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Investing In Tax Foreclosed Properties

Tax Properties Every property that is owned is assessed property taxes that must be paid every year. Property taxes are paid to local and state governments based on the appraisal value of the real estate. All states, the District of Columbia, Puerto Rico and the American Virgin Islands and Canada have property taxes. When a property owner doesn't pay their taxes, they are usually penalized and warned. If the owner still doesn't pay the taxes, the property is either seized, gets a lien placed against it, or both. After due process, the property is sold at a tax auction. Tax auctions provide one of the most extraordinary investment opportunities that exist to date. If properly educated, an investor can by real-estate for a small fraction of what it is worth. They can... read full article > >

Paying Workers – What Can You Write-Off?

As your business grows, you are going to need help. This help comes in the form of employees and independent contractors. What you can write-off is dependent upon how your helper is classified – as an employee or independent contractor.Independent ContractorWhenever possible, you want to use independent contractors to assist you. Payments to independent contractors are completely deductible. You simply claim the deduction on your return. If you pay them more than $600 during the tax year, you also must issue a 1099-MISC in January of the following year. Importantly, you do not have to pay employment taxes or make withholding on the compensation.Unfortunately, the IRS doesn’t allow you to randomly classify a worker as an independent contractor. The key... read full article > >

Six Urban Myths About Taxation

Six Urban Myths – Taxation“I am proud to be paying taxes… I could be just as proud for half the money.” – Arthur Godfrey Temporary Taxation in Canada In 1917, the Income War Tax Act (7-8 George V, Chap. 28) introduced Canadians to a ‘temporary’ tax on corporate and personal income.After 88 years it’s safe to say that the first myth of taxation is that Parliament considers taxation to be ‘temporary.’ Taxation Isn’t Constitutional You’ve heard that it is against Canada’s Constitution for the federal government to collect income taxes.The British Parliament in the British North America Act, 1867 §91(3) specifically empowered the federal government of Canada with the authority for "the raising of money by any mode or system... read full article > >

How to minimize your taxes on wealth

Taxes on wealth or simply wealth tax is the tax levied on the value of wealth owned by a person. As the term ‘wealth’ carries with it a broader meaning, generally capital transfer taxes (which include inheritance tax and gift tax), property tax, and capital gains taxes are some times invariably referred to as wealth taxes. Taxes on wealth were first introduced in Europe, aimed at reducing the growing wealth gap between the rich and the poor. It was meant to raise revenue for addressing pressing social requirements and also to discourage the attitude towards amassing wealth. Still, in countries across the world, majority of wealth is concentrated at the hands of fairly small number of people. Ideally taxes on... read full article > >