Tax Law

Although Limited Liability Companies (LLCs) are not taxed directly on their income, LLC members are taxed on LLC profits at corporate tax rates. A number of tax write-offs are available that will...

In recent years, animal rights activists have made many attempts to amend current tax law so that pets are considered dependents, and thus equivalent to children. Currently, in the eyes of the...

Taxpayers can make the government an offer to settle a tax debt for less than the total amount owed. Such an offer is called an offer in compromise. The IRS generally accepts an offer in...

Tax law is complicated, so much so that sometimes taxpayers and the IRS disagree over who's interpreting the law correctly, and going to court is the only way to resolve the issue. There are...

Internal Revenue Code Section 263A sets forth the rules for the methods of accounting to be used by taxpayers to capitalize costs, commonly called "UNICAP" which stands for "uniform...

If you owe past taxes to the IRS, you might be able to settle your total tax debt for less than the amount you owe. The formal process for reducing your tax debt is called an offer in compromise....

Ever wonder what exactly the Internal Revenue Service (IRS) knows about you? Anyone who's every earned wages or paid taxes has amassed an Individual Master File (IMF). The IMF contains every...

The sale of land, especially if it's appreciated considerably over a long period of time, can create a huge tax liability. The taxable income is generally equal to the final sale amount less the...

A bank levy is basically a freeze placed on your account from a creditor, as authorized by a court of law. Most often, a levy comes from the Internal Revenue Service, when you are behind or low on...

You may have received distributions from investments during the previous tax year. Although you might think of them as dividends, the IRS could classify them differently for tax purposes. In...

A federal levy is the ability of the IRS to seize your property because of a tax lien. The levy itself is the actual "taking or seizing" of your property. Normally, there is first an audit from...

If you've been audited by the IRS but do not agree with their conclusions, you have the option to appeal. Appeals are handled independently of any other IRS office and serves as an informal...

Lots of people overlook casualty deductions with the IRS. Many do so out of fear of being audited should they take their legal deductions. In turn, many others simply do not know how to get tax...

If you are an American citizen and are living and earning income overseas, your tax filing procedure is much different than if you were living and earning income within the continental United...

Handling the proceeds of an estate can be difficult. In addition to the emotional difficulty of grieving for the deceased, there are the legal and financial matters that you must attend to. If you...

With the help of modern technology and the Internet, most states have made it easier for their residents to pay their state taxes online at no additional cost. No longer do you have to write a...

Failure to pay your Federal taxes could result in the IRS filing a Federal Tax Lien against you. This Tax Lien looks bad on a credit report and will be a problem when trying to buy or sell a home,...

There are many purchases that the IRS considers tax deductible. A plane purchased for business may be tax deductible depending on how it is used. Tax deductible status is also determined by who...

That time of year has come around again. Tax season is one of the busiest times of year for businesses and individual citizens. There are many forms to prepare, one of which is Tax Schedule 1040....