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Tax Law : Law & Legal & Attorney

Tax Write-Offs for Purchasing a House

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

Estate Planning and Tax Attorneys

According to the American Bar Association, estate planning is the preparation of necessary documents and trust accounts to transfer assets upon death. A tax attorney is often consulted in estate planning decisions to ensure estate tax minimizing strategies are utilized in the process.

What Is MIP on a W-2 in Michigan?

The notation "MIP" on a Michigan worker's W-2 stands for "Member Investment Plan," a retirement program for employees of Michigan public schools and community colleges. On the W-2, MIP identifies how much the worker paid into the program.

How to Reduce Itemized Deductions

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

How Do Real Estate Agents Get Foreclosure Listings?

Foreclosed homes are potentially among the most lucrative deals in real estate. Laws in most states prohibit lien holders from profiting on the sale of foreclosed properties other than recovering all invested money and costs for recouping the collateral. Real estate salespeople cherish knowing where

How to Report the Sale of Equipment on a Tax Return

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

How to Determine the Amount of Student Loan Interest to Be Deducted From Taxes

The IRS allows taxpayers to take the student loan interest deduction to offset some of the expenses associated with higher education funding. The deduction reduces your taxable income by up to $2,500. To be eligible to take the deduction, the loan must have been taken out only to pay for the educati

Alcohol Still Laws

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...

Tax on Unrealized Currency Gains

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

Chances of an IRS Audit

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

What to Do if You Didn't Receive a W-2 Form from an Employer

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.

Mileage Deductions on Income Tax

The IRS sets a standard mileage rate on which you can base several tax deductions linked to the use of your car. The standard mileage rate can change annually, and the rate also varies depending on what the mileage was for.

How to Calculate the Child and Dependent Care Tax Credit

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

About the Federal Tax Relief Plan

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.

How Can I Resolve an Intent to Levy?

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

Tax Deductions for Children of Separated Parents

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

Tax Write Offs for Self Employed Hair Stylists

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

How to File for a Tax Exempt Status

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.

Can I Deduct Taxes on a Time Share Mortgage?

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

Tax Write-offs for Renovating a Rental Property

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