Tax News

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Tips to a Successful Divorce and Tax Returns

Should we file joint or separate tax returns?There are pros and cons to filing a joint tax return which you should discuss with your tax advisor and your attorney. Generally, your tax burden will be lower although this will not always be the case depending on your respective incomes, deductions and credits.

The main disadvantage of filing jointly is that both of you are jointly and severally liable for taxes on the tax return, including any tax deficiencies, interest and penalties.

My spouse said they would sign a joint return but they are now refusing to do so?

Spouses often use tax returns as a bargaining tool. Generally, a joint return can only be filed where both parties agree and both sign the tax return. A court will not order unwilling spouses to file a joint return. 3. However, in rare circumstances the IRS will accept a joint return signed by only one spouse where there is evidence of a clear intent to file a joint return and the non-signing spouse does not file a separate return.

Effect of filing status upon child and spousal support

  • In calculating guideline child and spousal support, the Court has to take into account “the annual net disposable income of each parent” which is computed by deducting from annual gross income, state and federal income tax liability after considering the appropriate filing status, all available exclusions, deductions, and credits.
  • Therefore, your filing status as “Married filing jointly,” “Separate” or “Married filing separately” will have an impact on the amount of support you pay or receive. In one case, the California Court of Appeal overturned the trial court’s decision where guideline support had been incorrectly based on husband’s status as “Married filing jointly” instead of “Married filing separately.”
  • If the parties calculate guideline child and spousal support using a certified program such as “Dissomaster” and incorrectly input that the parties will be filing jointly when the Husband payor should have been filing as “Married filing separately” and the Wife as “Head of household,”
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Benefits of Filling the Income Tax Returns Online

Paying income tax returns is something that is done by everybody who is working and this is what shows that you are a responsible citizen of your nation. The income tax returns should be paid regularly and in a timely manner so that you can avoid unnecessary penalties from your state or country. Do you know what happens when you fail to pay your taxes on time? Failure to pay will double your taxable amount plus the penalty for not paying on time and this may in one way or the other cause a dent in your pocket. Failure to pay your income tax returns can also degrade your image especially in the financial institutions and other banking sectors. This will make you to be blacklisted on the CRB hence not qualifying for any loan because of not paying your income tax returns. Your credit score may also be lowered hence affecting your activities and this is very dangerous to you and it may also affect your finances and the loans that you may want to take from banks.

Role of Technology to make easy filling your income taxes

Technology has made it easy for you to fill your income taxes because now you can simply fill the forms online and pay your tax. In fact the filing of income tax return is something that should be given the first priority at the end of the month and this is something that is very crucial to any individual except those who are minors and those who are not working or not having any business. Another very important thing about filling the forms online is that you can be able to fill them completely and within the time stipulated time of your government. Through this way you can be able to avoid some unnecessary interests and penalties. The great resources provided by technology has made it easy for people or workers to pay their taxes.  In the past paying taxes was not an easy thing because you had to fill the … Read the rest...

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Professional Tax Service

Making a mistake on a tax return can be terrible depending on how bad the mistake is. Now, in most cases, you have the chance to correct this mistake, but sometimes you don’t. One of the biggest issues for people today is defining what makes taxable income and what does not. So, do you know what is taxable and non-taxable?learn more updated information at her latest article.

What Do You Think Makes Taxable Income?

What is taxable income? What is non-taxable income? What you think is non-taxable might in fact be taxable and if you make a mistake you really don’t know what could happen. Unfortunately, there are millions of people who make the mistake between taxable and non-taxable income. For those who don’t understand the difference, they really are in some serious trouble and are going to need help from professional tax services. Do you really want to make a mistake on your return? If you do, you might not see any tax refund.

Professionals Know the Law Inside-Out

You have to remember there are big differences between what is classed as taxable income and non-taxable income and if you don’t get it right, there is a lot of trouble coming your way. However, professional tax services understand what should be taxed and what shouldn’t. They know what they’re talking about because they have studied this field and know it like the back of their hand! For this reason you need to trust a tax service. They are going to be the very best people to help keep you on the right track on your tax return.

You Need Professional Tax Services

Understanding the differences between taxable and non-taxable income can be often hard. You might think you know which is which but if you get it wrong, you could end up in a lot of trouble. That is why professional tax services are a must for everyone today. They are not only going to give you a lot more knowledge about what income needs to be taxed … Read the rest...

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Tax Return Online

Filing a tax return online has become one of the biggest and most popular options today. As more people look for an easier and quicker way to deal with their returns, the Internet has given them a simple solution. Of course, filing online is very much the same as when you file a paper return. The information remains the same with the exception that it is sent electronically. You don’t have to deal with endless bits of paper, you just deal with the relevant pieces of information.

Ensure You Have All Necessary Documentations

When you’re preparing for your online tax return you need to ensure you have the right paperwork. There are going to be certain pieces of information that government is going to need to know and that means you need to have the paperwork to back you up. You don’t want to make any errors so you will need to get your hands on the necessary financial documents. If you own a business this may include the money you spend, your earnings, and potential deductable expenses also. For those who don’t run a business, they probably will require far less documentation than those who do.

Check What Information You Input Online

You want to receive a nice tax refund so you are going to have to ensure the information you submit online is in fact accurate. It doesn’t matter if you are sending the return off now or in six month’s time, you want to be fully prepared. You need to ensure all of the information online is accurate, otherwise when the time comes to submit you’ll have to start over. It only takes a few minutes to check and if everything is accurate you know when you have to file everything is in order.get additional tips at http://www.theguardian.com/money/blog/2016/apr/16/should-we-all-post-tax-returns-online

Before Submitting Your Final Tax Return, Ensure Everything Is Correct

When the tax year is up, you are going to have to file. E-filing is rather simple and you basically fill out a returns form online rather than on … Read the rest...

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Tax Attorney

Tax returns are needed for every citizen of Australia but there may be times when you are face with tax debt. Debts can easily accumulate easily because if you owe more money in tax than you can afford, it can soon mount up. However, dealing with tax debt is really difficult on your own and it will be something you need a lot of help with. Ideally you need a tax attorney to help you deal with all tax debt problems.

Find a Good Tax Attorney Who Specializes In Debt

First and foremost when you have tax debt problems you are going to require an attorney who deals in these matters. Tax attorneys all have different areas within this field they deal with so some might have far more experience in dealing with tax evasion rather than tax debt. It will be crucial to find a tax attorney who has the necessary qualifications and skills to deal with your debt problems. If you have filed tax returns, but have a lot of debt, the right attorney can help.

Be Honest and Upfront With the Attorney

It doesn’t matter whether you have a thousand dollars worth of tax return debt or millions you need to ensure your attorney knows all the facts. There is no point in hiring an attorney to work with you if you aren’t going to tell them the truth. It is not only a waste of time but also money, and nothing will get resolved. Tax debt is really a hard issue to resolve because sometimes the government won’t just take your tax refund in order to settle the debt. Attorneys can help but only when you are fully upfront with the full extent of the debt.go to http://www.todaysxm.com/tax-attorney-max-pandt-about-the-panama-papers-dont-blame-the-companies-but-blame-the-legislators/ for more detailed information.

Let Them Negotiate With the Australian Government

Attorneys know the law better than anyone else and they should be the ones to do all the work. If they want to negotiate with the government in order to settle your tax debts then let them … Read the rest...

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Amended Tax Return

Tax returns can be a nightmare for some. When you think you have done all you need to, you suddenly realize there is something you have to change. Filing an amended tax return can be a little frightening because you’ve made a mistake on your original return. You can easily get stressed out and very scared and let’s be honest, it is never a good thing to file an amended return. However, filing an amendment to your original return is much better than not correcting the mistake!

Amend As Quickly As Possible

As soon as you spot an error or mistake or believe there has been an error on your part, you need to correct it. Filing amended tax returns is actually very simple because, if you use the online Australia tax return service, then you have to log into your online account and file an amended return. You just basically correct the information and send off again – it’s all very simple. However, leaving the errors won’t help anyone and you could get into a lot of trouble.

You Still Have To Keep To Deadline Dates

If you are hoping to see any sign of your tax refund then you need to ensure you file before the deadline, and that does involve your amended returns, too. It is a different matter if you spot the errors after the final deadline, but you still need to submit. Now, if you choose to amend your return after the deadline date you may be fined, but it is much better to be fined and make the corrections than to just leave it. If you are found to give out false information on a return and don’t correct it then you may get into a lot of trouble so be safe and amend.get full information at http://www.fool.com/investing/general/2016/04/14/make-a-tax-amendment-how-to-fix-mistakes-on-your-t.aspx

Don’t Panic Too Much

You have filed your tax returns and have made a mistake. OK, this isn’t good but it isn’t the worst thing either. Yes, the Australian government hates mistakes and hates to deal … Read the rest...