The U.S. tax code requires owners of rental property to pay taxes on the income earned from a rental business. The IRS allows a landlord to deduct operating expenses. The IRS defines an operating expense as a cost that is ordinary and necessary for the operation of a business, is a.........[Read More]

Children are expensive, but come tax preparation time, those little angels can save you a pretty penny or two on your tax bill. In addition to claiming a standard exemption for your dependents, you can also save taxes by claiming tax deductions and credits because of your children.......[Read More]

Tax formstax time image by Gale Distler from Fotolia.comTaxes are simply a cost of doing business. Although federal business income taxes often represent a small business's greatest single business expense, in many cases they pay more taxes than they need to. As a general statement, U.S..........[Read More]

Most waitresses and servers at bars, restaurants and catering facilities are employees of the business and receive a W-2 to report their employment income on their taxes at year's end. Employees are limited in the expenses that they can claim on their taxes against their employment income. If waitre......[Read More]

There are over a dozen different types of Form 1099, each for reporting a different kinds of income. These are forms used by the Internal Revenue Service (IRS) to track individual income that isn't reported on a W-2 as wages, salaries and tips. Contract workers and investors tend to have more income......[Read More]

If you can't pay your taxes on time, consider an installment agreement.tax forms image by Chad McDermott from Fotolia.comInstallment agreements, also known as payment plans, are a way to pay your taxes in smaller amounts that are more manageable than paying your tax debt in full. It is.........[Read More]

The United Kingdom applies Value Added Tax to sales of goods and services.houses of parliament image by KEVIN DIXON from Fotolia.comValue Added Tax, or VAT, is a sales tax applied to the sale of goods and services. The European Union, or EU, requires all member states to apply VAT, but.........[Read More]

A 501(c)(3) educational organization is one approved by the Internal Revenue Service as a not-for-profit group that instructs or trains individuals to improve their capabilities or educates the public on matters beneficial to the community.......[Read More]

If you donate used clothing for charity, you can probably claim a tax deduction equal to the value of the donated clothing. The tax deduction is beneficial to people who regularly donate their outgrown clothing to charities like The Salvation Army and similar organizations.......[Read More]

Businesses often secure sales by offering credit to their customers. This helps expand their market and makes prices more manageable. Some of these credit agreements, such as notes receivable, are different than typical credit sales in terms of their time to maturity and the amount that is charged i......[Read More]

Congress enacted stimulus checks to taxpayers as part of a total economic recovery for the United States. As with all large operations, IRS stimulus checks do run into problems from time to time. Most of these errors are due to the haste with which the IRS was required to roll the stimulus program i......[Read More]

If you owe past taxes to the IRS, you might be able to settle your total tax debt for less than the amount you owe. The formal process for reducing your tax debt is called an offer in compromise. The IRS will analyze your offer in compromise according to its determination of your "reasonable collect......[Read More]

Indiana has had a state sales tax since 1963. The rate was increased from 6 percent to 7 percent on April 1, 2008, and it was still at that rate in early 2011. In general, all sales of tangible personal property are taxable and all sales of real property are not taxable, according to the Indiana Adm......[Read More]

The generation-skipping trust allows the very wealthy to minimize estate taxes by leaving most of their property in trust for their grandchildren or future generations. The trust income may be used by the first generations, while the principal remains in the trust for future generations. This type o......[Read More]

The standard deduction from income is a benefit available to most taxpayers. The amount of the benefit changes depending on a taxpayer's filing status, and additional deductions are available if a taxpayer is over 65 or blind. While the standard deduction amount does not change depending on the numb......[Read More]

Taxpayers who install geothermal heat pump systems receive a tax credit of 30 percent of the cost of the system up to $1,500. The system must be in service between Jan. 1, 2000, and Dec. 31, 2010. Tax credits are more beneficial than tax deductions because they reduce the taxes dollar for dollar, so......[Read More]

As a self-employed worker or independent contractor, the IRS allows you to claim your home office as a deduction on your federal tax return. The federal government also permits you to deduct the costs of making purchases to furnish your office. You have a couple of options in deciding how you want t......[Read More]

You've found the perfect place to rent. It fits your budget. It's in a great location and has all the amenities. In Mohave County, Arizona, renters have certain rights and are entitled to certain guarantees. If you know the law, you can use it to protect you.......[Read More]

Anyone can e-file an individual tax return. If your income is less than $58,000, you can use the IRS-provided Free File service. Even if you make more than $58,000, you can still e-file your return by purchasing tax software or by taking your return to an official tax preparer. The forms provided on......[Read More]

In the United States, the Internal Revenue Code typically allows business taxpayers to deduct premium tax paid by insurance policyholders on their business income tax returns. The amount and timing of the deduction is affected by the taxpayers' basis of accounting, as well as the type and timing of ......[Read More]