Taxation for Capital Gains and Capital Losses
The profit you make on the sale of an asset is referred to as a Capital Gain while the loss you make on selling an asset is a Capital Loss. According to the IRS, an asset is any item that you own whether for investment or personal use and that retains value over time. It includes such items as your car, your boat, your home, rental property, furniture, stocks, bonds or mutual funds.IRS Taxation for Alimony
Paying of alimony to an ex-spouse has tax implications to both the receiving and paying party. The general rules of taxation for alimony have remained unchanged for over 70 years. The general taxation rules that apply to alimony are provided below.The IRS Cautions Against Emerging Fraudulent Tax Scheme
In March 2012, the IRS released a statement cautioning taxpayers against an emerging fraudulent tax scheme that mainly targets senior citizens and low income earners. The scheme promises the victims a tax refund against fraudulent claims of the American Opportunity Tax Credit.The 2011 Adoption Tax Credit
The US tax law provides for a tax credit to taxpayers who adopt a child. The adoption costs in America can be quite high and the credit seeks to assist individuals seeking to adopt a child or children by covering part of these costs.IRS Taxes – Should You Take the Standard Deduction Route or Itemize?
The IRS provides two options that a taxpayer can use to claim tax deductions. A taxpayer can either claim the actual expenses that qualify for deductions. This is referred to as Itemizing. On the other hand, a taxpayer can simply claim a standard amount for the deduction irrespective of the actual deduction claimable. This option of claiming is referred to as Standard Deduction.Essential Information About Loans and Levies
Tax liens and tax levies are definitely the two primary things that you don’t want to need to deal with. No person would actually want to be in the dilemma of owing taxes, but it often cannot be avoided. When you owe the internal revenue service money and don’t manage it in a timely manner, you may face imposed collection. Fortunately, there’s help on hand with the skills of a tax levy and also a tax lien professional.How To Pay Back The IRS
Some people just don’t have the best luck. During tax time you can can rest assured you will hear most people say, “I’m gonna do so much with my return this year.” They’ll all have their projects or vacation plans, being happy about money they should already have. It’s different for you this year, though, and you have to stay quiet. You may even have to hide a look of worry on your face with a feigned smile. Instead of getting a refund you owe the IRS money, and you may or may not know how you’re going to pay it back.How to Apply Taxes for Barter Trading
Most transactions today are settled using money either by cash, check, bank transfers, credit card or other monetary payment method. However, at times, people may choose to make payment in a different way. As opposed to paying for a good or service using money, a buyer and seller may agree to have the payment made with another good or service.Home Energy Improvement Tax Credits for 2011
The October deadline for filing taxes (if you requested an extension), is approaching and there are still some 2011 deductions you can claim! Home energy improvement tax credits seek to encourage the installation of energy improvement equipment in residential homes.IRS Deductible Taxes
Tax deductions are expenses that the IRS allows taxpayers to deduct from their Adjusted Gross Income before applying one’s tax rate. Therefore, no tax is levied on these deductions. However, to exclude these deductions, one needs to opt for itemizing as opposed applying the Standard Deduction. There are various expenses that are deductible.