We decided to make an analysis of several FAPTurbo accounts to see if these accounts would have been profitable if traded differently. We decided to only look at live accounts since they give the most accurate picture of actual performance. Our first conclusion from this analysis was that, with some brokers, usually Market Makers with relatively high fixed spreads during Asian session, FAPTurbo is unprofitable at the moment. There is however a certain number of brokers that can still trade FAPTurbo with success. We believe a few of these brokers are: Alpari, FXCM and FXCBS.
The selected accounts where:

Our own Alpari Uk Micro live account 4: alparilive4.mt4live.com/
Broker: Alpari Uk

Donnaforex FAPTurbo account: donnaforex.mt4stats.com/
Broker: Alpari Uk

Hakamkaya account found on FAPTurbo members only forum: hakamkaya.mt4stats.com
Broker: Alpari Uk

Our FXCBS Live account: fxcbslive.mt4live.com/
Broker: FXCBS

In our previous analyses we have stressed the importance of limiting the trading hours to be profitable with FAPTurbo. Usually, the longer into the Asian session we go, the higher is the risk for hitting full SL:s.

We also believe that there is a general consensus in the FAPTurbo community that EURCHF and USDCAD is the best pairs to trade.

Our hypothesis in this analysis is therefore that:
1. FAPTurbo can still be profitable with some brokers

2. To be profitable, trading has to be strictly limited to the opening hours of GMT 21:00 to GMT 22:59.

3. Only EURCHF and USDCAD should be traded with FAPTurbo

What we basically did was that we looked at the trade statements and filtered out the EURCHF and the USDCAD pair only, and then we filtered out the trades done between GMT 21:00 to GMT 22:59 only. The results are quite striking. In all four cases the accounts was in loss during June and July. Losses where about -7% to -41 of account balance in beginning of June. However if traders traded as outlined above, it would have meant that accounts instead would have grown with about 16% to 31% without taking any compounding effects into regard.

Since the same pattern appears for all accounts analyzed. We have strong reasons to believe that this pattern could be the way forward with FAPTurbo. We will apply this strategy to our live accounts over the next few weeks.

To summarize the strategy again:
Trade only EURCHF and USDCAD
Trade only between GMT 21:00 and GMT 22:59

Can I File Bankruptcy For Free – Court Fees

The Court Fee is currently £150, but is due to increase any time now. It is possible for the court to waive this fee for people who are on low income or claiming benefits such as Income Support. To apply for exemption from the court fee you need to use form EX160A. If you think you may be entitled to have this fee waived but are not sure, you should get in touch with the staff at the court, who will be able to give you the appropriate advice for your situation.

If you are suffering financial hardship, most of the main utility companies have trust funds which you may be eligible for. Get in touch with your electricity, gas and water suppliers to find out if they have such a scheme.

Can I File Bankruptcy For Free – Official Receiver’s Fees

The biggest fee involved in filing for bankruptcy is the Official Receiver’s fee, which is £360 from April 2009. This goes towards the costs of administering your bankruptcy and can never be waived. The fee is payable when you take your petition to court. The Official Receiver is the person appointed to dispose of your assets in order to raise money to pay off your creditors, and acts as your Trustee. What a treat, having to pay someone to sell everything you own!

Your trustee will deal with your creditors on your behalf, so after filing bankruptcy you will not normally deal directly with your creditors yourself any longer. The only exceptions to this are in connection with secured loans, student loan debt, overpayments of benefits, court fines and debts to utility suppliers. Any remaining debt will usually be written off at the end of your bankruptcy.

Can I File Bankruptcy For Free – Other Costs

If you swear your affidavit in a County Court you should have no other charges apart from the court fees and Official Receiver’s fee. If you swear your affidavit in the High Court of before a solicitor, then there will be another small charge.

If you are filing bankruptcy as a married couple then you both need to pay the fees separately, as you cannot file bankruptcy for two people and only pay one set of fees. Similarly, if you are filing bankruptcy as partners in a business, each partner has to pay the fees separately. The exception to this is if all parties jointly apply to file bankruptcy under the Insolvent Partnerships Order.

All such fees can be paid in cash, or postal order, but not an ordinary personal cheque. The only acceptable cheques are a bank or building society cheque or a solicitor’s cheque.

Can I File Bankruptcy For Free – The Bankruptcy Process

If you do need to file bankruptcy, the first thing you need is to get the appropriate forms from your local County Court. These are the Debtor’s Petition and the Statement Of Affairs. Your creditors can of course petition for your bankruptcy themselves even if you do not want to file for it. Anyone to whom you owe more than £750 can do this, and would need to issue you with a Statutory Demand first.

If you file for bankruptcy it could result in you losing your home if you own it or have a mortgage on it. This can happen even if you own it jointly with someone else. Your home may even be at risk if you are in rented accommodation as some tenancy agreements do not allow for the property being occupied by an un-discharged bankrupt.

There are therefore costs involved in filing for bankruptcy and it is not possible in the UK to file bankruptcy for free. You should not consider bankruptcy unless you are certain it is the only option left. It is highly recommended that you first talk to several professional debt advisors about debt management plans, debt settlement, or if you are a UK citizen, and IVA.

Lace Front Wig is a toupee or an hair extension that is made out of lace and human hair. A fine lace material is used as the base where individual hairs are meticulously hand tied onto the lace. The term “��full lace”�� denotes that the base cap is made fully of lace while the “��lace front”�� wigs have lace in front and different materials at the back of the cap. Lace front wigs are easy to manage and can be parted and styled at any way you want like into a bun or ponytail.

The biggest advantage of having a lace front wig is how simple and comfortable they are to wear. One would hardly notice that you are wearing one. It creates the illusion of having a natural hair. The lace that they are made of allows for air to move through them easily which prevents your head from overheating.

On the negative side, these wigs can be quite costly due to the thorough and meticulously way it was done. But just recently some manufacturers have begun selling synthetic fiber lace front wigs at a lower cost. But like any other regular wig, they don”��t last very long and needs to be properly cared for and maintained.

But it does not need to be that way. There is a better way to exercise that appeals to people of all ages, and is extremely effective at helping you to get slim and to stay that way.

This improved style of fitness is so convincing that NASA has placed it at the top of their list for approved exercises. Can you guess what it is? It is called “Rebounding”.

It is fairly simple, using trampolines of various sizes. If you use a mini-trampoline, you can exercise in the privacy of your living room or bedroom, and get much better results than if you used those bulky machines at your local gym.

It takes less than 20 minutes, and involves nothing more than taking measured bounces on the trampoline. You’ll be amazed at how many calories you will burn, not to mention the accompanying health benefits you will enjoy. Here are a few examples.

The levels of your lymphatic circulation will increase. In the human body, lymphatic fluid is roughly double that of blood. Yet it does not have the same reliable circulation system as blood does. As a result, lymphatic fluid pools in certain areas, around organs and in the skin, and decreases the chances of losing weight. Rebounding triggers the circulation of these fluids, allowing your body to function in a more oxygen rich and healthy environment. Your body will experience much more aerobic levels, much higher than levels attained during more traditional forms of exercise. You will find that you can burn calories and fat at a faster rate than ever before.

Additionally, you are bolstering the durability of your body on a cellular level. When your bounce has reached its bottom, the forces of gravity work to exercise the cells in a pulling fashion. By doing so, the cells grow sturdier. This is the single exercise known to have this effect.

This can make your skin appear younger and healthier. Rebounding renews the skin much like it does your other cells. As it is responds to the forces of gravity, its elasticity improves and its structure is reinforced. As a direct result of these healthy benefits, wrinkles become less prevalent and you will appear younger. As lymph fluid begins to circulate more quickly, it has less time to build up and cause swelling in the epidermal layers, giving you clearer, more glowing skin.

Though this is hardly an exhaustive list of Rebounding’s health benefits, it speaks to its advantages over traditional forms of exercise. It is understandable that Rebounding has been heralded as the highest form of fitness activity. Even better for you is that it takes very little time, and it is enjoyable to do. If you have 15 minutes to spare every day, then you have plenty of time for Rebounding. You’ll not even notice the amount of time it takes.

You’ll be thrilled when you see just how quickly those unwanted pounds come off. If you have been let down or bored to tears by exercise before, then Rebounding is just the thing for you. You’ll be glad you did, and will never need those old, ineffective ways of exercise again.

Maybe you go to bed thinking about food. Maybe you wake up thinking about food. Perhaps the stresses of life, emotional upsets and even celebrations cause you to overeat. If so, you know you”��re not thinking like your slim friends but you don”��t know what to do about it. Well, I can tell you now, the most healthy diet plan of all is simply to learn to listen to what your body is telling you.

Don”��t worry if you”��ve tried and “��failed”�� at losing your extra pounds. In fact there”��s no real mystery to getting slim. The key is to learn how to be in charge of your eating without giving up the foods you love or depriving yourself. How to enjoy being healthier but also how to eat what you want without guilt.

A truly healthy diet plan, if you like, is finding out how to recognise when you”��re really hungry or whether your desire to eat comes from a different place. When you are hungry it”��s absolutely fine to eat something. Just make sure you”��re only eating enough to reach the point of satisfaction — you don”��t need or want to feel over-full.

But there may be emotions that you “��push down”�� with food — boredom, loneliness, anger and so on. If so, the starting point is to identify the emotion and think about how you can address it. This may be hard at first as you”��ve become so used to using food to ignore the feeling. But you know deep down that eating doesn”��t actually solve the problem and the emotion won”��t go away through you stuffing yourself — and piling on the calories in the process.

See if you can catch yourself before you eat for reasons other than hunger, and ask yourself what it”��s really about. If the feeling is really boredom, for example, phone a friend, go for a walk, read a good book or clear out your wardrobe.

And learn to limit your eating to “��just enough”�� so that you recognise when you”��re satisfied (when your stomach is only a little, if at all, distended and you feel reasonably light) and stop at that point. If you only eat enough so that you”��re satisfied, you will become hungry more often during the day. That”��s fine. Eat little and often (every 3 hours or so) if you need to. Your body will tell you what it needs, if you”��ll just trust it a little.

In fact, as time goes on you”��ll find that you feel like less food than you did in the past. Your stomach, which has been stretched each time you overate, will re-learn how to feel good at its natural size and you”��ll feel uncomfortable taking it beyond that.

Because this new, and truly healthy diet plan says you can eat whatever you like — no foods are off limits — you may worry that you”��ll only want to eat fatty, sugary or salty foods. This may be the case at first, but as you progress with the system of listening to your body you”��ll find that you actually start to crave healthier foods too, and the unhealthy ones will fall out of favour.

In my own case, now that I”��ve been following this plan for years, I”��ve rediscovered a taste for healthy foods I previously rejected. Apples, for example, now taste incredibly sweet and delicious to me. Cheesecake, on the other hand, I can only eat in a very small slice, and I definitely wouldn”��t feel like it every day.

So this is, in a sense, not a healthy diet plan at all but a whole new way of living your life and responding naturally to your body”��s needs. I”��ve shed my extra 40 pounds through living this way, I have more energy than I ever did, and I look and feel 100% better. Think about how this will work for you. Picture your clothes feeling looser, seeing a slim person smiling back at you in the mirror, and your friends complimenting you on your new figure!

People keep sticking with these foods because the marketing is just THAT good. Why else would people, who want to lose weight, keep buying food that doesn’t do what it claims? If these foods were really truly healthy and really able to help you lose weight, wouldn’t everyone who eats them lose the weight?

Instead, the exact opposite is happening – people are gaining weight by eating these foods.

There are even foods that claim to be healthier than the real thing, which if you ate would really help you lose weight and become healthier. With so many “great” examples of these fake foods, there’s only time to tell you about three of them but believe me, there are so many out there!

Fake Food #1: “Peanut butter”
Yup, by “peanut butter”, I’m talking about that weird stuff that is so weirdly smooth and so “pretty” looking. Did you look at the label yet? I bet it says “partially hydrogenated oil”. Yeah that the main thing in this “peanut butter” that will completely destroy your weight loss efforts. I bet it also says “hydrogenated vegetable oil”, right? Well that definitely doesn’t help your waist line either!

If you’re aching for some real peanut butter, reach for the natural organic one that only has two ingredients – peanuts and salt. It’ll look like there’s oil on top and the butter on the bottom – that’s how you know it’s the real stuff. Granted, peanut butter won’t help you lose weight but if you need something for a snack, this is a good option while you’re working to lose weight. But make sure it’s the good stuff!

Fake Food #2: Egg substitute
I don’t know how anyone can believe that this stuff is better than real eggs. All this product (See? you can’t even call it food!) really is is just some egg whites with tons of random ingredients all processed together to look like it could be healthy for you. But it isn’t!

If you look on the label of most of these egg substitutes, you’ll find something weird called “xanthan gum”. How does that help you lose weight? Well, it doesn’t!

It also doesn’t help keep you healthy either. Why not? Because by creating this product, the company has had to destroy all the good stuff in eggs – the yolk! So how do you get the best eggs? You should look for organic eggs or cage-free eggs. Some people are “allergic” to eggs but it’s not the eggs they’re allergic to – it’s the “food” that’s been fed to those chickens. Organic and cage-free chickens are fed just grass.

By the way, if you hear that eggs can raise your cholesterol, don’t listen to that person. First of all, eggs are more important to your health and weight loss than your cholesterol. How? Because the type of cholesterol eggs raise is the good type, HDL.

Fake Food #3: Fake butter
That stuff called margarine is probably one of THE worst thing you could eat while you’re working to lose weight. Margarine is just a stick of processed trans fat, which, trust me, is far worse than real butter. Trans fat is the absolute worst for you when you’re working so hard – it completely sabotages your efforts.

Stay smart when it comes to grocery shopping. Anything that says “low/no-fat”, “low/no-sugar” or “better than the real thing” is bound to be horrible for you! And remember, just because it says “organic” or “natural”, it doesn’t mean that those processed foods are actually good for you. In reality, processed foods are all bad for you. So avoid things that you find in a box. Organic produce and meats are the best for you so stick to those and you’ll be on the fast track to great weight loss!

Sam is benefiting from tax rate arbitrage. The income tax rate for Sam on ordinary income is 35%. His capital gains rate is 15%. Sam did not obtain a cost segregation study when he purchased the properties 8 years ago. Therefore, he has been reporting too little depreciation and unknowingly paying excessive income taxes. By claiming the depreciation on his 2008 tax return, he is able to use the additional (“catch-up”) depreciation to reduce ordinary income, just as if he had claimed the depreciation during the prior 8-year period.
The preliminary cost segregation analysis indicated Sam had understated real estate depreciation during the prior 8-year period by $885,000. The tax rate arbitrage between ordinary income tax rate (35%) and the capital gains rate (15%) is 20%. Sam can reduce his 2008 income taxes by $177,000 ($885,000 times 20%) by claiming the depreciation not used in prior years. (Precisely correct calculations are more complex but the end result is very similar.)
What is Cost Segregation?

Cost segregation is simply an accurate way to allocate the cost basis of real estate and establish a depreciation schedule. The real estate depreciation schedule is often established by allocating a portion of the cost basis to land and allocating the balance to a long term depreciation recovery period (27.5 or 39-yr straight-line depreciation). Cost segregation fine-tunes the depreciation schedule by identifying short-life items. These can generally be depreciated over 5, 7 or 15 years. In preparing a cost segregation report, an appraiser or engineer will visit the property and identify, quantify and evaluate the quality of various types of short-life property. After the site visit, the appraiser will literally establish a beginning cost basis for each of the short-life items, as of the acquisition date. In a typical engagement, there may be 35 to 50 types of short life property items depreciable 5, 7 or 15 years.
What are the Short-Life Items?

Some of the common short life items are carpet, vinyl tile, blinds, landscaping, fencing and paving. Others, more unassuming, are underground utility infrastructure, storm sewage, specialized plumbing and electrical, etc.
Cost Segregation Myth

Many real estate investors and even some tax return preparers believe cost segregation simply defers income taxes. Their concern is they will be creating an excessive tax bill when the property is sold. However, the concern is unfounded. Cost segregation provides a net reduction in income taxes (based on the difference between the ordinary income rate and the capital gains rate). While that the tax payer is deferring taxes at ordinary income tax rates, he is only increasing taxes, at the time of sale, at capital gains rates. The net benefit is roughly 20% of increased depreciation in total tax reduction.
Of course, using cost segregation when a property is sold does not include deferral benefits. However, it includes substantial tax reduction benefits based on the catch-up depreciation.
Unknown Tax Tip

Depreciation understated in prior years can be claimed in the current year without filing any amended income tax returns. In addition, the net depreciation not reported in previous years can be claimed in one year. This is a fairly recent development established in Rev. Proc 2001-19. Depreciation adjustments used to be divided evenly over 4 years.
Under-reported depreciation is reported in the current year (“Year of Change”) using form 3115 (change of accounting method form). The 3115 form, for cost segregation purposes, has been designated by the IRS as an “automatic consent” change of accounting method.

Simple Example

Sam obtains cost segregation reports to document the 5, 7 and 15 year property in his recently sold properties. The cost segregation reports indicate Sam understated depreciation in prior years by $885,000. This additional depreciation reduces Sam”��s ordinary income taxes and increases his capital gains taxes. Ordinary income taxes are reduced by $309,750 ($885,000 times 35%). Capital gains taxes are increased by $132,750 ($885,000 times 15%). Net tax savings are $177,000 ($309,750 less $132,750).
Is this Legal?

Absolutely, since Sam voluntarily made a loan to the government of $177,000. Sam loaned Uncle Sam the money by overstating his net income, because he was understating his real estate depreciation. Sam certainly would have never intentionally lent the US government money for 8 years at 0%. The only thing worse than making Uncle Sam a 0% loan is letting him keep the principal.
Why Didn”��t My CPA Recommend This?

Federal income tax law is complex; there are many nuances. It is accurate to say no single person is an expert on all aspects of US income tax law. Cost segregation has also changed substantially over the past 10 years. It used to cost $20,000+ for a simple cost segregation study. In addition to lower costs, the benefits of cost segregation have become better understood. However, there are still income tax return preparers who believe cost segregation simply defers payment of income taxes.
In addition, the writer believes remuneration for tax return preparers is ill conceived. They are paid a flat fee to complete the forms. Other than client retention, there is limited incentive for a tax return preparer to focus on tax reduction. The remuneration issue is compounded by the peak work load prior to the tax filing deadline. Clients want to visit with the tax return preparer when he is processing his peak load and is least able to give focused attention to individual clients.
Does This Make Sense for Me?

You need to answer a few questions to determine whether getting a cost segregation study will reduce your income taxes. The first question is whether you are paying income taxes. (It is hard to reduce taxes below $0.) The next issue is the type of income. Is it passive or ordinary. If it is ordinary income, can you claim the depreciation as someone who is “��materially participated”�� in operating the real estate or as a real estate professional. Additional depreciation can definitely be used to offset passive income. Materially participated is a term of art. Consult your CPA or tax return preparer on this issue. There are also limitations related to your at risk basis. You can deduct depreciation to offset ordinary income if you are a real estate professional. In broad terms, this means your day job is related to the real estate business. This would include real estate brokers, mortgage brokers, title company staff, real estate attorneys and others.
The next step is to determine how much additional depreciation can be generated and the net consequences of the additional depreciation. An experienced cost segregation advisor should be able and willing to provide both a preliminary analysis of the additional depreciation, evaluate the income tax consequences, and evaluate the capital gains consequences. That will provide the information you need to make an informed decision.
Conclusion

The byzantine US Income Tax Code is too complex for any person to understand entirely. A lower tax rate and fewer deductions would benefit taxpayers and the economy. However, for now, the tax code is voluminous, has convoluted rules and tortuous logic. Legally reducing your income taxes is possible. However, it requires planning and a team effort.

Some would say that we voted the politicians into office, so that they have the “right” to steal from us. Are these people suggesting that if we voted for which mobster we wanted to shake us down that this would legitimize their crimes? On top of that, only individuals have rights. Governments do not have rights over and above the individual. Groups of people do not have rights over and above the individual. Interactions between people should be voluntary, not forced, but that is a discussion for another essay.

Some might point to the court system and say that fairness and justice can be found there and that we should trust in their judgment. What good is a court system that is owned by the mobsters? Taxes pay the judges’ salaries. Do you think a judge who is making a living off the extortionist’s money is going to tell the extortionist to stop? Do you believe he will be fair and impartial when his livelihood is threatened? Judges have families to feed, too. They have mortgages to pay and children to send to college. I’m certain there are a few who are principled enough to be fair and impartial and listen to all arguments from both sides, but I’d bet the majority of them are biased toward the hand that feeds them.

I’ve probably missed a couple of points, but I think you get the idea. Most people are pretty smart and understand what’s going on, they just don’t have the courage to do anything about it. I’m one of those people. I pay my taxes simply because I’m afraid. I’m afraid of our government. I’m frightened to death of those men with guns who will come arrest me if I don’t pay my extortion money, I mean taxes. I don’t want to be thrown into a prison and made to depend on people I don’t know for my survival. These are powerful humans we’re talking about here, with lots of guns and they’re willing to use them. They even feel justified in doing so. I’m just one man and I feel impotent against the system, so I continue to pay the extortionists for the right to be able to work in this country, I continue to pay my income taxes.

Ed and Elaine Brown were different. They refused to knuckle under to the bullies. They refused to give the fruits of their labor to the extortionists. They tried to work through their system and were stonewalled. Now they are sitting in jail. The government made good on their threats, kidnapped them from their home and imprisoned them. The government was apparently able to infiltrate the circle of trust the Brown’s had built. This just goes to show how treacherous our government is. People who did no harm to anyone are now removed from society. Now we, the taxpayers, both the willing and the unwilling, are forced to pay for the food, clothes, housing, and security of two people who were otherwise contributing in a positive way to society. Is this truly what we want for our citizens? Is this what it means to be free? Are we to be ruled by the force of the mob and devolve into group mentality, or are we to reclaim our legacy for our posterity and once again come to recognize that the rights of the individual are paramount if we are to be a truly free society?

I was on a radio program with Ed and Elaine the day before they were arrested. Elaine was a kind and gracious host. She thanked me for my efforts in support of a freer society. I thanked her for showing us the way, for I am not brave like the Browns are. I could not stand up to the Goliath as they did. They are like the little kid on the playground who finally has enough and stands up to the bully. I am just a kid who helps form a circle around the combatants. I only served to cheer them on. Unfortunately for the Browns, this time the bully won the fight. He is still king of the playground. The rest of us little kids can do nothing but shake are heads and walk away as the Browns lie bloody on the cold concrete. Ed said that he knew of only one way to defend his property, that words and paper weren’t enough, and perhaps he’s right. Unfortunately, words and paper are all I have, and they seem woefully inadequate. Unless all the kids on the playground decide they’ve had enough, unless they all decide the time has come to stop giving the bully their lunch money and to defend each other, I’m afraid the bully will remain king of the playground. Ed and Elaine Brown really have shown us the way, the question is, are we brave enough to follow?

Whenever a service is brought into the service tax net, the service provider is liable to levy service tax on the service provided by him and to pay the service tax so collected from the service receivers. The Service Tax Rules make it mandatory to issue bill/invoice/ challan to the service receivers indicating the details as required by the rules including the service tax payable. In some cases, the Tribunal have held that if service tax is not levied, the gross amount collected may be treated as cum-tax value. But it has been now decided that unless the invoice specifically says that gross amount charged includes service tax, it cannot be treated as cum-tax service price.

1. Rule 4A of the Service Tax Rules, 1994 provides that every person providing taxable service not later than fourteen days from the date of completion of such taxable service or receipt of any payment towards the value of such taxable service, whichever is earlier, shall issue an invoice, a bill or, as the case may be, a challan issued by such person or a person authorized by him in respect of such payable service provided or to be provided. Where any payment towards the value of taxable service is not received and such taxable service is provided continuously for successive periods of time and the value of such taxable service is determined or payable periodically, an invoice, a bill or, as the case may be, a challan shall be issued by a person providing such taxable service, not later than fourteen days from the last day of the said period.

2. Such invoice, bill or, as the case may be, a challan shall serially be numbered and shall contain the following, namely :”�”

A -The name, address and the registration number of such person.

B -The name and address of the person receiving taxable service.

C -Description, classification and value of taxable service provided or to be provided and The service tax payable thereon.

If the provider of taxable service is a banking company or a financial institution including a non-banking company or any other body corporate or any other person providing service to any person, in relation to banking and other financial services, an invoice, a bill or, as the case may be, a challan shall include any document, by whatever name called, whether or not serially numbered and whether or not containing the address of the person receiving the taxable service but containing other information in such documents as required.

If the provider of taxable service is a Goods Transport Agency, providing service to any person, in relation to transportation of goods by road in a goods carriage, an invoice, a bill or, as the case may be, a challan shall include any document, by whatever name called, which shall contain the details of the following :

A -Serial number.

B -Name of the consignor and consignee.

C -Registration number of the vehicle.

D -Details of goods transported.

E -Details of the place of destination.

F -Person liable for payment of service tax (consignor/consignee/goods transport agency).

It is mandatory to separately indicate the amount of service tax in the bills/invoice/challan raised on the clients as per section 12A of the Central Excise Act, 1944 which is made applicable to service tax under section 83 of the Finance Act, 1994. Such mention of the service tax amount in the invoice/bill/challan would also facilitate the service receiver to avail the CENVAT credit of the service tax paid on the input services.

3. If the service tax payable is not indicated in the bill/invoice/challan, what is the legal position under the service tax provisions”�”Service tax is payable on amount realized. If the value of taxable service includes service tax, the amount so collected/realized from the client would be treated as gross amount inclusive and, accordingly, the value of taxable service and the service tax liability may be worked out. The benefit availed is called as “��cum-tax benefit”��. In Panther Detective Services v. CCE [2007] 8 STT 215 (New Delhi – CESTAT), the Delhi Tribunal held that the only relief in regard to the valuation is that the appellants would be entitled to treat the total receipts as inclusive of service tax. It is, accordingly, ordered by the Tribunal that the revenue shall recompose the tax amount in these appeals treating the total receipt as cum-tax.

4. In Bhagawati Security Services v. CCE [2007] 7 STT 129 (New Delhi – CESTAT) the appellant had not raised any service tax bill to their service receivers. They had paid service tax calculated on these invoices but they had not received any such payment from their clients. The Tribunal found that there was in force the appellants”�� contention that if service tax is to be paid, it has to be worked out on the basis of gross amount received by them as being inclusive of service tax.

In Shakti Motors v. CCE [Order A/1415 (Ahd.) of 2008, dated 23-7-2008], the Tribunal made it mandatory to include service tax component in the bill/invoice/challan in consonance with the provisions of section 67(2) of the Finance Act, 1994. The facts of the case are as follows :

The appellants were engaged in the business of selling of Hero Honda brand motor bikes/scooters and they were authorized dealers of the said company. They were also providing business auxiliary services to various financial companies, etc. On the basis of investigation conducted, a show-cause notice was issued to them requiring them to pay service tax on taxable services rendered under the categories of “��Authorized service station”�� and “��Business auxiliary service”�� with appropriate interest and proposing to impose penalty, which culminated into confirmation of payment for service tax amounting to Rs. 46,255 with equal amount as penalty and penalty under sections 76 and 77 of the Finance Act, 1994 in addition. There was no dispute as regards liability of service and the same had been fully paid.

Common errors

Math errors tend to dominate the list of errors the IRS sees on tax returns. Fortunately, those issues are being reduced due to the fact that electronic filing has some built in safeguards. But that still doesn’t mean that an individual, or even an accountant, won’t input a number wrong and throw all of the figures on the tax return off. A taxpayer may still find that they owe more or less tax based on the error.

Other errors include entering the social security number wrong, leaving off information, checking the wrong box when declaring filing status, forgetting a W-2, not entering interest income, not taking all of the proper deductions, or even claiming too many deductions. The list goes on and on. Some errors are more common than others, but each area of a tax return is subject to a variety of mistakes.

Simple fixes

The good news is a math error is something that the IRS can fix for you. They double-check your math anyway to make sure you are getting the proper refund or to insure you are paying them the correct amount. If you forget to send certain forms to the IRS, you don’t have to worry about that either. If they need them, they will request them from you and all you will have to do is mail the forms to the IRS.

If your errors go further than this, such as those discussed above in the common errors paragraph, you may need to file an amended return.

An amended return is filed by filling out IRS Form 1040x. Amended forms cannot be filed electronically. You must mail your amended return to the IRS. Some people may prefer to have a tax preparer or tax professional file the amended return for them. Hiring a professional may give some a sense of comfort since the professional is familiar with the Form 1040x and the process of filing it.

This year, there is another reason why you may want to amend your return. If you bought a new home in 2009 and have already filed your 2008 return, you may file an amended return now to take advantage of the New Homebuyer’s Credit. You can claim the first time homebuyer credit, which is $8,000 that does not have to be repaid. It is not like the previous $7,500 that more or less acted as an interest-free loan from the IRS and needed to be repaid. In order to take advantage of the 2009 credit before filing your 2009 tax return, you can amend your return to get the tax credit, you may amend the 2008 tax return and have a refund check mailed to you from the IRS.

You can now breathe a sigh of relief. You do not need to be in the doghouse over a mistake on your tax return. Although the IRS has very stringent rules, it is important to realize they understand people make mistakes. In most cases, the IRS will work with you to resolve any issues created by an error on your tax return. You just have to show a willingness to work with them first so that your tax issues can be resolved.