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If you are a regular tax payer, IRS will have all your past records with them. It is important to understand how to request a copy of a tax return so you can access that information in a timely manner. There are many reasons why you might need to get past tax return records. [...]
Taxes are levied on every business. A husband and wife business has different family business tax requirements from a normal business. Here are some family business tax rules which are applied when the employees are family members: Employer/employee relationship between husband and wife There are two scenarios in this case: One spouse is the employer [...]
The most awaited amount of money is the money you are expecting as a Tax refund from the IRS. If you have filed for the return electronically you should expect a response within 21 days. On the other hand if you have filed on paper you need to wait for atleast six weeks. Having said [...]
Difference between a Child Tax Credit and Additional Child Tax Credit Child Tax Credit is issued to people who have children. They can lower their tax bill by claiming tax credit on a child. If the tax balance is below zero dollars the tax credit cannot be claimed. The tax credit is non-refundable. You [...]
Tax Audit is one of the nightmares for a taxpayer. Everyone wants to know how to avoid tax audits. Here are some blunders by tax payers that can help you understand what triggers an IRS audit: Breaking the rules related to foreign accounts The IRS has strict reporting requirements as far as foreign accounts are [...]
You don’t keep one job all your life. There are many times when you switch from one job to another or you might start a business of your own. Sometimes you might lose the job completely. All these scenarios are possible in your career. Here are some tax related issues related to change in your [...]
Taxes are the bitter truth of our lives which are unavoidable in all sorts of circumstances. There are certain events in our lives which have an impact on the way the taxes are levied. Here are the few events listed: Birth or Adoption of a Child The biggest life changing event in any one’s life [...]
As a Tax payer you must be aware of all the terms and tax benefits that you can get. May people are unaware of Additional Medicare Tax which was implemented recently in the year 2013. It was implemented in the basis of Affordable care Act (ACA). According to ACA, If your income exceeds a certain [...]
Newly Wed couples face so many changes in their lives. They start a new home, they adjust to the new routine, decide upon sharing bills and other payments, match their job timings, along with that another major change that they face is in their tax status. There are some consequences related to Tax which [...]
Most of the people believe that they will have to pay fewer taxes when they are retired. But in some states the situation gets the other way round. The tax payer has to pay more shares in taxes when he is retired. It depends on the amount of income that a retired person [...]
