Tag: Maximise Your Tax Savings

My Tax Refund Was Stolen — What Now?

You have done your tax return and you found out that you are going to get some tax refund back. It is such a great feeling to know that you are going to get some tax refund back. But, what happens when you realize that your refund was stolen, before it reached you? What really can you do when you realize that you don’t have your refund anymore?

Report the fraud

The first thing that you should do is to report it to the police and to the IRS. If someone has stolen your tax refund money, it might mean that someone has stolen your identity. And, the results of someone stealing your identity can be really serious.

There are many different ways that someone can steal your identity, but the results are going to be the same. You are going to have trouble, no matter how you are looking at it. And, the best thing that you can do is to report it as soon as possible.get more information at http://www.wikihow.com/Check-the-Status-of-Your-Tax-Refund

Contact the IRS

Even if you have report the fact that someone has stolen your tax refund money, you need to go to the IRS and get the IRS Form 14039 Identity Theft Affidavit. You can also download and print the form directly from the IRS website.

After you have filled in the form, you need to email or fax it back to them as soon as possible. You will find the email address or fax number on their site. It is really important that you are doing this as soon as possible. This is the only way that you can ensure that you are going to get it resolved as soon as possible.

Paying your taxes

Most people think that if they are a victim of identity … Read the rest

6 Things You Can Claim To Maximise Your Tax Savings

Sans titre-9

Everybody wants to maximize his or her tax savings but the question is how do you maximize your tax savings? One of the best ways of creating wealth today is by investing in properties because most investments raise a lot of income and they keep on appreciating day in day out. Most investors are usually interested on the capital gain of their investments or businesses and not the losses that they incur. As an investor, the more the deductions that you claim on your property the more the tax benefits or tax returns. Some of the six smart ways you can claim to maximize your tax savings are:

Repairs and maintenance

Repairs and maintenance are very necessary especially on an investment. This is because it makes the investments to retain their original state and even have a longer economic life. Restoring an investment or property to its original position is tax deductible provided the damage you are repairing is not the initial one or is not that which existed when the property was bought. Such costs therefore lead to deduction of capital works or depreciation.

The costs of tenancy

Tenancy costs are also worthy considering when you want to maximize your tax savings.  Fees paid to managers of properties who procure your investments and the costs incurred when you are advertising for tenants are tax-deductible. The same tax also applies in case of any expenses associated with varying or the preparation of a lease with any or all your tenants. There are some costs that are not tax deductible such as those used in buying assets that have depreciated or those associated with structural improvements and this is because they are capital and therefore not subject to tax deduction. More explained here.

Interest

Interest attracts the largest deduction … Read the rest