What are offshore tax havens and can I legally use them to avoid paying taxes? More and more folks may be asking this question as April 15th draws closer. If the idea of avoiding taxes by stashing your cash in an offshore tax haven seems like something you should do, we recommend reading up a … Read more
Does hiding your income in offshore bank accounts sound like a great way to avoid paying taxes? If you said yes you may want to find out more before you try it yourself. One of the most popular methods for avoiding federal income taxes is to open an offshore bank account in “tax-haven” countries and … Read more
Can anyone incorporate as an individual in a nonprofit, religious entity and avoid paying taxes? Learn the facts before trying this well-known tax avoidance scheme! To be considered a religious, nonprofit entity, an organization must meet very specific IRS guidelines. There are a number of statues, under the heading Corporation Sole, that give church leaders … Read more
Lots of people run their own business from home, either as a main job or to supplement wage income. Such ventures also can provide several tax-saving deductions. Tax laws clearly state that a business must have a clear business purpose and profit motive before the operator can claim business expenses. But to meet IRS muster … Read more
Credit Counseling Schemes With the economy in the tank and more and more companies announcing layoffs, the time seems ripe for debt consolidation and credit counseling organizations. But beware, with negative economic times comes an increase in scams by those just itching to take advantage of desperate people. Over the past few years there’s been … Read more
These things may raise the red flags at the IRS that lead to an audit of your return While the IRS keeps its criteria for who gets audited and who doesn’t a closely guarded secret there are a few things you may want to think about before filing your tax return this year. First, the … Read more
Don’t listen to bad advice concerning your Roth IRA or you could wind up in a world of hurt There are some new items on this year’s IRS “Dirty Dozen” Tax Scams for 2007 and one of them concerns the popular Roth IRA. A “Roth” IRAs is an IRA that allows for tax-free withdrawals as … Read more