Large amounts of value added tax (VAT) on purchases made in Europe go unclaimed by companies each year. The main reason is that many companies are unaware they can reclaim VAT on purchases made outside their own countries.

For a tax haven, it's a surprise move - Monaco has compiled and released her first ever GDP figures. It's part of a move to play a bigger role at the UN.

Tax free Andorra has seen a sharp rise in residency applications over the last two years as rival tax haven Monaco's property prices have become among the most expensive in Europe. The Andorra authorities have responded by more than doubling the residency application quotas allowed in any one year.

Late Filing of Returns - Most taxpayers have to pay fines for filing in their returns late. Even a delay of one day after that would attract the IRS penalty for late filing. Late Tax Payment - Some taxpayers defer on paying the taxes even after they have filed their returns. Paying the dues late also attracts penalties. Penalties are quite high. You might end up paying 20% interest.

This article will cover vehicle related deductions that often get overlooked by home-based businesses. Our focus will be for individuals with no employees, however many of the deductions will apply to small business and large corporations as well.