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The IRS included in it’s e-News for Tax Professionals, detail information on Contractors, subcontractors and individual workers, not reporting or under-reporting business income from construction activities.

The IRS says businesses and individuals need to be aware of everything that counts as income and proper accounting methods in order to pay their fair share of taxes.

The report went on to say that businesses and individuals also need to be aware of all deductible expenses so that they don’t overpay their taxes.

The tax gap is the difference between the amount of taxes that should be paid in a given year and the amount actually paid voluntarily and in a timely way.

Once only available to those who could afford to fund it, can appoint an expensive trustee, the ability to run a trust fund and the tax advantages that it brings are available to all. Known as living trusts, they present an opportunity for all to manage their estate while they are still alive and provide for their loved ones after they have passed on.

By preparing a living trust, the party or parties involved are able to avoid their estates being put through a probate process after their passing. This is a costly and time consuming process, where only the legal system gains and the parties’ heirs are denied access to the funds or assets that are legally theirs.

As we all know by watching the news, the real estate market is pulling back hard from the days of glory earlier this decade. In fact, many people are losing their homes to foreclosure. Few realize the tax consequences of losing one’s home.

The Internal Revenue Service looks at things in a strange manner. What you may see as a loss, it sees as a gain. How could this possibly be? Well, the agency takes the view that any loss that relieves you of a financial obligation is actually a monetary gain. Let’s look at an example.

Profit Lance has become increasingly popular over the last few months, and seemingly has taken the Internet Gurus by surprise (and by storm). After trying the product for more than 30 days, I can see why it’s such a big deal. Not only is it great for very green (newbie) beginners, but its updated often, and if you have any questions what-so-ever, you can contact the author directly - receiving a prompt answer.

If the number one fear people have around money is the fear of running out in retirement, according to a study published recently in the New York Times, that brings up some interesting questions: the first being why?

It’s also interesting that another recent study by the Bank of Montreal found that people would rather work longer than downsize their lifestyle.

In 2001, Stats Canada presented some figures that form the basis of this new view. And, since the concept is the same regardless of numbers, I am purposely using approximations to make the point that we need to consider which bottom line to look at when we make financial decisions.