Christian Lopez, the baseball fan who caught Derek Jeter 3000th hit could end up paying the IRS $13,000 in taxes. The reason is Christian Lopez handed the ball back to Yankees and Yankees rewarded him with goodies.
Christian Lopez Taxation
Christian Lopez was rewarded by the Yankees with luxury box tickets for the rest of the season (including postseason), along with signed baseballs, bats and jerseys from Jeter. In addition, Lopez received four premium front-row seats to last Sunday’s Yankees-Rays game. With those generous gifts comes tax liability.
The IRS will likely consider Lopez’s gratuities from the Yankees as income, and if so, he could end up having to pay anywhere from $5,000 to $13,000 in taxes, according to the New York Daily News.
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IRS doesn’t allow tax payers to make deductions for expenses incurred on pets, a dog, a cat etc.
Yes, your dog or cat is a family member and that makes you think it is one of your dependents but according to the Turbo Tax Support Blog, “Although the IRS doesn’t specifically spell it out, it is tacitly implied that dependents — at least for taxation purposes — must be human.”
According to bankrate.com tax advisors, you can, however, deduct as itemized medical expenses the costs of buying, training and maintaining a guide dog or other service animal to assist a visually impaired or hearing-impaired person, or a person with other physical disabilities.
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In 2010 GE had $150 billion of revenue, and $12 billion of net profit. But in 2010, this massive and wildly profitable company paid Zero in U.S. income taxes, says the New York Times.
How General Electric Pays Zero Taxes and how you too can lower your taxes.
According to the NY Times article, GE aggressively lobbys for tax breaks and engages in innovative accounting that enables it to concentrate its profits offshore.
If you want to lower your taxes like GE you need to fiercely start lobbying your member of congress to make a case for lower taxes. If need be threaten him or her with refusing to vote for him/her next time. A more crazy idea is join the tea party movement.
Next, talk to your accountant and attorney about setting up an offshore trust fund that is designed to minimize your taxes. It might be expensive but if you have built a substantial fortune it might be worth it.
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It is the tax season, the time to grab your calculator, crunch the numbers and make your tax filing. For residents of Austin Texas technology has made it easy to find Austin tax advisors to help you file your tax returns.
Austin tax advisors
I good site to find Austin tax advisor is Linkedin, the social network for professionals. The last time we checked Linkedin, it has listed 8 Austin Texas Tax advisors trained in tax law
Austin tax advisors
Visit linkein page to view Austin Tax advisors.
What you need to know about Austin tax advisors
They are fee based.
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For homeowners eligible to claim the home-buyer tax credit on their 2010 return, the credit is worth up to $8,000 for first-time home buyers and $6,500 for long-time homeowners who lived in their home for more than five years.
Keep in mind you won’t be able to e-file. The IRS wants you to snail-mail information with your return.
See the rules at IRS website: Homeowner tax breaks
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One investment instrument that is exempt from taxes is the US Municipal Bonds. In the United States, interest income received by holders of municipal bonds is often exempt from the federal income tax and from the income tax of the state in which they are issued, although municipal bonds issued for certain purposes may not be tax exempt.
Municipal Bonds Tax Exempt
One of the primary reasons municipal bonds are considered separately from other types of bonds is their special ability to provide tax-exempt income. Interest paid by the issuer to bond holders is often exempt from all federal taxes, as well as state or local taxes depending on the state in which the issuer is located, subject to certain restrictions. Bonds issued for certain purposes are subject to the alternative minimum tax.
Source. Wikipedia
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Tax relief programs by the IRS are misunderstood. Tax relief from the IRS does not mean you won’t have to pay your taxes.
Tax relief programs from the IRS only help you reduce the amount of tax you owe the government.
Who Benefits from a IRS Tax Relief programme?
- Tax payers going through financial difficulties
- Tax payers who owe back taxes
Amount and cost you pay during tax relief program
According to IRS website
The government is likely to accept less than it is owed only if the taxpayer makes an offer that is equal to or greater than the taxpayer’s ability to pay, including the value of all of the taxpayer’s property, cars, bank accounts and other assets.
So don’t be cheated by tax relief companies that claim that tax debts can be settled for ‘pennies on the dollar.’
Talk to your tax attorney for tax relief advice.
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When choosing a state to settle in you may consider the level of taxation in that state. Some states levy high income taxes while other level low income tax while some unique states have zero income tax.
The seven states in USA with Zero Income tax are
1. Texas
2. Florida
3. Alaska
4. Nevada
5. South Dakota
6. Washington
7. Wyoming
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