Tax Law

Every citizen of the United States who owns a home has to pay property taxes on that home. In times of financial hardship, it may become increasingly difficult for you to pay property taxes, but...

In the market today, there are many ways to buy property, including land and real estate. One way that has become popular today is a sheriff sale. A sheriff sale is a sale of property that has...

In addition to paying federal taxes, West Virginia residents, and certain other individuals and organizations that have connections with West Virginia, must pay taxes at the state level. There are...

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...

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...

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...

If you feel you are being overcharged by the assessor, even though your home value has plummeted along with every other home, you have a right to appeal. You would think the assessor would value...

Taxes are a major corporate expense, sometimes leading to corporate bankruptcy. Furthermore, many people complain that corporate income is unfairly taxed twice--once when the corporation receives...

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...

A 1031 exchange is a tax-deferred transaction in which you exchange a like-kind property for other like-kind property. For example, you might sell one piece of real estate and immediately purchase...

Property taxes are a specific amount of money the owner of a property is required to pay. The number of times a year that a person pays property taxes will depend on where he lives. Certain places...

A tax that is levied is charged to a taxpayer. People have taxes levied against them practically every day--think about the price you have to pay when you buy something at a retail store (sales...

If you own or manage a small business, you may not be able to afford to pay a top tax attorney to find obscure loopholes in U.S. corporate tax law that could save you money. However, with a little...

Few things cause as much aggravation or grief than a federal tax lien on a property you want to buy or sell. A federal tax lien is placed on a property by the Internal Revenue Service (IRS) for...

Every day it seems that more people consider turning their primary residence into a rental property, but before you take that leap, it's important to understand the tax laws that govern rental...

A surprising number of corporations overpay their taxes each year, especially small businesses. There are several reasons for this. First, small businesses generally lack the capital to pay...

In many ways, it is not false to state that taxes come at you from all directions. In this day and age, there are a variety of levels of government that are granted taxing authority of different...

NYC TAX APPEAL / NYC TAX CERTIORARI: Reducing Property Tax Assessment and maintaining an accurate Assessment for Property Taxes in New York City; Don't miss the deadline to appeal your NYC Tax...

When it comes to unpaid income taxes, the Internal Revenue Services (IRS) has numerous options at its disposal to collect income tax debts. When a tax debtor fails to pay an assessed tax and the...

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...

The federal gift tax applies to transfers of property where the giver/donor receives nothing in return. Sensible gift giving can result in lower overall tax liability when planned for appropriately.

If you buy property that subsequently increases in value and then sell that property, you are usually going to have to pay capital gains tax to the IRS. That doesn't make much sense if your...

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.

Real estate taxes have two components, the land and improvements to the land, which includes non-movable human-made objects such as buildings or houses. The real estate tax, also called the...

Given the struggling housing market and global economic turmoil of late, you have probably heard the term "tax lien" cropping up in the news. Despite their far-reaching consequences, tax liens are...

If you own business or investment property that has appreciated in value since you bought it, you may want to sell it. The problem is that the IRS normally imposes capital gains tax on the portion...

A surprising number of small businesses significantly overpay their taxes each year for one of two reasons. First, many small business owners don't understand the rules; second, they fail to plan...

A "tax free" exchange is not actually tax-free, but instead tax-deferred. A property exchange under IRS Code Section 1031 is not a way to avoid taxation, but rathery a way to postpone those taxes...

A 1031 exchange permits a taxpayer to sell one piece of real estate and purchase another similar piece of property without having to pay capital-gains tax on the sale transaction. Under IRS Code...

An Internal Revenue Service (IRS) tax lien is not something you typically want to become familiar with, but if you are behind on your federal taxes, you need to know about it. An IRS tax lien is...

All cities and towns have a formal process for challenging tax assessments. If you decide to begin the process of challenging your tax assessment there are some guidelines which may help you. It...

State tax is tax you pay to the state where you reside. This varies from state to state but most states have a state income tax, sales tax and property taxes. The state collects these taxes...

If you had capital gains while a resident of the United States, you are almost certainly subject to capital gains tax. Capital gains tax rates are significantly lower than income tax rates (the...

A 1031 exchange allows a real estate owner to sell a piece of property and quickly purchase another without being subject to capital gains taxes on the proceeds from the sale. It is covered by...

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 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...

Anyone who lives in Florida knows how ridiculous the property tax system us. Charlie Crist failed miserably with his campaign promise to drop taxes like a rock, few saw any improvement and new...

The possibility of losing your home is one of the most frightening events that can occur in life. An impending tax foreclosure can strip you of your residence even if your mortgage payments are...

The island of Puerto Rico occupies an anomalous status. Puerto Ricans have enjoyed U.S. citizenship since 1917. But as a self-governing, unincorporated territory, the island is partially inside...

Schedule D is a tax form required of people who sell property during the course of the year. The form itself it simple enough, having only five columns to complete per property sold. The...

Taxes are financial charges imposed on individuals, companies and organizations. Both the federal and state governments use the money collected to pay for public services and programs. Taxation...

The Internal Revenue Service issues a lien as a means for collecting tax debts. If the debt remains unpaid after the lien is placed against the taxpayer's personal property, the IRS will seize the...

A lien is a an encumbrance placed on a piece of property to secure the payment of a debt. A tax lien is such an encumbrance that results from insufficient payment of taxes, whether they be...

According to the National Taxpayers Union (NTU), more than half of all homeowners should apply to reduce their property tax bill. They estimate that as many as 60% of homes are over-assessed due...

Investment expenses are defined as any expense required for the production and collection of investment income or the management, conservation or maintenance of investment property. While...

Knowing how to view property tax rolls can help you to make educated decisions. You may be considering relocation to another county, city or state but you "heard" the taxes in the new location...

Escrow is an easy way to save for and pay your property taxes. There is very little thought behind it. It's included in your mortgage payment, and the taxes are paid on time. However, it is just...