Do I Have to File Taxes on a Cancelled Debt From Losing My Home?

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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

What Happens If Property Taxes Are Not Paid?

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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,

My Employer Paid Me Tuition Reimbursement: Do I Pay Taxes On It?

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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 College Scholarships Are Offered to Military Dependents?

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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

IRS Information on Tax Free Gifts to a Child

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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

How to Keep Vehicle Mileage Tax Records

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Tax law requires adequate records when deducting business use of your vehicle. Logging mileage and expenses contemporaneously will save more tax dollars and headaches than you could possibly estimate.

Process to File W-2 Forms For Workers

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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.

Can Prescriptions Be Written Off on Taxes?

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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.

In Aid of Income Preparation Professional Tax Software

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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

What Is Litigation? What Does It Mean to Litigate?

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Litigation definition. US Business Law / Taxes.

EForm16, an Online Income Tax Filing Process

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Form16 is issued as a certificate by the employers to their employees for filing the returns.

How Do Gold IRA Plans Work?

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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...

Tips for Resolving Disputes over Dependents

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Quite frequently readers will ask how they can resolve disagreements among family members over who get's to claim a dependent.

How Can I Check on My State Income Tax Refund?

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Filing your taxes can be stressful; so can waiting for your refund. Knowing the status of your tax refund can ease stress. The IRS, as well as many state governments, offer the option of tracking the status of a refund on their official websites.

Alternative Minimum Tax Consequences Are Not a Result of Cost Segregation

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Alternative Minimum Tax consequences are not a result of cost segregation. Nor is it is accelerated depreciation. Decisions regarding cost segregation and accelerated depreciation are independent by the four options as illustrated in the following ...

What Happens When You Have Unpaid Income Taxes for Several Years?

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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

The Average Income of a Vet Working at a Zoo

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A zoo veterinarian specializes in the treatment of exotic animals in a zoo, safari park or equivalent animal facility. She directs and conducts the health-care program for the animals, providing treatment for illness and injury as well as preventative measures, such as vaccination. She inspects the

Retirees Won't Get Much Tax Relief From These Five States

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For many retired citizens, much of their expenses and daily upkeep is composed of retirement funds, investments, and savings. Therefore, one needs to identify a state to live in after retirement where his or her funds are not heavily taxed, so as to ensure that one's retirement nest lasts him o

Tax Accountants - How to Find the Best Accountant For Your Business Taxes

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Here are some tips on what to look for when seeking a new tax accountant. Tax accountants vary widely in their level of expertise and quality. Not only is there a great deal of skill required to be a good CPA, tax or business accountant, but it also requires honesty and integrity.

Tax Break on Chinese Drywall

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Ahhhhhh. The sweet smell of sulfur in the air. Nothing could be more corrosive!