group transportation logistics management Big Rock ... Chicago Drug testing

Fiscal Deity: Tax Consultant

Strategic planning throughout the year results in a minimal tax balance. The objective of planning your tax payables is not to prevent paying taxes, it is to pay no more than your fair share of taxes, and keep your money where it earns you the most.

If you aren't aware of it yet, Uncle Sam pays no interest. If he deducts your tax payment monthly or quarterly, and takes more than his fair share, he doesn't give you anything back for the privilege of using your hard earned money. By the same token, if you don't pay in enough, he charges you a penalty and interest.

As a W-2 wage earner, if you are over paying your tax debt, you may be considering it a 'forced savings plan', but you gain nothing, using that particular plan. By putting the same amount in savings every year, earning interest on the balance, and continuing to regularly invest in your savings fund, you may be able to utilize the retirement savings plan reducing your tax debt significantly. With the advice of a competent tax consultant, your savings can become an investment with a tax reduction at the end of the year.

As a business owner paying tax quarterly, over paying your taxes can cost you considerably more. Your tax debt may actually be borrowed money, on a line of credit from the bank where you pay interest for the use of the money. If tax planning were part of your business expenses, you get to deduct the amount paid to the tax consultant from your business, you don't have to pay interest on more than you need to pay in (if using a line of credit to pay taxes), and any saved money can be placed in a retirement fund or savings plan to draw interest for you. Once again, a tax consultant can save you money.

These are just a couple of ways you can save money by hiring a tax consultant. So, who is your Tax Deity? Your tax consultant or Uncle Sam?

Copyright ? 2005 ? Jan Verhoeff

Tax planning is an important part of setting up your business, working your job, or living in a world where taxes are a fact of life. Consider saving money on your taxes this year, by planning well, and paying yourself first. Visit eBiz Brand Performance for more information.

In The News:

Washington state bug hunters have located the first-ever Asian giant hornet nest in the U.S., it was reported Friday.
Ahead of NASA's return to the moon in 2024, the space agency is teasing an "exciting new discovery" about the celestial satellite.
A tectonic plate "lost" for 60 million years hiding under the Pacific Ocean has been reconstructed by scientists.
A trio of space travelers safely returned to Earth on Thursday after a six-month mission on the International Space Station.
Following Tuesday's historic touchdown on the asteroid Bennu, NASA has released never-before-seen images of the OSIRIS-REx spacecraft kicking up rocks and debris on the space rock's surface.
A U.S. Navy sailor killed in the attack on Pearl Harbor has been identified and is set to be buried in Kentucky.
Talk about “masked bandits.”
2020 has been a turbulent year, to say the least, but an endangered white rhino is giving hope to visitors at the Colchester Zoo 
Marine researchers say there are more sharks in the ocean off Southern California now than ever before, according to reports.

How to Maximize Your Home Business Tax Deductions for 2005

Someone once said, 'the best way to calculate your taxes... Read More

Tax Trap #3 -- IRS Penalties, Interest and Love Letters

As a small business owner or self-employed person, one of... Read More

IRS Lock-In Letters ? What?s An Employer To Do?

Employers often ask employees to designate the amount of tax... Read More

Euro Tax Haven Threat

Media reporting of a new EU savings tax directive has... Read More

How to Reduce the Estate Tax Using the A-B Revocable Living Trust

In a past article I relayed the plight of the... Read More

Uncle Sam is Ready...Are You? Organizing Tips for Tax Time

Anyone who is closely related to an accountant knows that... Read More

Tax Tips for Home-Based Business Owners

As tax time approaches, many home-based business owners begin completing... Read More

Tips and Simple Guidelines on How to Calculate Payroll Taxes

Managing a business small, medium or big requires you to... Read More

Another Tax Loophole

Just image, you are a small manufacturing company, business has... Read More

Getting A Second Extension to File 2004 Taxes

Millions of people file tax return extensions every year. The... Read More

Where to Find Tax Breaks for Your Home Based Business

April 15th looms in front of most people every year... Read More

History Of The Federal Income Tax

The powers of Congress, and the limitations set upon those... Read More

What the Tax Software Companies Dont Want You to Know

Haven't done your taxes yet? No problem. Now there is... Read More

Home Based Business Tax Deductions

Running a home based business reaps many wonderful tax deductions... Read More

Fiscal Deity: Tax Consultant

Strategic planning throughout the year results in a minimal tax... Read More

Are You Overpaying Taxes If You Use Tax Preparation Software?

For many business owners the answer to this quandary is... Read More

Tax Investigation - What You Need To Do

The knock on the door from a Tax Inspector is... Read More

Tax Deductions - Mr. C.P.A. Can I Deduct a Pizza? You Too Can Deduct Your Fun By Using Tax Tips

Recently, I stumbled across a concept that could change your... Read More

How To Claim CHILD TAX CREDIT The Right Way And Add An Extra $2,000 To Your Refund

The U.S. Department of Agriculture estimates that it costs nearly... Read More

How to Cut Duty Cost and Increase Profit as an Importer

Import duties continue to be significant elements in the cost... Read More

IRS Certifies 2006 Toyota Hybrid for Clean Fuel Deduction

The Internal Revenue Service has certified the 2006 Toyota Highlander... Read More

Rearrange Your Affairs For Maximum Tax Savings

One way to maximize your business profits is by reducing... Read More

I Havent Filed a Tax Return with IRS in Years, What Do I Do?

In elementary school, kids come up with creative excuses why... Read More

Highlights of IRS List of 2005 Tax Scams

Each year, the IRS lists various scams taxpayers get caught... Read More

Tax Reform, My Way

We need real tax reform and we need it now.... Read More

foyer addition sns remodeling cook county ..