Taxation

How much tax you pay depends on numerous variables, the first being the status you have chosen to use for filing your tax return.If you are a single individual tax payer, then there’s a certain set of rates applicable to you as indicated be more...

As an employer and owner of a small business, if you have people working for you, then you first need to identify whether they are your employees or are independent contractors. This article deals with the situation where those working for yo more...

What do you do if you need a copy of your previously filed tax return? The starting point is to determine whether you need an exact copy of your return along with attachments (W-2) or can you make do with a computer transcript of your return, more...

Before you start worrying about filing your income tax return as April 15th approaches, you must first determine whether you need to file a tax return.The IRS discourages filing of unnecessary returns by those whose income is below the filing more...

US income tax laws require taxes to be calculated by two methods – the ‘Regular Tax’ method and the ‘Alternative Minimum Tax’ method.The first method as is clear by its name is the regular method. From the total of an individual’s more...

Tax on real estate is typically referred to as a ‘property tax’. The term property for use as a value on which a tax is imposed includes more than just land and buildings which constitutes ‘real property’ but also includes ‘personal more...

The United States taxation system is said to be one of the most complex systems worldwide. Taxpayers are required to pay taxes to four different authorities - the Federal Government, the State Government, Regional Governments and Local author more...

Once you have ascertained that you need to file an income tax return, comes the question, “which form(s) to fill?” Whilst a number of forms which are a part of the taxation system might overwhelm the average taxpayer, generally there are more...

Almost all assets held for personal use or investment purposes including your home, jewelry, stocks and bonds are classified as capital assets and any gain on their sale is subjected to capital gains tax. Just as income taxes are required to more...

As unpaid tax liabilities are subject to interest and penalty charges, it is always better to pay your taxes on time. Even if you are unable to pay your full tax dues, you must file your income tax return to avoid the penalty of ‘failure to more...