is a special
bank account that helps you save for your
education, the purchase of a first home, or to
start a business.
---------------
What are IDAs?
Individual Development Accounts (IDAs) are
special savings accounts designed to assist low
income people on their path toward asset
ownership through matched savings and
financial education.
IDAs reward the monthly savings of people who
are trying to buy their first home, pay for college
or start/expand a small business.
---------------
Saving Money
Saving money for future needs can be difficult for
people struggling to keep up with current bills.
There are many helpful programs that put food
on the table or cover immediate needs, but they
don’t move people out of poverty. IDAs can help
people save money for assets; asset
accumulation can help people move out of
poverty.
Accounts. What are IDAs?
Individual Development
Accounts (IDAs)
An individual development account is a special
bank account that helps you save for your
education, the purchase of a first home, or to
start a business.
---------------
What are IDAs?
Individual Development Accounts (IDAs) are
special savings accounts designed to assist low
income people on their path toward asset
ownership through matched savings and
financial education.
IDAs reward the monthly savings of people who
are trying to buy their first home, pay for college
or start/expand a small business.
---------------
Saving Money
Saving money for future needs can be difficult for
people struggling to keep up with current bills.
There are many helpful programs that put food
on the table or cover immediate needs, but they
don’t move people out of poverty. IDAs can help
people save money for assets; asset
accumulation can help people move out of
poverty.
Individual Development Account
An Individual Development Account
(IDA) is an asset building tool designed to enable low-
income families to save towards a targeted amount usually
used for building assets in the form of home ownership, post-
secondary education and small business ownership.
In principle IDAs work as matched savings accounts that
supplement the savings of low-income households with
matching funds drawn from a variety of private and public
sources.
While anti-poverty policy makers have traditionally focused
on issues of income and consumption, an expanded vision of
poverty alleviation has emerged in recent years — one that
encourages savings, investment, and asset accumulation in
conjunction with, not instead of, traditional anti-poverty
programs.
Assets play a vital role in poverty alleviation by providing not
only economic security but also a psychological orientation
that encourages low income families to save and plan for the
future. In his book, Assets and the Poor: A New American
Welfare Policy.
Individual savings accounts for the poor
calling for the government and the private sector to match
individual contributions to IDAs as a means of encouraging
savings and breaking the cycle of poverty.
Saving accumulation requires institutional structures and
incentives and that asset based development policies can
have psychological, social and economic impacts.
Since then IDAs have been adopted by United States federal
legislation via the The Personal Responsibility and Work
Opportunity Reconciliation Act of 1996 and in more than 40
states of the country.
An Individual Development Account
(IDA) is an asset building tool designed to enable low-
income families to save towards a targeted amount usually
used for building assets in the form of home ownership, post-
secondary education and small business ownership.
In principle IDAs work as matched savings accounts that
supplement the savings of low-income households with
matching funds drawn from a variety of private and public
sources.
While anti-poverty policy makers have traditionally focused
on issues of income and consumption, an expanded vision of
poverty alleviation has emerged in recent years — one that
encourages savings, investment, and asset accumulation in
conjunction with, not instead of, traditional anti-poverty
programs.
Assets play a vital role in poverty alleviation by providing not
only economic security but also a psychological orientation
that encourages low income families to save and plan for the
future. In his book, Assets and the Poor: A New American
Welfare Policy.
Individual savings accounts for the poor
calling for the government and the private sector to match
individual contributions to IDAs as a means of encouraging
savings and breaking the cycle of poverty.
Saving accumulation requires institutional structures and
incentives and that asset based development policies can
have psychological, social and economic impacts.
Since then IDAs have been adopted by United States federal
legislation via the The Personal Responsibility and Work
Opportunity Reconciliation Act of 1996 and in more than 40
states of the country.
Purpose Of Individual Account
IDAs reward the monthly savings
of working poor families who are
trying to:
purchase their first home;
pursue post-secondary education;
start or expand a small business.
Additionally, some IDA programs allow participants
to save for home repairs, computers, automobiles,
or retirement.
Purchasing a first home
Home ownership is generally representative of
stability and financial advancement since it is an
important means of saving and asset accumulation.
In the United States especially home ownership
can be a leading step towards attaining the
American Dream.
IDAs can help participants achieve their goal of
homeownership by encouraging savings and
providing matched funds to overcome the lack of
income and liquid wealth needed to make a
downpayment or pay housing closing costs.
IDAs reward the monthly savings
of working poor families who are
trying to:
purchase their first home;
pursue post-secondary education;
start or expand a small business.
Additionally, some IDA programs allow participants
to save for home repairs, computers, automobiles,
or retirement.
Purchasing a first home
Home ownership is generally representative of
stability and financial advancement since it is an
important means of saving and asset accumulation.
In the United States especially home ownership
can be a leading step towards attaining the
American Dream.
IDAs can help participants achieve their goal of
homeownership by encouraging savings and
providing matched funds to overcome the lack of
income and liquid wealth needed to make a
downpayment or pay housing closing costs.
Individual Wealth Building...
Individual Development Accounts: a
Vehicle for Low-Income Asset...
Asset-building strategies, such as Individual
Development Accounts, enable low- income persons to
save and invest in long-term assets with return
potential..
-------------
Individual Development Accounts(IDAs) emerged in the
United States in the 1990s as an asset-building strategy.
Although IDA programs vary in design, they all provide
matching funds to low-income recipients to promote
savings that can be spent later on eligible uses such as
higher education, microenterprise, and homeownership.
The goal of these programs is to help low-income
families save money that they can invest in high-return,
long-term assets.
Recent research provides important insight into the
success of IDAs as a vehicle for promoting both
asset-building and low-income homeownership..
Individual Development Accounts: a
Vehicle for Low-Income Asset...
Asset-building strategies, such as Individual
Development Accounts, enable low- income persons to
save and invest in long-term assets with return
potential..
-------------
Individual Development Accounts(IDAs) emerged in the
United States in the 1990s as an asset-building strategy.
Although IDA programs vary in design, they all provide
matching funds to low-income recipients to promote
savings that can be spent later on eligible uses such as
higher education, microenterprise, and homeownership.
The goal of these programs is to help low-income
families save money that they can invest in high-return,
long-term assets.
Recent research provides important insight into the
success of IDAs as a vehicle for promoting both
asset-building and low-income homeownership..
Individual Wealth Building..
Individual wealth building is a community wealth
building approach that aims to increase the savings
of low- and moderate-income individuals. One of
the pioneering initiatives in this field is the
Individual Development Account (IDA).
IDAs are savings accounts that match the deposits
of program participants, and hence, encourage
savings and help low-income people secure
important assets.
Savers agree to complete financial education
classes and use their savings for an asset-building
purpose, which typically includes education, small
business finance, or a home purchase or
renovation project.
There are also numerous wealth building initiatives
at early stages of development, such as
downpayment or closing cost match programs for
low-income families and child savings accounts for
higher education.
------------------
IDAs and similar programs play a critical role in
building community wealth for several key reasons:
They help community residents develop their own,
long-term wealth-generating capacity.
They promote education, homeownership and
small, local business development—critical
elements of vibrant, sustainable neighborhoods.
By teaching participants key financial skills, they
empower people to make informed choices and
secure their own financial wellbeing.
Individual wealth building is a community wealth
building approach that aims to increase the savings
of low- and moderate-income individuals. One of
the pioneering initiatives in this field is the
Individual Development Account (IDA).
IDAs are savings accounts that match the deposits
of program participants, and hence, encourage
savings and help low-income people secure
important assets.
Savers agree to complete financial education
classes and use their savings for an asset-building
purpose, which typically includes education, small
business finance, or a home purchase or
renovation project.
There are also numerous wealth building initiatives
at early stages of development, such as
downpayment or closing cost match programs for
low-income families and child savings accounts for
higher education.
------------------
IDAs and similar programs play a critical role in
building community wealth for several key reasons:
They help community residents develop their own,
long-term wealth-generating capacity.
They promote education, homeownership and
small, local business development—critical
elements of vibrant, sustainable neighborhoods.
By teaching participants key financial skills, they
empower people to make informed choices and
secure their own financial wellbeing.
Individual Development Accounts..
Account holders take money management, credit
counseling and asset training classes while saving to
buy a first home, start a small business, or pay for
postsecondary education.
IDAs make it easier for low- and moderate-income
individuals and families to build the financial assets that
they need to achieve the American Dream.
---------------
What is an IDA?
Individual Development Accounts: An Innovative
Approach to Replacing Poverty with Prosperity
Individual Development Accounts (IDAs) were created to
encourage savings, investment and asset accumulation
among moderate income and working families. Assets –
such as a home, a college education or a business
------------------
How IDAs work
Individual Development Accounts
(IDAs) are special savings accounts—
held in escrow—that match the deposits of low- and
moderate-income people. For every dollar saved in an
IDA, savers receive a corresponding match which serves
as both a reward and an incentive to further the saving
habit.
Savers agree to complete financial education classes
and use their savings for an asset-building purpose –
typically for post-secondary education or job training,
home purchase, or to capitalize a small business.
In addition to earning match dollars and interest on their
savings savers learn about budgeting,
saving and receive additional training before purchasing
an asset. IDAs make it possible for individuals to build
the financial assets they need to achieve the American
dream.
Account holders take money management, credit
counseling and asset training classes while saving to
buy a first home, start a small business, or pay for
postsecondary education.
IDAs make it easier for low- and moderate-income
individuals and families to build the financial assets that
they need to achieve the American Dream.
---------------
What is an IDA?
Individual Development Accounts: An Innovative
Approach to Replacing Poverty with Prosperity
Individual Development Accounts (IDAs) were created to
encourage savings, investment and asset accumulation
among moderate income and working families. Assets –
such as a home, a college education or a business
------------------
How IDAs work
Individual Development Accounts
(IDAs) are special savings accounts—
held in escrow—that match the deposits of low- and
moderate-income people. For every dollar saved in an
IDA, savers receive a corresponding match which serves
as both a reward and an incentive to further the saving
habit.
Savers agree to complete financial education classes
and use their savings for an asset-building purpose –
typically for post-secondary education or job training,
home purchase, or to capitalize a small business.
In addition to earning match dollars and interest on their
savings savers learn about budgeting,
saving and receive additional training before purchasing
an asset. IDAs make it possible for individuals to build
the financial assets they need to achieve the American
dream.
Estate Tax
The Estate Tax is a tax on
your right to transfer
property at your death. It
consists of an accounting of everything you own or
have certain interests in at the date of death ).
The fair market value of these items is used, not
necessarily what you paid for them or what their
values were when you acquired them. The total of all
of these items is your "Gross Estate."
The includible property may consist of cash and
securities, real estate, insurance, trusts, annuities,
business interests and other assets.
Once you have accounted for the Gross Estate, certain
deductions (and in special circumstances, reductions
to value) are allowed in arriving at your "Taxable
Estate."
These deductions may include mortgages and other
debts, estate administration expenses, property that
passes to surviving spouses and qualified charities.
The value of some operating business interests or
farms may be reduced for estates that qualify.
After the net amount is computed, the value of lifetime
taxable gifts (beginning with gifts made in 1977) is
added to this number and the tax is computed. The tax
is then reduced by the available unified credit.
The Estate Tax is a tax on
your right to transfer
property at your death. It
consists of an accounting of everything you own or
have certain interests in at the date of death ).
The fair market value of these items is used, not
necessarily what you paid for them or what their
values were when you acquired them. The total of all
of these items is your "Gross Estate."
The includible property may consist of cash and
securities, real estate, insurance, trusts, annuities,
business interests and other assets.
Once you have accounted for the Gross Estate, certain
deductions (and in special circumstances, reductions
to value) are allowed in arriving at your "Taxable
Estate."
These deductions may include mortgages and other
debts, estate administration expenses, property that
passes to surviving spouses and qualified charities.
The value of some operating business interests or
farms may be reduced for estates that qualify.
After the net amount is computed, the value of lifetime
taxable gifts (beginning with gifts made in 1977) is
added to this number and the tax is computed. The tax
is then reduced by the available unified credit.
Estate and Gift Taxes
Estate Tax
The estate tax is a tax on your right to transfer property at your
death. It consists of an accounting of everything you own or
have certain interests in at the date of death.
Frequently Asked Questions on Estate Taxes
Find some of the more common questions dealing with basic
estate tax issues. LEARN MORE...
Gift Tax
If you give someone money or property during your life, you
may be subject to federal gift tax.
Frequently Asked Questions on Gift Taxes
Find some of the more common questions dealing with gift tax
issues as well as some examples of how different types of gifts
are treated. LEARN MORE
Filing Estate and Gift Tax Returns
Learn when to file estate and gift taxes, where to send your
returns, and get contact information if you need help.
What's New - Estate and Gift Tax
Stay up to date with the tax law changes related to estate and
gift taxes. LEARN MORE..
Deceased Taxpayers - Probate, Filing Estate and Individual
Returns, Paying Taxes Due
Information to help you resolve the final tax issues of a
deceased taxpayer and their estate. LEARN MORE...
Estate Tax
The estate tax is a tax on your right to transfer property at your
death. It consists of an accounting of everything you own or
have certain interests in at the date of death.
Frequently Asked Questions on Estate Taxes
Find some of the more common questions dealing with basic
estate tax issues. LEARN MORE...
Gift Tax
If you give someone money or property during your life, you
may be subject to federal gift tax.
Frequently Asked Questions on Gift Taxes
Find some of the more common questions dealing with gift tax
issues as well as some examples of how different types of gifts
are treated. LEARN MORE
Filing Estate and Gift Tax Returns
Learn when to file estate and gift taxes, where to send your
returns, and get contact information if you need help.
What's New - Estate and Gift Tax
Stay up to date with the tax law changes related to estate and
gift taxes. LEARN MORE..
Deceased Taxpayers - Probate, Filing Estate and Individual
Returns, Paying Taxes Due
Information to help you resolve the final tax issues of a
deceased taxpayer and their estate. LEARN MORE...
Inheritance tax
An inheritance or estate tax is a tax paid by a person
who inherits money or property or a levy on the estate
(money and property) of a person who has died.[1]
International tax law distinguishes between an estate
tax and an inheritance tax—an estate tax is assessed
on the assets of the deceased, while an inheritance tax
is assessed on the legacies received by the estate's
beneficiaries. However, this distinction is not always
observed..
---------------
What are Inheritance Taxes?
Inheritance taxes are taxes that a person needs to pay
on money or property they have inherited after the
death of a loved one. Here are the basics.
Introduction
An inheritance tax is a state tax that you pay when you
receive money or property from the estate of a
deceased person.
Unlike the federal estate tax, the beneficiary of the
property is responsible for paying the tax, not the
estate. However, as of 2016, only six states impose an
inheritance tax. And even if you live in one of those
states, many beneficiaries are exempt from paying it.
Comparison with estate tax
The key difference between estate and inheritance
taxes lies in who is responsible for paying it. An estate
tax is levied on the total value of a deceased person's
money and property and is paid out of the decedent’s
assets before any distribution to beneficiaries.
However, before an estate tax is due, the value of the
assets must exceed certain thresholds that change
each year, but generally it’s at least $1 million. Because
of this threshold, only about 2 percent of taxpayers will
ever encounter this tax.
How inheritance tax works
Once the executor of the estate has divided up the
assets and distributed them to the beneficiaries, the
inheritance tax comes into play. The tax amount is
calculated separately for each individual beneficiary,
and the beneficiary must pay the tax.
An inheritance or estate tax is a tax paid by a person
who inherits money or property or a levy on the estate
(money and property) of a person who has died.[1]
International tax law distinguishes between an estate
tax and an inheritance tax—an estate tax is assessed
on the assets of the deceased, while an inheritance tax
is assessed on the legacies received by the estate's
beneficiaries. However, this distinction is not always
observed..
---------------
What are Inheritance Taxes?
Inheritance taxes are taxes that a person needs to pay
on money or property they have inherited after the
death of a loved one. Here are the basics.
Introduction
An inheritance tax is a state tax that you pay when you
receive money or property from the estate of a
deceased person.
Unlike the federal estate tax, the beneficiary of the
property is responsible for paying the tax, not the
estate. However, as of 2016, only six states impose an
inheritance tax. And even if you live in one of those
states, many beneficiaries are exempt from paying it.
Comparison with estate tax
The key difference between estate and inheritance
taxes lies in who is responsible for paying it. An estate
tax is levied on the total value of a deceased person's
money and property and is paid out of the decedent’s
assets before any distribution to beneficiaries.
However, before an estate tax is due, the value of the
assets must exceed certain thresholds that change
each year, but generally it’s at least $1 million. Because
of this threshold, only about 2 percent of taxpayers will
ever encounter this tax.
How inheritance tax works
Once the executor of the estate has divided up the
assets and distributed them to the beneficiaries, the
inheritance tax comes into play. The tax amount is
calculated separately for each individual beneficiary,
and the beneficiary must pay the tax.
10 Key Tax Deadlines for this year
Everyone knows April 15 as tax day, but the deadline for filing this
year is different — April 18 — due to calendar quirks. There are
also a number of other important dates that could affect your
taxes for both this year and next.
------------------
For instance, self-employed workers and those who pay quarterly
estimated taxes had until Tuesday, Jan. 17 to make their fourth-
quarter 2016 payment. If you missed making this payment, you can
avoid a penalty if you submit the return and pay the full balance by
Jan. 31 — yet another tax date to mark.
Put these nine other IRS deadlines on your 2016 calendar while
you prepare your 2016 individual income tax returns:
------------------
Monday, Jan. 23: The IRS begins accepting individual electronic
returns. It expects more than 153 million individual tax returns to
be filed this year, with four out of five e-filed using tax return
preparation software.
-------------------------
Tuesday, Jan. 31: Companies must mail out W-2 forms to their
employees by this day, and businesses must send 1099
statements — which report non-employee compensation, bank
interest, dividends and distributions from a retirement plan, and
help calculate your total taxable income — by this deadline.
---------------------
Wednesday, Feb. 15: The IRS is required under a new law to hold
refunds claiming the Earned Income Tax Credit (EITC) and the
Additional Child Tax Credit (ACTC) until this date to deter
fraudulent claims. Taxpayers who claimed these credits may not
get a refund until the week of Feb. 27 due to the President’s Day
holiday, the agency said.
------------------------
This is also the deadline for financial institutions to mail out 1099-
B, 1099-S and 1099-MISC forms. The 1099-B forms show sales of
stocks, bonds or mutual funds through a brokerage account,
while 1099-S forms relate to real estate transactions and 1099-
MISC forms detail other income such as rent, royalty payments or
prizes from TV or radio shows.
Wednesday, March 1: Farmers and fishermen must pay any
balance due on their taxes and file their individual tax returns by
this deadline to avoid late-payment penalties.
-------------------
Saturday, April 15: Taxpayers with more than $10,000 in foreign
bank accounts must electronically file a Foreign Bank Account
Report for the 2016 tax year by this date. Extensions aren’t
allowed.
---------------------
Tuesday, April 18: Tax day is usually April 15, which falls on a
Saturday this year. The tax deadline would normally be the next
business day, which is Monday, April 17, but that’s Emancipation
Day — a Washington, D.C., holiday—which pushes the he tax
deadline to file individual tax returns for 2016 to the next day,
April 18. You can also request an automatic extension, which
gives you an additional six months to submit your return. But your
tax payment is still due by April 18 if you file for an extension.
If you paid $2,000 or more to a household employee in 2016, you
must file a Schedule H with your Form 1040 by this day. Self-
employed workers who pay quarterly estimated tax must pay their
first-quarter tax payment for 2017 by this deadline.
-------------------------
This is also the deadline to make a contribution to a traditional
IRA, Roth IRA, Health Savings Account (HSA), SEP-IRA or solo 401
(k) for 2016. If you file an extension, you get until Oct. 16 to fund a
SEP-IRA or 401(k).
For those behind on their taxes by years, this is the final deadline
to file an original tax return for 2013 and still claim a refund.
Refunds generally expire three years from the original filing date
of the tax return. This is also the deadline to submit an amended
tax return for 2013 and still get a refund.
----------------------
Thursday, June 15: U.S. taxpayers living abroad must submit their
individual tax returns and pay any tax due by this day, or file for a
four-month extension. Self-employed workers who pay quarterly
estimated tax must pay their second-quarter tax payment for 2017
by this deadline.
---------------------
Friday, Sept. 15: Self-employed workers who pay quarterly
estimated tax must pay their third-quarter tax payment for 2017 by
this deadline.
--------------------------
Monday, Oct. 16: If you filed for an extension, this is the final
deadline to file your individual tax return for 2016. This also
applies to U.S. citizens living abroad who filed an extension. This
is also the final deadline to fund a SEP-IRA or solo 401(k) for the
2016 tax year if you had filed an extension by April 18.
Everyone knows April 15 as tax day, but the deadline for filing this
year is different — April 18 — due to calendar quirks. There are
also a number of other important dates that could affect your
taxes for both this year and next.
------------------
For instance, self-employed workers and those who pay quarterly
estimated taxes had until Tuesday, Jan. 17 to make their fourth-
quarter 2016 payment. If you missed making this payment, you can
avoid a penalty if you submit the return and pay the full balance by
Jan. 31 — yet another tax date to mark.
Put these nine other IRS deadlines on your 2016 calendar while
you prepare your 2016 individual income tax returns:
------------------
Monday, Jan. 23: The IRS begins accepting individual electronic
returns. It expects more than 153 million individual tax returns to
be filed this year, with four out of five e-filed using tax return
preparation software.
-------------------------
Tuesday, Jan. 31: Companies must mail out W-2 forms to their
employees by this day, and businesses must send 1099
statements — which report non-employee compensation, bank
interest, dividends and distributions from a retirement plan, and
help calculate your total taxable income — by this deadline.
---------------------
Wednesday, Feb. 15: The IRS is required under a new law to hold
refunds claiming the Earned Income Tax Credit (EITC) and the
Additional Child Tax Credit (ACTC) until this date to deter
fraudulent claims. Taxpayers who claimed these credits may not
get a refund until the week of Feb. 27 due to the President’s Day
holiday, the agency said.
------------------------
This is also the deadline for financial institutions to mail out 1099-
B, 1099-S and 1099-MISC forms. The 1099-B forms show sales of
stocks, bonds or mutual funds through a brokerage account,
while 1099-S forms relate to real estate transactions and 1099-
MISC forms detail other income such as rent, royalty payments or
prizes from TV or radio shows.
Wednesday, March 1: Farmers and fishermen must pay any
balance due on their taxes and file their individual tax returns by
this deadline to avoid late-payment penalties.
-------------------
Saturday, April 15: Taxpayers with more than $10,000 in foreign
bank accounts must electronically file a Foreign Bank Account
Report for the 2016 tax year by this date. Extensions aren’t
allowed.
---------------------
Tuesday, April 18: Tax day is usually April 15, which falls on a
Saturday this year. The tax deadline would normally be the next
business day, which is Monday, April 17, but that’s Emancipation
Day — a Washington, D.C., holiday—which pushes the he tax
deadline to file individual tax returns for 2016 to the next day,
April 18. You can also request an automatic extension, which
gives you an additional six months to submit your return. But your
tax payment is still due by April 18 if you file for an extension.
If you paid $2,000 or more to a household employee in 2016, you
must file a Schedule H with your Form 1040 by this day. Self-
employed workers who pay quarterly estimated tax must pay their
first-quarter tax payment for 2017 by this deadline.
-------------------------
This is also the deadline to make a contribution to a traditional
IRA, Roth IRA, Health Savings Account (HSA), SEP-IRA or solo 401
(k) for 2016. If you file an extension, you get until Oct. 16 to fund a
SEP-IRA or 401(k).
For those behind on their taxes by years, this is the final deadline
to file an original tax return for 2013 and still claim a refund.
Refunds generally expire three years from the original filing date
of the tax return. This is also the deadline to submit an amended
tax return for 2013 and still get a refund.
----------------------
Thursday, June 15: U.S. taxpayers living abroad must submit their
individual tax returns and pay any tax due by this day, or file for a
four-month extension. Self-employed workers who pay quarterly
estimated tax must pay their second-quarter tax payment for 2017
by this deadline.
---------------------
Friday, Sept. 15: Self-employed workers who pay quarterly
estimated tax must pay their third-quarter tax payment for 2017 by
this deadline.
--------------------------
Monday, Oct. 16: If you filed for an extension, this is the final
deadline to file your individual tax return for 2016. This also
applies to U.S. citizens living abroad who filed an extension. This
is also the final deadline to fund a SEP-IRA or solo 401(k) for the
2016 tax year if you had filed an extension by April 18.
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