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Tip of the Day Put At Least 20% Down On A Home

Put At Least 20% Down On A Home - Your home is most likely the biggest purchase you will make in your lifetime, so when planning for the big day,...

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Tax Law Frim

Taxes in and of themselves can be confusing, what with the constantly changing laws, new formatting for old forms plus all the documentation you need to gather before you can even think of filing, it's almost impossible to do it alone.

Since there are tax laws at the federal, state, county and city level, the thought of having to not only read but actually comprehend all the code sections, regulations, administrative codes, procedures and statements that have been issued by regulating authorities seems daunting at best. While almost all local laws are patterned after federal law, there are some exceptions so consulting with an experienced tax lawyer can be to your benefit when trying to apply the rules to your own personal circumstances.

When researching a law firm that specializes in tax law, you want to know if they have worked on payroll and excise taxes, multi-state income tax and sales and use taxes. Have they worked on partnership, corporate or trust taxes? Can they provide wealth maintenance solutions such as asset protection, estate planning and gifting taxes?

If you have business internationally you will also want to make sure that your firm has a long standing relationship in regards to international tax planning including alternative risk planning and administration. You might also want a firm that understands the Voluntary Disclosure Policy whereupon the IRS will usually decline to prosecute a case if a taxpayer voluntarily comes forward prior to the initiation of a criminal investigation and voluntarily discloses the error or deficiency. This plan is only to provide relief from fear of prosecution and in no way reduces or lessens the amount of taxes owed and is put in place for taxpayers who avoided paying taxes by using offshore accounts or overseas corporations.

Although everyone has to pay taxes, taxes aren't for everyone. Numerous individuals and groups continue to question the legitimacy of the United States federal income tax citing that the 16th Amendment to the Constitution was not approved by the required number of states so therefore, it should never have come into play. The "never ratified" argument has been rejected time and again by both the IRS and the courts, both whom deem it to be an inconsequential argument.

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Definition of the Day Law of One Price

Law of One Price - The law of one price relates to the theory that any commodity, asset or security will have the same price in more than one exchange. Should the price differ in anyway, then by what are called arbitrage opportunities an equality will be achieved. Essentially the...

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