Why Living In Las Vegas is Great For Your Taxes

Posted by on Apr 21, 2017 in Advice From the Experts, Legal, Tax Litigation |

There are so many reasons to live in Las Vegas. Underneath its glorious entertainment façade, Las Vegas which is under the state of Nevada, also boasts itself for being one of the nine states that do not collect income tax from its residents. The other eight states include Alaska, Florida, South Dakota, Texas, Washington, Wyoming, and Tennessee. It doesn’t mean, however, that the residents of these states do not pay taxes altogether. The state needs funds to finance their social and economic programs but in these states, the taxes are being collected in other forms.

Being free from paying income taxes, Las Vegas is an ideal place to consider during retirement. It is also a better place to find a job since your take home pay will be bigger because it is not subjected to tax. And since Las Vegas is a wealthy city with all its entertainment establishments and business centers, there are more chances that you can find a job here that pays better than the rest of the states.

Many wealthy individuals also live in Las Vegas. Las Vegas has more to offer than the Las Vegas Strip. There are many beautiful neighborhoods and communities dotted with lavish homes. The golf courses surrounding these communities also makes it a great city for retirees to live in. The luxury homes in Las Vegas, Nevada are fairly priced, so you’ll feel like you’re getting your money’s worth.

Being the gambling and tourism capital of the world, Las Vegas has been attracting businessmen and tourists every year. In recent years, its revenue from non-gambling tourism like shows, nightclubs, retail and electronic dance music has increased. The reason for the influx of business and tourism in this area is contributed to its no income tax policy for businesses and resident. In lieu of income tax, businesses are only being subjected to a business tax of only 1.17% (2% for a financial institution) on their employees’ salary after deducting healthcare expenses.

Again, Nevada also needs funds to finance its programs and them way to do that is by putting tax through sales and services around 6.85%.  This is where 72% of Nevada’s revenue is coming from. Under the Tax Foundation’s 2011 report, the state ranks 15th lowest out of all 50 states when it comes to average per-capita and local tax payment.  This is good news for you since most of the taxes are coming from sales and services that most tourists would shoulder instead of you paying for income tax.

If there is a downside to living in a state with no income tax, it is the above-average sales tax that you also need to face every day. But this can easily be resolved by wise decision-making and creating a budget for only the important things that you will need. You can start making a “to-buy” list with the salary you receive free from hefty deduction of income tax. You will agree if I say that it is easier to make a budget from a bigger capital than a limited income.


Read More

Understanding How the IRS Handles Tax Fraud Cases

Posted by on Apr 5, 2017 in Advice From the Experts, Legal, Tax Litigation |

How the IRS Handles Tax Fraud Cases

The method put in place by the IRS to identify tax offenders is seamless starting from alerts using credit scores and social security numbers. Offenses when identified fall into two categories: negligence and fraudulence.

Defining Negligence

The act of negligence is defined in terms of a taxpayer making an error in the computation of tax which often involves wrong figures and mixed up calculations in tax returns. In this case, the IRS views this as not a willful attempt to avoid paying taxes and therefore files civil charges. Lawrence Bronw, a tax attorney in Dallas, often tells people that hiring a trustworthy accountant is imperative. If an accountant accidentally enters a wrong number or files your taxes incorrectly, you’ll end up with a big headache.

Defining Fraud

Fraud, on the other hand, is definitely a wilful attempt to cheat the system and avoid paying rightful taxes. Fraud covers having different accounting records, forging of relevant documents, and alteration of figures in tax records and avoidance of filing tax returns for no justifiable reason. When crimes such as the before mentioned are committed, the IRS pursues legal action in both civil and criminal areas.

Studies: 17% of Taxpayers Cheat

A recent study conducted by the IRS revealed that in the United States, 17% of taxpayers cheat when filing tax returns. The perpetrators are often engaged in occupations that are mainly cash heavy. They include the hospitality industry workers, construction crews, shop attendants, lawyers, wayside shops, and doctors. Even with the known statistic, the rate at which the IRS charges offenders is relatively low.

In the year 2016, the number of individuals and corporations charged with tax offenses in total accounted for less than 1%. The audit process for tracking down both classes of offending taxpayers is currently receiving an overhaul so as to fast track the process. Previous year figures show that audits for all taxpayers groups have been increasing.

The actual conduction of the criminal investigation is carried out by the IRS Investigations Department where specially trained agents are well versed with the methods and in the knowledge of how to identify potential tax cheats and prosecute the offenders with the evidence gotten from investigations.

Also, how to build a case is something they are well versed in so if the matter happens to be charged with a criminal offense, the process of evidence gathering would not be a problem. In the likelihood of being contacted by any IRS agent, then you should be aware that criminal charges are being investigated.

Before the IRS launches a full on investigation, the first step and also the most common is to launch an audit. This starts by sending a correspondence audit; a letter stating that the IRS is getting ready to charge your return and also more money. This is often caused due to discrepancies and differences between your documents and that of a third party.

To handle this, the best way would be to reach out to the IRS by asking where the problems are and correcting them before sending back. The other step involves an office audit where the IRS auditor engages you in a face to face conversation going over the details of your return. This step only comes about if you failed to cover the errors in the correspondence audit.


Read More

Understand Laws and Concepts

Posted by on Mar 30, 2017 in Advice From the Experts, Lawsuits, Legal |

If you have been wronged by someone, then you may be tempted to go the legal way and file lawsuit. Intermittently, the best answer for an issue is to just take a seat on the other side and discuss the issue to check whether a determination can be come to without coming about to court activity.

Furthermore, intercession administrations have turned out to be entirely mainstream and pervasive, and free and minimal effort intervention can regularly be found in real urban communities. Intercession is an extraordinary approach to have an unbiased, outsider sit in on a discussion and propose ways that an issue could be settled. Remember that you might be required to attempt intervention or assertion under the steady gaze of going to court.

Things to Consider Before Filing a Lawsuit

Case in point, numerous agreements routinely incorporate assertion provisos that require the gatherings to endeavor to intervene or referee a debate under the watchful eye of recording claims. So also, numerous courts support parties in a claim to intervene their disparities before setting a real trial date. The capacity to gather a fast judgment from the respondent can be a standout amongst essential inquiries for you to answer when you are considering filing a claim.

Remember that it will do you to no great to win a claim against somebody that has no conceivable method for paying a money related judgment to you if you win. Nice sentiments about winning and vindicating your position won’t pay your court charges. Courts just have the ability to let you know that you are legitimately qualified for a fiscal judgment. They can’t help you gather it. On the off chance that you are experiencing serious difficulties a judgment, you will probably need to go to the sheriff’s office and get assistance from the dominant presences in gathering a judgment.

Read More

Development Of International Law

Posted by on Mar 18, 2017 in Legal |

International legislation in a location that has actually been of wonderful relevance in recent times as it manages the relationships of States, IGO’s, NGO’s and also individual persons in their dealings with each other. International regulation as it is seen in modern-day times has actually experienced a number of developmental states to accomplish its existing status. There have been a number of adjustments in the extent and also topics of worldwide regulation as time goes by.This post splits the development as well as advancement of worldwide legislation into four primary phases.

The very first stage starts with the peace contracts that was made in Europe after the thirty years war, followed by the 2nd stage with starts after the first Word War then the third stage which starts after the Second World War and lastly the last phase which refers to the results of the Second World War till date. The tail end of the short article looks at the future of international regulation and also it does this by positioning the future of global law in the question regarding whether a global law is dying or not.The interaction amongst nations is managed by international laws and customs as well as it is because of this that global regulation offers a terrific purpose as far as the international communication amongst states is concerned.

No country can leave alone without depending on other nations for basic materials, nationwide resources, and also technical knowledge to name a few as well as hence there is the unpreventable requirement for countries to rely on one another for survival.

This communication and also to a huge level trade relations amongst member nations, consequently, has to be guided by some regulations which will help to make certain that such interactions get on a tranquil basis with without turmoil or possible violence in the international system and for this reason its essence in modern times.

Read More