Category : Taxes : Business & Finance

How Is Income Calculated for Bankruptcy?

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The Bankruptcy Abuse Prevention and Consumer Protection Act changed the way people file for bankruptcy. Instead of choosing which chapter of bankruptcy you want to file, you have to qualify for a certain chapter of bankruptcy as a result of a change in the law. You use your income to determine which

Tax Tips on Wills

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Estate taxes can eliminate a large portion of your estate and leave beneficiaries with a large tax bill or little inheritance. Planning ahead is the best way to reduce the estate tax burden. Setting up a trust, taking out a life insurance policy that covers tax costs and giving money away while you'

How Old Do I Have to Be to Withdraw My IRA?

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An Individual Retirement Account is an investment account that offers special tax privileges, such as the tax-deferred growth of your earnings. The Internal Revenue Service publishes extensive rules regarding IRAs in IRS Publication 590. While you are free to withdraw money from your IRA at any time

How to Sign Taxes When the Taxpayer Dies

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Benjamin Franklin said in 1817, "In this world nothing can be said to be certain, except death and taxes." Also certain is that tax rules still apply after death. This means that a loved one will be left with the task of filing and signing the tax return for a deceased person. Compared to some IRS p

Tax Write Offs for Your Child Care Business

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You need to be aware that even a home-based business or small business are allowed to take the write offs that corporations out there can get. Having a child care business, you can get deductions. If you are having a home child care business, you do not have to pay for rent or business space to run

Get Organized for Tax Season

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Staying organized in your financial life will help you stay organized for tax season. The reason we want to stay organized is so that we can pay the correct amount of taxes. Having your finances set up in a way that is helpful to you will make tax season much easier and make you more relaxed if some

What Types of Assets Are Depreciated?

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Assets, such as land, buildings, machinery and furniture, provide businesses with economic benefit over a time frame. For tax purposes, most, but not all, assets are eligible to be depreciated, or written off over time. This allows businesses to take a tax deduction for the asset cost over the time

When Do I Have to Do My Taxes?

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The federal government and many state governments require most citizens file a tax return each year. The Internal Revenue Service encourages everyone with income to file a tax return, even if their income is less than the stated mandatory income levels. These levels vary depending on how the taxpaye