Tax Article Archives

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Tax Articles

Mortgage Interest Allocation

I received a very interesting question from my last post on mortgage interest concerning allocation for tax deduction purposes. This post is a summary of research conducted in these regards on the National Association of Enrolled Agents web site. For example sake generally speaking if you have a $110,000 mortgage outstanding on your personal residence and this…


Foreign Income Reporting IRS Publication 515

IRS Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities, includes a table of income source rules, including pay for personal services, interest, rents, royalties, income from natural resources, scholarship and fellowship grants, and guarantees of indebtedness. I must write from experience that identifying income is best accomplished if the type of income named on an invoice is…


Nonprofit Formation – IRS Form 1023

Your organization can indeed be a nonprofit organization within your state but not be tax-exempt with the IRS. The only way to obtain FEDERAL 501(c)(3) tax-exempt status is to file IRS Form 1023. I’ve done this many times and felt compelled to blog about it today because the general confusion in these regards is astounding and the fees…