Category: finance

How To Find The Best Personal Injury Lawyers


If you've been injured in an accident, then you may be able to recover compensation. Remember that you must take legal advice from a quality personal injury lawyer as soon as possible after your accident to ensure that you receive the compensation you deserve. Get legal help for your injuries by finding an injury lawyer that has experience in your claim area and is confident they can help you.

If you consider asking a personal injury lawyer for legal assistance, you must not be discouraged by the sudden mesh of advertisements of various law firms and independent personal injury lawyers everywhere. For your information, there is an easier way to find the best legal counsel for your personal injury case ? learn how to find a lawyer through an online directory. By this, you?ll be able to save time, money and effort, and you?ll not be searching through databases of reliable, experienced and previously-screened attorneys in your geographic region.

In searching a personal injury attorney, you won't even have to pay him unless you win a settlement for your case. Upon using a good online lawyer directory, you?ll be able to know the particulars on your legal fees, your location will then be considered, and will then weigh highly in your list of responses. What?s truly important, however, is the history of your potential attorney in handling your type of case. Since the law can be complex and complicated, you must be sure that you?ll retain the best-trained personal injury lawyer possible.

In addition, you don?t only need a personal injury lawyer who excels in personal injury law. You also need someone who completely understands the jurisdiction of your region. Also, you must ask yourself this question before hiring a personal injury lawyer ? Are you comfortable with that lawyer and are you confident in his abilities? If the answer is anything other than a resounding "yes," you must keep looking. Your case is too important to entrust to someone who does not inspire your confidence.

When you start looking for personal injury lawyers in your area, don't randomly pick names from advertisements that stretch the truth. Take advantage of matching services and ensure that your needs are going to be met. When you find the best possible resource for personal injury lawyers, you will have a greater chance of turning a bad situation into one that you can cope with. Take just a little time and try using one of these services. You?ll never know, you may not have to go any further to find the most competent counsel for your legal needs!

Tax Mythbusters: The Top 5 Tax Tips To Amaze Your Friends And Family


Tax MythBusters: The Top 5 Tax Tips to Amaze your Friends and Family

I commonly find there are sooo many misconceptions about taxes out there. I have heard a lot of them so many times, they make me laugh. I would like to dispel some untruths about taxes and educate you just a little. Here is my top 5:

  1. "I cannot afford to earn any more money this year because I will jump into the next tax bracket." or "Boy, I would not want to win the lottery. It would cost me too much in taxes."
    Tax Brackets: In the US, our tax brackets are marginal. Only the next dollar that falls into that bracket will increase to the next higher rate. Even if you earn a $1,000,000, there is still a portion of income that is taxed in each bracket: 0%, 10%, 15%, 25%, 28%, 33% and 35%.
  2. "I will go ahead and give to charity since it is a tax write-off."
    Deductions: Remember that deductions are not a $1 for $1 reduction in tax. A $100 deduction will save about $15 in taxes for someone with $60,000 income. This does not mean that you should not give to charity, but use your money wisely and make sure it is put to good use.
  3. "My customer did not pay their bill. I would like to write it off."
    Bad debts can only be written off if they were claimed as income previously. In most cases, small business owners are cash basis tax payers and therefore, only pay taxes on the income when it is received. In this case if your customer did not pay you, you never have claimed it as income so you can not reduce your income further.
  4. "I don't want the IRS to come knock on my door to audit me."
    IRS Audits: Most audits are not face to face. They are letter audits based on notices for matching or numbers that are out of the normal range on tax returns. If you do have a face to face audit, you should be well prepared and represented by your CPA or a tax attorney. Worst of all, be prepared to write a check. The IRS does not do face to face audits to see if you seem to be a nice person, their purpose is to collect revenue.
  5. "I can deduct the cost of my vehicle since I have my business advertised on it, right?"
    Auto Deductions: Unless you want to be the one writing the big check to the IRS as discussed in item #4, the answer is "no." You cannot write off the cost of a vehicle for advertising. You can write off the cost of the magnetic signs or the painting to put your advertising on it, but you still must follow the same rules for deducting automobile expenses. Don't forget, unless the vehicle is 100% business use, you must keep track of your business and personal mileage for any deduction of your mileage. Remember, at 50.5 cents per mile for 2008, this can be a substantial deduction so it is worth while.

We hope we have given you the ammunition to join in the conversation with your friends to tell them about the tax mythbusters listed here. Keep in mind that you would not let your "friends" do your root canal, so you probably should not depend on your "friends" for authoritative tax advice. Ask your CPA!

Required US Dept of Treasury Circular 230 Disclosure: Any written advice concerning one or more federal tax issues arising from any entity, plan or arrangement that concludes at a confidence level of "more likely than not (i.e., a greater than 50% likelihood) that the subject manner of the advice would be resolved in the taxpayer's favor if challenged by the IRS, and the principal or significant purpose of the subject matter is the avoidance or evasion of any tax imposed by the Internal Revenue Code (IRC). The advice provided in this email is not intended or written to be used, and cannot be used by you or any other person or entity for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or any applicable state or local tax law.

Tax Credit Amount For Lexus Gs 450 Hybrid Issued By Irs


Prior to January 1, 2006, you were restricted to claiming a $2,000 tax deduction if you purchased a hybrid car. Now you can claim a tax credit, which is much more valuable.

Tax Credit Amount for Lexus GS 450 Hybrid Issued By IRS

Conspiracy theorists often offer rather exotic arguments about how the government tries to control us. When it comes to taxes, they are absolutely correct. Both federal and state governments try to influence our behavior by levying or reducing taxes. If the government wants to promote something, it gives you tax breaks if you do it. If the government wants to discourage something, it loads the product or service up with taxes.

If you have filled up your car at the pump in the last week, you know gas prices are out of control. Despite our wailing, they politicians really cannot do that much since we are dependent on foreign oil sources. They have, however, taken one long-term approach by promoting the purchase of hybrid vehicles.

Prior to 2006, the government provided all taxpayers that purchased a new hybrid with a healthy $2,000 tax deduction. With the recent passage of the Bush Energy Act, the government has made it foolish NOT to purchase a hybrid. It did this by changing the tax deduction into a tax credit.

The IRS is now allowed to set tax credit amounts applicable to hybrid purchases so long as the amount does not exceed $3,400. In regard to the 2007 Lexus GS 450 hybrid, it has just done so. If you purchase a new 2007 Lexus GS 450 hybrid after January 1, 2006, you can claim a tax credit of $1,550.

You may think $1,550 is nice, but not overly impressive. How wrong you are! Unlike a tax deduction, a tax credit is applied directly to the amount of taxes you owe. Assume you determine you owe $6,500 when you prepare your 2006 taxes next year. Instead of writing a check to the IRS, you will first deduct your tax credit from the amount you owe giving you a bill of 4,950. This dollar for dollar reduction in your tax liability is what makes tax credits so great.

As with all hybrid tax credits, they scale down as more cars are sold. Make sure to ask your accountant or dealer the current tax credit amount when you make your purchase.

10 Tips Employees Can Use To Reduce Your Tax Bill

10 Tips Employees Can Use To Reduce Your Tax Bill

  1. Use your tax allowances. If you have the cash available, use your ISA savings allowance ?7,200 for 2008/09of which ?3,600 can be in cash deposits.
  2. Make pension contributions. The amount you can pay and get tax relief is as much as your annual earnings, with an upper limit of ?235,000 for 2008/09.
  3. Get a 'green' car Employers can get 100% tax relief in the year they purchase a small 'green' car, and the benefits for the employee are much lower then for a normal car.
  4. Salary sacrifice - employers can offer to contribute to a pension (instead of the employee paying) and the employee agrees to forego some salary in return. This is 'acceptable' tax planning providing the correct paperwork is used, and it can save significant amounts in national insurance contributions.
  5. Use childcare vouchers - All employers can offer child care vouchers as part of their remuneration package. For those with young children these vouchers can create very worthwhile savings.
  6. Don't overlook expenses - employees can claim for expenses they incur "in the performance of the duties of the office or employment" which are not reimbursed. There is a table of agreed rates for various trades, and these allowances are often given via an adjustment to the employees tax code. If you don't receive a tax return, use form P87 to reclaim the tax on expenses.
  7. Tax-free round sum incidental overnight expenses * Employers may reimburse employees for incidental expenses when they stay overnight for work purposes (s240 and 241 ITEPA 2003) E.g. For newspapers, laundry or phonecalls home. For the employee, these expenses are not incurred necessarily in performing the duties of the employment, and so do not qualify for tax relief, however employers may nevertheless reimburse such incidental expenses, free of tax and NICs as follows:?5 per night for overnight stays in the UK * ?10 per night for overnight stays outside the UK (but see new guidance below)
  8. Happy families - a family can reduce the overall tax payable, if a higher taxpaying spouse transfers investments or savings to a spouse with a lower or no income.
  9. More family planning - children are entitled to the same annual personal tax allowance as adults. They can earn money working, and receive investment income free of tax, for example on a gift from Grandparents. However on a gift from parents if the income generated exceeds ?100 then the income is assessed upon the parent.
  10. It is almost never worth having 'fuel for private use' as a benefit. You have to do a huge private mileage for the extra tax to be less than even the cost of the fuel actually used for private motoring. It is very often better also for the individual to provide a car and be paid mileage for business use, and to be compensated with additional salary. The maximum mileage rates are 40p for the first 10,000 miles and 25p thereafter. If the actual reimbursement is below these rates, the difference can be claimed as an 'expense' on the tax return or a P87 form.

Compliance Code of India Legal And Tax Compliance


In many cases, especially with new companies setting up operations in India, significant codes need to be followed. The compliance teams in a law firm provide such legal services during the formation and setting up phase. The compliances code includes corporate, tax and regulatory compliances. Legal Compliance in India Legal compliance is the process or procedure to ensure that an organization follows relevant laws, regulations and business rules. The definition of legal issue, especially in the context of corporate legal departments, has recently been expanded to include understanding and adhering to ethical codes within entire professions, as well. There are two requirements for an enterprise to be compliant with the law, first its policies need to be consistent with the law. Second, its policies need to be complete with respect to the law. The role of legal compliance has also been expanded to include self-monitoring the non-governed behavior with industries and corporations that could lead to workplace indiscretions. It is also important to realize that within the legal framework, legal teams work closely with executive teams and other business departments to align their goals and ensure proper communication. Legal Compliance Manual Legal Compliance Manual put together by the Indian Institute of Corporate Affairs (IICA) contains a list of compliances required to be carried out on the part of businesses that arise under various central and state legislation. The Legal Compliance Manual is divided into various sub-categories to cover respective legal requirements, namely: It is indeed a useful tool for practitioners and businesses given the plethora of legal compliance required on their part while operating in India. Tax Compliance in India Tax compliance is a complex phenomenon that is governed by a variety of factors. Some of these factors are tax rates, complexity of laws, procedures, forms and returns, the efficiency of tax administration including tax audits, and the legal consequences of non-compliance. The reforms in indirect taxes in the last two decades may have reduced the cost of compliance. Herein, the compliance cost is taken as a percentage of the total cost of running the business. Tax Compliance Review Tax Compliance Review (TCR) is an audit of the compliance requirements of tax laws covering besides correct payment of taxes and duties, complete availing of concessions, benefits, subsidies, exemptions and credits. TCR is a mechanism to ensure correct payment of taxes and helps businesses devise sound strategies for smooth functioning within the framework of different laws. In most businesses, in-house expertise is not sufficient to achieve these objectives. Fortified by a strong background in tax laws and litigation, Lakshmikumaran&Sridharan undertakes high-quality TCR for clients. TCR enables clients to maximize benefits, identify opportunities and exposures for taking corrective action. It ensures correct payment of duties/taxes, assessment of the training requirements and changes required in the business processes. The TCR team works closely with clients to understand their particular needs and deliver specific solutions.

Cost Segregation – Tax Deductions

Cost Segregation - Tax Deductions - The Primary Goal of Cost Segregation
By understanding business tax deductions, business owners may enjoy personal benefits from business expenditures - a nice car to drive, a combination business trip/vacation, retirement savings plan - if they follow the myriad tax rules.The tax code allows deductions from gross income, which reduce income taxes. Increasing tax deductions reduces taxable income and income taxes. Therefore, knowing how to maximize your deductible business expenses enables you to lower taxes.According to the IRS, trade or business expenses must be ordinary and necessary to be considered a tax deduction. Although the tax code does not specifically define "ordinary" and "necessary" tax deductions, these types of expenses are specified in various IRS publications and regulations. Some of the tax deductions business owners can claim fall under categories such as charitable contributions/donation deductions, medical and dental deductions, moving expense deductions, deducting job costs, travel and entertainment expense deductions, casualty and theft losses, depreciation and involuntary conversion deductions.The wisdom of tax planning is to take advantage of all the benefits Uncle Sam has to offer.

An increasingly popular federal tax savings phenomenon is utilizing a cost segregation study (CSS). These studies offer business owners of improved commercial real estate the opportunity to defer taxes, reduce their overall current tax burden, and free up capital by improving cash flow. A CSS study will identify any item that can be depreciated over a shorter period of time. These studies can result in accelerated depreciation deductions for properties including new buildings being constructed, renovations of existing buildings, leasehold improvements, and the purchase of real estate.The primary goal of cost segregation is to identify building components that can be reclassified from real property to personal property. This results in a substantially shorter depreciable tax life and accelerated depreciation methods. Ordinarily, the cost of real, or section 1250, property is recovered over lengthy periods (27.5 and 39 years for residential and nonresidential property, respectively), using the straight-line method of depreciation.

Personal, or section 1245, property is recovered over considerably shorter periods (5, 7 or 15 years), and employs accelerated methods of depreciation, such as 200% or 150% declining balance.Tax reduction services include federal income taxes, state income taxes and property taxes. We do not prepare income tax returns. Instead, our advisors review your circumstances and suggest cost effective options to lawfully reduce your income tax liability.

Escape The Burden Of Taxes With Colorado Interest Mortgage Rate Refinance


Let?s face it. Even if they are for a good cause, taxes are a pain. It doesn?t help when you know it?s not being used the way it should be because of the shameless pilfering of corrupt politicians. Unfortunately, there are only two things certain in life and these are death and taxes, so there?s really no way to get away from them.

Less Is More

Instead of moving to the jungle where the Internal Revenue Service or IRS can?t find you and force you to pay taxes, why not think about relocating to a state where taxes are minimal and not so painful like Colorado? In Colorado, you don?t only get to breathe fresh mountain air all the time, which is already a perk in itself, but income tax is a flat 4.63% and is calculated based on taxable income, basically the income left over from federal exemptions and standard deductions. That is so much better than having your taxes computed from your gross income.

Yes, Colorado is indeed ideal. You get to pay less in taxes and save more of your hard earned money for yourself and your family. With a Colorado interest mortgage rate refinance, you?ll be well on your way to making bigger savings in the famous Centennial State.

Lower Is Definitely Higher

Of course, real estate and personal business properties are taxable in Colorado. But isn?t it taxable everywhere else? The important thing is the fact that the state of Colorado collects considerably less than a third of the nation?s 50 states. You can be sure that your Colorado interest mortgage rate refinance is reasonable and therefore, easy on the finances.

At this point, you?re probably a tad bit disappointed. After all, why can?t you just have your Colorado interest mortgage rate refinance as it is without the added burden of state taxes? Well, as inviting as it may be, you can?t fight the institution and you certainly can?t fight the government. There are simply some things that can?t be helped, one of them the taxes imposed on the property you are buying with a Colorado interest mortgage rate refinance. Look on the bright side. It won?t go away altogether, but it is a lower tax rate than anywhere else, giving you higher savings than when you purchase property in, say, Vermont.

The Price Of Living

Like any financially sound person, you are of course thinking about the cost of living. That is naturally dependent on your lifestyle. Retail sales tax in Colorado amount to only 2.9%. Add that to your daily expenses and to your Colorado interest mortgage rate refinance payments and you get the picture. The math is actually fairly straightforward. Also, if you lived in the state for a full year, you are eligible for sales tax refunds and individual state income tax returns. Employment is not a problem. Colorado plays host to thousands of industries and Denver, the state?s capital, is the home of Wall Street in the West.

Indeed, Colorado is not only economically and financially ideal; it also provides perfect living conditions. After all, who can put a price tag on beautiful mountains and fresh air? In Colorado, you get those, and more, for free.