Last Minute Tips For First Time Homebuyers
Early in the year Congress enacted an $8,000 tax credit for first time homebuyers purchasing a house between January 1st and November 30th of this year. As you can tell, that November deadline is just ...
Category : Taxes : Business & Finance
Tax Break on Chinese Drywall
Ahhhhhh. The sweet smell of sulfur in the air. Nothing could be more corrosive!
What Happens When You Have Unpaid Income Taxes for Several Years?
Sometimes people don't fill out a form 1040 because they simply don't have the money to pay the taxes owed. Other times, they may send the Internal Revenue System (IRS) the completed tax forms but with less than the required amount for the tax owed. In both cases, the problem doesn't go away and the
Tips for Resolving Disputes over Dependents
Quite frequently readers will ask how they can resolve disagreements among family members over who get's to claim a dependent.
How Do Gold IRA Plans Work?
IntroductionIndividual Retirement Accounts--or IRAs--are a great tool for retirement planning. The IRS created IRAs as a way to save for retirement. IRAs also offer deferred taxation. The owner of an IRA does not pay any income taxes or capital gains taxes on the money in the IRA until...
EForm16, an Online Income Tax Filing Process
Form16 is issued as a certificate by the employers to their employees for filing the returns.
What Is Litigation? What Does It Mean to Litigate?
Litigation definition. US Business Law / Taxes.
In Aid of Income Preparation Professional Tax Software
The right affiliations like membership to credible organizations are venues to find a wealth of contacts who can give you future referrals or these very people could be your future clients. There are those who had to climb steep ladders while others had it easier but the bottom line is that being a
Can Prescriptions Be Written Off on Taxes?
If you have incurred a lot of medical expenses during the tax year, you may want to consider itemizing your deductions. After itemizing deductions, compare your itemized deduction total with the standard deduction amount to determine if itemizing deductions will be beneficial.
Process to File W-2 Forms For Workers
As an employer, you are required to file Copy A of IRS Form W-2 on behalf of your employees. These forms are to filed with the social security Administration and must show the employees' wages paid and taxes withheld for the year.
IRS Information on Tax Free Gifts to a Child
Gift tax law addresses a complicated set of scenarios, including gifts of education, medical attention, property and cash. Unless special arrangements were made with the recipient, the donor generally assumes responsibility for paying the gift tax. A gift is a gift if you do not receive its full wor
What College Scholarships Are Offered to Military Dependents?
A variety of scholarships are available to the dependents of current and former military servicemen and servicewomen, both from private organizations as well as from military associations. Scholarships for the dependents of military personnel are sometimes limited to children of veterans who served
My Employer Paid Me Tuition Reimbursement: Do I Pay Taxes On It?
Tuition reimbursement benefits can be a helpful source of financing for college and other advanced educational programs. As long as the reimbursement program fits within IRS parameters, you do not have to pay tax on any money you receive for educational expenses.
What Happens If Property Taxes Are Not Paid?
There is no uniform code or method across the United States that determines what happens if property taxes are not paid. Individual tax districts impose their own regulations. Some impose a series of actions over years. Others begin assessing steep interest and penalties with little delay. Usually,
Do I Have to File Taxes on a Cancelled Debt From Losing My Home?
Generally, federal income taxes treat forgiven debts as taxable income. Therefore, homeowners who go through foreclosure have to pay taxes on all of the mortgage debt that the home sale did not cover. However, homes that went through foreclosure between 2007 and 2012 might qualify to have debt forgi
IRS Form 3520 Instructions
Form 3520 helps the IRS track the flow of money between the United States and other countries. People in the United States forming a trust in another country, transferring money to a foreign trust, or who receive money from a foreign trust need to be aware of IRS Form 3520. This is an informational
Will Partial Payment of a Bad Check Stop Criminal Prosecution in Ohio?
Criminal prosecution can occur in Ohio if you knowingly issued a bad check. Although partial payment may not cease criminal prosecution, you are given a certain number of days to make good on the check before charges can be brought against you. Consult a lawyer on how to resolve the issue, before yo
Attention Independent Contractors Get the Facts the IRS Doesn't Want You to Know
Tricky Business: Are you an independent contractor? Then you have your work cut out for you. It's very easy to make an error with the IRS. There are many small rules and stipulations that are difficult to interpret. And if you make the wrong choice, you can wind up buried in debt. Read these In
Is the First Time Homebuyer Tax Credit Good or Bad?
As a way to stimulate the struggling housing market during the poor economy of 2008 through 2010, Congress authorized a tax credit for first-time homebuyers up to $8,000. Using the credit is not as simple as simply buying your first home and taking the credit on your taxes. You need to understand th
Very Interesting Initiatives To Cut Property Taxes In Florida
A new and very serious initiative regarding the reform of Florida Property Taxes has been posted on the web. Analysis of its significance.