Category: Tax Law

For entrepreneurs who are incorporating their business, taxation will likely be a major issue. While many business owners may not have heard of IRS Form 2553, this form could be the key

The Internal Revenue Service (IRS) Form 1040 U.S. Individual Income Tax Return allows you to itemize your income. If you own stocks (capital assets), you should probably use this long form for

No one likes doing taxes. Sometimes it seems like such a chore that a tax return never gets filed. The reasons for this are many. Maybe you know you’re going to owe,

Simply stated, single lump-sum death benefits received from a life insurance policy that was not owned by the deceased is not taxable. One spouse can own a policy that bequeaths death benefits

Employment related professional association dues or fees are allowable as tax deductions if they meet the guidelines established by the IRS (Internal Revenue Service). You must know how the dues will be

With a few exceptions, the interest earned on savings accounts is taxable, both to the Federal and State governments. If the savings account is a tax deferred IRA (Individual Retirement Account), the

Governments recognize that businesses create the employment, along with the essential goods and services for the community. At times, an individual or company can accomplish a goal more efficiently than a government

In the United States, the Internal Revenue Service (IRS) treats dependents as exemption credits that can be claimed on an annual tax return. This is a significant exception credit that can reduce

Social Security taxes (SST) were initially intended to provide a source of income for elderly citizens. Over time, this federally managed program has expanded to also provide a source of income to

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

The loss of a loved one often leaves individuals with high emotions and a series of difficult choices. From handling any medical bills to managing funeral services, death is painful in more

The trustee (or executor) of an estate is responsible for filing Form 1041 for estate tax. It is important to note the difference with an individual beneficiary who must also file estate

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

Capital gains are defined as any profit or income you received from selling property or an investment. Capital gains are often taxed at a separate rate from income received from working and