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Taxes : Business & Finance

The Amount of Child Support in Illinois

In 1985, the Legislative Assembly of Illinois enacted the statutory support guidelines. The Illinois legislature requires Illinois courts to use the percentage of support model when awarding child support. Many other jurisdictions use an "income shares" model, allowing courts to order support based ...More...

First-time Homebuyer Deductions & Standard Deductions

The first-time homebuyer tax credit and the standard deduction provide two ways to help reduce a taxpayer's taxable income. The two deductions do not overlap, and taking one deduction does not mean that you cannot take the other. Most taxpayers are eligible for the standard deduction, but homebuyers...More...

How to File Gift Money on Your Taxes

If you gave someone money as a gift, then you may have to file it on your taxes. To file gift money on your taxes, you must complete a gift tax form. To qualify you must have given at least $13,000 to an individual or entity. That includes if you give that person, business or organization several sm...More...

Tax Filing Terminology

As with most businesses, there is jargon associated with income taxes. These are words you are likely to come across when filing your taxes. As a taxpayer, it is important to know what these words mean and how your taxes will be impacted....More...

Cut Your Tax Bill by Educating Your Grandchild

There is no better source of greater pleasure in life for aged taxpayers than spoiling their grandchildren by showering them with all kinds of gifts. The young ones too, seem to have some deeper connections to their grandparents than their own parents. With college education increasingly becoming ex...More...

How to Obtain a Lost 1099 Form

If you have earned untaxed income such as bank interest, dividends, retirement or pension payouts, or payment for independently contracted labor, you should receive a Form 1099 from the employer. This form is usually mailed before the end of January and is used during your income tax preparation. Yo...More...

Save Money With Tax Planning in the Fourth Quarter

As we work through the fourth quarter of the calendar year, many people put thoughts of taxes on the back burner. After all, you really don't have any major tax filing deadlines coming up until returns are due the next year....More...

Understanding the Earned Income Tax Credit

Earned income tax credit, or EITC, is a tax credit when filing your individual income tax returns each year. In 1975 congress approved the credit to provide individuals with an incentive to work and because it would provide an offset to the social security taxes. Taxpayers must meet eligibility requ...More...

How to Get My Credit for Paying Child Support

Paying child support can be tricky. You want to support your child in a manner that is personable, not in a manner that seems like a business transaction. However, if the other parent alleges that you are not making child support payments, the courts may side with her. If the court charges you with ...More...

How to Prevent an IRS Audit

A number of people are generally rather afraid of a tax audit. Those who have undergone an audit have circulated horror stories, which many of them are true - no matter how outrageous and terrible they may seem. Both individual tax payers and businesses or companies can be audited at any point by th...More...

How to Settle IRS Tax Debt For a Fraction of What is Owed

Do you have tax problems? Well you are not alone in fact I was exactly where you are last year and now I have a settlement that I can live with that takes care of my past taxes and allows me enough breathing room to pay and stay current with my new taxes. How did I do it? This article walks you thro...More...

Federal Income Tax Rebate Information

The federal income-tax rebate was a 2008 bill that President George W. Bush crafted and Congress passed to create an instant stimulus to the sagging economy. The money was paid out in the middle of 2008....More...

How to Reclaim Sales Tax

Sales tax you had to pay that was not collected from the buyer is a deductible expense on your business income taxes. Sales tax that was paid for items used in your business such as tax on office supplies and equipment are not deducted as an actual tax expense but they are included in the cost of th...More...

Video: Two Earners & Multiple Jobs: W-4 Tax Form

Video Transcript Now we're going to look at the two earners multiple jobs worksheet. Remember we have James and Mary, and Mary has now started her second job in the family so we're going to use this and for line one it says enter the number from line one page one or from line ten above......More...

IRS Debt Settlement Help

If you owe taxes to the IRS, you are dealing with a serious collector. The IRS is determined and resourceful and has a wide variety of tools at its disposal to enforce the tax code. Options include placing a lien on property to placing a levy on financial accounts, garnishing wages and even criminal...More...

How to Sell a Car in Alabama

If you have a car in Alabama that you do not want to keep or just no longer need to keep, you can sell it on your own. The process of selling a car in Alabama is no different from selling it other states, with the exception of the registration requirements. When you are ready to sell your car in Ala...More...

K-1 Tax Programs

K-1 information is required on multiple tax forms.tax time image by Tom Oliveira from Fotolia.comThe Internal Revenue Service requires business partners to enter financial information regarding each partner's respective share of business income, credits and deductions. The K-1 form is......More...