Cost Basis
Definition of "Cost Basis": the original price of an asset, such as stocks, bonds, mutual funds, property, or equipment. Cost basis includes the purchase price and any associated purchase costs.
Category : Taxes : Business & Finance
Tax Credits From Home Settlement Costs
Home ownership offers significant tax benefits to the homeowner. These tax benefits enhance the investment aspect of owning home. Some of the tax credits offered by the Internal Revenue Service for homeownership result from the closing costs associated with the settlement of the real estate transact
About Income Tax Deductions for Long-Term Care
The umbrella of long-term care covers a variety of services, both medical and non-medical, to assist the chronically ill or disabled. Long-term care insurance is available to cover some of the costs of care. Expenses related to long-term care may be deductible on your tax return.
How to Invest in California Tax Deed Sales Before An Auction
When a California real estate owner fails to pay the property tax, the real estate may be sold at public auction. Each California county conducts tax lien or tax deed auctions, usually when the taxes are five years past due. The owner has the opportunity to pay the taxes until the close of business
Irs Form 2290 Hvut Requirements
The heavy vehicle use tax or HVUT is an annual fee assessed on heavy vehicles operating on public highways at registered gross weights equal to or exceeding 55,000 pounds. The gross taxable weight of a vehicle is determined by adding the unloaded weight of the motor vehicle and any trailers together
What Can I Deduct on My Michigan Taxes?
Michigan, like most states, bases its individual income tax on your federal adjusted gross income (AGI). But that amount is adjusted according to state-specific income exemptions and deductions that you subtract from your federal AGI to arrive at your Michigan taxable income. That state-taxable amou
Tax Refunds by Direct Deposit: How to Do It and Problems to Prevent
Individuals can receive their tax refund by direct deposit. With direct deposit, the tax agency electronically transfers the refund directly to a bank account. Exercise caution and make sure your bank information is correctly shown on your tax return before filing. Also, we discuss how to resolve pr
How Non UK Domicliaries Can Use the £2,000 Exemption to Avoid the £30,000 Tax Charge
The new rules for Non UK Domiciliaries that apply after 5 April 2008 raise the spectre of a £30,000 tax charge for many. There is however a specific £2,000 exemption in the legislation. This article l
Maine Revenue Services And Maine Tax Relief
Burdensome debts can make life miserable. Taking the necessary steps to turn your life around and get your financial problems under control can seem hopeless.
Tax Loopholes for Buying a Business
The manner in which you buy a business can have significant tax ramifications. Here's why.
PA-40 Tax Information
Form PA-40 is the official form that Pennsylvania taxpayers fill out and file to submit their state income tax return for the previous year. Income tax return forms must be filed with the Pennsylvania Department of Revenue, the state agency in charge of tax collection from state taxpayers. Form PA-4
Avoid Financial Obstructions Effectively with Disguised Remuneration Legislation
Disguised remuneration legislation has gained popularity again after the inclusion of third party arrangements. This significant change in the legislation is also effective and considered as successfu
Cost Segregation Myths and Facts
There are many myths surrounding cost segregation and its benefits. The truths behind those myths are discussed below, as well as some answers to very important questions.
Are Annuities Taxable in New Jersey?
Tax laws in New Jersey can be difficult to decipher and impossible to memorize, especially considering how they apply to retirement income. Money received from annuities might result in an increase in the recipient's income tax liability for the year during which the distribution occurred. Different
Individual Income Tax Information
Filing and paying individual income taxes is a daunting task for countless Americans. Among the taxpayer assistance programs available are the Earned Income Tax Credit (EITC), e-filing and the Taxpayer Advocate Service (TAS).
What Is Alternative Minimum Tax?
You may be subject to alternative minimum tax and not even know the consequences. The Alternative Minimum Tax was introduced by the IRS in 1969 and instituted for wealthy people eligible for special tax benefits but today, more and more of us are now subject to this tax.
IRS Tax Debt - IRS Penalties Bleeding You Dry? Know the Enemy
Going Broke: IRS fines are expensive. Penalties were originally meant to punish taxpayers if they didn't follow the rules. Now they're a regular source of income for the IRS. Don't let the IRS extort you. Know your enemy and prevent penalties from bleeding you dry.
The Purpose of the Offshore Voluntary Disclosure Program
Anyone who has offshore banking activity is directly affected by the Offshore Voluntary Disclosure Program. Many people question as to why the Internal Revenue Service (IRS) is going after offshore account holders and also why the program was created. Though the accounts are not located within the U
Income Tax Deduction Tips
Income tax takes a big bite out of your final pay; sometimes up to 40 percent or more of your income goes to taxes, depending on how much you earn and what type of income it is. This is a big deal, especially if you spend money to make the money that is being taxed, and everyone knows you have to sp
IRS Provides More Opportunities for Foreign Incomes Tax Compliance
Unreported and untaxed foreign incomes continue to contribute the most to the IRS tax gap. This is mainly due to the fact that the IRS does not have all information about the incomes being made by U.S. citizens overseas. However, the tax authority has increased its international networks and heighte