It’s that time again folks. Tax season is loved by some, and dreaded by many. This purpose of this article is to share with you a strategy that I have successfully used to significantly bring the amount I would normally owe to the IRS to zero.

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Tax planning has changed radically over a period of time. Since its time for filling income tax returns for 2007-2008 as the end date (31st March ‘08) is approaching. As a tax payer you need to understand the best way through which you can make use of the exemptions provided by the government.

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If you haven’t filed your tax returns the IRS will do it for you. This is called a Substitute Filing Return, and it can result in an unmanageable debt.

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As a self-employed sole proprietor there are some tax strategies that you cannot overlook. Plan ahead; use the sales and expense records to properly manage your business. Maintaining good records will also reduce you tax liability and make your tax return audit proof. Find out more.

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Why is it so important to take care of your debt right away? The IRS is the most powerful and aggressive collection agency in the Country.

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A lot of Inheritance Tax planning has taken place utilising the one nil rate band. As a result there has been some concern as to whether wills will need to be rewritten. In anticipation of this, the Chancellor specifically confirmed that rather than re-adjusting wills now, a will may be rearranged within two years of the first death to get back to ’square one’, so long as all the parties agree to the change.

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Shareholders of C-Corps often experience significant anxiety when it is time to exit their business. If they are fortunate, they will exit by way of a stock sale. In these cases, their Corporate Tax is $0 and then when the proceeds are distributed to the shareholders, the capital gains taxes will be approximately 20%.

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Purchasing property can be time consuming and expensive. With the 1031 Exchange, the time is limited, but so are the expenses.

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Previously I talked about what the IRS can do to the Greatest Generation, and their children, the Baby Boomers, who are reaching retirement age. Now I want to give you some solutions.

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The IRS is constantly adding on interest and penalties to your debt. Your debt is accruing about 2% per month in combined interest and penalties for a total of 24-25% added on to your debt each year.

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