The IRS collects taxes on behalf of the Government. Many times, citizens do not pay their taxes on time and end up ignoring the various notices issued by the IRS due to various reasons. This can prove to be a costly mistake, since the IRS has powers to seize your bank account.

In the new tax law, regarding the fair market value section, there are some exceptions, for example, you can base your deduction on the fair market value of the car or vehicle if the charity sells it to someone in need at a discounted price or if the charity uses the car as part of its charitable plan instead of selling it.

It is common practise for a UK employer to pay an employee expenses when that employee uses his own vehicle for business journeys. Often the amount paid is based upon a standard rate per mile which varies from employer to employer.

Believe it or not, there are ways to convert taxable income into non-taxable income, without any fear of an IRS audit. Here's one of my favorites. It's been part of our tax code for over 30 years, yet many still don't take advantage of it.

Money management is key when it comes to starting and running a home based business. Discover the hidden money secrets of the home business pros so you can not only make more money but also keep it too.

Today in the US it's possible to donate a vehicle (usually a car, but it can be a truck, boat or any other type of transportation) to certain charities, and in return be able to claim a tax deduction on your income tax return.

If you own a small business and are looking for deductions, don't miss out on these. The first two you've probably heard about but don't really understand (until now). The third one may seem far-fetched (pardon the pun) but is legitimate if the circumstances described below fit your situation.

Building a home – house, cottage or chalet? It’s not only the home with its fixtures that are major considerations in terms of Feng Shui but also your choice of lot or what might be considered plot or “the plot”.

HMRC published new self-employment tax returns in April 2008 to replace the previous self assessment tax returns for self employed business in the UK. The self-employment tax returns are applicable from the financial year ending 5 April 2007. Similar to the previous self assessment forms the new tax returns are in two versions, full and short returns, dependent upon the level of sales income.

For all you procrastinators out there, here's a nuts 'n bolts guide on how to legally postpone the filing of your 2008 income tax returns.