Tax Relief

Charitable Tax Deductions That May Surprise You

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There are many people who make charitable donations every year and document them so that they can be claimed as tax deductions. However, many of us fail to take all of our charitable donations into consideration when going through our tax deductions, with some failing to even realize that some of the donations they have made are tax deductible.

There are in fact many charitable tax deductions that may apply to you without you even realizing it, and some people are very surprised to learn about the various donations that are actually tax deductible. Some of these donations are ones … Read more at 2009 Tax.

An End To Charity Tax Breaks?

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For a long time those who have contributed to charity have been able to see a benefit in terms of a lower tax bill. For British taxpayers this era may be coming to an end with Chancellor George Osborne seeking to close what he sees as a loophole.

With the current government having come to power partially on a platform of “the big society”,  a move to curb philanthropic donations seems slightly surprising. The idea of the “the big society”, as far as anyone was able to divine, was to replace aspects of the public sector with work by the … Read more at 2009 Tax.

Early Bird Gets the Worm: Planning for Retirement in Your Twenties

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Thinking about the time when you give up work can never start too early. When you’ve just hit twenty and you’ve been given your first job, thinking about the end of your career is the furthest thing from your mind. Contemplating the end, however, will allow you to take a proactive role in planning for retirement. And maybe allow you to be a grooving granny with cash to burn.

How to go about planning for your retirement

There are certain points that you will need to consider when implementing a plan to cover yourself later in life.

Firstly, before you … Read more at 2009 Tax.

Discharging Tax Debt Through Bankruptcy

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Filing for bankruptcy can be an effective way to get out of debt and get started rebuilding your financial life. While bankruptcy can provide quicker relief than other options such as debt settlement or credit counseling, some debts are ineligible for discharge. When dealing with tax debt, it can be difficult to get a discharge for it through bankruptcy. While it is possible, you’ll have to make sure that you meet certain standards. Otherwise, your tax debts may remain even after you file for bankruptcy.

Tax debts are subject to specific rules that must be met before they can be … Read more at 2009 Tax.

Tips For Small Business Owners

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For many sole traders or small businesses it can be difficult to find the time to maintain all paperwork on a regular basis, meaning a large amount of admin is left until it is absolutely necessary to sort out.

If this sounds like you, then you will need to make some changes to the way you work because the Inland Revenue  is set to investigate two million small businesses – slapping many with big fines if records have not been kept in order. Here are 5 tips to help your business in 2012…

1) Get organised, get in a routine … Read more at 2009 Tax.