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1. 1040EZ Instructions
Helpful Form 1040EZ InstructionsForm 1040EZ is for a taxpayer who does not have any dependents, capital gains, or business income to report. Form 1040EZ instructions are much simpler than those of Form 1040. Form 1040EZ is a one-page tax form the can be completed out over the internet with a fillable form or downloadable version of the form and that can be sent to the IRS throu..2. 1098-T
Understanding Form 1098-TForm 1098-T is an Internal Revenue Service form that is entitled “Tuition Statement.” It is used by the IRS to determine whether an individual can claim any tax credits relating to education. These can include the Lifetime Learning Tax Credit along with the American Opportunity Credit.From 1098-T is used by any eligible educational institution, such..3. 1099 Due Date
Form 1099 January 31 of every yearForm 1099 DIV If reporting electronically : April 2 If reporting Copy A : February 28 (IRS)If reporting Copy B : January 31 Form 1099-INT If reporting electronically : April 2 If reporting Copy A : February 28 (IRS)If reporting Copy B : January 31Form 1099-MISC If reporting &nb..
4. 6 Ways to Reduce Capital Gains Tax
What is the Capital Gains Tax?The capital gains tax is a form of tax that is charged on an individual’s investment, specifically the profit realized on the sale of an asset that was purchased at a lower price. The capital gains tax is implemented on any capital asset that generates a real profit, either following the sale of the asset or through any means that generates ..5. A Brief Guide to Sales Tax
What is the Sales Tax?A sales tax is a tax levied on the purchase of certain products, which can be levied at the time of purchase or can be built into the price of the item. In the United States, the sales tax is imposed by most states, which all have different rules on what is taxed and at what rate they will be taxed. The seller will retain the sales tax from the..6. A Brief Overview of Inheritance Tax
The inheritance tax is imposed on the value of property an individual inherits.Each state that imposes the inheritance tax, does so at different rates. In addition, the inheritance tax may be levied against some individuals, while not being imposed against others. For example, some states may allow spouses or children, to inherit money and property, free from the inheritance ta..7. A Brief Overview of Taxes
What are Taxes?Taxes are payments that are required by individuals that exist in tandem with financial, commercial, and consumer activity. Within a tax-based society, Taxes may be incurred for a variety of reasons and through a variety of means; Taxes can range in their collection process, procedure of payment, and respective rate(s). While certain Taxes may be required by the ..8. A Brief Overview to Service Tax
Service Tax Defined:• The service tax is a levy placed on those individuals living in India. The Service tax is a part of Central Excise taxation in India.• The service tax is placed on those companies or small businesses that provide a direct service to the general consumer base in India.• The Service Tax is outlined in the country..9. A Full Guide to Tolls
A toll is a fee that is charged in any number of situations; it can be used in roadways, telephone calls, and other services that are necessary for business or travel.Toll BackgroundA toll is a fee that is placed on something; often tolls are used in conjunctions with roadways and travel-necessary infrastructures like a bridge or a tunnel. When it comes to roadway tolls, there ..10. A Guide to Barack Obama's Tax Plan
Barack Obama's tax planBarrack Obama's tax plan includes tax relief for working Americans, especially those in the lower and middle class. In addition, tax breaks would benefit seniors, as well as families that have children in college. The goal of the tax plan is to provide a boost to the economy, by providing Americans with more money to spend. In addition, small busines..11. A Guide to Capital Gains Tax
What is the Capital Gains Tax?Capital gains taxes are taxes which are levied on the financial gains realized from the sale of an investment asset purchased for a lower price. In the United States, capital gains taxes are levied on the sale of stocks, bonds, metals, and real property. Capital gains taxes must always be factored when determining the profits realized f..12. A Guide to Your Tax Return
What is a Tax Return?A tax return is a report filed with the Internal Revenue Service (for tax returns filed within the United States) or with a local tax collection agency that delivers information used to decipher and calculate income tax and other taxes given an individual’s financial situation.Tax returns are typically prepared using forms prescribed by the Internal Reven..13. A Helpful Overview of Capital Gains Taxes
A capital gain tax in incurred on profit made when an investor sells almost any type of property. While houses, boats and vehicles are included under the capital gains tax, so to, are items such as furniture and sporting equipment. Basically, any item that is sold for a profit, must be counted toward an individuals capital gain tax. However, a loss on many items, cannot be dedu..14. A Helpful Overview on Tax Deductions
Application of Tax Deductions and Differences from Tax Credit: Individual Taxpayers:For individual tax payers, tax deductions are different expenses which are eligible to be reported on a tax return in order to reduce the amount of the individual's taxable income. Individuals are generally given the choice between an itemized tax deduction and a standard tax deduction to d..15. A Quick Overview of Tax Preparation
Suggestions and Tips Preparation Services There are many different types of preparation services that will help a person file income tax returns. Some people may choose to work with a CPA, which is an accountant who specializes in tax return preparation. Certain CPAs may also have specific expertise that will aid a person who has specialized tax return needs. There ..