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Taxes : Business & Finance

What's an IRS OIC?

An OIC (Offer in Compromise) is a process that enables you to pay your tax debt by paying just a small amount to the IRS, as little as 1% of the tax due. Of course, strict requirements should be met in order to qualify for this.

What Are Some Tax Write-Offs for Teachers?

Taxes for Teacherstax forms image by Chad McDermott from Fotolia.comFor most teachers, spending personal money on supplies for their classroom is something that comes with the job. Many schools are financially strapped and can only afford to provide the basic necessities for students....

Do I Have to Pay Taxes on Money Received From a Class Action Lawsuit?

Class action lawsuits allow parties to resolve claims affecting large numbers of people. Because the number of injured people prevents each from actively taking part in the lawsuit, a limited number of plaintiffs are named as the class representatives. Typically, the resolution of a class action law

Irs Wants To Know About Fake Emails Using Irs Name

Obviously, you use the Internet or you wouldn’t be reading this article. Since you use the web, you know about phishing scams or should. Some scams are now using fake IRS identification.

Guidelines for Traditional IRA Tax Deductions

Traditional IRAs are retirement accounts that you set up and contribute to on your own apart from your employer. These contributions may be tax deductible. The contributions, deductible or not, are able to grow tax free until you withdraw them, typically after age 59-1/2. The contribution limit is a

If I Owe More Taxes After an IRS Audit, Do I Have to Pay Interest on It?

The Internal Revenue Service audits tax returns to determine whether additional taxes are due. If the IRS claims more taxes are due, they will automatically add interest to the amount due. You can agree or disagree with the IRS assessment. If agreed, you must pay the tax and interest. Under certain

New York Sales Tax Penalties

If you sell goods in New York state, you have to pay sales tax.tax defined image by Christopher Walker from Fotolia.comIf you own a business in which you sell taxable goods in New York state, you are required to collect state sales tax on those items sold . Every month you are to pay the...

Taxation of Commodity Traders

Commodity Traders may be taxed under two different methodologies. One I refer to as the "Default Rule" and the other I refer to as the "Mark-To-Market Election Rule".

About Basic Training Pay for the Army

There's truth behind the line in the old song "You're in the Army Now" that goes, "You'll never get rich." Pay for lower enlisted soldiers entering basic training is modest. Yet, when you take into account the fact that clothing, food and shelter is provided, the money earned during your 10-week bas

Federal Energy Saving Tax Credit

To reduce America's reliance on fossil fuels, the United States government introduced a program designed to help consumers reduce energy consumption. The program offers tax credits for certain purchases of energy-efficient items, including home appliances, vehicles and home electric systems. Tax cre

How to Prevent Capital Gains Taxes When Selling a House

Selling a house can be a very lucrative transaction, but you can end up owing substantial capital gains taxes. A commercial property developer cannot easily avoid these taxes; however, a homeowner can sidestep them under the right circumstances and benefit significantly. Careful financial planning i

IRS Tax Information for Teachers & Students

The IRS offers a wide range of tax deductions and credits to teachers and students who incur expenses related to education. Each of these tax benefits has its own requirements that teachers and students must satisfy to claim them. If you qualify, you can potentially reduce the amount of your income

Property Appraiser Salaries

Property appraisers know the value of buildings. Taking into account the precise features of a building -- be it a residential home or commercial premises -- its immediate surroundings, the location in which it sits and the current market trends, appraisers calculate a building's worth for the purpo

Tax Estimator - Filing Taxes Made Easy

Filing your taxes is never an easy job. There is no way to avoid it, so it is good to know how to make it better for you. A tax estimator is a good tool to use when you want to get an idea of how much you owe in taxes and any possible refunds that you can expect.

Tax Credits for Energy Star Appliances

Before January 1, 2011, taxpayers were able to claim tax credit for purchasing certain energy-efficient appliances certified as "Energy Star" items by the Department of Energy. As part of the American Recovery and Reinvestment Act, many of the allowable tax credits for appliances ended when the legi

How to Handle Tax Obligations of Your Children?

Your child should have a social security number as soon as possible. The reason for this is that you need to claim your children as dependents on your income tax return and you have to provide your child's social security number on the return in order to claim them.

How to Tightrope on "Terranigma"

Playing through the Super Nintendo game "Terranigma" can be challenging enough with enemies swarming over you. In addition to enemies, you have to traverse narrow ropes to cross a narrow gap in some portions of the game such as the fourth tower in the Underworld. Trying and failing to do this can se

Arkansas Income Tax Instructions

Arkansas relies on the income tax as a revenue source to fund the state's business. It is one of 41 states with an income tax as well as one of the 34 states that have a progressive income tax. This means that the tax rate gradually increases with higher income, as opposed to a flat tax where everyo

What is the Interest Expense Tax Deduction?

Interest is sometimes called the cost of money, since it is the amount paid by a borrower to a lender over time in addition to the principal of a loan. In some cases, the IRS allows taxpayers to deduct interest paid on a loan from their taxable income. Only an individual legally obligated for a debt