questionstoday.com
Browsing Category

Tax Law : Law & Legal & Attorney

Can a Parent Be Claimed as a Dependent for Federal Tax Purposes?

As your parents age, you may find yourself spending more of your time, and also your money, making sure they are cared for. This is especially true of parents who lack significant retirement funds to fend for themselves. If you meet the Internal Revenue Service's requirements, you can claim your par...More...

How to Earn Hi5 Credit

Hi5 began as a social networking site but has been retooled into a social gaming site. Players can connect with friends and compete in a number of games. Linking to these games on a Facebook page earns players credit in the form of coins. Players can also earn credit by purchasing coins with real wo...More...

Tax Deductions From a Death

Filing a tax return can be a complicated process, especially if you have to file a return for a family member who died. The Internal Revenue Service requires the executor of a deceased person's estate to file a final income tax return for the year of death. Deceased taxpayers are eligible for the sa...More...

Can I Claim School Aftercare Expense?

The Internal Revenue Service gives some credits and tax breaks to working families who must pay for child care. Parents often must work past the time that school lets out, and not all after-school programs are free. If you fit the specific criteria that the government requires, you may be able to de...More...

Tax Deductions on Land Construction in Tennessee

A majority of states, including Tennessee, impose an income tax on residents in addition to the federal income taxes they pay on the same income. However, the tax deductions available in Tennessee for construction costs depend on whether you are the one benefiting from the work or the company provid...More...

How to Find the Sales Tax on an Item

Sales tax is a type of consumption tax charged on many products and services at the point of sale. In most cases, the sales tax is collected by the seller of the product or service at the time of sale and given to a state or local government agency at a later date. Most states and many municipalitie...More...

How to Prepare Trust Taxes Online

Unlike personal income tax forms, trust income tax forms can only be filed online with advance permission from the IRS. Like personal income tax forms, however, trust income tax forms must be filed by April 15. Filing electronically can speed up this process, assuming you plan ahead and become IRS-q...More...

Bankruptcy & Property Taxes

Property taxes are those taxes assessed by county governments and schools on the assessed value of real or personal property. These taxes are usually paid yearly. While the taxing authority does not have a lien in the same manner a mortgage holder would, they have the authority to attach a lien to ...More...

Tax Write-Offs for Health Insurance

According to the Kaiser Family Foundation, premiums for family health care insurance in the United States rose 3 percent to $13,770 per year in 2010. Higher health care costs have put financial strains on working families as well as employers who sponsor plans for their employees. To help make healt...More...

Requirements for Paying Income Tax

Most wage earners are required to file an income tax return.tax forms image by Chad McDermott from Fotolia.comAccording to the Internal Revenue Service there are minimum earning levels that determine the necessity for filing and paying income tax. Depending on the individual's situation,......More...

Can Banks Take Federal Income Tax?

The consequences for owing money to a bank can range from the inability to open a bank account to monetary penalties such as having your bank account or employment wages garnished. Such a position may cause some anxiety over whether your federal tax returns can be garnished. In fact, using your bank...More...

Tax Deduction on Mortgage Down Payments

Homeownership can offer several tax advantages. These advantages include the ability to deduct interest, points and insurance. However, the IRS does not allow you to deduct the down payment amount from your tax return. Generally, tax deductions result from expenses incurred generating income or reve...More...

Nondeductible vs. Deductible Taxable Interest

Nondeductible or taxable interest is money paid to you or credited to an account you hold during the current tax year, such as that paid by savings accounts, checking-with-interest accounts, certificates of deposit (CDs), money market accounts, and deposits, called dividends in some insurance accoun...More...

Official Federal Government Rules on Speaker Gifts

Federal government ethical rules regulate speaker gifts federal employees receive. Federal employees, as agents of the government, must protect the government's and the public's interests. Ethical rules are designed to prevent any conflict of interests and to ensure that a federal employee is not b...More...

For What Is a W-4 Form Used?

W-4 is a standard Internal Revenue Service form employees fill out when starting a new position. It allows employers to determine the amount of income tax they should withhold from employees' paychecks. Additionally, it gives employees an option to have no tax withheld if they qualify for an exempt ...More...

IRS LLC Filing Requirements

Limited Liability Companies (LLCs) can be taxed in a variety of ways. One of the reasons that LLCs are so popular is because they offer the possibility of limited liability and pass-through taxation at the same time. LLCs may be taxed as sole proprietorships, partnerships, C corporations......More...

Where Do State Taxes Go?

IntroductionTaxes are financial charges imposed on individuals, companies and organizations. Both the federal and state governments use the money collected to pay for public services and programs. Taxation has proven to be the best way to generate the hundreds of millions of dollars......More...

Tax Write Offs for a Full Time College Student

If you are a full time college student, or if you pay for the education for your spouse or a dependent, you can write off qualified educational expenses on your tax returns. To take a deduction, however, you must have paid the expenses using your own money. If you paid for these education expenses u...More...

How to Look Up the Owner of a Property

There are many reasons to look up the owner of a property, such as for personal background checks or to contact the seller of real estate you hope to purchase. Fortunately, this information is open to the public. Property records and related information, such as mortgages, liens and tax filings, are...More...

C Corporation Tax Savings Ideas

C corporations can make many deductions.dollars image by Svetlana Kashkina from Fotolia.comC corporations--corporations that do not qualify for S corporation status (which would exempt them from federal corporate income taxes)--can still take advantage of numerous ways to reduce their......More...