As teachers and students head back to school following a glorious summer, its time to remind teachers to organize 2004 school expenses. Under a temporary tax code change, teachers can deduct certain s...Full Article
Lets assume that you would like to begin saving for your childrens education fund. At the end of each year, for the next 8 years, you will contribute $2,000 into a Coverdell Education Savings Account...Full Article
What weve got here is a failure to communicate. --Strother Martin in Cool Hand Luke Statutory Law Governments pass laws, its what they do. It is the job of others to interpret ...Full Article
1812The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for...Full Article
All states also have their own tax system. Typically there is a tax on real estate, and there may be additional income taxes, sales taxes, and excise taxes. Oil and mineral producing states often have...Full Article
The powers of Congress, and the limitations set upon those powers, are set forth in Article I of the United States Constitution. Section 8 specifies both the power to collect, Taxes, Duties, Imposts a...Full Article
The federal tax code is complex. This complexity generally arises from two factors: the use of the tax code for purposes other than raising revenue, and the feedback process of amending the code.While...Full Article
If you paid someone to care for a child so you could work, you may be able claim a tax credit for child and dependent care expenses on your federal income tax return. This credit is available to peopl...Full Article
It may not be high on the list of wedding planning activities, but there are a few simple steps that can help keep tax issues from interrupting your newly wedded bliss. If you recently married, check ...Full Article
The end of tax filing extensions is quickly approaching. What do you do if you cant pay the amounts you owe? You should still file your return by the due date and pay as much as you can. There are, ho...Full Article
Many Americans believe that an IRS debt is a debt for life and that the tax collector can hound them to the grave. Thankfully, that is not the case and there are statutory time limits on the ability ...Full Article
Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This concept is recognised in all tax statutes, which sets out taxpayers primary obligations, and clearly spells out that...Full Article
Media reporting of a new EU savings tax directive has left many people wondering whether European tax havens could soon become obselete.The July directive requires banks throughout Europe, including l...Full Article
Millions of people file tax return extensions every year. The tax filing deadlines can rush up on your quickly. Fortunately, filing an extension isnt particularly difficult. For individuals, there are...Full Article
Someone once remarked, "Next to being shot at and missed, nothing is quite so satisfying as an income tax refund." Theres no question that saving money in taxes is high on everybodys list of...Full Article
Often people fall on hard times and stop paying on credit cards. After a while the account may go to an outside debt collector who might offer a settlement of the debt for 30-40% of theoriginal sum. ...Full Article
Should I take wages or dividends from my privately ownedcorporation? What is the best way of taking money out of my company? In other words, what will result in theleast amount of income taxes?A Canad...Full Article
Taxpayers have two easy and convenient options for getting copies of their federal tax return information - tax return transcripts and tax account transcripts - by phone or by mail.A tax return transc...Full Article
Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). A mismatch between a name on the tax return a...Full Article
An early distribution from an Individual Retirement Arrangement (IRA) or a qualified retirement plan need not be a "taxing" experience. Fortunately, there are exceptions to early distributio...Full Article
