Insight: Rome will burn, regardless of Italian election result |
- Insight: Rome will burn, regardless of Italian election result
- Insight: Battle for Damascus: frozen but bloody
- Greece braces for fresh anti-austerity strike
- Developer Site Used To Hack Facebook And Apple Issues Mea Culpa
- VIDEO: Greece faces fresh strike chaos
- VIDEO: Pistorius bail battle to intensify
- Peru's dynamic first lady has presidential aura
- Pistorius arrives in court for bail hearing
- Russia looks into adopted boy's death in US
- Strike by Indian unions over prices hits transport, banking
- Tax Increases? Why Facebook's Billion Dollar Income isn't Taxed (at all) by IRS
- Pakistan's Hazara Shias refuse to end protest
- Syria "Scud-type" missile said to kill 20 in Aleppo
- Pistorius arrives for 2nd day of bail hearing
- Peru's dynamic first lady has presidential aura
- VIDEO: Kansas City burns victims treated
- Syria "Scud-type" missile said to kill 20 in Aleppo
- Tunisian PM quits after failing to form new government
- Cuba's Raul Castro meets with U.S. congressional delegation
- Seven Ways Not To Pay Down Your Tax Debt
| Insight: Rome will burn, regardless of Italian election result Posted: 19 Feb 2013 11:09 PM PST ROME (Reuters) - Regardless of who wins next weekend's parliamentary election, Italy's long economic decline is likely to continue because the next government won't be strong enough to pursue the tough reforms needed to make its economy competitive again.     |
| Insight: Battle for Damascus: frozen but bloody Posted: 19 Feb 2013 11:03 PM PST DAMASCUS (Reuters) - Rebel fighters in Damascus are disciplined, skilled and brave.    |
| Greece braces for fresh anti-austerity strike Posted: 19 Feb 2013 11:09 PM PST Protest by workers unions is expected to disrupt flights, halt ferries, and cripple public services. |
| Developer Site Used To Hack Facebook And Apple Issues Mea Culpa Posted: 19 Feb 2013 11:00 PM PST The recent hacker breaches of high-profile tech firms including Facebook and Apple began with the compromise of another site you've likely never heard of: iPhoneDevSDK.com. And now that initial victim in the hacking spree is coming clean. |
| VIDEO: Greece faces fresh strike chaos Posted: 19 Feb 2013 10:52 PM PST Greece's two biggest labour unions will bring much of the country to a standstill on Wednesday during a 24-hour strike over austerity measures. |
| VIDEO: Pistorius bail battle to intensify Posted: 19 Feb 2013 10:50 PM PST South African prosecutors are set to detail their murder case against athlete Oscar Pistorius, on the second day of his bail hearing in Pretoria. |
| Peru's dynamic first lady has presidential aura Posted: 19 Feb 2013 10:05 PM PST
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| Pistorius arrives in court for bail hearing Posted: 19 Feb 2013 11:14 PM PST South African sprinter arrives for second day of hearings on charges of murdering his girlfriend, Reeva Steenkamp. |
| Russia looks into adopted boy's death in US Posted: 19 Feb 2013 10:58 PM PST Russian authorities have said the death of a three-year-old adoptee in Texas is due to 'inhuman treatment'. |
| Strike by Indian unions over prices hits transport, banking Posted: 19 Feb 2013 11:11 PM PST NEW DELHI (Reuters) - Many Indian banks were closed and public transport disrupted on Wednesday because of a strike by trade unions protesting against high prices but the capital, New Delhi, and business centre, Mumbai, were mostly unaffected and financial markets were open.    |
| Tax Increases? Why Facebook's Billion Dollar Income isn't Taxed (at all) by IRS Posted: 19 Feb 2013 07:17 PM PST |
| Pakistan's Hazara Shias refuse to end protest Posted: 19 Feb 2013 10:11 PM PST Relatives of those killed refuse to bury dead, despite community leaders calling off protest after government action. |
| Syria "Scud-type" missile said to kill 20 in Aleppo Posted: 19 Feb 2013 08:55 PM PST
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| Pistorius arrives for 2nd day of bail hearing Posted: 19 Feb 2013 10:56 PM PST
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| Peru's dynamic first lady has presidential aura Posted: 19 Feb 2013 10:05 PM PST LIMA (Reuters) - Humble crowds adore her populist gestures. Fans and critics alike call her the co-president. Her husband, a rebellious army officer turned moderate leader, says people who think his wife is too influential are sexist.    |
| VIDEO: Kansas City burns victims treated Posted: 19 Feb 2013 09:00 PM PST Jill Chadwick, spokeswoman for the University of Kansas Hospital, describes the extent of people's injuries after a suspected gas explosion triggers a huge blaze in a shopping district in Kansas City, Missouri. |
| Syria "Scud-type" missile said to kill 20 in Aleppo Posted: 19 Feb 2013 08:55 PM PST AMMAN (Reuters) - A Syrian missile killed at least 20 people in a rebel-held district of Aleppo on Tuesday, opposition activists said, as the army turns to longer-range weapons after losing bases in the country's second-largest city.    |
| Tunisian PM quits after failing to form new government Posted: 19 Feb 2013 08:22 PM PST
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| Cuba's Raul Castro meets with U.S. congressional delegation Posted: 19 Feb 2013 07:28 PM PST
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| Seven Ways Not To Pay Down Your Tax Debt Posted: 19 Feb 2013 08:19 PM PST You've prepped, organized and you're finally ready to file your federal income taxes. That is, except for one tiny little problem: you may be staring down a tax obligation that's a bit bigger than what's in your bank account. What now? You have options but not all of them are equally good. Here are seven ways to pay down your tax debt that may not pay off in the long run: Raid your retirement account. Though the Internal Revenue Service considers your retirement accounts includible assets for determining your ability to pay, it's rarely a good idea to pull out funds from those accounts to settle your tax liabilities. This isn't some investment strategem: it's highly practical. Retirement accounts are tax deferred. When you withdraw funds from those accounts - no matter your age - that amount is taxable income to you. If you're under age 59 1/2, you'll also pay a 10% penalty for dipping into your individual retirement account (IRA), 401(k), 403(b), or other qualified retirement plan early (an exception applies if the IRS actually levies the account). And no, Roth IRAs don't get a pass here - nor do SIMPLE IRAs. Depending on timing, both can have some pretty terrible tax consequences for early withdrawals. Head to the pawn shop. It's easy to imagine that the stuff in your house is the key to resolving your tax woes. But take heed, even though you're fairly certain that you're headed for "Pawn Stars" on the History Channel, in reality, most of that stuff makes it more likely that you'll be a candidate for A&E's Hoarders. While it may be true that one man's trash is another man's treasure, it can be a pretty tough challenge to turn your belongings into enough cash to settle your tax debts. Even so, companies woo taxpayers with the promise of "the many ways you can get cash, quick" - companies like Ultrapawn.com. Ultrapawn.com is an online pawnbroker that advises it "may be the answer to your problems." The company encourages taxpayers to "realize the value in their personal belongings" and turn "valuables into cash quick and easy" - all from the comfort of your own home. In some instances, getting rid of some of your, er, treasures might be a good thing… just be sure to read the fine print first when you turn over your belongings. And remember, too, that selling your goods may also be a taxable event. Skip estimated payments. I know this drill. I've seen it happen to my clients over and over. Tax time rolls around and the amount due exceeds the ability to pay and keep up with estimated payments for the next tax year. So, just.this.one.time, the estimated payment gets skipped to pay your tax liability. Except that once you've missed the first one - and you swear to double-up on your next one - you realize that you can't make the double payments. It becomes easy to rationalize that, since you're already potentially subject to a penalty, you'll just skimp on this one and make it up next time. Only now, you have triple payments to make. But you swear you can make it up next time because you have that thing coming in. You know that thing. Only maybe it doesn't really happen - or you have new obligations by then. And then it's tax time again - and it's worse. Don't assume that you'll be able to play catch up. If you're behind on one obligation, try and limit the damage by remaining compliant moving ahead. Steal stuff. My friend Charlie Thomas, a criminal defense attorney in Pennsylvania, jokes that he was once asked by a client how to best stay out of jail. Charlie's reply? "Stop stealing shit." And while I'm fairly certain that most taxpayers aren't donning ski masks to hold up banks to pay their tax bills, many taxpayers think nothing of stealing from Peter to pay Paul. It can be tempting in the business world to dip into an off limits account to pay your tax bills but it's not smart. And it's illegal. Sales taxes collected from customers don't belong to you. Trust accounts and escrow accounts don't belong to you. Retainers don't belong to you. Retirement accounts, pensions and other moneys properly attributable to your employees don't belong to you. It may seem easy to "borrow" funds from accounts entrusted to you but it's a terrible idea. It's theft. And it will get you in some serious trouble. Payday loans. I know, I know. Folks who rely on these are going to tell me how great they are and that it isn't right for me to say terrible things about them. But here's the deal: I'm generally not a fan. Payday loans are meant to be short-term unsecured loans. And in small doses, that might be a good solution for some taxpayers if - and that's a big if - you have the ability to pay those loans back quickly. However, most of these loans are secured by signing over a paycheck or something else of value. The effective interest rates for these kind of loans can reach usurious-like levels and the result can be simply replacing one problem with another, bigger problem. Gamble. Gamblers always think the next roll of the dice, the next spin of the wheel, the next hand dealt, is the one. And when you're desperate, you tend not to think terribly clearly. I've had clients scratch tickets, play the lottery and head off to the casinos hoping that a hot hand will solve their tax woes. It never does. But even if you do win, you still lose - at least when it comes to Uncle Sam. Gambling winnings, and lottery winnings, are taxable for federal income tax purposes. Ignore it. Seriously. You can't just close your eyes and hope that the problem will go away but it won't. Open the mail. Pay attention to deadlines. And even if you can't meet your tax obligations, be sure to file your income tax return. The IRS imposes penalties on taxpayers for both the failure to file and the failure to pay. You can mitigate the damage by, at the least, filing a return. But don't stop there. If you can't pay your entire tax liability, consider other options like entering into an installment agreement with IRS. Check back tomorrow for more options that won't leave you worse off than when you started. -- |
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