It is the rule that if you get tax exemption, you have to show it as income in your tax returns.  There are few exceptions to forgiven debt tax: Debts canceled when you were insolvent This is the most sweeping exception, because debt is generally only canceled when debtors are "insolvent." Student loans forgiven after [...]

American Economy is not growing since the Obama tenure. The stagnant policies have negatively impacted the job availability in the market. Millions of Americans have given up trying to find work and acquire skills to improve their well-being. America’s economic strength has been smothered by years of Obama’s broken promises, and stifling mandates and taxes, [...]

There are many types of deductions that the income tax payer deduct from his income before filing tax returns. What gets you audited by the IRS? The most common tax deductions that are questioned by the IRS are: Home office deduction The Office deduction is only allowed if you use the space for office. If you [...]

  While audits are rare, most Americans would probably like to avoid being audited. Here are few ways in how to avoid a tax audit: Make sure you filed the right figures It is important that you carefully file your returns. If you are not aware of methods of proper data entry than its better [...]

  Professionals at My Tax help MD are there to guide you different ways through which you can prevent tax audit. We understand that Tax Audit seems a nightmare to the taxpayer. Here are some preventive techniques for how to avoid getting audited: Carry out realistic deductions It is important that as a business owner [...]

  Each year all US citizens pay taxes, and every year there are many instances of between the IRS and Tax Payers resolving tax issues. In some case the tax payers have not paid the right amount of returns, in others the tax payers have taken more exemptions than they legally are entitled to. Here [...]

IRS carries out an audit of the tax payers to judge if their tax returns are rightly filled or not. The auditor then judges the records, and if a person or business is found guilty he is suppose to give the tax adjustment amount or has to pay interests and penalty. The tax payer has [...]

One of the foremost tax benefits of home-ownership is that the rental income that the home owners receive is not taxed. Following are few more tax benefits of home-ownership: Mortgage Interest Deduction Homeowners can reduce their taxable income by deducting the mortgage interest amount from their taxable income. The deduction is limited to interest paid [...]

At different times government keeps on amending the tax laws. They also try to improve their tax returns by adding different laws to the tax return policies. There are numerous hidden taxes which are taken from the tax payers by the government. It is important that you as a tax payer are well aware of [...]

What is AMT? AMT; Alternative minimum tax is an extra tax that is levied on some people above their regular income tax. It’s a supplemental income tax imposed by the U.S government required in addition to baseline income tax for certain individuals, corporations, estates, and trusts that have exemptions or special circumstances allowing for lower payments of standard income tax. It has its [...]