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How to Claim a Dependent Child for Tax Purposes

How to Claim a Dependent Child for Tax Purposes

Claiming a dependent child for tax purposes is a straightforward procedure. It is a smart tax strategy because it affords you a number of tax benefits not available to taxpayers without children. It increases the number of dependents you can claim and, if you are unmarried, having a child allows you......[Read More]
Definition of Sales Tax

Definition of Sales Tax

Common throughout the United States, sales tax is a consumer institution that allows for funds to be collected from basic buying and selling actions in an economy. In the United States, sales tax is a critical source of funding for many states. Collection and usage functions differently from state t......[Read More]
IRS Rules & Regulations on an IRA

IRS Rules & Regulations on an IRA

IRS regulations on IRAsPennies on the Dollar - one dollar bill with pennies. image by Andy Dean from Fotolia.comThe Internal Revenue Service (IRS) allows many benefits to setting up and funding Individual Retirement Accounts (IRAs), such as deferring the taxability of income until after.........[Read More]
Tax Write-Offs on Home Lease Purchases

Tax Write-Offs on Home Lease Purchases

Also known as rent-to-own purchase or lease-to-own purchase, lease purchase refers to an arrangement to rent a property with an option to buy the property in the future. The agreement usually specifies the length of the rental period, at the end of which the renter has the right to buy the property ......[Read More]
What Is Fed Med/EE Tax?

What Is Fed Med/EE Tax?

Fed Med/EE tax is the federal Medicare tax. The Medicare tax is collected on all wages earned in the United States, with only a few rare exceptions. The Medicare tax is 2.9 percent of all wages. Half of that amount (1.45 percent ) is withheld from the employee's paycheck, and the other half is paid ......[Read More]
Cobra Tax Deduction

Cobra Tax Deduction

The Consolidated Omnibus Budget Reconciliation Act of 1985 typically requires employers to give qualifying workers -- those who lose their jobs or suffer reduced hours -- the right to participate in their businesses’ health insurance plans for up to 18 months, as of the time of publication, ac......[Read More]
Florida Land Tax Laws

Florida Land Tax Laws

The Florida Department of Revenue collects land taxes in Florida.Florida state contour with Capital City against blurred USA flag image by Stasys Eidiejus from Fotolia.comLand taxes in the State of Florida, legally referred to as property taxes, are levied by local governments in order to.........[Read More]
Foreclosure & Federal Income Tax

Foreclosure & Federal Income Tax

Federal income taxes can be increased by a foreclosure. The foreclosure frequently involves the property owner making a deal with the bank to reduce the total amount paid. Since the property owner gains income by having debt forgiven, this can have tax consequences as a taxable gain of income.......[Read More]
How to File Separately From a Business Partner

How to File Separately From a Business Partner

The IRS has different filing requirements depending on the business form you chose when creating your business. Generally speaking there are three types of tax entities: sole proprietorships, partnerships and corporations. You should reference your formation documents to determine your type of bus......[Read More]
How to Correct Underpaid Wisconsin State Sales Tax

How to Correct Underpaid Wisconsin State Sales Tax

Wisconsin sales tax returns are filed online. All amendments to tax information are also filed online. Amendments require that a paper ST-12 or that the amendment be filed online through your My Tax Account. When filing an amendment, you must provide a reason why the file is being amended, along wit......[Read More]
IRS Instructions for Form 2441

IRS Instructions for Form 2441

IRS Form 2441:Child and Dependent Care Expenses, governs the exemptions issued by the IRS to taxpayers in the event that the taxpayer pays a child care service to care for her children. This form must be submitted along with Form 1040 (or Form 1040A, as applicable).......[Read More]
Income Tax Help for Seniors in Maine

Income Tax Help for Seniors in Maine

Filing income tax returns can be confusing and stressful, but it doesn't have to be. There is assistance available for Maine's senior citizens. Several organizations answer questions, offer advice, provide assistance, or even prepare tax returns for seniors throughout Maine.......[Read More]
How Do I Pay Massachusetts Employer Taxes?

How Do I Pay Massachusetts Employer Taxes?

The Internal Revenue Service (IRS) requires employers to pay a matching portion of employee Social Security and Medicare taxes and federal unemployment (FUTA) tax. Individual states, including Massachusetts, also have their own payroll tax requirements for employers. Specifically, the Massachusetts ......[Read More]
How to Avoid Trust Fund Penalties with the IRS

How to Avoid Trust Fund Penalties with the IRS

The Trust Fund Recovery Penalty (TFRP) is contained in a law passed by the US Congress. The TFRP allows the IRS to assess a penalty against an individual officer, employee, or partner of a corporation or partnership who is responsible for paying income and other taxes which are withheld from employe......[Read More]
How to Report Commodities on a Tax Return

How to Report Commodities on a Tax Return

A commodity is a physical good, such as corn or copper, which are interchangeable with other similar goods. Commodities are traded on commodities exchanges, such as the Chicago Mercantile Exchange, typically through the trading of futures contracts. Profits earned from the buying and selling of comm......[Read More]
Tax Deductions for Donation to a College

Tax Deductions for Donation to a College

It is not uncommon for alumni to provide their colleges with cash donations each year. And when the college you attend is a tax-exempt entity, the federal government encourages those donations by allowing you to take a charitable contribution deduction for them. However, your eligibility to claim th......[Read More]
Medical Tax Deductions for Businesses

Medical Tax Deductions for Businesses

Several medical expenses are tax deductible as business expenses.health concept image by drx from Fotolia.comTo make medical aid readily available for as many U.S. citizens as possible, the U.S. government allows certain tax deductions. Under the Obama-rule, a new law has been established.........[Read More]
How to Claim Back Taxes in Australia

How to Claim Back Taxes in Australia

If you worked in Australia, you probably had tax withheld from your pay, and can file online using the Australian Tax Office's free program to get your refund. The Australian tax year starts on July 1 and ends on June 31. You must file between July 1 and Oct. 31. It usually takes about 14 days to ge......[Read More]
Tax Rules for Nannies

Tax Rules for Nannies

When you have a household employee, like a nanny, you may be unclear about how taxes work. There are tax laws, known as the "nanny tax" that apply exclusively to household workers. You should be aware of these rules so that the taxes are paid accordingly.When to PayIf your household.........[Read More]
How to File Back Tax Returns

How to File Back Tax Returns

Many people owe back taxes. Once you are past the tax deadline, any day is a good day to file. According to the IRS website, "The IRS wants to get people back into the system, not prosecute ordinary people who made a mistake." Sharpen your pencils, boot up your hard drive or visit your local tax pro......[Read More]