Tax Law

The mortgage tax deduction is one of the most valuable financial benefits to owning your own home. On your annual income tax return you can deduct the amount of all interest paid on a mortgage on...

Tax deduction limits vary according to the type of deduction claimed, and the tax laws that apply for the current tax year. Tax deduction limits can change from year to year as new laws are passed...

President George W. Bush declared several Southern California counties were major disasters as a result of wildfires in October 2007. The declaration allowed taxpayers in those counties to obtain...

Income taxes in Canada are fairly straightforward. The system is administered by the Canada Revenue Agency (CRA) except in Quebec, whose system is administered by Revenue Québec. The system...

The U.S. Government Accountability Office (GAO) reported in 2009 that in comparison with their male counterparts, women earned 75 cents on the dollar. This puts single moms at a distinct...

Although the U.S. has recently passed tax incentives to produce energy from renewable sources such as wind turbines, tax write-offs for wind power are not necessarily a new idea. Since the 1970s,...

A tax amnesty act is a state law, created by individual states within the United States. It is an act aimed at encouraging tax evaders to pay back taxes that they owe. The act creates a time frame...

The Temporary Tax Relief Act of 2007, also known as the Tax Increase Prevention Act of 2007, is the bill passed by the 110th U.S. Congress (H.R. 3996). It became public law 110-166 Dec. 20, 2007....

Tax reduction refers to any method that reduces or eliminates taxes. Tax reductions can be temporary or permanent, can be applied individually or to the masses, and are almost always the result of...

Wisconsin taxes are among the lowest rates anywhere in the United States. Wisconsin state taxes range between 4.6 and 6.75 percent per year. Taxes are not assessed until residents reach an income...

Electing to purchase and own a boat is a major decision, particularly from a financial standpoint. One consideration that comes into play is whether tax writeoffs are available to a boat owner....

A tax attorney works with taxpayers to tackle their tax problems. They help taxpayers defend themselves against IRS tax audits, because normally an average person does not have enough tax law...

The Internal Revenue Service (IRS) is a federal governing body that oversees taxes in the United States. There are tax laws that apply to most teenagers and adults earning income. Failure to file...

The Internal Revenue Service (IRS) of the U.S. Department of the Treasury states that not-for-profit organizations can be either trusts, limited liability companies, corporations and...

The Tax Consolidation Act of 1997 was a comprehensive set of taxation reforms passed by the parliament of Ireland. It was aimed at bringing about unprecedented changes into the nature of the...

You will need the services of an affordable IRS tax attorney if you’re ever audited for your taxes. The laws change yearly and IRS tax attorneys are continuously updated on the changes. It’s not...

The thing about tax attorneys is when you need one, it's always too late. Tax attorneys should be on the top of your list to start vetting if you have any investments of substance. Ideally, your...

If you are the executive director or chief financial officer of a nonprofit organization, paying close attention to compliance with applicable tax laws is a big task. Some common nonprofit tax...

The Common Experience Payment is a cash settlement given to qualified individuals as part of the ndian Residential Schools Settlement Agreement. The payment--also known as the CEP--is just one...

The Energy Independence & Tax Relief Act of 2008 contains several provisions to extend or allow tax credits for clean energy or renewable energy technologies. Some of these technologies are:...

If you owe money to the IRS and feel that you are in over your head, you are probably wondering how to go about locating and hiring IRS tax lawyers. This can easily seem like a daunting task, as...

In an effort to promote alternative fuels and reduce the greenhouse gas emissions from cars, the federal government offers tax incentives for biodiesel at just about every level of production and...

The IRS is fickle when it comes to your income tax. Sometimes, they let you reduce your taxable income, sometimes they give you tax credit to eliminate your tax liability but that's all they will...

Every year, citizens have to undertake the grueling process of determining how much they owe the government. Both federal and state tax codes can be confusing and hard to follow if an independent...

Getting that letter from the IRS that says they have assessed an additional tax on your tax return is never pleasant. And quite often, it can be scary. It may be that you claimed a deduction...

Federal regulations require that a fiduciary of an estate or trust file a tax return on behalf of the estate or trust with the Internal Revenue Service. Such a return must report income or losses...

A 1098-T contains important information for figuring an income tax reduction for paid education expenses. You can use your Copy B to file form 8863 or 8917 with Form 1040.

The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), a piece of tax legislation passed in 2001, made several changes in the U.S. Internal Revenue Code. A second tax law, passed...

Filing federal tax returns can be challenging and confusing. One issue is making certain you provide the IRS with appropriate documentation for your tax return. For example, you may be wondering...

If you have ever purchased a brand new vehicle that uses alternative fuel, the Internal Revenue Service probably has a tax credit or deduction for you, even if you purchased the vehicle in a...

The Internal Revenue Service (IRS) regulates the exchange of foreign currency within the United States. The U.S. Securities and Exchange Commission sets and enforces the rules that regulate the...

The Economic Growth and Tax Relief Reconciliation Act was enacted in 2001, providing $1.7 trillion in tax reductions through 2008. The bill added a new 10 percent tax bracket and reduced taxes...

Taxes can be complicated to understand as the rules change annually. Many tax codes consist of many pages. Fortunately, some of the basic theories stay the same. The answer to the question "Is...

Head of household is one of the five filing statuses used when filing a United States federal tax return. It may only be used if certain criteria are met. You can qualify for this status if you're...

Westchester Tax Grievance: By filing an appeal and/or grievance, this can significantly reduce your property taxes. It challenges the real estate tax ASSESSMENT, not the Tax Rate. * Rockland Tax...

Citizen Relief Tax refers to write-offs, deductions and tax breaks for citizens who reduce the amount of tax they owe as taxpayers. Tax relief can be provided on state and local levels, though it...

The taxation of business entities is quite different from the taxation of individuals. In addition, applicable tax law varies according to whether the business is a sole proprietorship, a...

Tax evasion involves the willful intent of a taxpayer to avoid paying taxes or to pay less than his rightful share of taxes. In fiscal year 2007, the United States government lost an estimated...

U.S. taxpayers may be able to deduct certain license fees from their income in calculating their federal income tax liability. Whether license fees are deductible depends on the nature of the...

Don’t want to go through all the aggravation of selling your old car or junking it? Why not donate a car to charity? When you do a car donation, your charity will come pick up your old car...

Electronic filing is a convenient way of getting through the chore of doing your taxes. So why settle for paper W-2 forms? Making a request to your employer and completing a simple form, most...

Failure to pay your federal income taxes on time can result in serious consequences. These consequences include penalties, interest and IRS collection activities against your assets. Fortunately,...

Labor union and public employee union members may be able to deduct their union dues as a miscellaneous deduction on their U.S. federal income tax form if they itemize their deductions. While...

Developers have been using a federally funded tax credit to provide affordable housing for low-income citizens since 1987. Unlike other housing initiatives, the Low Income Housing Tax Credit...

When you earn money working in the United States, you have to think about income tax laws. Income taxes are filed on your own, which means it is up to you to make sure they get filed. Nobody will...

Clergy in the United States are entitled to the application of special income tax rules. To qualify for these special tax guidelines, ministers must meet Internal Revenue Service definitions for...

Federal income tax laws apply to everybody who earns money while working in the United States. The laws are enforced by the Internal Revenue Service (IRS). The most important part of federal...

Although there are no major tax regulations that apply specifically to doctors who work abroad, there are special tax exclusions applicable generally to U.S. taxpayers who work abroad. Since most...

Taxes on personal income in the United States have been in existence since the Civil War. Today, we are required to file a federal income tax return to pay taxes on the income we have made during...

According to the United States Internal Revenue Service's Publication 946, the depreciation method that applies to most forms of property is the Modified Accelerated Cost Recovery System, which...