Tax Relief Benefits- Guidelines For Savings On Taxes

by deepak kulkarni

am sure your quest for tax relief benefits has come to an end as you read this article. Yes, gone are those days when we have to search endlessly for tax relief benefits information or other such information like civil rights tax relief act, sales tax return, rental rates or even tax relief reconciliation act of 2008. Even without articles such as this, with the Internet all you have to do is log on and use any of the search engines to find the tax relief benefits information you need.

A tax attorney will be able to aid any taxpayer with all their tax concerns, and are particularly helpful in recovering all, or much, of the tax relief you may be eligible for. Tax relief consists of deductions in the taxes collected by the federal or state government under specific conditions and circumstances. There are several programs tax relief falls under, and it is most popularly applicable to the income tax, property tax, and taxes on small businesses.

The Economic Growth and Tax Relief Reconciliation Act of 2001 provided tax relief to almost four million citizens and families when it was carried out, with many being able to remove their tax liabilities altogether. Senior citizens, married couples and families benefited most from the Act.

The tax-relief legislation also has provisioned to lighten the tax burden by allowing deductions for college tuition, student loan interest deductions, and tax benefits from government bonds that are issued specifically for building public school buildings. The fact that the relief checks are being sent as a refund to the taxpayers has drawn criticism from various sections of the population who believe that the money should have been directly used for education. Also, an important aspect of the tax-relief checks that has been brought to light is that these relief checks are not rebates or refunds from past overpaid taxes, but an advance on the refund for the future taxes to be filed.

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Pensions have evolved and been made extremely tax-efficient. However, remember, there is a cap on the amount of tax relief you can claim. This may not be very relevant for many people as it is very high.

You may find that you can seek some help through special agencies that deal specifically with your tax debt problems. Tax debt relief is different from most regular debt relief problems. Tax debt is one of those debts that are usually not excused in a bankruptcy proceeding so you must seek help to resolve your tax debt.

As if paying taxes was not hard enough, finding tax relief to assist you manage your taxes is harder still. Tax relief was popularized as early as 1991 and 1992 as a solution offered up by the government for taxpayers with outstanding liabilities. It was introduced to settle accounts and return their tax returns to normal, avoiding messy liens, foreclosures, repossessions, and other financial nightmares.

It was intriguing to find that many people, oblivious of their background, found this article related to tax relief benefits and other help debt relief, sales tax return, and even help with tax debt helpful and information rich.



About the Author
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U.S. International Tax Reporting Forms

by Kreig Mitchell, Tax Attorney

U.S. persons are usually required to report to the IRS payments made to foreign persons. There are a number of IRS tax Forms that are used for this purpose. Some of these Forms include the following:

1. Forms 1042, 1042-S, and 1042-T. Form 1042 is used to report yearly cumulative amounts of tax withheld from income paid to foreign persons. The instructions for Form 1042-S specify that “amounts paid to foreign persons that are ‘subject to withholding,’ even if no amount is deducted and withheld from the payment because of a treaty or Code exception to taxation.”

Form 1042-S is used to report certain U.S.-source payments made to foreign persons that are subject to withholding. Form 1042-S is equivalent to the IRS Form 1099 or W-

2. Form 1042-T is used by payors to transmit paper Forms 1042-S to the IRS. The payor is to attach Forms 1042-S to one Form 1042-T and remit them to the IRS each year. Taxpayers may now be required to submit Forms 1042-S to the IRS electronically, rather than submitting paper tax returns to the IRS.

2. Form W-8BEN. Form W-8BEN is used by nonresident alien individuals and foreign corporations to claim an exemption from withholding for U.S.-source income that is not connected with a U.S. trade or business. This Form is used to claim an exemption from withholding pursuant to a tax treaty.

3. Form W-8ECI. Form W-8ECI is used by nonresident alien individuals and foreign corporations to claim an exemption from withholding for U.S.-source income that is connected with a U.S. trade or business. Form W-8ECI is used to claim an exemption from withholding pursuant to a tax treaty.

4. Form 8233. Form 8233 is used by nonresident alien individuals to claim an exemption from withholding for independent and dependent personal services performed in the U.S. Form 8233 is used to claim an exemption from withholding pursuant to a tax treaty.

5. Form W-9. Form W-9 is used to report that a U.S. person is not subject to backup withholding. Form W-9 can be used by a U.S. citizen who resides in a foreign country to claim an exemption from withholding pursuant to a tax treaty.

6. Form 8833. Form 8833 is used by a taxpayer to report a treaty based tax return position. A treaty based return position is a position that a treaty of the United States overrules or modifies a provision of the Tax Code and thereby causes (or potentially causes) a reduction of tax on the taxpayer’s tax return. The Regulations now waive this reporting requirement in many cases.

Failure to use the proper form can draw IRS scrutiny, trigger tax audits, and even result in significant IRS penalties. Taxpayers who make payments to foreign persons should consult with an experienced international tax attorney to assess their U.S. tax reporting obligations.

About the Author
Tax Attorney Kreig Mitchell helps taxpayers report and structure taxable international transactions. You can learn more about Mr. Mitchell at http://www.irstaxtrouble.com.

Benefits of Panama Anonymous Corporations

by Laurie Cooper

One of the advantages of investing in Panama is the government's provision on law for assets protection this entity has been created by the law 32 of 1927. Aside from the assets under the private interest foundation which allows the natural owner to control his assets under the name of the foundation, Panama also provides law on Panama Anonymous Corporation. In fact, Panama is the only country in the world who allows such anonymous existence of corporation for the singular purpose of operating through the use of actual shares of stocks instead of actual name of the natural owner. With the Panama Anonymous Corporation, the state does not generally know the owner behind the corporation aside from the fact the persons involved in the corporation have the shares.

There are various advantages for establishing Panama Anonymous Corporations. One is that the natural owner will have full control of the assets of the corporations that the state or the other persons involved may not know of. The attorneys may know who the owners of the corporation are but they would not know to whom did the owner transfers the shares to. The certificate of stocks of the corporation needs not to have names of the owners or the bearer. What is carries is the number of the certificate. Second advantage is that the corporation is not subject to taxes and does not necessarily have tax returns files in Panama. The certificate of stocks are not also limited to be in Panama but can also be carried abroad.

The Panama Anonymous Corporations can still function as a legal entity in Panama. However, it does not require registry in the Public Office in Panama because the owners and the members of the corporation are not necessarily recorded and can even be transferred easily. What the corporation needs to do is to contact an attorney that will legalize the operation by identifying the members and the directors. However, among the names and directors, the attorney cannot identify who is the real owner of the Panama anonymous corporation.

As a legal entity, the Panama anonymous corporation can own a property from locations that it chose worldwide. If the corporation wishes to sell, it just has to transfer the corporation's share together with bills signed by the directors of the corporation stating the sale made. Aside from properties, the Panama anonymous corporation can also acquire other assets like cars, equipments, jewelry, and can even own bank account, all without revealing the real names of the natural owners. This way, there is high protection of assets under the anonymous name. But the transactions can be monitored by the attorneys. The required signatories should bear a name which the attorneys will know but will not be revealed if it the natural owner of the corporation. In essence, the Panama anonymous corporation is controlled by the anonymous owner. But the transactions and operations can be assisted by attorneys who ensure that the transactions are legal and valid. A strong communication of the nominated person of the corporation and the attorney is required to make the operation of the corporation possible.

About the Author
About the Author: Laurie Cooper, of Cpanama Real Estate Corp., is an expert on Panama real estate. For more information, please visit http://www.cpanama.com.