Taxes : Business & Finance
How social security and medicare work for a husband-wife business filing as a qualified joint venture.
There are a number of deductions and credits you can claim on your tax return as a new homeowner. They aren't the same thing, however. Credits reduce the amount of taxes you owe directly. Deductions reduce the amount of taxable income you have.
Canada has been collecting income tax since 1917, according to the Canada Revenue Agency. Canadian income tax is payable both to the federal and provincial or territorial governments based on an individual or business's taxable income. Tax returns should be submitted annually to calculate the correc
The premiums you pay for health insurance count as a medical expense for income tax deduction purposes, states the Internal Revenue Service in Publication 502, Medical and Dental Expenses. But medical insurance premiums, like all other medical expenses, are subject to a 7.5 percent exclusion. That m
The inheritance taxes has a different name for some, it is called the Death tax. Most observers feel it is morally wrong to cause a family more financial burden in a time of their sorrow with the loss of a family member but it still occurs.
Many people are curious what there tax liability for the year will be, but many find it too difficult to calculate. Others are confused by tax brackets and effective tax rates. Calculating how much you owe in taxes can help you in preparing financial plans for the coming year, as well as with determ
If you are self-employed (meaning you are your own boss, and all of your income is not taxed by an employer), you are subject to self-employment income taxes. This means that you have to pay 15.3 percent of your income to the government for self-employment and Medicare. If you want to zero out this
Scholarships for "emancipated children" typically offer student aid for former foster youth who have reached legal adulthood in their state and no longer live under the guardianship of foster parents or a state agency. Emancipated foster youth can receive scholarship funding through state and federa
Proposed changes to tax credits in the Tax Reform Act.
The IRS today explained how, starting January 1, 2011, paid tax return preparers can comply with a new law that requires paid tax return preparers who meet the definition of 'specified tax return prep
An accountant is a certified accountancy and financial expert. Accountants are of assistance to make certain that the state's firms are run capably, its public records kept accurately, and its taxes paid properly and on time.
After filing your federal taxes year after year, it can be all too easy to lose track of your previous tax returns. If the IRS is auditing you, you will want to obtain copies of your previous tax transcripts. You may also need previous tax transcripts for other purposes, such as electronic tax filin
The federal government offers citizens and residents an array of opportunities to reduce taxable income by deductible personal expenses. A majority of the tax deductions are regularly taken by millions of taxpayers each year. However, there are a few that may appear to be odd and are infrequently ta