An Artistic Way to Pay Your Taxes
Many wealthy individuals enjoy collecting things, including artwork. While artwork can be a source of income for some, as well as solely a collectible for others, it can’t be used it to pay your taxes. Well, at least not in the United States, anyways. However, there are some countries in which artwork is a completely acceptable way to pay your taxes.
In the United Kingdom, for example, between the years 2009 and 2013 alone, taxpayers used £124.5 million worth of art to reduce their tax bill. UK citizens can even get the full fair market value off their art without having to sale it. Plus they don’t have to pay taxes on any gain. The program used to be mainly for estate taxes, but since 2013 residents of the UK can use it to settle their unpaid taxes.
Meantime, in Mexico, the art-for-taxes program is even sweeter, especially for artists, who can actually donate their works instead of paying taxes. The program allows artists to donate the same amount of artwork as the value of the pieces they sell each year. It not only encourages talented artists to continue creating, but it has also helped the country accumulate a large and valuable collection of some the country’s most recognized artists.
Although this program seems to work well in these countries there is no such program in the U.S. However, for professional artists in the U.S. there are many tax deductions available, which can help reduce their tax bill. So although artists and collectors might not be able to pay the IRS in paintings and sculptors, with the right tax planning help from GROCO they can still come out ahead.
Thieves Steal Confidential Taxpayer Info Via IRS Website
Just when you thought you were safe to access important and confidential information via the IRS website, it turns out scammers are at it again. According to reports from the IRS, thieves have managed to break into one of the government agency’s website services and steal the confidential information of thousands of taxpayers. In fact,…
SEC Penalizes Deutsche Bank for Questionable Accounting Issues
Accounting mistakes can happen to anyone, whether you’re self-employed, have a small business with just a few employees, or you run a major corporation. However, even when mistakes happen, the consequences can be damaging. When those mistakes, or irregularities, involve large organizations like corporations, banks and financial institutions the consequences can be severe. Recently, the…
Activists, Unions Take Aim at Governor Brown’s Budget Grip
California Governor Jerry Brown has been known to rule the state’s budget with a tough grip. Not much has passed or been voted down without him having a hand in the decision. The governor has fought for tax hikes, put the kybosh on new programs that call for more spending and worked tirelessly on building…
Tax Fraud Getting More Advanced – Are You Prepared?
It used to be that tax fraud was fairly cut and dry. Essentially, it involved an individual or company who, for various reasons, tried to purposely fudge on their taxes, either by understating their income or by trying to completely skip out on filing a return. Those practices certainly still exists, despite the IRS’s constant…