Taxes Archive

Common Tax Deductions for Individuals

Each year when tax season rolls around we clamor to get our income tax forms filled out and dropped in the mail as quick as possible. Many of us hire a professional to do this …

Tax Consequences of Selling a Home

Real estate sales are booming. You decide to sell your property. What do you have to worry about with Uncle Sam? That depends. Real estate property sales are treated, for tax purposes, dependent upon the …

Tax Consequences of Mortgage Payments

Uncle Sam wants you – to be a homeowner. The proof is in the tax consequences of mortgage interest. For decades, the IRS has allowed mortgage and other associated costs to be deducted from your …

Taxes on Social Security Benefits

Most people are surprised to find out that sometimes Social Security income is taxable. For most people it isn’t subject to federal income tax, but if your income is high enough, Uncle Sam wants his …

About the Vat Capital Goods Scheme

The UK Value Added Tax (VAT) is Britain’s consumption tax. Special schemes exist for a number of situations, including the sale of capital goods and the sale of second-hand goods. Registered retailers can use the …

A Guide to the Alternative Minimum Tax Amt

Most Americans have not had to deal with the alternative minimum tax because it is a tax that is designed to make sure that rich people pay taxes. There are other elements involved, however, that …

Working Family Tax Credits

Who Finds Time Conning? Behind the dole door of Westminster that shows the number of unemployed, there is a bigger door that takes the flak which deploys an immeasurable poverty that has ‘New Labor’ written …

A Guide to the Alternative Minimum Tax Amt

The alternative minimum tax (“AMT”) is a tax that was developed to ensure that certain high-income corporations and individuals pay a certain minimum amount of tax.  Essentially it is designed to prevent these high-income earners …

What is a Tax Informant Award

Be a snitch for the IRS and you can make big bucks. That’s absolutely right, the IRS refers to these snitches as whistleblowers. “If the IRS uses information provided by the whistleblower, it can award …

Whistleblower Award Taxpayer Award

In 1876, Congress passed a law creating the “Tax Informant Program”.  Simply, this program allows the Treasury Department to pay people who provide information leading to the collection of unpaid taxes.  One form of this …

Repaying the first Time Homebuyer Credit

The first-time homebuyer credit applies to homes which have been purchased before September 30, 2010. Eligible first-time and long-time homeowners who purchased new homes in 2009 and 2010 can receive a maximum credit of $8,000 …

New Tax Breaks for Business Owners

Tax season is here again, so business owners are scrambling to find ways to keep as much of their money as possible. Although many people feel that the United States is trending toward higher taxes, …

What is the Making Work Pay Tax Credit

Regarding the “Making Work Pay Tax Credit,” be careful in claiming this as a benefit because you might end up having to pay. As the old adage goes: “There are no free lunches.” First of all, …

A Guide to the Alternative Minimum Tax Amt

The alternative minimum tax (AMT) is a parallel tax system imposed on high income individuals, corporations, estates, and trusts. Its purpose is to ensure that high income earners cannot use tax shelters to reduce their …

The new American Opportunity Tax Credit

The American Opportunity Tax credit is a new tax credit which has replaced the previous Hope Credit for the 2009 and 2010 tax years. Under the new credit, not only has the name changed but …

Tax Tips for Single Parents

The tax code is one of the main ways that the government tries to burden and benefit certain people.  In the case of single parents, there are a number of tax tips to help ease …

An Overview of Credits that Reduce your Taxes

There are a variety of credits that will reduce your taxes; however, before you or your accountant include them; you should take the time to read the rules yourself; especially if you wait until the last …

Repaying the first Time Homebuyer Credit

The First-Time Homebuyer Tax Credit is a refundable credit that is available to certain individuals who purchased a home before May 1, 2010 to be used as their principal residence.  There are few different varieties …

The Tax Implications of getting Married

You’ve heard the saying, “two can live cheaper than one.” Well, two people who are married can also pay a whole lot less in income tax. The reason is, that the tax code is structured …

Most Overlooked Tax Deductions

Some tax deductions are easy to remember.  Mortgage interest and points, for example, are usually foremost in taxpayers’ minds because they represent a large part of the deductions and because they are usually reported to …

Tax Tips for Homeowners

Homeownership is one of the behaviors that the tax code is intentionally designed to encourage, which means that homeowners should pay close attention to the code and take advantage of all the deductions that they …

Special Tax Benefits for Armed Forces

Although there are military centers on the bases to help; there are others who can assist service members to get the best. For example, some of them might not realize that the Law HR 3149 …

Earned Income Credit

Earned income credit is a tax credit that is designed and aimed at helping the low income working population. In addition, it gives the low income an incentive to continue working rather than collecting welfare. …

IRS Scams and Spams

Fake, spam and scam emails fills our email inboxes every day. Sometimes it’s easy to spot the scam due to poor English, a ridiculous story, a shady link or an unfamiliar email address in the …

Tax Return Form

* Which Tax Return Form Should You Use? * Tax return forms are virtually the most complex forms there are around. If you are like a lot of people in the United States, you are …