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Can You Give Real Property to Someone Without Paying Personal Income Tax?
In some cases, the IRS allows taxpayers to real property as gifts without requiring them to pay taxes on the transfers. Generally, the IRS taxes the donor or the person making the gift but does not...
View ArticleTaxes: Credits & Savings
Lawmakers have a way of encouraging the behavior that they want in people by offering them a reward, sometimes a tax credit, for doing something beneficial. In the case of the tax credit for savings,...
View ArticleCan I Claim a Child Care Credit If a Family Member Watched My Child?
The Internal Revenue Service provides a federal tax credit for child and dependent care costs to offset the necessary costs of childcare due to employment. Tax filers who pay family members for...
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IRS Taxes on Gifts
The IRS taxes certain types of gifts. Some types of gifts cannot be taxed no matter how much you give, while others are subject to an annual exclusion. If the exclusion is exceeded, you will have to...
View ArticleWhat Is the Maximum Gift Before Taxes?
The Internal Revenue Service considers a gift to be any transfer of property when something of equal value is not received by the giver. The IRS excludes any annual amount from taxes, which in 2011 was...
View ArticleTax Deductions for Energy Efficiency
U.S. workers pay a significant portion of income to the federal government in the form of income taxes, but the Internal Revenue Service (IRS) offers various tax incentives such as deductions and...
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Economic Stimulus Benefits for SSI Recipients
The IRS provided stimulus benefits to all taxpayers in 2008. As part of Congress's efforts to provide taxpayers with tax relief in 2008, taxpayers who filed their 2007 federal income tax returns...
View ArticleShould I Claim Earned Income Credit on My Taxes?
When filing your taxes, you may be looking for every possible tax credit and deduction that you can find. One tax credit that you might be able to qualify for is the earned income tax credit. This tax...
View ArticleThe Rules for the First-Time Homeowners Tax Credit
The recession that begin in the late 2000's resulted in a dramatic decline in home values across the United States as well as lower demand for homes. The federal economic-stimulus incentives designed...
View ArticleWhat Is First Time Homebuyers Credit?
When filing your taxes in the U.S., the First-Time Homebuyer tax credit can save qualifying taxpayers up to $8,000 for the tax year in which they claim the credit. Homeowners must meet certain...
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Statute of Limitations for California Tax Liability
In California, the Franchise Tax Board is responsible for collecting income taxes and franchise taxes from residents and nonresidents who earn income within the state. The Franchise Tax Board must...
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Tax Deductions for Dentists
When most of us think of the dentist, we think of the person who cleans our teeth or fixes cavities. But the dentist is really a business owner, and just like any business, his practice must keep books...
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IRS Earned Income Help
Earned income refers to any income you worked for, such as wages, salary and tips. You may be eligible to receive an earned income tax credit (EITC) if you qualify as low income and meet a series of...
View ArticleWhat to Claim on Taxes When Self-Employed
Filing your taxes when you are self-employed can be time consuming and confusing. If you make a mistake on your taxes as a self-employed individual, you could end up paying more to the Internal Revenue...
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Tax Breaks for Energy-Efficient Appliances
Installing a new appliance in your home can be a hassle in terms of time and expense. However, it is possible to make such an expense work in your favor. Homeowners can take advantage of tax breaks...
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Estate Tax and Charity Deductions
The estate tax is levied against a taxpayer's property after he dies if the value of his estate exceeds applicable exclusions. Estate income is also taxed. Qualifying donations to nonprofit...
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Can the IRS Lower the Amount You Owe in Taxes?
The Internal Revenue Service can lower the amount of taxes you owe based on your financial situation. Additionally, the IRS may halt collection attempts and stop penalties in cases of financial...
View ArticleTax Advice for Students
If you are a student who takes at least one course during the year, you can qualify for an array of school-related tax credits and deductions. You may find that you qualify for more than one tax...
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Gifting for Tax Purposes
When you give a gift, you must consider two possible tax consequences. First, if the value of the gift exceeds your annual gift tax exclusion, you may have to file a gift tax return and pay gift tax to...
View ArticleTax Relief for School Fees
Attending school often requires you to pay an array of fees that include tuition, student activity charges, administration fees and many other charges. However, if you file a federal income tax return,...
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