People frequently rent out vacation homes and investment properties in order to supplement their income from their jobs, particularly during periods when real estate values fall. You must report supplemental income from a rental property to the Internal Revenue Service (IRS) and pay income taxes on
We are living in a new economy in our world today, placing incredible demands on businesses and their employees. Hours are being cut, pay is slashed, unemployment is higher and, along with this poor e
Throughout the year, a typical employer withholds a certain amount from the typical employee's paycheck. This amount is sent to the government to cover a variety of things, including social security and payroll taxes. The idea behind this is simple: the government receives a steady stream of in
You've filed your taxes and find that you owe money to the IRS.Don't panic!The IRS-Hitman is here to offer some tips to help.
Even within the same community, homes in a new subdivision may have higher assessments than comparable properties elsewhere.Huntstock/Brand X Pictures/Getty ImagesWhile state and local governments have the power to impose different types of taxes and fees, many rely predominantly on...
When filing your tax returns, you should understand whom you claim as a dependent and the eligibility of the allowances you claim on your Form W-4. A dependent results in a direct tax deduction on your filed return. An allowance, on the other hand, results in reduced withholdings from your paycheck,
The state of Virginia has a probate tax on its books. The probate tax is taken on every probate that occurs in the state. Probate is the usual process of passing of property after someone's death, including property transferred through a will. One common way to avoid the Virginia probate tax is to m
All gifts between people, including real estate, are subject to federal gift tax laws. According to the Internal Revenue Service (IRS), if a person gives more than the annual exclusion amount to any one person in a calendar year they must report the gift to the IRS. Each state also has its own gift
The average tuition cost at a four-year public college is $7,600 a year for in-state students as of 2011, according to the College Board. At private colleges, it's $27,000. When you tack on room, board and books, you could be looking at over $50,000 a year for a private college. The good news is tha
You can deduct charitable donations as one of your itemized deductions on Schedule A of Form 1040. That includes mileage, cash donations, clothing and other gifts. Keep in mind that listing your donations will only count to your benefit if your itemized deductions will exceed the standard deduction
As a regular employee of a company, you are required by the Internal Revenue Service to have withheld from you earnings FICA (Federal Insurance Contributions Act) and Medicare taxes. FICA is also known as the Social Security tax. You pay these taxes into the government and they are used for retired,
Selling your old unwanted car can take weeks and sometimes months. Cars depreciate quickly, which means by the time you find a buyer for your old car, you won't get much for it. Donating your old car to charity can be done in as little as 24 hours. As an added bonus, you will receive a receipt that
Locate a reputable and affordable place to file your income taxes.tax forms image by Chad McDermott from Fotolia.comThere are many places to file an income tax. To get the most from filing your taxes, choose a reputable and affordable company that caters to your particular and individual...
Finding the right tax specialist for your small business can often be a daunting task. This article will give you some tips for locating and selecting the right individual.
Whether you are looking to hire/recruit good truck drivers for your business or working to equip yourself with qualities of a fine driver so as to see a rewarding career in the trucking industry, here ...
Real estate closing costs are fees incurred by buyers and sellers during a home sale transaction. These costs are paid by each party on the day of settlement. Some closing costs paid by buyers can be deducted on federal income tax returns.
The right accounting methods permit a proprietor to accurately prepare Schedule C.tax forms image by Stephen VanHorn from Fotolia.comA proprietor reporting revenue and expenses on Schedule C of a federal income tax return must follow a consistent and accurate method of accounting....
Settling old taxes with the IRS is quite common these days. One of the best options is the Offer in Compromise but the process involving this option is really stringent. This tax debt relief agreement is usually the last resort because if the agency believes that you are capable of paying for the ol
An employer identification number (EIN), which is also known as a taxpayer identification number (TIN), is a unique nine-digit number that the Internal Revenue Service (IRS) assigns to businesses for tax purposes. If you received income from a business, the IRS requires you to report those earnings
Learning how to prepare a tax return online can speed up your review time and your refund. The IRS actually is requesting that everyone try to file his or her taxes online to reduce paper usage. Filing your tax return online is easier than doing paper forms because the software asks you all the righ
