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Taxes : Business & Finance

Understanding the Federal Housing Tax Credit

Recently Congress passed landmark legislation by way of the Housing and Economic Recovery Act of 2008.The centerpiece of this legislation is a tax credit of up to $7,500.00 for first time homebuyers.

How to File a 2009 Income Tax

If you are just now filing your 2009 income tax return, you're late. Your return was due on or before April 15, 2010, unless your tax extension gave you a new due date of October 15, 2010. Despite its late status, you are required to file if you meet income requirements. If you owed tax in 2009 the

Tax Preparation Service for Expats Should Be Specialized

Expats seeking help with their US taxes would do well to choose a tax preparation service that knows their way around the foreign earned income exclusion, bona fide residence test and tax treaties. The US tax code sections that apply to Americans who live overseas are uniquely complex, full of speci

Do I Get a Tax Deduction if a Car Is Donated in a Different State?

If you are considering the donation of a car to charity, educate yourself about the IRS rules for charitable tax deductions. Taking such a deduction can actually make the donation more valuable to you than selling the car or trading it in. It all depends on the circumstances and the value of the car

What Is Classified As a Deductible Bad Debt Under the U.S. Tax Code?

The Internal Revenue Code provides creditors unable to collect legitimate debts partial relief in the form of a bad debt tax deduction. However, different rules and eligibility requirements exist for individuals and businesses. Creditors seeking tax relief for unpaid debts must become familiar with

IRS List of Qualifying Charities

The Internal Revenue Service publishes a list of charities that are eligible to receive tax-deductible contributions. Certain types of organizations with tax-exempt status are generally excluded from the publication. There are also addendums listing organizations that have been added and...

How to Tax an Inherited IRA

If you inherit an IRA, who you inherit it from determines how it can be taxed. If you inherit from your spouse, you have the option to treat it as your own IRA. If you are the beneficiary of someone who is not your spouse, the only option is to hold on to it and take distributions. In either case, y

How to Deduct Mortgage Points On Your Tax Return

How to deduct mortgage points on your tax return. Mortgage points and interest are one of the major itemized deductions available for taxpayers. This article shows you how you can take maximum advantage of these expenses.

LLC Tax Advantages and Disadvantages Explained

An LLC has some advantages, from a tax standpoint, but it also has some disadvantages. This article describes both the advantages and disadvantages of an LLC so you can get more information on which to base a decision. The taxes for an LLC are compared to the taxes paid by a corporation or by the ow

How to Obtain a Tax ID Number In New Jersey

A tax ID or an EIN (employer ID number) is necessary for business owners to have to pay taxes and legally conduct business in the United States. Obtaining a tax ID is the same no matter what state you are in. This is because all tax IDs are issued by the IRS, which serves the entire nation. The IRS

IRS Problem Solvers

The IRS, or the Internal Revenue Agency, has instilled the fear of God in the minds of all tax payers in the country. This tax collection and enforcement agency of the Treasury Department of the USA is responsible for dealing with all tax-related issues, which can include non-payment, underpayment o

IRS Spouse Protection Through Injured and Innocent Spouse Relief

There are many innocent spouses who find themselves in a tax fix because of the negligence or carelessness of their partner. A spouse may find that they owe taxes and penalties for incomes they were not aware of. However, the IRS now has two programs to protect such innocent spouses.

How Payroll Services Watford Can Assist Business Needs

The responsibilities of payroll services Fulham is not limited to just doing computations for employee’s salaries but it also includes determining withholding taxes, checking up on employee’s leaves (sick leave, vacation leave, etc.) and doing deductions if any for contributions or payme

Remedies Offered by a Tax Court Against an IRS Decision

The Internal Revenue Service allows taxpayers to raise to the tax court the tax levies imposed on taxpayers. This is already a foreseen disaster which can be very detrimental to the personal interests and properties of the concerned respondent. The decision may be a positive one if the judge opposes

New Tax Reporting Requirements Under IRC Section 6039

Are you part of a U.S. company that grants Incentive Stock Options (ISOs) or offers a Section 423 Employee Stock Purchase Plan (ESPP)? If you've answered yes to either of these questions, there are some things you should know about changes to the regulations for Internal Revenue Code (IRC) Sect

Filing Requirements for an IRA

The filing requirements for an IRA have largely to do with contributions, and whether they are tax-deductible or not, and distributions. There are also stipulations for rollovers that must be met. A version of Form 1040, excluding Form 1040-EZ, and Form 8606 are the two major forms that are require

Fundraising Ideas for an Art Center

Thinking up ideas to bring in money for an art center can be fun. Events such as an art auction, wine tasting and dinner theater are a good fit for an art center, and can bring in the big bucks for the cause. After forming a committee, allow ample planning time and produce enough publicity to make t