Stephen Colahan, of Beverly, Mass. is charged with Larceny over $250 by Continuous Scheme and Procurement Fraud. Prosecutors claim that Colahan, over the course of five years, relocated more than $2.7 million from a City of Boston bank account to his own companys account.

According to a press release from the Massachusetts Attorney General, from 1995 until June 2007 Colahans company, Walker Associates, Inc., was under contract with the City of Boston to collect delinquent motor vehicle excise taxes from Boston residents. Under the terms of the contract, Walker was required to pay over to the city 100 percent of the taxes and statutory fees collected; the city would then pay Walker Associates a percentage of the fees the company had collected. Each week, Walker Associates was required to pay over to the city the amount of the previous weeks cash payments and cleared checks, and to provide a paper and electronic report detailing the amounts collected from each taxpayer and the date of collection.

Beginning in June 2001, Colahan allegedly began taking money out of the bank account into which his company deposited all of the citys tax and fee collections, and using that money to cover Walkers business expenses. Authorities allege that for the next five years, Colahan frequently stole from the citys account. From June 2001 through August 2006, authorities allege that Colahan shifted over $2.7 million to his own company account.

In October 2007, the states attorney generals office began an inquisition after the matter had been referred by the Boston Police Department and the City of Boston.

A Suffolk Grand Jury returned indictments against Colahan Tuesday. He is scheduled for arraignment on May 12, 2009, in Suffolk Superior Court.

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An Internal Revenue Service report concludes that the largest amount of claims originates from personal exemptions, and this added up to $842 billion in 2005. As a matter of fact, a lot of tax payers, take their exemptions – however a lot of other tax advantages might be disregarded.

Tax credits are more valuable to you than the more familiar deductions. Deductions reduce the amount of money on which you are assessed taxes, while tax credits directly decrease the amount of tax you pay. Take advantage of education credits, and don’t neglect the $1000 tax exemption available to eligible taxpayers for each child below the age of 17.

Parents might also be eligible to take tax deductions for child care and dependent costs, as well as summer day-camp and day care costs. This advantage could save a maximum of $2,100 for you on your taxes.

If overseas mutual funds are part of your investment portfolio, there’s a possibility you’ve paid taxes to the country the fund is in. Check your financial statements and ask your adviser or tax professional if you qualify for a foreign tax paid deduction when you file your taxes.

Taxpayers who have a lower income should know about the saver’s credit. The maximum amount is $1,000, and it is intended to encourage lower income taxpayers to save money for retirement.

Owning a business comes with some big advantages. There are deductions of up to $125,000 that the companies proprietor can take on purchases of supplies, including vehicles, furniture, and even computers.

Arguably the most valuable deduction of all is one that doesn’t necessitate the expenditure of cash in order to utilize. For instance, a building contractor decides to purchase a couple new trucks; by financing the bulk of this amount, it would be possible to purchase one on credit and claim a deduction in the amount of $60,000, without having to spend this amount.

Those who are starting up businesses should apply the Section 179 deduction in order to decrease the spouse’s income to virtually zero; this is quite a valuable plan for such folks, and it means a great deal as starting any kind of business is quite capital intensive.

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This isn’t always enough for a business, however. Here, an accountant can help you meet your tax obligations as a company but a tax lawyer could add something extra to the mix. From a planning perspective, for example, tax lawyers can simply help your business make sure that it has the kind of structure and operating procedures that minimize the amount of tax that your business will have to pay. Your lawyer here will work to make sure that you are meeting your business tax obligations from a legal perspective but will also try and keep these obligations to the lowest possible cost.

One of the big advantages to using the services of these kinds of tax specialists is the fact that they have a deeper understanding of the kinds of business taxes that your company may be liable to pay. They can also make moves to make sure that your company reaps all available tax benefits in the most cost effective way and that it does not end up paying too much in tax.

Do bear in mind that there are different kind of taxation issues in play here and not all tax lawyers may have expertise in all areas. In some cases, for example, you may find that a different kind of specialist lawyer can give advice on tax issues as they relate to his or her field. So, an employment lawyer may also be able to advise you on the tax issues that your company needs to consider from a payroll point of view.

In some instances companies and individuals may retain a tax lawyer on a regular basis or may even employ them in house in the case of large corporations. In others you may only need to call on this kind of lawyer for advice when you are planning the structure of your business or when you have a personal problem with a taxation authority and need qualified representation.

In some cases you may also find that your lawyer here has other business qualifications such as an accounting degree. This extra experience can be worth looking for as it means that you can get the best levels of advice from all angles when it comes to taxation issues. So, a lawyer who also has a CPA qualification could be useful in this instance.

At the very least you should check that any tax lawyer that you might use has all relevant qualifications. These include a law degree and admission to any regional legal body such as a state bar. You will often also find that many lawyers in this field will have taken time to gain specific tax qualifications such as a master’s degree.

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Around every opportunity to save or make money, depending on your perspective, sprouts new entrepreneurial endeavors to capitalize on such an opportunity. I am in full support of businesses being created around a developing need in an economy, but do not believe creating new businesses is always a desirable outcome when a need develops in a market. Instead, I am in full support of individuals proactively capitalizing on these opportunities themselves, especially when our government, of the people, provides a mechanism to do so.

Homeowners can really take control of the property taxes they pay every year with a little do-it-yourself philosophy. With the proper guidance, property owners can successfully construct a professional property tax appeal to present top their local county assessor and win.

If you want to save yourself a substantial amount of money over the coming years, check out a new program called the Property Tax Appeal Copilot. This comprehensive and complete instructional program is easy, and can be completed in a few hours in the comfort of your own home. Paying for expensive property tax appeal consultant is just a waste of more money for something you can do yourself, which doesn’t make sense in any economy.

Of all the capitalists out there I consider myself one in the truest form. As such, I am the first to propose that more people become entrepreneurs. What do I mean by this? Well, I am certainly not advocating droves of employees resigning from secure employment to try a risky endeavor for the shear fun of the experience. I am suggesting people become home entrepreneurs.

Balancing a checkbook and buying groceries are everyday mundane tasks done in the household, but researching new ways to increase the wealth of your home is the job description of a home entrepreneur. Balancing a checkbook and buying groceries are everyday mundane tasks done in the household, but researching new ways to increase the wealth of your home is the job description of a home entrepreneur. After discovering hidden ways of increasing the wealth of ones household, a home entrepreneur must educate himself and learn what is necessary before acting.

California homeowners can increase the wealth in their households with a little bit of research, guidance and good old fashioned know-how. By filing for a “decline in value,” property owners can reduce taxes and exercise their right to pay an appropriate tax rate, rather than a tax rate from two years ago. The result? A property tax reduction and substantial savings in the coming years.

Don’t think for a second that by delegating this task to some third party is going to get you a better appeal. You can easily learn the techniques and become proficient. A minimal time and energy commitment on the part of the home entrepreneur can have a great payoff. Especially in the case of filing for a property tax reduction, homeowners can really benefit from their own efforts, and spend little or nothing to do it.

It’s really not that hard to become a home entrepreneur. You really can save yourself thousands in the coming years by reducing your property taxes. Of course, you’re going to need some guidance. That’s where the Property Tax Appeal Copilot program can help you. Developed specifically for proactive homeowners like yourself, the program is presented in easy to complete modules, which can be done at your own pace. Just follow along, watch the videos, complete the forms, and get ready for your property tax reduction!

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