Home Mortgage Points
The term “points” is used to describe certain charges paid to obtain a home mortgage. Points are prepaid interest, and may be deductible as home mortgage interest, if you itemize…
Read moreScholarship and Fellowship Grants
A scholarship is generally an amount paid or allowed to a student at an educational institution for the purpose of study. A fellowship is generally an amount paid to an…
Read moreRecordkeeping
Well organized records make it easier to prepare a tax return and help provide answers if your return is selected for examination, or to prepare a response if an IRS…
Read moreOther Ways to Resolve Tax Debt That Could Save You Money
Taxpayers unable to pay all taxes due on the bill are encouraged to pay as much as possible. By paying as much as possible now, the amount of penalties and…
Read moreWhat Will Happen If You Don’t File Your Past Due Return or Contact the IRS
It’s important to understand the ramifications of not filing a past due return and the steps that the IRS will take. Taxpayers who don’t file a past due return or…
Read moreChild Tax Returns – Kiddie Tax
A tax return usually must be filed for a minor child whose income included investment income, such as interest and dividends, and totals more than $950. The minor child pays…
Read moreSeven Tax Tips for Job Seekers
IRS Summertime Tax Tip 2011-11, July 29, 2011 Many taxpayers spend time during the summer months updating their résumé and attending career fairs. The Internal Revenue Service reminds job seekers…
Read moreLicensed Real Estate Agents – Real Estate Tax Tips
Most real estate professionals operate their business as a sole proprietorship. This means that you are not someone’s employee, you haven’t formed a partnership with anyone, and you have not…
Read moreElection for Husband and Wife Unincorporated Businesses
An unincorporated business jointly owned by a married couple is generally classified as a partnership for Federal tax purposes. For tax years beginning after December 31, 2006, the Small Business…
Read moreHusband and Wife Business
One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees.…
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