Tax Law

The IRS, short for the Internal Revenue Code, is a U.S. tax law organization that controls and collects taxes One problem the IRS deals with is the refusal of some individuals to pay their income...

Taxpayers who support a child or relative for six months or more can reduce their taxable income. Five common deductions add up to more than $10,000. Filers claim the deductions on Form 1040 and...

The marketplace of the 21st century is highly competitive. Businesses of all types undertake a variety of strategies in order to stay ahead of the competition---not only today but into the future...

Earning money does not always mean every dollar you earn is subject to taxation. You can shelter some of your earnings from taxation. Taxpayers protect income by claiming deductions for home loan...

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...

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.

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...

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...

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...

Many economists dispute the veracity of the commonly accepted method to calculate GDP. Home health care of one's children is not included in the nation's GDP, but is included when one pays for...

The duty to file tax returns and pay U.S. federal income tax trips up many people every year. First-time filers need to know some of the basic filing procedures and should be prepared to handle...

Although U.S. citizens are taxed on their worldwide income, substantial tax benefits apply to U.S. taxpayers who spend all or part of the tax year overseas. The IRS foreign-earned income exclusion...

If you donate money to an organization then you might be able to claim a tax deduction for that donation. This can save you a lot of money if you have a charitable heart and you itemize your...

If you donated money to certain entities or causes, you might be able to claim a tax deduction for that donation. Generally, you can only claim the deduction if you donated to a qualifying...

If you donate used clothing for charity, you can probably claim a tax deduction equal to the value of the donated clothing. The tax deduction is beneficial to people who regularly donate their...

If you make a gift or donation you might be able to claim a tax deduction equal to the value of the gift. The tax deduction is a valuable tax benefit, especially for people who regularly donate to...

If you pay for college tuition during the year, you can minimize your federal income tax liability by claiming a deduction for the expenses you made on education. You can claim an education...

Children are expensive, but come tax preparation time, those little angels can save you a pretty penny or two on your tax bill. In addition to claiming a standard exemption for your dependents,...

There are many misconceptions pertaining to the tax consequences of giving a gift to a child. The most common is that the giver (a parent) is entitled to make a tax deduction of at least a portion...

Artwork is a wonderful addition to any space. This includes business and workplace locations. Beyond enhancing almost any type of decor, in some instances artwork can be a viable and profitable...

Whether you are a part-time or a full-time artist, you will need to report any earnings from your art. By keeping good records and operating in a businesslike manner, you can deduct your expenses...

If you pay your child's higher education expenses, you may be able to take a tax deduction or a tax credit for some or all of these expenses. A tax deduction will reduce the amount of your income...

Traditional IRAs and 401k plans are two types of retirement plans that are given special advantages by the government. These plans allow most contributions to the account to be deducted from your...

If you are self employed, the Internal Revenue Service has tax rules that are different from its rules for employees. If you own a small business, you may not be able to afford an expensive tax...

Donating a car can qualify you for a valuable tax deduction. Car donations are regulated just like any other charitable contribution. Generally speaking, if you donate your car to a qualifying...

You can claim a tax deduction equal to the value of your car if you donate your car to the right type of organization. As a practical matter, there is nothing special about donating a car instead...

The federal income tax system can be look like an intimidating maze, especially for first-time filers or those for whom a sudden increase in income has made filing tax returns more complicated....

IRS mileage deductions have fluctuated substantially along with the price of fuel in recent years. Reflecting reductions in the price of gasoline, the standard mileage rates for 2009 are somewhat...

If you donate property to a charitable organization, church, nonprofit school or some other qualified organization, then you can claim an itemized tax deduction equal to the value of the donated item.

If you donate money or property to a charity, you may be entitled to a tax deduction. In other words, your generosity might result in reducing the amount of federal income tax you pay. This...

A 401(k) retirement plan is a savings plan with significant tax advantages. If you follow the IRS rules for 401(k) contributions, you can save money before you are taxed, which allows your savings...

If you paid a lot of medical expenses during the year, you may be entitled to a reduction in your federal income tax liability. This article will outline when you can deduct medical expenses on...

Filing taxes can be difficult, starting with what form you should use for your situation. If you are forgoing the use of a tax preparer this year, you may need help figuring out exactly which one...

If you use your vehicle in business and your employer reimburses you for all or part of your vehicle expenses, the tax treatment of the reimbursement depends on whether you are reimbursed through...

It should be noted that only about 1 in every 150 personal tax returns actually gets audited. However, there are certain "red flags" that stick out to the IRS. Just because you are getting...

Business owners who depend on sports utility vehicles (SUVs) to carry out their daily work-related activities are entitled to a tax break that covers depreciation and fuel expenses. The new...

Head of Household is a filing status recognized by the IRS. It's intended to give some tax relief for individual tax payers who care for dependents. While the basic concept of Head of Household is...

If you had capital gains during a tax year in which you were deemed a resident of Canada, you are probably subject to Canadian capital gains tax. Nevertheless, deductions are available under...

It is possible to write some taxes off, but you must have documentation. In addition, you need to determine if it is the best option for you.

Taxpayers who itemize their personal deductions can get a charitable contribution deduction of up to 50 percent of adjusted gross income (AGI) reported on line 37 of page one of the 1040. To...

Although you may be aware of the tax credits that are available to you as the parent of a dependent student, chances are you probably don’t know that you can receive a tax deduction even if...

When rushing to finish your income tax return, keep these five areas in mind to avoid trouble with the IRS.

If you've had to use the services of a tax consultant to help you understand or prepare your taxes, you can deduct the consultation fee from your taxes through filing an itemized tax return....

Did you know that you could deduct the amount you paid your accountant last year in tax preparation fees on your current year's tax returns? the Internal Revenue Service allows taxpayer to deduct...

You do not have to be in your own business in order to take a deduction for work related tools. If your employer requires you to have certain tools and or licenses, which you must pay for...