Summer is here and the economy continues to be on nearly everyone's mind. Unemployment numbers are not pretty, especially for teens and students who used to rely on summer jobs to pick up some cash fo...
Deductions are subtractable amounts for gross income. Unlike credits, deductions are only a percentage of the total dollar amount spent and are typically limited to a specific overall percentage of yo...
Yes, there are other income tax deductions. Examples include depreciation, net operating loss carryovers, start-up expenses, and many others. You should consult you tax advisor to see whether the fore...
This type of expenses deduction includes most expenses in connection with rental property or investment property, such as investment advisory fees, maintenance expenses and repairs of rental real prop...
Medical expenses are tax deductible only to the extent that they exceed 7.5% of the taxpayer's adjusted gross income and are not compensated for by insurance or otherwise. According to the IRS, tax de...
I had capital losses. Can I deduct them from regular income?...
The standard deduction for individuals is a deduction developed under the tax code as an'average' deduction for individuals who either cannot or do not want to itemize deductions. It is a flat amount...
Calculation of the AMT differs from the regular federal tax. The standard tax deduction, personal exemptions, and credits commonly used in calculating the regular tax disappear or are significantly ch...
There are two types of bad debt that are deductible on a personal income tax return: business bad debt and non business bad debt. Deductible business bad debts are debts that became worthless in the y...
What is the relationship between gift tax and estate tax?...
The purpose of the GST is to tax gifts and inheritances that are given to skipped generations in the same way that gifts and inheritances are taxed that are given to the immediate heirs. Any gift give...
Generation-skipping transfer (GST) tax imposed on gifts or bequests made directly to grandchildren or great-grandchildren instead of passing to the next generation. Basically, the tax skips a generati...
Can I give away more than $15,000 to an individual in a year? If so what happens?...
Parents of minor children often wonder if they can reduce their tax liability by transferring ownership of their assets to their minor children, who reside in a much lower tax bracket. Whether this st...
When does a gift become taxable?...
For the most part, the gift taxes that are set by the federal government are the only gift taxes that apply to monetary gifts and estate gifts that are given. These gift and estate tax rates are invar...
When must I report my gifts for federal gift tax purposes...
Offers are not guaranteed to be accepted at the time of applying and interest and debt collection attempts continue during the review process. It is very important to meet all of the requirements when...
Tax fraud is a federal crime with serious consequences and a crime that rarely stays hidden. Between the IRS's audit computers and the Whistleblower program, tax fraud is nearly impossible to hide. Fi...
IRS uses private debt collection agencies to collect unpaid taxes....
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