If you have received an inheritance, you may be wondering if you have to claim it on your taxes. Often, the answer is no, the type of inheritance you received is not taxable income. However, there are many types of inheritances that may be taxable or that may create taxable income to you.
When it comes to penalties for late tax returns, the IRS has a candy store display of penalties and fines to choose from. With a little foresight, and perhaps an explanation, you can reduce or eliminate the number of penalties that the IRS can assess on your late tax return.
Are you considering becoming a landlord, but don’t know how to rent out home space for the best monthly income? Choosing the right tenants and figuring the monthly rental price are critical to your financial success. Read this article for guidelines to help you with the best chances of success.
One of the advantages of having your own business is the variety of tax-deductible items available for the self-employed. Taking full advantage of all the available tax deductions can greatly reduce the taxes owing on self-employment income.
What should you do if you discover that you forgot to report income or to take a deduction on your federal tax return? What about that critical tax form that arrived a month after you filed your tax return? Or that credit you forgot to take? Filing an amended tax return is the answer.
Chapter 13 bankruptcy, also known as “reorganization” is a plan in which a repayment structure is put into place. This repayment plan extends three to five years with specific payment amounts based on each individual’s own ability to pay. Let’s take a closer look at Chapter 13 Bankruptcy
Want to learn how to use Quickbooks or Quickbooks Pro? Using Quickbooks doesn’t have to be a stressful experience; here is some basic information to get you started.
Filing for bankruptcy can be a difficult decision. Job loss, overwhelming medical bills, the real estate valuation melt-down, and poor financial habits are all factors that can contribute to the need to file for bankruptcy. This article gives an overview of the process including Chapter 7 laws.
Chapter 7 bankruptcy qualification, or the Chapter 7 Means Test, was introduced with the Bankruptcy Reform Act of 2005. This is the new barometer in the world of bankruptcy and determines whether or not your are eligible.
The capital gains tax rate is generally much lower than the ordinary income tax rates. Channeling your income to be eligible for the capital gains tax rates can dramatically reduce your taxes. 2009 and 2010 may be the perfect years for investing in and selling capital gains property.
Planning for the types of taxes that are paid for a retirement check or a pension check is an important part of budgeting for retirement. While most taxes paid for a retirement check are straightforward, there is a hidden tax that might hit you hard, so read on to learn how to dodge it
Oh my! You finally finished your tax return and instead of a fat refund, the bottom line shows a balance due. And worse, you don’t have the money to pay this tax bill. What are you going to do? Stay calm – the IRS now offers installment agreements that allow you to make payments on your taxes.
Filling out your income tax return can be stressful. Once you’ve finally finished your Form 1040, check for these common missed tax deductions. If you discover that you have missed one of these tax deductions, credits, or adjustments – you may just save yourself some tax dollars.