Child Tax Credit
The 2010 Tax Act extended the Child Tax Credit through 2012. Like most credits, the Child Tax Credit has income limits.
Penalties and Interest
Failure to file is just one penalty the IRS can levy upon your tax return for not filing or paying by the April 15th deadline.
Personal Exemptions and Dependents
Personal exemptions reduce your taxable income. You can also claim an exemption for a dependent if all five of the exemption tests are met.
Is Real Estate a Viable Investment Option in Your IRA?
Real estate is, in our opinion, a very illiquid investment, and not ideal for those close to retirement. Additionally, to hold it in your IRA you have to be able to purchase it outright. You cannot mortgage the property.
Sales and Their Related Tax Implications
If you sell an asset—be it a stock or your car—it comes with tax implications. Regardless of whether you expect to incur a gain or loss, there might be a way to strategically maximize the amount you get to put in the bank.
Social Security: "The Tax"
Who is “FICA” and why does he get so much of my paycheck? Because it funded a program designed to address the problem of economic security for the aged through a contributory system in which the workers themselves contributed to their own future retirement benefit.
Business as a Sole Proprietor—Filing Schedule C
The dream is to be your own boss and work for yourself. However, with that dream comes with self employment taxes, Schedule Cs and many accounting decisions.
Reporting Capital Gains or Losses
Capital gains or losses come from the sale of a capital asset. However, the IRS considers more than just your stocks and mutual funds capital assets.
A History of U.S. Taxes—The Political Discussion
As the subject of taxes is often political, history shows top earners generally pay more taxes.
Sale of Sole Proprietorship
Capital gains are generally taxed, but if you’re selling a sole proprietorship, you may have some flexibility. Read more in this Business Tip.