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Tax Law : Law & Legal & Attorney
The Internal Revenue Service has designed several tax deductions and credits for taxpayers who buy a house. These benefits are intended to encourage people to invest in real estate by purchasing a home of their own. Some tax advantages are available for a limited time, but others may be claimed for
If you do not have enough itemized deductions to exceed the standard deduction for the year, then the cost you spend on these items will have no tax impact at all. If you want to reduce your itemized deductions because you will not exceed your standard deduction, then it is a simple manner of watchi
Anyone who earns or receives taxable income during the year is required to file an income tax return with the Internal Revenue Service (IRS) every year. If you didn't pay enough in taxes during the year, then you must pay the IRS what you owe at the time that you file; if you paid too much, you will
If you sell equipment during the year, such as a car or truck, then you need to report the amount of gain or loss on the sale of the equipment on your taxes. Equipment is a capital asset, so when you sell the asset, you will have a capital gain or loss. Typically, you need to report these amounts on
The U.S. government prohibits operation of privately owned alcohol stills.Distillery still image by zimous from Fotolia.comLaws regarding alcohol stills have existed since the founding of the United States. Ownership of an alcohol still that produces liquor for personal consumption is...
When a person enters into a currency contract, the gain or loss that will be realized is not immediately known, as most contracts do not result in the parties exchanging the agreed-upon amounts of currency until some point in the future. As a result, the tax code requires the individual to “ma
The tax code is vague and cumbersome. In fact, an Internal Revenue Service (IRS) investigation in 2002 revealed the IRS Service Center operators gave incorrect information to tax law questions 43% of the time. The IRS even has trouble understanding the tax laws; the chances of getting audited are sl
Employers are required to send a W-2, or Wage and Tax Statement, to all employees by February 1 of the tax year, according to the Internal Revenue Service. The W-2 form shows total pay, as well as income tax, social security and Medicare tax withheld for the tax year.
The child and dependent care credit is a tax credit for individual or married couples who have incurred expenses throughout the year for the care of a qualifying person that is necessary so the taxpayer could work. The credit requires that the taxpayer pass a number of qualifying tests and is then b
Failure to pay your federal income taxes on time can result in serious consequences. These consequences include penalties, interest and IRS collection activities against your assets. Fortunately, the IRS has instituted several tax relief programs to aid taxpayers who are genuinely unable to pay.
Receiving an Intent to Levy notice can be a disturbing experience. Such notices are clear evidence that something has gone very wrong with your relationship with the Internal Revenue Service (IRS). However, it is possible to resolve an Intent to Levy with minimal damage to your assets. To do so, it
The Internal Revenue Service (IRS) offers significant tax breaks, savings and deductions for taxpayers who care for dependents, such as minor children. The tax matters become muddied when the parents of the children divorce. There are no tax consequence for child support; it is not a deduction for t
Self-employed hair stylists are considered independent contractors or sole proprietors, depending on whether they choose to create a formal corporate structure, like a small business, or if they are simply self-employed. In each scenario, a variety of tax write-offs are available to hair stylists. T
Most people who work full time, or even part time, must file an income tax return. Each year, the Internal Revenue Service provides the minimum earned income level, and if you earned at least that much money during the year, you are required to file a return. You also might be required file a tax re
Charities, churches, schools and other types of non-profit organizations are exempt from paying taxes in the United States. But to achieve tax-exempt status, such organizations must first prove they meet federal criteria for how they manage their money, fund-raise, and oversee day-to-day operations.
If you buy a time-share property -- also called fractional ownership -- you can deduct some of the state taxes you pay on the property. The size of your deduction will depend in part on what percentage of the taxes you pay, whether you vacation there or rent it out, and which local taxes you want to
Many new landlords fall into the trap of thinking that any repairs or improvements they make to their rental property are considered a tax write-off. However, there are different categories of renovations, each with different rules. For example, renovations that are simply done to improve or extend