Secured with SHA-256 Encryption
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
The IRS cannot freeze and seize monies in your bank account without proper notice. This is another tactic by the IRS to get your attention. Once your bank receives a notice of seizure of your funds, your bank has an obligation to hold the money for at least 15 days before paying it over to the IRS. You must contact the IRS immediately to negotiate either a partial or a full release of your funds.
→ Read MoreA tax credit can reduce or eliminate your tax obligation. One such credit is the unified tax credit, so named because federal Gift and Estate Taxes are integrated into one unified tax system. The extent of the benefit provided by the unified tax credit depends on the tax year in which you intend to use the tax credit. Recent changes in law have altered the unified tax credit, so consult with a tax attorney in order to appropriately claim it.
→ Read MoreWhen it comes to income and taxes, all income is subject to tax. Income translates to gross income and ‘gross income means all income from whatever source derived.’ Gross income includes items such as compensation for services (wages, fees, commissions, etc.), income from business, alimony received and separate maintenance payments, interest earned, rents, and royalties. Even income derived from illegal activities is subject to tax.
→ Read MoreGift tax is the tax applied when one individual gives property to another and receives nothing, or less than the value of the property, in return—whether or not it is intended as a gift. Giving someone a substantial monetary or asset gift typically means that they (and you) will have to know what kind of taxes are going to be applied to the gift. This can be complicated because there are different rules for different types of gifts.
→ Read MoreThe overall limitation on miscellaneous itemized deductions, captured on Schedule A, based on your adjusted gross income, no longer applies in 2018 because of the 2017 Tax Cuts and Jobs Act. However there may be other limitations that impact the amount you can claim.
→ Read MoreThere are four main types of deductions available on your pesornal income tax return: business deductions, above-the-line deductions, itmemized deductions, and the standard deduction. Business deductions are deductions for the cost of operating a business or being self-employed. Above-the-line deductions, on the front page of Form 1040, may be deducted whether you are able to itemize deductions or not. Itemized deductions are deductions that you may use in place of your standard deduction. Standard deduction is available to taxpayers who choose or cannot take itemized deductions.
→ Read MoreHow are alimony and child support payments taxed?
→ Read MoreTaxable income is calculated by starting with gross income, subtracting excluded income and exemptions (removed in 2018), and subtracting allowable deductions. In determining what items of income and deductions should be taken into account for any taxable year, the taxpayer’s method of accounting must be taken into account. For almost all individuals, that method is the cash receipts and disbursement method. In other words, income has to be received and deductions have to be spent. Some business activities can use other methods of accounting, and if you think that might apply to you, consult with a tax adviser or accountant.
→ Read MoreWhen does the estate tax kick in?
→ Read MoreThere are several kinds of taxes that are deductible, but not all deductions are available for all taxpayers. Most tax deductions are available only on Form 1040. State and local income taxes (or if you elect instead, sales tax), real estate taxes and personal property taxes are deductible if you are able to itemize, on Schedule A.
→ Read MoreFind the right lawyer for your legal issue.
Secured with SHA-256 Encryption
