The federal government allows certain types of mortgage expenses to be deducted from your taxes to make home ownership more affordable. In order to tax these deductions, you cannot take the standard deduction on the tax return. However, especially in the beginning of the loan when the interest payme

The Educators Expense Deduction used to be an itemized deduction that was classified as a miscellaneous itemized deduction, and the expenses had to exceed 2 percent of your adjusted gross income before you could claim them. Now it is an above-the-line deduction, meaning you can take the deduction re

The goal of retirement savings accounts such as IRAs is to save enough money to supplement all income needs in retirement. Those who diligently save may find large, unneeded cash balances accumulated in IRA accounts to pass on to beneficiaries. When someone inherits an IRA, there are two major tax i

The IRS Offer in Compromise Program authorizes the IRS to compromise outstanding tax obligations with taxpayers with financial hardship for less than the full tax due. What this means is that the IRS negotiates a deal with you to pay what you can afford and forgives any remaining balance.

For more information on tax debt reduction, consult a reputable tax advisor or consultant.

There is not any specific magic formula to get the IRS to accept your Offer in Compromise since every case is completely different. Only less than 20% of all Offers in Compromises are ever accepted by the Internal Revenue Service. It is quite difficult but if done properly, you may qualify for accep

There are many investment options that offer tax-deferred status.Tax deferment doesn't mean you won't pay taxes, it just means you'll pay the later.If you have an IRA or a 401k, you'll have tax differed status, but you'll still pay capital gains tax when you withdraw funds.T

Florida is a no-fault state, which means that you only have to plead irreconcilable differences for a divorce. The courts do not require you to plead a fault as a reason for divorce, and they do not award damages for faults in most cases. You can file a contested or uncontested divorce. There are se

With the plethora of refundable tax credits available, including the Earned Income Tax Credit and the Additional Child Tax Credit, even those who have no tax liability whatsoever benefit from filing taxes. An entire generation has now been raised to depend on receiving a $3,000 (or more) payout duri

If you are having tax issues, you might want to consider hiring a state or IRS tax lawyer to handle your situation. While the federal tax laws are fairly unvarying around the United States, state revenue taxes differ from state to state. While you may think it to be a trying task to find representat

If your business has employees, you must pay employment taxes. The payment system can be a bit confusing, so this article discusses how to go about depositing employment taxes with the IRS.

What is the essence of tax? This is one of those sources of revenue that the administration will make use of to take care of public spending. On the other hand, if the financial system becomes so complicated that even innovative products are accepted without any proper research about these products,

If you owe state taxes in North Carolina and you don't pay them on time, you are subject to interest and penalties on your total tax liability. You can calculate the interest and penalties on your back tax payment before you send in the payment, so you don't have to wait for the state to calculate t

If you are an employee, chances are you have filled out a W-4 form at your employer's request. The form is for tax-paying purposes. Without it, your employer will not know how much income tax to send to the IRS on your behalf. If you are unsure of how to complete Form W-4 or if some its terms are co

Investment Value of a Business (Going Concern Concept)

Employers often provide and administer 401k retirement plans. Workers typically contribute their own money into their 401k to save for retirement. Employers often match these plans up to a determined percentage of the employee's income. The 401k rules may sometimes be confusing, but it is vital for

Taxes are financial charges governments impose to fund their debt and operations. Governments can impose taxes on all kinds of activities, such as the buying and selling of property, owning property and earning income. Individuals are required to file income tax returns to verify that...

Financial income and taxable income vary because they are based on different sets of guidelines; financial income is based on U.S. accounting guidelines and taxable income is based on the U.S. tax code. A reconciliation between book and tax income involves adjusting for revenue and expense items aff

Tax Planning is often considered to be an annual activity, where at the end of a financial year, you plan your taxes and make investments to avail tax saving benefits. But, this is not how it should be done; Tax Planning is an ongoing process, which covers varied aspects especially related to differ

The Child and Dependent Care Expense is a tax credit --- it gives a dollar-for-dollar reduction from your tax burden. You can take this credit as long as you have income tax liability. Once your tax liability reaches zero, you cannot take the full credit (this is a non-refundable credit). Refunda