The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: Tax Law

Simple 1041 Tax Form Instructions

If you’re an ‘executor‘ of an estate and wondering what to file with the IRS, you’ll probably want to add 1041 tax form instructions to your reading list. In most cases, executors

Filing and Paying Back Taxes

“Nothing is certain but death and taxes,” quipped Benjamin Franklin. Indeed, many people dread Tax Day even more than death since Tax Day comes every year. If you’re one of the many

LLC Tax Benefits: A Legal Guide

Registering your business as a limited liability company (LLC) is a relatively simple and inexpensive process. Along with protecting you from personal liability, registering your business as an LLC can help it

How to Get an ITIN in the U.S.

In the United States, taxpayers are identified by unique numbers. For most individuals who are compensated on a wage or salary basis, the numbers assigned to them by the Social Security Administration

What is FED MED/EE Tax?

What is Fed Med/EE Tax? One withholding employees see listed on their earnings statements is the Fed MED/EE Tax. This stands for Federal Medicare/Employer-Employee and is a tax that funds the Medicare Health

Is Inheritance Taxable?

There are many types of inheritance. You can inherit cash, land, vehicles, stocks, money that was saved in a retirement account, rental property, a business, equipment, a payout from a life insurance

What Does 414H On My W-2 Forms Mean?

A W-2 statement is confusing for even the most financially savvy individuals. During tax time, employees must pay attention to these financial statements even for those who are hiring tax preparers to

How To Calculate 263A

263A is shorthand for IRS Code Section 263A, and it details the rules used by business taxpayers to account for and capitalize their costs. Also known as UNICAP, or uniform capitalization, Section

What Is a Forensic Audit?

While a forensic audit may sound like something exciting you hear about on crime dramas like Law and Order or CSI, the truth is a little more mundane. A forensic audit is

How to Obtain a Tax ID Number for an Estate?

The tax identification number issued to an estate is the same tax identification number issued to juridical entities that are required to pay taxes such as businesses. This is referred to as

What Are IRS Imputed Interest Rules?

Have you ever loaned money to a friend or family member? And not the 20 or 50 dollars until Friday, but rather several thousand dollars that was used to purchase a home,

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