http://www.rmsaccounting.com.com/ Useful Information on Tax, Payroll and Accounting http://www.rmsaccounting.com/PDFs/Average-Itemized-Deductions.pdf Buying vs leasing is a very common question nowadays. In fact, leasing accounted for over 42% of all new cars last year, and the number is growing at an increasing rate. http://www.rmsaccounting.com/PDFs/Estate-Tax-Planning.pdf The purpose of the accompanying analysis is give you an idea of your potential federal estate tax liability based on your current "net worth." The effects of any state succession or inheritance taxes will not be taken into account. http://www.rmsaccounting.com/PDFs/Gifts-Tax-Consequences.pdf There is always a great deal of confusion about making gifts. Some people think it is a tax deduction for them on their individual tax return. Others think it will cost them oncome tax if they give money. http://www.rmsaccounting.com/PDFs/Tax-Domestic-Worker.pdf When hiring a household worker to provide daycare help, there are two related issues. The first is the actual cost in "after tax" dollars. The second involves the rules and paperwork required. http://www.rmsaccounting.com/PDFs/Life-time-learning-credit-hope-scholarship-credit.pdf With an expected budget of $31 billion, a new provision in the tax laws took hold in 1998, to help foster higher education. This part of the Taxpayer Relief Act involves two related tax credits: The HOPE scholarship credit, and the Lifetime Learning credit. http://www.rmsaccounting.com/PDFs/savings-and-investing.pdf If you look at the people who are successful savers and investors, you will find they share a number of common denominators in their planning, timing, and implementation. The thought here is to share these "secrets to savings success" with you. http://www.rmsaccounting.com/PDFs/Lump-Sum-Distribution.pdf Regarding the issue of lump sum distributions, there are several points that you should be aware of when considering withdrawal of retirement funds. I have listed below some of the pitfalls and some tax-saving strategies that can be explored to maximize your after tax net from the withdrawal, using today's 2000 federal tax codes. http://www.rmsaccounting.com/PDFs/types-of-mortgage-loans.pdf In today's times, whether you are buying a house, or considering refinancing an existing mortgage, deciding which type of a mortgage is best for you can be confusing. That's because it involves more than just numbers crunching. http://www.rmsaccounting.com/PDFs/Non-Cash-Donations.pdf Enclosed please find a guidesheet (based on "Goodwill/ Salvation Army-type estimates") as to the approximate fair market value of various items you may have donated to charities. It lists a relatively conservative high and low dollar amount you may wish to use as a 2000 guide for taking an itemized deduction under the charitable donations section. http://www.rmsaccounting.com/PDFs/Qualifying-for-a-Mortgage.pdf Owning a home, and incurring a mortgage is usually one of the most important financial aspects of a person's life. It has significant impact on one's tax picture since mortgage interest and property taxes may be deductible; http://www.rmsaccounting.com/PDFs/Sale-of-Personal-Residence.pdf What we are trying to do here is to give you an outline of the tax effects of selling a residence. The main issue is: the potential capital gains you will realize, and how much tax you may owe. http://www.rmsaccounting.com/PDFs/How-to-leave-job.pdf There are often many financial choices to make when leaving a company, especially if you are contemplating a retirement or "early retirement" situation. Frequently there are trade-offs that must be made, and you are only given a short time, a "window of opportunity" to make choices before they are made for you. http://www.rmsaccounting.com/PDFs/Grief-Process.pdf The experience of facing the loss of someone close is always sad, somewhat frightening, and quite confusing. For the person who must also deal with the financial and legal implications, it carries some heavy responsibilities as well. http://www.rmsaccounting.com/PDFs/Social-Security-Overview.pdf This is to provide an overview of the Social Security system: How you qualify; what benefits are available; taxability; and a look at medicare, disability, and SSI. http://www.rmsaccounting.com/PDFs/Taxand.pdf "What is my tax, is a very important and commonly asked question. First, it lets you know how much tax you must pay the government, and second, it affects how much after-tax savings certain deductions can generate http://www.rmsaccounting.com/PDFs/steps-to-get-divorce.pdf Undergoing the throes of divorce can be pretty traumatic. There are many issues that must be handled. When it comes to tax and financial matters, there are numerous important areas that, if handled properly, can lead to a successful and less financially damaging conclusion. http://www.rmsaccounting.com/PDFs/tax-benefits-of-marriage.pdf Being married can be such a complicated situation! There are so many varied issues to consider and to adjust. In the case of tax and financial matters, there are four major areas to review to make sure they coordinate with your marital status. http://www.rmsaccounting.com/PDFs/UGMA-Custodial-Account.pdf This is one of the most frequently asked, and one of the most frequently misunderstood questions in all of taxes. That's because it involves three separate decision-making areas: income tax decisions, estate tax decisions, and financial control choices. http://www.rmsaccounting.com/PDFs/audit-defense-tcmp-dif-scores.pdf Few things are more unnerving than having your tax return selected for an IRS audit. The IRS uses that "audit anxiety" to help keep taxpayers honest. Audit anxiety is an important part of our voluntary compliance system. http://www.rmsaccounting.com/PDFs/audit-defense-tcmp-dif-scores.pdf Few things are more unnerving than having your tax return selected for an IRS audit. The IRS uses that "audit anxiety" to help keep taxpayers honest. Audit anxiety is an important part of our voluntary compliance system. http://www.rmsaccounting.com/PDFs/businesses-audit.pdf For most businesses, the chance of an audit is fairly low. On average, less than 1% of all business returns filed in a given year are audited. http://www.rmsaccounting.com/PDFs/car-vehicle-tax-write-off.pdf This is perhaps one of the most prevalent write-off issues a business owner faces. Nearly every business uses a vehicle at one time or another for a business purpose. http://www.rmsaccounting.com/PDFs/Bookkeeping-Accounting-Issues.pdf A business that is either just starting out or undergoing a significant growth stage must deal with four main issues in regard to recordkeeping: the use of the most appropriate "tax year;" http://www.rmsaccounting.com/PDFs/Report-Business-Income.pdf There are some sensitive areas where care must be taken in reporting your business income and expenses. The following list will give an overview of entries which have the potential of being mishandled and which could create problems, especially in review or audit-type situations. http://www.rmsaccounting.com/PDFs/types-of-business-entities.pdf In order to carry on a trade or business, a type of business entity must be chosen. For all practical purposes, the four major business entities for the current 2000 year are: sole proprietorship, partnership, corporation, and limited liability company. http://www.rmsaccounting.com/PDFs/how-to-get-a-business-loan.pdf With few exceptions, most businesses require an influx of cash now and then. Sometimes it is for maintaining growth; sometimes it is for maintaining the status quo. http://www.rmsaccounting.com/PDFs/tax-filing-dates.pdf In order to carry on a trade or business, a type of business entity must be chosen. For all practical purposes, the four major business entities for the current 2000 year are: sole proprietorship, partnership, corporation, and limited liability company. http://www.rmsaccounting.com/PDFs/Depreciation-Methods.pdf With few exceptions, most businesses have to deal with the issue of depreciation at one time or another. Whether it be in connection with office furniture and equipment, vehicles, computers, buildings, or livestock, to name a few, this type of tax write-off comes into play. http://www.rmsaccounting.com/PDFs/Hiring-Family-Members.pdf Putting family members on your business payroll can create some significant tax savings. Naturally, the IRS expects these family members to perform services for the business to justify the tax deductions. But the various IRS and state laws governing employees and tax obligations are much more liberal when you employ family members as opposed to outsiders, especially for certain forms of business organizations. http://www.rmsaccounting.com/PDFs/Fringe-Benefits-Tax.pdf From a tax savings perspective, fringe benefit planning can achieve considerable results. The business would be able to deduct the cost of these qualified benefits to save on taxes; yet the recipient would not have to pay current taxes on the value of the benefits received. http://www.rmsaccounting.com/PDFs/Hobby-Business-Tax.pdf It happens on more than one occasion that a person turns a hobby into a business and makes money. After all, if it is something you like doing, you tend to do it better, and spend time learning, improving, and mastering the activity. These are all some of the basics tenets of success in business. http://www.rmsaccounting.com/PDFs/Business-Incorporation.pdf Once the decision to incorporate has been made, there are a number of important issues that require consideration. Like most things in life, incorporating involves making choices on options. http://www.rmsaccounting.com/PDFs/Business-Insurance-Types.pdf Statistics show that many business owners tend to be remiss when it comes to various insurance coverages. Sometimes it is because of a lack of funds to adequately pay for the recommended coverages. http://www.rmsaccounting.com/PDFs/Business-Insurance-Types.pdf Statistics show that many business owners tend to be remiss when it comes to various insurance coverages. Sometimes it is because of a lack of funds to adequately pay for the recommended coverages. http://www.rmsaccounting.com/PDFs/Business-Tax-Records.pdf The period of time a business must keep records and the types of records required varies according to the statutory requirements of the particular government or agency involved. http://www.rmsaccounting.com/PDFs/Business-Tax-Records.pdf The period of time a business must keep records and the types of records required varies according to the statutory requirements of the particular government or agency involved. http://www.rmsaccounting.com/PDFs/Home-Office-Deduction.pdf Having your own business and working out of your residence affords you the possibility of taking an office in home deduction against qualified business net income. http://www.rmsaccounting.com/PDFs/Labor-Law-Guidelines.pdf It's important to have a basic understanding of your tax obligations as an employer since Federal and State laws have numerous requirements that must be met from both a legal and a tax standpoint. http://www.rmsaccounting.com/PDFs/Qualified-Retirement-Plans.pdf For business owners, the funding of a qualified retirement plan is possibly the best deduction that exists. You get immediate tax savings benefits since the dollar amount funded can be written off against your other income. http://www.rmsaccounting.com/PDFs/StartupIssues.pdf Checklist of actions that should be considered for the 2000 organization and operations of your sole proprietorship. http://www.rmsaccounting.com/PDFs/Employee-Vs-Independent-Contractor.pdf For the current year, 2000, one of the hottest issues in the eyes of the IRS revolves around determining a true independent contractor from a "disguised employee." http://www.rmsaccounting.com/PDFs/Taking-Money-out-of-Corporation.pdf With few exceptions, the overall plan is to have a successful corporation in which you can eventually enjoy the fruits of labor.