The Obama Administration wants you to make your house more energy efficient and they're willing to pay you for it. That's great news. Not only can you save money on gas and electric bills, but you can get a nice tax credit for it as well. The tax credits vary according to type of remodeling and how green the project is. Below is a quick summary of the types of green remodeling tax credits:
Home Energy Efficiency:
For energy efficient projects in the categories below homeowners can deduct 30% of the cost up to $1,500. Expires at the end of 2010.
Windows and Doors
Insulation
Biomass Stoves
Roofs
Heating, Ventilating, Air Conditioning (HVAC)
Water Heaters (non-solar)
You must be remodeling an existing home and it must be your principal residence. New construction and rentals do not qualify.
Renewable Energy
For renewable energy projects in the categories below, homeowners may deduct 30% of the cost with no upper limit. Expires at the end of 2016.
Geothermal Heat Pumps
Small Wind Turbines
Solar Energy Systems
You may be remodeling an existing home or building a new home. Both principal residences and second homes qualify. Rentals do not qualify.
Fuel Cells
For fuel cells in the categories below, homeowners may deduct 30% of the cost, up to $500 per.5 kW of power capacity. Expires at the end of 2016.
* Fuel Cells (Residential Fuel Cell and Microturbine Systems)
You may be remodeling an existing homes or building a new home. It must be your principal residence. Rentals and second homes do not qualify.
Energy Star also operates an Energy Efficient Appliance Rebate program similar to Cash for Clunkers (although you do not have to turn in your old appliance). This program is administered through the states, so the appliances that qualify and the amount of rebate vary from state to state. To find out what is available in your state, visit http://www.energystar.gov/index.cfm?fuseaction=rebate.appliance_rebate
Joaquin Erazo, Jr. is the senior vice president of marketing and public relations at Case Design/Remodeling, Inc., the country's largest home remodeling company.
Individually owned and operated, Case Remodeling franchisees employ the most highly educated and trained group of carpenters and designers in the country. Team members ask the right questions, keep your home as clean as possible during remodeling, and guarantee their remodels. One of our offices was recently named Professional Remodeler magazine's 2010 Remodeler of the Year. Isn't that the kind of company you want to work with? Find a remodeling company near you now!
(c) 2010 Joaquin Erazo, Jr
Article Source: http://EzineArticles.com/?expert=Joaquin_Erazo,_Jr.
mardi 9 novembre 2010
Why Tax Evasion Is A Criminal Offense
Tax evasion is usually thought as an act where a person intentionally chooses to not pay taxes due. This action of not paying taxes may be done by simply choosing to not report an income tax return, or choosing to not include information about taxable income within the filed return. In all instances, tax evasion could be regarded to be fraud, and often carries stiff penalties. Illegally avoiding paying taxes, failing to report, or reporting inaccurately are good examples of tax evasion. The federal government imposes strict and serious penalties for tax evasion. Tax evasion is different from tax avoidance, which is actually using legitimate techniques to reduce a tax burden.
Tax evasion is a crime in almost all civilized world and subjects the responsible party to fines and/or imprisonment - within China the punishment can be as severe as the death penalty. Within Switzerland, many acts that could add up to criminal tax evasion in other countries are handled as civil issues. Even dishonestly misreporting income in a tax return is not necessarily regarded as a crime. Such matters are dealt with in the Swiss tax courts, not the criminal courts. However, even within Switzerland, a number of fraudulent tax actions is criminal, for instance, planned falsification of data.
In America, tax evasion is really a criminal offense that could bring about huge monetary fines, imprisonment, or both. Section 7201 of the Internal Revenue Code says, "Any person who willfully tries in any way to avert or defeat any tax enforced by this title or even the payment thereof shall, besides other fees and penalties supplied by law, be responsible for a felony and, upon conviction thereof, shall be penalized not more than $100,000 ($500,000 when it comes to a firm), or imprisoned not more than five years, or both, together with the costs of prosecution." Evidence of the offense requires first proving the attendant circumstance that the unpaid tax liability exists. Second, the prosecution must prove some affirmative act by the defendant to evade or attempt to evade a tax. Third, prosecutors must show that the accused possessed the particular intention to avert a known legal responsibility to pay. To convict, the court has to find the defendant accountable for each of these elements over and above a reasonable doubt.
From the bank's perspective, tax evasion thus increases information asymmetry among borrowers and lenders and ultimately reduces access and increases financing expenses for firms. Yet there could be a countervailing effect. Within countries with more effective financial institutions, the presence of collateral may be less important for the lenders because the information gap between creditor and borrower is smaller and because the creditors could keep track of the firms more effectively. Debtors have thus less of a motivation to ensure totally transparent book keeping.
Tax avoidance and tax evasion threaten government income. The US Senate estimates income deficits from tax evasion by U.S.-based firms and individuals at close to 100 billion dollars annually. In lots of other countries, the sums run into vast amounts of euros. This implies fewer sources for infrastructure and services such as education and health, lowering standards of living in both developed as well as developing economies.
Criminal defense lawyer from Rollins Law Group does respond to each client's situation for trial run, and not hurrying to simply accept a plea bargain. A criminal defense lawyer Los Angeles is terribly valuable because they're acquainted with agreeing to the most difficult and challenging court cases.
Article Source: http://EzineArticles.com/?expert=Ryan_Forster
Tax evasion is a crime in almost all civilized world and subjects the responsible party to fines and/or imprisonment - within China the punishment can be as severe as the death penalty. Within Switzerland, many acts that could add up to criminal tax evasion in other countries are handled as civil issues. Even dishonestly misreporting income in a tax return is not necessarily regarded as a crime. Such matters are dealt with in the Swiss tax courts, not the criminal courts. However, even within Switzerland, a number of fraudulent tax actions is criminal, for instance, planned falsification of data.
In America, tax evasion is really a criminal offense that could bring about huge monetary fines, imprisonment, or both. Section 7201 of the Internal Revenue Code says, "Any person who willfully tries in any way to avert or defeat any tax enforced by this title or even the payment thereof shall, besides other fees and penalties supplied by law, be responsible for a felony and, upon conviction thereof, shall be penalized not more than $100,000 ($500,000 when it comes to a firm), or imprisoned not more than five years, or both, together with the costs of prosecution." Evidence of the offense requires first proving the attendant circumstance that the unpaid tax liability exists. Second, the prosecution must prove some affirmative act by the defendant to evade or attempt to evade a tax. Third, prosecutors must show that the accused possessed the particular intention to avert a known legal responsibility to pay. To convict, the court has to find the defendant accountable for each of these elements over and above a reasonable doubt.
From the bank's perspective, tax evasion thus increases information asymmetry among borrowers and lenders and ultimately reduces access and increases financing expenses for firms. Yet there could be a countervailing effect. Within countries with more effective financial institutions, the presence of collateral may be less important for the lenders because the information gap between creditor and borrower is smaller and because the creditors could keep track of the firms more effectively. Debtors have thus less of a motivation to ensure totally transparent book keeping.
Tax avoidance and tax evasion threaten government income. The US Senate estimates income deficits from tax evasion by U.S.-based firms and individuals at close to 100 billion dollars annually. In lots of other countries, the sums run into vast amounts of euros. This implies fewer sources for infrastructure and services such as education and health, lowering standards of living in both developed as well as developing economies.
Criminal defense lawyer from Rollins Law Group does respond to each client's situation for trial run, and not hurrying to simply accept a plea bargain. A criminal defense lawyer Los Angeles is terribly valuable because they're acquainted with agreeing to the most difficult and challenging court cases.
Article Source: http://EzineArticles.com/?expert=Ryan_Forster
Turbo Tax Small Business - A Good Accounting Tax Filing Solution For Small Managers and Owners
Operating rental properties and especially a portfolio of rental properties can result in snowballing charges for legal fees and accounting. Managing these costs, supporting your needs the right way, protecting your investors interests, protecting yourself against liabilities is a tremendously challenging requirement that requires understanding where you can "self serve" and how you can accomplish this end while keeping the service quality bar high enough for everyone involved. Turbo Tax Small Business is one of these solutions.
Making Turbo Tax sufficient without significant accounting support requires some good planning. First, as I've mentioned before a good ledger system that records all transactions before being entered into the property management and accounting system is a great start. If each transaction is recorded with the date, a detailed purpose, and the type. Your books can be quickly assembled by yourself if you have the accounting skills and understand or go to the trouble to understand your software well enough.
With an accurate detailed income statement, balance sheet, and cash flow statement, you have the basic information you require for the financial input of your tax preparation.
Next, you need to have all the entity information at your finger tips. For tax preparation, this includes the tax ID number or EIN for the entity. You need to know your entity type. You have to be prepared to answer questions like whether this is an S Corporation or Limited Liability Company (LLC) or partnership. You need to be able to answer whether the company is a single partner or investor or multiple partner or investor business. Finally, you have to the formation date of the entity.
For the states, you will need to know similar information and states have state specific entity information which you will need to have.
Next, you need to have the investor tax information. This is simply the name of the entity or individual. Their Tax ID number. (If you have foreign investors, you should have a tax id and if you do not their is a process for them to file with IRS to get an ID. You will require their address and a copy of their passport. They will need to complete the W7 for this purpose.) Then you will need the address for each individual.
With all this information in hand, you have everything necessary to complete your taxes. As a matter of organizing, you will need to have the date of investment and subsequent investments for each investor. You will need the same for distributions. Once organized and assuming you have (or the person you have perform the work has) the accounting experience you can prepare an accurate tax return that will satisfy the IRS, your partners, and protect everyone's interests.
Blake Ratcliff recommends buying The Warrior's Guide to Rental Investing and Management. Get great investment info here!
Visit http://www.wordclay.com/BookStore/BookStoreBookDetails.aspx?bookid=61268 to buy your copy or you can get the ebook format at http://www.smashwords.com/books/view/19866
Use promo code NQ37G for a 20% discount.
Article Source: http://EzineArticles.com/?expert=Blake_Dale_Ratcliff
Making Turbo Tax sufficient without significant accounting support requires some good planning. First, as I've mentioned before a good ledger system that records all transactions before being entered into the property management and accounting system is a great start. If each transaction is recorded with the date, a detailed purpose, and the type. Your books can be quickly assembled by yourself if you have the accounting skills and understand or go to the trouble to understand your software well enough.
With an accurate detailed income statement, balance sheet, and cash flow statement, you have the basic information you require for the financial input of your tax preparation.
Next, you need to have all the entity information at your finger tips. For tax preparation, this includes the tax ID number or EIN for the entity. You need to know your entity type. You have to be prepared to answer questions like whether this is an S Corporation or Limited Liability Company (LLC) or partnership. You need to be able to answer whether the company is a single partner or investor or multiple partner or investor business. Finally, you have to the formation date of the entity.
For the states, you will need to know similar information and states have state specific entity information which you will need to have.
Next, you need to have the investor tax information. This is simply the name of the entity or individual. Their Tax ID number. (If you have foreign investors, you should have a tax id and if you do not their is a process for them to file with IRS to get an ID. You will require their address and a copy of their passport. They will need to complete the W7 for this purpose.) Then you will need the address for each individual.
With all this information in hand, you have everything necessary to complete your taxes. As a matter of organizing, you will need to have the date of investment and subsequent investments for each investor. You will need the same for distributions. Once organized and assuming you have (or the person you have perform the work has) the accounting experience you can prepare an accurate tax return that will satisfy the IRS, your partners, and protect everyone's interests.
Blake Ratcliff recommends buying The Warrior's Guide to Rental Investing and Management. Get great investment info here!
Visit http://www.wordclay.com/BookStore/BookStoreBookDetails.aspx?bookid=61268 to buy your copy or you can get the ebook format at http://www.smashwords.com/books/view/19866
Use promo code NQ37G for a 20% discount.
Article Source: http://EzineArticles.com/?expert=Blake_Dale_Ratcliff
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