Taxes Archive

The Earned Income Tax Credit (“EITC”) is a tax credit that is available to certain low-income families and individuals.  It is designed to provide some tax burden relief to those who are working but have …

Any profit you make from the sale of your principal residence is considered a capital gain, and is subject to the capital gains tax. This tax has higher exemptions and lower rates of taxation than …

Good news for home buyers, the U.S. government has extended the First-time homebuyer credit, and expanded it to include benefits for replacement homes.  Familiarizing yourself with the ten points discussed here can help you determine …

A statute of limitations generally is an amount of time within which a certain legal claim can be made. It applies to criminal matters, civil matters, and as we will see below, it also applies …

Why shouldn’t the mileage allowance for volunteering be equal to business miles? Volunteers do some great things for those less fortunate, as well as the animals in all of those shelters. If it was up …

It’s tax season, and you are ready to prepare your federal income tax forms. But, which ones should you use and how can you go about completing them? The first thing you need to do …

Consulting with a Tax Assistance Provider for Income Tax Assistance can support you steer clear of tax complications. It is not easy to Stay clear of Tax concerns when you have an IRS Tax Debt …

Self-employed (SE) individuals are more likely to get audited than regular employees. The IRS allows for many tax breaks for the SE, making it favorable to own your own business. However, these tax breaks are …

An offshore tax shelter is a legal mechanism or entity by which income that would normally be earned and taxable in one tax district is only taxable within the domicile of that tax shelter’s registration. …

After filing, you are reviewing your tax return one last time. Suddenly, you realize that you’ve made a mistake! What should you do? The IRS has a simple solution, called the Amended Return. The 1040x …

Home-based businesses are becoming a popular way for people to fill financial gaps. Home-based businesses are businesses and must pay taxes. However, owners of these businesses do have a number of legal tax deductions they …

Filing State taxes just like Federal taxes can be a cumbersome process if you don’t seem to know how to file your taxes without payment out of pocket or where to bring your tax statements …

For those who entertain the idea of leaving an inheritance for beneficiaries or dependents, the thought of estate taxes depleting the benefit is not palatable. For those with estates above the estate tax threshold, that …

Typically, if you are married, filing jointly will be your best option when submitting your tax return to the IRS. However, taxpayers married at the end of the year can elect to file separately and …

Income tax time is just around the corner. Those W-2s will be hitting the mailboxes (hopefully) in the next few weeks so that everyone can find out whether they need to write a check or …

When you work from home, you may be eligible for a number of tax deductions related to your business. What exactly you are entitled to will depend on the type of work you do from …

Knowing why tax attorneys are used helps to determine when one should utilize their services. Tax attorneys specialize in tax laws, which are inherently diverse, dynamic and detailed . There are even some specializations within …

Tax laws change frequently, and the estate tax laws have been particularly volatile over the last decade. Completely phased out in 2010, the estate tax was supposed to return in 2011, but recent negotiations have perhaps …

Tax Credits Raise Hopes For A New Life For Many Americans The temporary tax relief offered by President Obama’s stimulus package has raised hope for many Americans. College students and their parents are especially thrilled …

For a married couple, sharing their taxes could reap benefits in most instances. However, there are instances, in which filing separately would be beneficial as well as prudent. In doing so, unless such instances are …

Potential Tax implications when loosing your home to Foreclosure or Short Sale When a property is sold as a short sale or lost to foreclosure, it is treated as a sale or exchange from which …

Of all the things going through your mind when undergoing a divorce, the tax law is probably not high in the list. But once the dust settles, it is important to take a few moments …

When you work at home, it’s easy not to think about the expenses that you incur by doing so.  Sure, you may think about things like paper, printer ink and other office supplies, but there …

What to do if you can’t file your taxes on time? Non filing of tax returns attracts penalties by both federal and state authorities. If anybody failed to file return without a reasonable cause can …

As you scramble for receipts and W2’s and records of charitable donations each year, surely you’ve at least once blurted out in frustration, “Who was the son-of-a-gun who invented income taxes anyhow?” No one person …

After marriage, married couples can choose to file a joint income tax return. They can also choose to continue to file separately, even though they are married, by declaring that they are “married, filing separately.” …

Tax season can bring some confusion with it.  It can be difficult to make sense of all of the tax forms arriving in your mailbox.  You might not even be able to decide which tax …

Do you prepare your own taxes each April in hopes of saving a couple of bucks on tax preparation?  While doing your own taxes will save you money in tax preparation; it could also cost …

Calculation of capital gains (or losses) is necessary to properly calculate overall US Federal income taxes  since capital gains are treated as income. For assets held one year or longer, the tax rate on capital …

Death and taxes are guarantees in life, but taxation of the World Wide Web is almost a guaranteed move that would not be accepted by the people. United States government taxes people for nearly everything …