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Tax and Tax Information - Tax Shelters

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Tax and Tax Information * Tax Shelters

Being Careful To Choose Legal Tax Shelters   
Carl LaFresnaye

There are some types of corporations that try to find loopholes in the tax laws that allow them to get out of paying such high taxes.

There are some companies that look for tax shelters, which are ways to reduce the amount of income that is available for the government to tax. There are many different tax shelters that are legal to use and corporations use them regularly. However, there are others that are not legal and have caused some corporations to get into a lot of trouble over recent years. In light of this, corporations need to make sure that they have a group of tax attorneys that are well versed in the use of tax shelters so that the company can avoid operating illegally which lead so fines, as well as jail time in some cases for the executives that are involved in the cover-up.

Article to continue below----------------------------------------------

U.S. Sales Tax Rates Hit Record High (Forbes)
Shopping blues: Top tax 12%. Chicago's 10.25% highest big-city rate. More Internet tax fights loom.

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IRS

Most companies are audited every few years to make sure that the financial records match what they are reporting to the federal government. This is why corporations have to hire such good accountants and tax attorneys, because an auditing process is very labor intensive and paperwork intensive, so the more everything is in order and questions can be answered promptly, the better for the company. When a company uses a lot of tax shelters they are even more closely watched by the federal government to make sure that the tax shelters are not a scam. When these are used illegally, then the government considers it tax evasion, and it costs the government a lot of money in revenue.

Article to continue below----------------------------------------------

U.S. Sales Tax Rates Hit Record High (Forbes)
Shopping blues: Top tax 12%. Chicago's 10.25% highest big-city rate. More Internet tax fights loom.
NARUC Asks For Clarification On Broadband Grant Tax Status (Broadcasting And Cable)
Association says money should be tax...

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There are several types of legitimate tax shelters that individuals and businesses can use to try and lower their taxable income. Some of these are in the form of retirement accounts which the government does not tax very heavily. Another popular way to lower the income that can be taxed is to invest in real estate, since that will lower the taxes while still keeping the net worth of the individual. In addition, individuals can get a tax break by setting up their own business, by buying into IRA's or municipal bonds, and also through various pension plans that can be obtained. Most of these ideas help individuals to be able to access the money if it is needed, but often allows them to withdraw with a lesser penalty and tax deduction than if the money was invested in some other way. There is also the ability for individuals to obtain health coverage and life insurance through their employers which allows the money to come out before it is taxed.

What Other Authors say about Taxes

Social Security Tax by Hans Hasselfors

You should be able to find several indispensable facts about social security tax in the following paragraphs. If there's at least one fact you didn't know before, imagine the difference it might make....

IRS Provides Foreclosure Tax Relief For Homeowners by Raynor James

As if a foreclosure on your home isn't bad enough, do you realize there could be dire tax consequences? Fortunately, the IRS is taking steps to mitigate much of the double disaster. Many have accused the...

Understanding Basic Tax Terms by Ryan Fyfe

If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the...

YEAR END TAX PLANNING AND PREPARATION FOR INDIVIDUALS - Tax Tips for 2004 including new tax relief due to the Working Families Tax Relief Act of 2004 by Dianne Goodman, CPA

Now is the best time to start thinking about your year end tax planning. These tax strategies can be put into effect by the end of the year and some as late as when the tax return is due. Planning now...

Reduce Your Taxes by Martin Lukac

When it comes to taxes, we all want to reduce the amount we have to pay in. There are three basic ways to minimize your taxes: reduce your income, increase your deductions and take advantage of tax credits.Your...

Checking The Status Of Your Federal Tax Refund by Carl LaFresnaye

You've completed your taxes and were delighted to discover you will get a tax refund! Regardless of whether it is large or small, you want it – and you want it now! You can start planning how you will...


Who are the CPA Moms?      Your Tax Professional Forever!!!!

“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon.

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Index of Articles about Taxes

What Other Authors say about Taxes

Social Security Tax by Hans Hasselfors

You should be able to find several indispensable facts about social security tax in the following paragraphs. If there's at least one fact you didn't know before, imagine the difference it might make....

IRS Provides Foreclosure Tax Relief For Homeowners by Raynor James

As if a foreclosure on your home isn't bad enough, do you realize there could be dire tax consequences? Fortunately, the IRS is taking steps to mitigate much of the double disaster. Many have accused the...

Understanding Basic Tax Terms by Ryan Fyfe

If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the...

YEAR END TAX PLANNING AND PREPARATION FOR INDIVIDUALS - Tax Tips for 2004 including new tax relief due to the Working Families Tax Relief Act of 2004 by Dianne Goodman, CPA

Now is the best time to start thinking about your year end tax planning. These tax strategies can be put into effect by the end of the year and some as late as when the tax return is due. Planning now...

Reduce Your Taxes by Martin Lukac

When it comes to taxes, we all want to reduce the amount we have to pay in. There are three basic ways to minimize your taxes: reduce your income, increase your deductions and take advantage of tax credits.Your...

Checking The Status Of Your Federal Tax Refund by Carl LaFresnaye

You've completed your taxes and were delighted to discover you will get a tax refund! Regardless of whether it is large or small, you want it – and you want it now! You can start planning how you will...