Archive for February, 2012

Are You Paying VoIP Taxes?

February 19th, 2012

As of February 2012 there are not any VOIP taxes on the books that tax payers can expect to pay for the coming tax year but that’s not stopping politicians from trying to “milk” an untapped source of revenue like cigarettes or alcohol. Many people pay these taxes because; they think they need these services when there are always more affordable options available.

Unlike traditional home telephone or cell phone services, VOIP telephone services are not being taxed yet but, that may likely change, as more politicians attempt to tax VOIP every year to put a plug in the huge national deficit.

What Can You Do With VOIP?

Unlike traditional phone services you can use your VOIP phone service to make calls from any computer, anywhere you are in the world. VOIP services like ACN give consumers the ability to make affordable calls to Europe or France without having to worry about paying excessive fees.

A More Flexible Alternative

As VOIP technology becomes more advanced, consumers can connect their VOIP service to their old home phone and even make calls from their cell phone or wireless device when they are abroad. These conveniences have revolutionized the telephony industry and made it easier for consumers to make calls and stay connected compared to 10 or 20 years ago.

Tax Free Savings Account – The Ideal Way to Saving

February 16th, 2012

A tax free savings account (TFSA) is an all new way for Canadians to save the income earned from investments without having to pay a tax on it. It is a registered savings mode allowing citizens to meet their needs for lifetime savings in a flexible and easy manner. The TFSA is a general purpose account that complements other registered plans like RRSP (Registered Retirement Savings Plans) and RESP (Registered Education Savings Plans).

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The Alternative Taxation System in United States of America

February 16th, 2012

The taxation in United States of America depends upon many factors such as financial transactions and sales of a number of goods and services. The taxes based on the corporate or personal income of a person is known as income tax which is fixed according to the earnings of a person. The United States federal government has imposed an alternate way for people to pay their taxes. These taxes are paid by individuals, corporations, estates and trusts and are known as Alternative Tax System. This Alternative Tax System helps the people of USA to deal with financial crises and recession. Following are the ways by which Alternative Tax System is implemented in USA:

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What kind of tax benefits can you get on HELOC?

February 14th, 2012

A home equity line of credit or HELOC is a viable and low cost option to draw money from the equity that you have build on your home and generate cash for any financial need. However, you should not assume that all interest you pay on a HELOC is tax deductible as is the case of your first mortgage loan. This is because the proceeds of a HELOC can be used to finance anything right from buying a car, home improvement to buying of clothing items, electronics and other consumer goods. In order to get tax benefits from a HELOC, you need to be aware of the uses of a HELOC that qualifies it for tax benefits.

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What are the ways to claim the IRS child tax credit?

February 14th, 2012

Tax benefits are offered to parents or guardians by the IRS to provide financial support to their children. If you want to claim tax credit then you are required to have “qualifying child” as per the IRS. Your biological children, a step or foster child can be included in this criterion of “qualifying child.”

Know how to claim the IRS child tax credit:

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Finding Tax Loopholes Related to Your Divorce

February 6th, 2012

Divorce isn’t easy and it’s seldom pleasant. And divorce is never cheap. But the legal experts at the Jim Ross Fort Worth Law Firm can help you find any tax loopholes that might exist as they relate to your divorce—as well as representing you in the divorce.

There’s More To It Than Just Knowing The Law

Tax laws and divorce laws are two separate entities. You need a lawyer that is going to be well versed in your state’s tax laws in order for them to help you find loopholes that will benefit you. You also want a lawyer that is going to be able to see to it that your financial situation after the divorce is one of comfort not desperation. Nobody wins in a divorce but at the very least, you want to come out equal with the other party in the end.

Property, Kids, The Family Pet

No matter how long you’ve been married, even if it was just for a short time, you have undoubtedly acquired a number of things together. Whether they are possessions, children or the family pet—someone’s going to have to figure out a way to divide everything up in a financially responsible manner.

A tax loophole can be a godsend, so let the experts find it for you if one truly does exist.