Tax Law
People who decide to ignore their tax bills will quickly become acquainted with a tax attorney. The Internal Revenue Service (IRS) and the state taxation......
Tax Law
I have been living in Mexico for several years with my husband and children. I have not filed US taxes in several years, nor have I been employed. Am I in trouble with the IRS?
There is no obligation to file a tax return if you haven't earned money....
Can I claim my parents as dependents on my tax return?
The IRS allows persons who are the head of a household to claim relatives who live with them as dependents on their tax return. This means that you can claim your parents as tax dependents, but before...
How is real property tax imposed?
Many counties have a real property tax that is imposed on the ownership of real estate located within its boundaries. Real property tax is typically imposed upon the assessed value of the real propert...
How do I prove my tax return is correct during an audit?
If you are undergoing an audit and need to substantiate, or prove, the statements you made on your tax return, pull out your stash of canceled checks, logs, receipts, bank statements, or any other fin...
What is a taxable year?
A taxable year is the 12-month time period that the IRS defines for each person's tax season. In most cases, the taxable year is the regular calendar year, starting in January and ending in December. ...
Techniques to Reduce or Avoid Federal Gift Tax
Are there techniques to reduce or avoid gift taxes?...
What are capital assets?
Nearly everything owned by taxpayers is considered a capital asset. It doesn't matter whether the taxpayer uses the property for personal or investment purposes. The most common capital asset owned by...
Can the IRS collect from me if I have an installment plan already in place?
If the installment plan you negotiated with the IRS is not backed by the proper legal documentation, the IRS can continue to levy and lien your property and assets. Any IRS installment plan agreement ...
What tax records do I need to keep and for how long?
To be safe, keep your income tax returns indefinitely since they can be your paper trail. Documents regarding investment, real estate and business assets, and other supporting documents (receipts, can...
Tax Debts: When Will the IRS Accept Installment Payments?
When you're trying to resolve Internal Revenue Service (IRS) tax debts, it's important to know all of your options. One of the most common tax debt resolutions is an IRS installment payment agreement...
Who Must File and Pay the Federal Gift Tax?
Individuals who make a gift to another individual or entity that exceeds a certain amount must file a gift tax return and pay the federal gift tax. The gift giver can choose to pay the federal gift ta...
What is an IRS tax levy?
The IRS has many collection tools in its toolbox if you do not pay your taxes, including tax levies on wages or bank accounts. If the IRS threatens a tax levy, or you receive a notice of tax levy, it ...
What are the tax consequences of child support?
Making legally-mandated child support payments has no tax consequences for either the person making the payments nor the person with custody of the child who is receiving them. In general, child suppo...
IRS Tax Audits: What You Need To Know
There are a variety of red flags that the IRS uses in order to determine whether an IRS tax audit is warranted. ...
What is excluded from gross income tax?
Exclusions from gross income tax are only those provided by statute including most proceeds from life insurance contracts, most damages received for personal injuries, and gifts or inheritances. In or...
What documents do I need to file my income tax return?
The types of income tax documents needed to file your income tax return will depend on a number of factors including source of taxable income, medical expenses, interest payments, available deductions...
Is there any way I can avoid the federal income tax? What are some non-recognition provisions?
In general, the IRS is only interested in value retained from sales or services. If the sale or service you are involved in does not result in any gain to you and is the result of the mere change of t...
What types of interest payments are tax deductible?
The question of what types of interest payments are tax deductible used to be a simple one, but since 1986, the law governing tax deductible interest payments has become very complicated. The general ...
IRS Tax Debt Settlement
We've all seen the television advertisements from companies claiming that they can settle Internal Revenue Service (IRS) tax debt for pennies on the dollar. Are these claims of tax debt relief simply...
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