Senate Bill Seeks Tax Credit for Plug-in Hybrid Trucks
WASHINGTON – U.S. Senator Debbie Stabenow (D-Mich.) has introduced legislation that would give businesses a tax credit for purchasing medium- or heavy-duty plug-in hybrid trucks. Moreover, the bill would provide consumers with a rebate worth up to $ 7,500 for plug-in electric vehicles at the time of purchase.
Read more on Business Fleet

TaxWatch: Claiming home-buyer tax credit? Watch your step
Taxpayers face hurdles in getting the valuable home-buyer tax credit — here’s what you need to know to make sure the IRS doesn’t reject your claim.
Read more on Market Watch

Chris Birk: Time Winding Down for Service Members To Use ,000 Tax Credit
The $ 8,000 tax credit program for first-time home buyers helped prop up the sagging real estate market in 2010. And there’s still one group who can still capitalize on the opportunity.
Read more on The Huffington Post

k, Iceland (PRWEB) December 18, 2006

Reykjaví After a year-long study of the country’s resources and tax codes, a team of economic experts has determined that Iceland is poised to become the world’s top economic center.

Iceland has quietly become one of the most economically advanced societies on earth. This year alone, the country has been at or near the top of the UN’s Human Development Index, the World Competitiveness Yearbook, the Global Benchmark Report, and was ranked as the country with the least corruption according to Transparency International.

The small country in the middle of the North Atlantic has other advantages. Its location between European and American markets make it a logical choice for companies looking to establish a presence in both continents. The population, just below 300,000, is highly educated and technically savvy, and there is almost no crime.

But Icelandic officials think that they can do even better. In a conference attended by politicians, economic scholars, and industry officials, a three-year Action Plan was introduced by the team of economists. The plan calls for attracting new ventures to Iceland with massive tax and investment incentives for foreign businesses. These include simplifying the tax code, eliminating taxes on royalties earned by research companies, and a strengthening of the already advanced infrastructure.

The government of Iceland seems to agree with the findings of the group. The Prime Minister’s office has pledged to pass the legislative reforms needed to make the suggestions reality before next summer. The government also contributes to a well-established Invest web site, which is dedicated to informing investors about the advantages of investment in Iceland’s healthy economy.

Tax benefits and other advantages of the Icelandic fiscal system. This report was compiled by the Invest in Iceland Agency.

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Tax Cut On Senate Docket
LITTLE ROCK – Lawmakers are expected to consider legislation to raise the state used-car tax exemption and two measures dealing with illegal immigration in the sixth week of the 88th General Assembly.
Read more on Times Record

Lawmakers attempting to bring movies to Colorado
Two state legislators want to attract filmmakers to Colorado by bolstering an incentive fund for movie producers with a proposal to add a 10-cent fee to all movie tickets sold in the state.
Read more on The Fort Collins Coloradoan

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Tax Deal Simplifies Estate and Gift Exemptions
The recent tax deal has given families a chance to rethink how they transfer wealth.
Read more on New York Times

Sometimes our good plans fail
A long time ago, one of our neighbors made beer in their kitchen. A wood stove was used to keep the kitchen and the fresh batches of beer warm as they fermented.
Read more on Iowa Farmer

All companies are required by law to maintain records of those company transactions in a manner that must be adequate to enable the company to produce an accurate Company Tax Return. Company tax records must be kept for a minimum of six years from the end of the accounting period and longer if the accounts are submitted late or being enquired into by the Inland Revenue.

Company tax records must include all original sales receipts and purchase expenses. Under the Companies Act legislation registered companies must also keep accounting records.

Companies are responsible for calculating their own corporation tax liability and paying the corporation tax without prior assessment by the Inland Revenue. Companies which fail to deliver their tax return by the statutory fling date which is normally 12 months after the accounting period are liable to penalties.

An accounting period normally being 12 months – can be shorter but never longer. Should a company submit the CT600 Corporation Tax return form without the accounts then it is treated as not having submitted a tax return form.

Current Company Tax Return Forms

The latest version of the CT600 form for 2007 has been available for download from the Inland Revenue website since 31 August 2007. The Corporation Tax Return Form CT600 Version 2 contains two small changes from the previous 2006 version.

CT600 (short) for small companies has an additional box on Page 1 so that a company which is a member of a group other than a small group can identify itself. The same additional box is on CT600 plus a new box on page 3 of the 8-page form so that a company with ring fence profits can show the ring fence profits included in its figure of total profits.

There are no changes to other forms in the CT600 series at present and all the CT600 Supplementary Pages published in 2006 remain valid and will probably remain so until at least after the 2008 Chancellor Budget.

Corporation Tax Rates

While the main rate of Corporation Tax remained at 30% in 2006 and 2007 which will be reducing to 28% in 2008. The small company corporation tax rate applicable to companies with annual profits less than 300,000 pounds was increased from 19% in 2006 to 20% effective on profits earned after 1 April 2007 and is set to increase further on 1 April 2008 to 21% and to 22% from 1 April 2009.

Corporation Tax on ring fenced profits being income and gains from oil extraction activities or oil rights in the UK and UK Continental Shelf remain at 19% for small companies and 30% for larger companies. Interest is charged on late payments and at a lower rate on installment repayments of Corporation Tax as is the practice on all late tax payments.

Accounting Periods straddling 1 April

The effective date for changes in the Corporation Tax rate applicable in recent years has been 1 April each year as opposed to the 5 April for unincorporated businesses. For companies with accounting periods that straddle the 1 April separate calculations are required for the period before 1 April and after 1 April based upon the number of days in each accounting period. As a proportion of 365 (366 in leap years such as 2008)

No Corporation Tax Due

Companies are required to advise HMCE by either submitting a company tax return or informing them by completing the HMCE form for this purpose or at the very least returning the payment slip marked with no payment to be made. All communications should state the corporation tax payment reference which can be found on the payment slip. This reference number is specific to each accounting period and must be quoted accurately.

Filing Corporation Tax Return Online

Most companies and their agents can file company tax returns online. The computations, financial accounts and other supporting documentation must be sent in PDF format with some approved software products being sent in XBRL format. Filing the company tax return online has the advantages of speed, can be done 24 hours a day and the software calculates the tax liability.

Using the CT Online service also allows the company tax position to be viewed including any interest or penalties that have been charged. Company details such as telephone, fax, addresses and email addresses can be changed and agent details can be added or changed. Authorised agents can also view client company corporation tax positions and liabilities.

Inland Revenue enquiries into Company Tax Returns

Enquiries into Company Tax returns are governed by rules and codes of practice. HMCE have at least 12 months from the statutory filing date to commence an enquiry when the company tax return has been submitted on time and longer if the return is submitted late.

Companies are advised in writing when an enquiry starts and ends. If no adjustments are required HMCE advise the enquiry has finished. Any adjustments are also advised in writing and the company then has 30 days to file an amended Company Tax Return failing which HMCE will amend the return.

At any time during an enquiry a company can apply to the Inland Revenue Commissioners for an enquiry to be closed. Separate codes of practice exist for local offices and specialist compliance offices

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Where’s My Tax Refund
Message from the IRS website: Please note: If you’re affected by recently reinstated tax breaks and you already filed your tax return, it will be held until our systems are ready to process it on February 14, 2011. These filings include Itemized Deductions Schedule A, Higher Education Tuition and Fees Deduction Form 8917, or the Educators Expense Deduction Form 1040 Line 23 or Form 1040A Line…
Read more on PitchEngine

13 Common Tax Mistakes
NEW YORK (MainStreet) — You have your no. 2 pencil, a calculator and this year’s W-2. Now what? Many self-preparers suffer that moment of hesitation as they get ready to tackle their taxes. Veteran CPA Steve Duben says it’s a tale as old as time. “The truth of the matter is that the law is complex and not easy to understand,” Duben said. “The IRS claims that the average tax return, self …
Read more on TheStreet.com

Question by Malthusian: Is an individuals income “personal property” (not taxable) and is the 16th amendment abused by the IRS.
The 16th Amendment reads:

The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.

The Supreme Court defines “income tax”, as an excise tax “imposed with respect to the doing of business in corporate form”.

With tax on property, gas, sales, heating, communications, cable, auto registration, inheritance, lottery winnings, capitol gains, home sales, home buying and even foreclosure the government is completely over taxing like never before.

Question is, if the federal reserve bank is privately owned by anonymous individuals and corperations, why am I sending my money away without there being an accounting of how the tax collected is spent?

Isn’t this taxation without representation?

Best answer:

Answer by rhsaunders
The short answer is of course No. The tax is not laid on any of the assets you named, but rather on income derived from using them. It’s an important difference. And your notion about the Federal Reseve Bank is off the wall.

What do you think? Answer below!

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Should You File Taxes on Your Smartphone?
It’s almost March and that means tax day is marching relentlessly closer. As always, the major providers of tax prep software have tweaked their offerings.
Read more on PC World

Got a simple tax return? Phone it in
When I was a kid, I knew it was tax time when my Dad grabbed his calculator and took over the dining room. Today, there’s an app for that. Android and iPhone users can download the Turbo Tax SnapTax application, and with a few taps and clicks, file their taxes by phone.
Read more on Everett Herald

Advanta liquidation approved by judge
Advanta Corp.’s liquidation plan was approved Friday by a bankruptcy judge in Wilmington.
Read more on Philly.com

In the U.S. there are certain tax credits that are available for people who have paid expenses for higher education. These credits are referred to as the American Opportunity Tax Credit, the Hope Tax Credit, and the Lifetime Opportunity Tax Credit. It is important to understand the distinction between a tax credit and a tax deduction. With a tax deduction the amount in question is subtracted from a persons income. So for an income of ,000, for example, a tax deduction of ,000 will lower the taxpayers income to ,000, and a smaller amount of tax will be due based on the tax bracket of the individual. A tax credit, on the other hand, is much more beneficial. A tax credit of ,000 means that the payer gets credit for having paid ,000 of actual taxes. This would be the equivalent of a tax deduction for about ,000 or ,000 in the example above.

The American Opportunity Tax Credit is new in the 2009 tax year, and it is basically an extension of the Hope tax credit. This credit is available for students (or their parents if the student is a dependent) for the first 4 years of undergraduate study, and the student must be enrolled at least half time in a degree program. The credit can be as much as ,500 per year, and school expenses that qualify include fees for enrollment, tuition, and any books, equipment and supplies that are course related. There are certain restrictions, and these include no drug related convictions, and a Hope tax credit cannot be claimed on the same return if parents have more than one student enrolled in college at the same time. Up to ,000 can be refunded to the taxpayer. There are also income restrictions on this credit. For married taxpayers filing joint returns the credit phases out when income levels are between 0,000 and 0,000. For single taxpayers the program phases out at half those levels of income, or between ,000 and ,000.

Hope Tax Credit

This credit will no doubt be used less because the American Opportunity credit has expanded the Hope benefits. The Hope credit is only available for the first two years of college attendance, and the maximum credit is ,800 per year. Expenses that qualify are those for enrollment and tuition. The restrictions are similar to those of the American Opportunity credit and include disqualification if the student has had any drug related convictions, and the student must be enrolled at least half time in a degree program. The income restrictions are from ,000 to ,000 for single taxpayers, and from 0,000 to 0,000 for people who are married and filing jointly. There are also some particular benefits for students who qualify because of coming from or attending school in certain Midwestern disaster areas. These areas pertain to certain counties of certain states for given periods. The particulars can be found in IRS documents that explain the Hope credit and are easily searched for on the IRS web site.

Lifetime Opportunity Tax Credit

The big difference between this credit and the others already discussed is that it can be taken for graduate studies as well as for undergrads. The credit can be up to ,000, and the expenses that qualify for credits include those for college enrollment and tuition. In addition, the student is not required to be enrolled in an official degree program, and he or she can be taking courses which help acquire or enhance job skills. As with the Hope credit, there are provisions to give more help to people who qualify for the Midwestern disaster area situation.

Since the cost of higher education is so high these days and since it continues to rise at well over the general level of inflation, students and their parents need to be aware of all tax credits they qualify for in order to help lower the overall burden of financing a college education.

Question by Timothy T: Why are property taxes “Flat” but income taxes “progressive”?
The progressive tax system means that as income increases, tax rates increase as well. Supposedly, this is intended to be fair in the sense that richer people can afford more and so are taxed at a higher rate. Why are property taxes “flat” where everyone, no matter the income or value of property, taxed at the same rate?

Best answer:

Answer by Judy
It would probably be way too complex for every little taxing area to administer a progressive tax.

Add your own answer in the comments!