Income Tax After A Short Sale?
I could not afford the rental property I purchased when I was making more money and was advised to short sell the property, after I short sold the property I received a 1099 from the lender and had to
Category : Taxes : Business & Finance
IRS 1099 Contractor Requirements
Independent contractors are people who work primarily for themselves, rather than a company.contractor using drywall lift image by Joy Fera from Fotolia.comThe Internal Revenue Service (IRS) separates all workers into two categories: employees and self-employed individuals, including...
IR35 - The 'Contractor Tax' Demystified
Contractors and freelancers who choose not to be permanent employees and work flexibly for many clients have been targeted by UK tax legislation called IR35. The legislation is designed to tax contractors as if they were 'disguised employees' providing their predominantly knowledge-based s
Tips and Taxes
The federal regulations regarding tips and taxes may seem overwhelming and confusing to many people. Misinformation only complicates matters. How do you know how much of your tips are due as taxes? Are you supposed to report all your tips or only a certain percentage? Any restaurant employee who fal
Tax Deductions for a Disabled Dependent Adult
The Internal Revenue Service allows taxpayers to deduct the costs of their dependent or childcare expenses in limited circumstances. The Child and Dependent Care Tax Credit allows taxpayers to take a tax credit if they paid someone to care for a qualifying dependent. A qualified dependent is a child
How to Get Old W-2 Forms
A W-2 form is filed to state the wage and tax statement of an employee. The United States Internal Revenue Department mandates that all employers fill the form for every compensated employee. The reason for needing old W-2 forms may be for state audits, federal audits or records preservation. The pr
How to Close Tax Lien Contracts
A tax lien is a claim on property that a local government creates. Tax liens are most often associated with property on which a property tax was charged but not paid. The government uses the tax lien to foreclose the property and force its sale through a tax lien auction or sale. The contract is the
How to Prepare Students for Volunteer Income Tax Assistance
MSN Money reports that 64 percent of the income taxes filed electronically in 2010 were filed by tax preparers rather than by the taxpayer directly. Businesses as well as individuals seek out tax assistance. Volunteer income tax preparers must be familiar with a variety of income tax issues, includi
Legal Process Outsourcing
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Information on IRS Form 1040
All taxpayers with significant taxable income must file an annual individual tax return. Taxable income includes income from labor, tips, passive investments, bonds, pension income, and income from most retirement accounts. The Internal Revenue Service uses a number of variations of Form 1040, the I
Calculation of the Alternative Minimum Tax - Property Taxes
Similar to state income taxes, for Regular Tax purposes you are allowed a deduction for property taxes that you pay. Under the AMT, however, you are allowed no deduction for property taxes. This probl
Hybrid Vehicles and Tax Benefits
You have to love car dealers. With the passage of the Energy Policy Act of 2005, car dealers are screaming about the tax benefits of buying these vehicles. Heres the scoop.
Real Estate Tax Attorney - Best Way to Keep Off Tax-Related Discrepancies
Several types of discrepancies may emerge related to property tax, which is why a real estate tax attorney comes into the picture. People who have bought permanent property should be able to understand their liability. Also, when a property is bought, it has to be appraised to determine the value of
Graduate School Tax Deductions
When in graduate school, educational costs can leave you short of money. However, the Internal Revenue Service offers taxpayers several tax breaks for graduate school expenses that can put some money back in your pocket when you file your income taxes. Knowing which tax break to claim can save you m
How to Figure Tax Deductions
Missing a deduction on your taxes is a frustrating experience. The key to avoid overlooking a deduction starts by understanding deductions in the first place. The goal of ultimately lowering your taxable income is why it's essential to understand which, of the many, deductions apply to you. Learn
The Home Furnace Energy Tax Credit
As an incentive for homeowners to reduce carbon and energy emissions, the Department of Energy, the Environmental Protection Agency and the Internal Revenue Service are working together, to provide tax credits for homeowners purchasing lower-energy products. In addition to energy-efficient improveme
Easy Explanation of Filing a Tax Return for an Irrevocable Trust
Most irrevocable trusts file Internal Revenue Service tax Form 1041. Depending on the type of irrevocable trust, the tax return can range from simple to very complicated. After collection of all information by the trustee for preparation of the return, such as tax Forms 1099 and K-1 for the trust in
What Is the Purpose of a Form 941 Tax Return?
In the United States, informational tax returns are filed to calculate tax. The type of forms which are filed vary depending on whether the filer is a corporation, individual, trust or estate. Form 941 is a required form for businesses and is used to report certain categories of payments and withho
Liberty Tax Services: A Definitive Guide
Deciding what company to use for return filing services is an important choice. Selecting the wrong one can mean missing out on a refund that you're entitled to receive, or even IRS penalties resulting from ...
Georgia Tax Law
The Georgia Department of Revenue is the regulating authority for tax laws in the state. The Department of Revenue is responsible for ensuring the compliance of laws by individuals and businesses in the state. Many laws exist to ensure state residents file and pay all applicable taxes timely and app