Learn the rules for claiming dependents on your taxes.tax forms image by Chad McDermott from Fotolia.comWhen you are filing your taxes, you can receive an exemption for people you claim as dependents. However, there are requirements that a person must meet in order to be claimed as a.........[Read More]

The Internal Revenue Service (IRS) created the designation "501(c)", to refer to a section of statutes dealing with the creation of a nonprofit corporation which would be a "public charity" or a "private foundation." Religious, charitable, educational, scientific and arts organizations are some typ......[Read More]

Donating a car can reduce tax liability.A young woman holding a pen, doing her taxes image by Christopher Meder from Fotolia.comThe Internal Revenue Service allows for a deduction for charitable donations. The charitable donation must be to a qualified charity or else the donation is only.........[Read More]

As the agricultural community changes, more heirs of farms are renting the farm they inherited instead of farming it themselves. Income from the rental from a farm is included as taxable income for federal tax purposes on Schedule E of Form 1040. However, the Internal Revenue Code also provides dedu......[Read More]

IRS Form 1040 is one of the forms available for an individual to file income taxes in the United States. Form 1040 also comes with a set of tax tables. The tax tables are used to calculate the amount due depending on the amount of income earned during the year. This represents how the United States ......[Read More]

You are expected to pay state taxes on property you own in Wisconsin.house image by hans slegers from Fotolia.comIf you purchase real estate in Wisconsin, you will be expected to pay state property taxes on the value of the property. Real estate includes any land and buildings you may.........[Read More]

The Internal Revenue Service requires that all corporations in the United States file an income tax return, this includes non-profit corporations. Form 990 is the tax return form that non-profits use to report their charitable receipts for the year. A form 990 is to be used by any 501(c) organizati......[Read More]

The executor of an estate must calculate estate taxes prior to distributing funds to heirs.A businessman calculating expenses at tax time image by Christopher Meder from Fotolia.comWhen a person dies, the executors of her estate pay inheritance taxes--also known as estate taxes--on the.........[Read More]

When you fail to take a tax deduction in a previous year, you can still report the activity by filing Form 1040X, Amended U.S. Individual Income Tax Return. However, you only have three years from the date you filed the original tax return to recover any related refund. Form 1040X is used whether yo......[Read More]

Saving money on your taxes may require some ingenuity. Giving away money isn't free, but it does reduce your tax burden. Giving money away to a charity may provide you with personal satisfaction in the sense that the money is being sent to a cause you support, rather than being sent to the IRS for c......[Read More]

The Internal Revenue Service does not allow deductions for payments toward the principal balance of your mortgage, whether you live in the home you bought or rent it out. However, this doesn’t mean that you can’t take any tax deductions associated with losses on your rental property. You......[Read More]

When an individual or business is late paying sales tax, every state imposes an additional penalty. This penalty is computed by adding an interest percentage onto the amount owed, and compounding this interest monthly. In some states, you could owe up to 30 percent more money on sales tax if you do ......[Read More]

Although the U.S. has recently passed tax incentives to produce energy from renewable sources such as wind turbines, tax write-offs for wind power are not necessarily a new idea. Since the 1970s, America has given incentives to business and consumers to use and produce wind power. The small turbine ......[Read More]

Gross income implies a total of all earnings before making any deductions. The adjustable income credits are deductions from gross income you can claim as tax credit when filing for taxes. The adjusted income credits are defined by the U.S. tax code and Internal Revenue Service, and you can claim th......[Read More]

When you work as a teacher, you may find that you are spending a lot of money out of your own pocket to purchase additional supplies for your classroom. The Internal Revenue Service allows a deduction just for teachers called the Educator Expenses Deduction. Knowing who is eligible, which expenses ......[Read More]

LawsAccording to the Internal Revenue Service (IRS), all citizens and residents of the Untied States and Puerto Rico must file an income tax return if they fall into one of the federal categories listed by the IRS, even if they don't owe any taxes. The categories cover just about everyone.........[Read More]

Louisiana income taxes are imposed on individuals and businesses.tax forms image by Chad McDermott from Fotolia.comLouisiana provides for income-taxation of both individuals as well as corporations on a percentage-of-income model. Louisiana's taxing scheme is administered by the Louisiana.........[Read More]

A preacher's wife is not entitled to any tax benefits merely for being married to a member of the clergy generating his own tax deductions. However, some preacher's wives are separately commissioned, ordained and licensed as ministers to work alongside their husbands and receive separate pay from th......[Read More]

Gifts of money made during your life may be liable to federal gift tax.dollars image by peter Hires Images from Fotolia.comIf you make a gift of property or money to anybody during your life, the gift may be liable to federal gift tax. However most gifts will not be subject to the gift.........[Read More]

Stock options are available with an S corporation.profit/loss image by Warren Millar from Fotolia.comAn S corporation is a creation of the U.S. Internal Revenue Service (IRS). While legally organized as a typical corporation, with all the documentation usually necessary, an S corporation.........[Read More]