The following facts will help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate. Investment Income Children with investment income may have part or all of this income taxed at their parents’ tax rate rather than at...
The IRS recognizes that the settlement documents can vary from location to location, so here are five tips to clarify the documentation requirements. Settlement Statement: Purchasers of conventional homes must attach a copy of Form HUD-1 or other properly executed Settlement Statement. Properly Executed Settle Statement: Generally,...
You can change your address on file with the IRS in several ways: Correct the address legibly on the mailing label that comes with your tax package; Write the new address in the appropriate boxes on your tax return; Use IRS Form 8822, Change of...
If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for the Retirement Savings Contributions Credit: Income Limits The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to individuals with a filing status...
Relief provided under the Worker, Homeownership, and Business Assistance Act of 2009 (WHBAA) allows taxpayers to elect to carry back a net operating loss (NOL) for a period of three, four or five years, or a loss from operations for four or five years, to...
Business start-up and organizational costs are generally capital expenditures. However, you can elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred after October 22, 2004. The $5,000 deduction is reduced by the amount your total start-up or organizational...
Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes – but is not limited to – winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair market value of prizes such as cars, houses,...
Robert Mikos (Vanderbilt) has posted Why Crime Doesn't Pay: Thoughts on State Taxation of Marijuana Distribution and Other Federal Crimes on SSRN. Here is the abstract: The financial crisis has breathed new life into proposals to reform marijuana law. Commentators suggest that legalizing and taxing...
The IRS wants you to know these ten facts about gains and losses and how they could affect your tax situation. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell a capital asset, the difference between the...
Every two years, a topic of conversation among tax folks is the tax treatment of Olympic athletes. The United States Olympic Committee pays athletes for winning Gold ($25,000), Silver ($15,000), and Bronze ($10,000) medals under its Operation Gold program -- these payments clearly constitute income....
