County governments often auction real estate for which property tax has not been paid. Before this can happen, the county must place a tax lien on the property, and the owner must subsequently fail to pay back taxes and interest within a statutory redemption period. Some counties auction tax liens t......[Read More]

The IRS offers only a few deductions for home repairs, generally for improvements needed for a medical condition or replacing older products with energy-efficient ones. Other deductions not commonly associated with home repair also are available, providing you take measures to meet the deductible re......[Read More]

When you buy an item in the United States, there is generally a sales tax on the item. The pretax amount of the item plus the tax on the item equals the total price. In order to make a calculation to determine the pretax amount, you need to know the sales tax of where you are purchasing the item. Af......[Read More]

An ESOP is an employee stock ownership plan that works like a qualified retirement deferred compensation plan that permits an employee to invest in securities held by the employer, usually in a tax-exempt manner. ESOPs are part of the Employee Retirement Income Security Act of 1974.........[Read More]

Taxpayers can file for an extension on their tax returns if they will be unable to finish their tax returns on time. An extension does not allow the taxpayer longer to pay his taxes, but only allows more time to file the return. The Internal Revenue Service allows taxpayers to file their extensions ......[Read More]

Self-employed individuals must pay their own taxes because they don't have an employer that withholds taxes on each paycheck. Remember to set aside money each month for taxes or you might get to the end of the year and come up short financially on your tax bill.......[Read More]

If you own an antique or historic property and you are contemplating adapting it for use as a bed and breakfast establishment, several tax incentives are available. The federal government and many state and local governments provide tax deductions and credits to rehabilitate or renovate old or histo......[Read More]

The Working Tax Credit (WTC) is a credit the government of the United Kingdom allows taxpayers who are actively working (or self-employed) to apply to their annual tax returns. You must meet several qualifications if you wish to take the credit ---you must be over the age of 16, for example, and emp......[Read More]

Alabama income tax applies to all legal residents of the state and some nonresidents.tax time image by Tom Oliveira from Fotolia.comWhether or not one is required to pay income taxes to the state of Alabama depends partly on whether that person is a legal resident of the state for all or.........[Read More]

In September 2008, the United States House of Representatives passed the Alternative Minimum Tax Relief Act of 2008, which would have altered the tax code and expanded exemption from the Alternative Minimum Tax. The vote in the House and for cloture on the matter in the Senate were along party lines......[Read More]

Very few individuals enjoy handing over a portion of their income every year to the federal government. Did the founding fathers not want to avoid a central government from taking our money? The history of United States tax law shows that not only are taxes necessary, they can even help an economy. ......[Read More]

A Florida for-profit corporation can be changed into a nonprofit without dissolving the corporation. If the existing business is not a corporation, it can be dissolved and a new nonprofit corporation can be formed. The purpose of a nonprofit must be charitable, educational, religious, literary, or s......[Read More]

Filing as head of household can result in a higher tax return.TAX TIME image by brelsbil from Fotolia.comA single person--separated legally or not--who pays 50 percent of the expenses to maintain a household for himself and any qualifying dependent can claim the head of household status.........[Read More]

When you refinance a mortgage, you get a new loan to pay off your old loan. You may do this to take advantage of low interest rates or to restructure your loan. A refinance may result in lower interest rates, which leads to lower tax deductions. However, it may also entitle you to a tax write-off.......[Read More]

The Internal Revenue Service considers learning and physical disabilities to be medical conditions. Thus, parents can deduct expenses for their special-needs children as part of their medical deductions on their taxes. However, they can only deduct those medical expenses that exceed 7.5 percent of t......[Read More]

A legal trust that is not a grantor trust is a separate entity that can incur its own tax liabilities. It is therefore required to have its own Federal Employer Identification Number, also known as an FEIN or EIN. The process is fairly simply and can be done online, through the mail, over the phone ......[Read More]

A U.S. taxpayer can take a tax write-off if he suffers uninsured losses due to home damage from an unexpected event, such as theft, flood, earthquake or storms, according to website Efile.com. By deducting the amount of loss on his annual tax return, the homeowner can lower his owed taxes or increas......[Read More]

A business involved in the retail of taxable goods, leasing or renting tangible property or withholding income tax from employee wages must have a state tax ID number. In some states, this is the number on the company’s business license. In other states, the business owner must apply for a sel......[Read More]

Your art studio, if you are a professional artist, is a place of business. For that reason, like you could with an office or warehouse, you can deduct studio rent that you pay on the space. There are some restrictions, however, and if your studio is in your home, that presents further possible limit......[Read More]

You need a W-2 from an employer to file your income tax.tax forms image by Chad McDermott from Fotolia.comThe W-2 is a wage and tax statement issued by the Internal Revenue Service. The form is sent by employers to employees prior to Jan. 31 and documents all wages, salaries and other.........[Read More]