Homeowners cannot deduct interim occupancy fees paid for living in a property before the final closing date arrives on the property’s purchase. The Internal Revenue Service considers these payments part of the settlement costs incurred to purchase a property. Occupancy fees are also not added ......[Read More]

If you use your personal car for business you may be able to deduct the cost of regular operation and maintenance on your income taxes. The Internal Revenue Service has specific guidelines in order to deduct vehicle operation expenses, including that the car must be owned by the taxpayer and if the ......[Read More]

Depending on what kind of services you arrange for your deceased parent, the funeral can be a costly affair. It is, therefore, critical to understand the tax consequences of caring for your parents during the last days of their lives and after they pass away.......[Read More]

Tax filing involves the completion and submission of tax returns to the national, state or municipality imposing the taxes. Individual filing requirements vary depending on income, age and other factors.......[Read More]

Nonsmokers and reformed former smokers are considered to be on the forefront of working hard to convince establishments to usher in smoking bans. The more hardcore organizations of these nonsmokers want to see cigarettes made illegal across the United States. At the heart of their reasoning is the u......[Read More]

The U.S. government provides tax incentives to stimulate certain behaviors among individuals and businesses.businessman money image by PaulPaladin from Fotolia.comGovernments sometimes provide tax incentives for individuals and businesses to stimulate a certain type of behavior. By.........[Read More]

The rising demand for oil and advances in technology have led to oil drilling projects around the world. Congress provides several tax advantages for oil drilling, according to M.R. Cox Inc. In addition, oil and gas revenues from domestic exploration are considered "one of the best" tax advantaged i......[Read More]

An invoice is a receipt or bill given to a person who pays or owes money to a merchant or a business. An invoice includes a list of services rendered or goods that were purchased. For instance, one invoice may be for a delivery of food to a restaurant. It is important to know that any tip that is no......[Read More]

Home business owners often have difficulty determining what expenses they can claim on their tax returns. Essentially, any money that you spend to run your home business can be claimed as an expense. A home business that sells homemade postcards should take into consideration how the postcards are m......[Read More]

A different set of tax laws pertains to children and their parents.tax forms image by Chad McDermott from Fotolia.comIf you're a parent filing taxes or a parent helping a dependent file taxes, your family may be eligible for credits--and additional regulation--when it comes time to report.........[Read More]

All residents of Maryland are required to pay state income taxes by law. It is very important to file these taxes accurately and on time, which will avoid any late fees or penalties you could receive otherwise. Maryland has four specific tax brackets, as well as a special tax for nonresidents of Mar......[Read More]

According to the Internal Revenue Service of the United States federal government, non-profit status is a special form of tax exemption given to certain types of organizations that do not attempt to make money for shareholders or owners, but instead uses any money raised to further a charitable caus......[Read More]

New South Wales imposes interest and penalty tax on late taxpayers.australian money image by Horticulture from Fotolia.comThe general administration of tax law in New South Wales (NSW) is governed by the Taxation Administration Act of 1996. Generally speaking, late taxpayers are subject.........[Read More]

Although laptops pervade almost all of society, they serve many important business functions, which may mean you can take it as a tax deduction. However, you have to follow specific guidelines for taking a laptop as a deduction. In general, unless you need the laptop for school or business, you prob......[Read More]

Capital gains and losses are profits or losses realized from investments in capital assets, which are assets not easily bought and sold in the regular course of conducting business operations. Examples of capital assets include stocks, bonds and real property. The Internal Revenue Service requires t......[Read More]

Even people with a natural-born fear of the complexity of the tax code can calculate their taxes once they break the process down step by step and know where to begin. By totaling your income, subtracting all deductions and credits, and applying the payments you have made, you will come to your tot......[Read More]

The initials "LLC" stand for limited liability company, which is a type of business organization in which all the members, or owners, have a limited personal liability for the business's debts, which distinguishes it from a partnership. LLCs are recognized in all 50 states and the District of Columb......[Read More]

Adjusted income is also known as adjusted gross income. Adjusted gross income is line 37 on tax form 1040, line 4 on tax form 1040EZ and line 21 on tax form 1040A. Adjusted gross income is the taxpayer's income for the year after certain expenses are deducted. Expenses that reduce taxable income are......[Read More]

Learn the penalties for dependent fraudtax forms image by Chad McDermott from Fotolia.comAccording to the Internal Revenue Service (IRS), a dependent is defined as an individual you are materially supporting. This is frequently a child, a step-child, a grandchild or other relative. Since.........[Read More]

Virginia state law mandates that all residents must pay a state income tax every year based on their annual income. The state determines tax rates based on income brackets. The amount owed is: 2 percent of $3,000 or less; 3 percent of $3,001 to $5,000; 5 percent of $5,001 to $17,000; and 5.75 percen......[Read More]