Selling a capital asset results in a gain or loss and impacts your income taxes. This post explains what capital gains and losses are, and gives some insights into the tax implications of capital gains and losses....
Putting your children on payroll can help reduce the overall family tax bill and transfer assets to your children without introducing gift tax implications. This post explains the things you need to know to make this work for your family and your business....
If you were married this past year, congratulations! Getting married is a big step in your life and along with it comes many changes. One change is filing taxes as a married couple for the first time. This advice can help you get started....
To collect unpaid taxes, the IRS is turning to private companies. The growing backlog of debt has proved too much for the agency, which continues to use four debt collection companies to round up outstanding payments from taxpayers who've been contacted numerous times and still...
Knowing which medical and dental expenses you can deduct on your tax returns can get complicated For starters, your deductions must exceed 7.5 percent of your adjusted gross income. And they have to fall into an IRS-approved category. Here's a summary of which expenses...
With tax season right around the corner, it’s time to start thinking about closing your books out for the year and preparing all your tax documents. One of the required tax documents you may need to send out is the 1099-Misc. While this can be...
When can you use bad debt to reduce business income? Even when you take the customer to court and you still don't get your money, there's a way to make lemonade from this lemon of a customer. This post explains what bad debt is, and...
Get started organizing paperwork now to make tax time less stressful.
Most of the papers you need to document the income, interest and withheld taxes you report arrive in your mailbox in January, with investment-related 1099s often coming in February. Get ready for their arrival by...
In determining gain or loss on sale of a partnership interest, taxpayers are often surprised to find they have a taxable gain. This post reviews some typical examples of such a sale and how they are treated for tax purposes....
While US citizens and residents are subject to worldwide estate and gift taxation on their gratuitous transfers, non-residents are only subject to the US estate tax on property that is situated, or deemed situated, in the United States. This post discusses some of the tax...
