Taxes : Business & Finance

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Can the IRS Levy Cash Value Life Insurance?

Can the IRS Levy Cash Value Life Insurance?

Life insurance is an insurance product that is protected from income tax during your lifetime. The benefits that are paid to beneficiaries after you die are also generally income tax-free. Life insurance carries additional creditor protections which prevent death benefits from being attached in judg......[Read More]
Deducting Educational Expenses

Deducting Educational Expenses

The Tax Payer Relief Act of 1997 included many provisions that helped students save on taxes on their higher education. If you are a student, you can save up to $2,000 or $4,000 by deducting education expenses, depending on your income level. However, you should first see if you qualify for tuition ......[Read More]
The Facts About Unclaimed Tax Refunds

The Facts About Unclaimed Tax Refunds

Were you filling out your 1040EZ this year wondering if you had some money somewhere that you didnt know about? The fact is that the IRS says that there is money that may belong to you. For instance, the IRS says that they have 73 million dollars in refunds that could not be delivered just from the ......[Read More]
Tax Preparer Rules

Tax Preparer Rules

A tax preparer helps other people prepare their taxes for a fee, or takes on the responsibility of completing a tax return. In 2009, the IRS states that only two states in the United States, California and Oregon, regulate tax preparers. In California, tax preparers must take accrediting exams, and ......[Read More]
What Tax Credits Can Senior Citizens Take?

What Tax Credits Can Senior Citizens Take?

When you enter your "golden years," you expect to earn less money, but the Internal Revenue Service softens the hit to your income with a few tax credits and deductions only someone of retirement age can take. However, you must meet other qualifications to take any type of credit or deduction, and r......[Read More]
What Is the Law Requiring Private Sector Employers to Have Their Employees Fill Out a W-2 Form?

What Is the Law Requiring Private Sector Employers to Have Their Employees Fill Out a W-2 Form?

As of 2011, there is no law that requires employees in the private sector to fill out a W-2 form. However, there are federal laws that the Internal Revenue Service is responsible for enforcing that require the employer to provide you with a copy of your W-2 each year. As an employee, there are other......[Read More]
Do Home Insurance Payouts Count as Taxable Income?

Do Home Insurance Payouts Count as Taxable Income?

When your home is damaged in some way, your homeowners insurance will usually step up and reimburse you for the cost of the damage. If you receive a large settlement from the insurance company, you may be concerned about whether the amount is taxable. In most cases, the amounts you receive are not t......[Read More]
Why Would My Bank Want Me to Refinance My Mortgage?

Why Would My Bank Want Me to Refinance My Mortgage?

There are many reasons why banks actively seek to refinance mortgages, but profit levels and fee income are among the primary reasons. Banks make money by borrowing money from bank deposits or the Federal Reserve and lending that money to loan customers at a higher rate of interest than it cost the ......[Read More]
2011 Tax return tips for Unemployed

2011 Tax return tips for Unemployed

There are many rebates which are available for unemployed people under various IRS schemes to reduce their tax liability to bare minimum.......[Read More]
Colorado Online Sales Tax Collection Rules

Colorado Online Sales Tax Collection Rules

The state of Colorado requires that purchases made online by businesses or consumers for which sales tax was not collected by the seller must be reported to the state so that the appropriate sales tax is paid. Retailer reporting requirements have also been enacted by the Colorado legislature, but th......[Read More]
Montana Sales Tax Information

Montana Sales Tax Information

Montana has no general sales tax, but it does generate revenue by taxing the sale of some items. According to the Montana Department of Revenue, three taxes are levied on the sale of goods or services in Montana: the lodging facility sales tax, the resort tax and the rental vehicle sales tax. These ......[Read More]
Schedule H Household Employment Taxes

Schedule H Household Employment Taxes

If you have household employees, you are responsible for remitting payroll taxes on their earnings. You can report and pay these taxes with your federal income tax by completing a Schedule H form. Attach this schedule to your Form 1040, or, if you do not have to file a federal income tax return, sub......[Read More]
How to Ask for Donations

How to Ask for Donations

Whether you are in charge of raising money for a child's athletic team or your club needs funds to promote a political lobbying effort, asking for donations is an important part of a nonprofit organization's agenda. Use some tried-and-true techniques for getting the funds you need while presenting y......[Read More]
What Can I Deduct From Employee Pay? What Deductions are NOT Allowed?

What Can I Deduct From Employee Pay? What Deductions are NOT Allowed?

Employers can't deduct money from employee pay without their consent. Some involuntary deductions may be limited. A complete discussion here.......[Read More]
Calculate Income Tax

Calculate Income Tax

The rules for income tax return seem complex and difficult but some online websites, software and tools have made it easy and convenient for every one to be aware of taxable amount before filing. If you want to calculate income tax which you have to pay for particular tax year, the following steps w......[Read More]
Holding Company

Holding Company

Holding company......[Read More]
How Are Medicare Taxes Calculated for the Self-Employed?

How Are Medicare Taxes Calculated for the Self-Employed?

Self-employed people pay Medicare taxes equal to 2.9 percent of their adjusted net profit. Medicare taxes work much like Social Security taxes in that workers and employers share the cost, while self-employed people pay the whole amount. But unlike with Social Security, there is no upper limit on th......[Read More]
What VCES 2013 Includes

What VCES 2013 Includes

Voluntary Compliance Encouragement Scheme or, VCES 2013 is one of the ways introduced by the government to help non compliant parties of the past to rectify their records. Details of the scheme can be......[Read More]
Tax Tips on Education Credits

Tax Tips on Education Credits

The federal government offers education credits to help reimburse taxpayers some of the cost of higher education. You may qualify to claim these credits on your tax return if you are paying education costs for yourself or another member of your immediate family. Additional requirements are typically......[Read More]
Proving to the IRS That Your MLM Tax Deductions Are Legitimate, Part 1

Proving to the IRS That Your MLM Tax Deductions Are Legitimate, Part 1

One of the biggest benefits of having a home-based MLM business is the long list of tax deductible business expenses you can claim. These are legitimate tax deductions allowed by the IRS so long as you show the intent to produce a profit. This article shows you four ways to demonstrate that intent t......[Read More]