Summary: Sales tax compliance can be a daunting task for small business owners, with rules and rates varying widely across state and local jurisdictions. Click through for an introduction to your sales tax responsibilities and a summary of common misconceptions. Sales taxes are levied by percentage on finished products at the point of sale, but […]
Summary: If you are thinking about making improvements to your home or even if you have just received an expensive repair bill, you may be wondering whether the work will be tax deductible. The answer is that generally it is not — but there are some exceptions. Click through to read more. For any renovation […]
Income can come in the form of money, property or services, but how do you know what is taxable and what is nontaxable? Click through for guidance on how to tell the difference based on certain circumstances. In general, income is taxable unless it is specifically exempted by law. Such taxable income must be reported […]
Do you have employees who earn $60,000 or less? If so, you can help them take full advantage of the Earned Income Tax Credit because, in most cases, they are eligible for it. Click through to learn about how many earners miss out on this beneficial tax credit just because they either have never heard […]
One of the benefits of owning a home is the tax deductions you can claim. You can deduct the interest that you pay during the year, which could result in significant savings on your income taxes. But how do you claim this deduction? Click through to find out.When you make your mortgage payment each month, […]
Are solar panels becoming more affordable for the average homeowner? Would solar panels help you save money on your energy bills? There have been a considerable number of changes in the solar panel marketplace over time. Click through to see if solar panels have a place in your home. Solar panels have become more popular […]
While the basic tax implications of the business entity you opt for remain the same as in past years for the most part, additional details have been added for 2023. Click through to learn about deduction suspensions and credits, both of which are important to understand this year. The form that your business is categorized […]
When you buy a home, you will receive a tax break, known as a home mortgage interest deduction, over the years. While a tax break sounds amazing at face value, it might shock you to hear that fewer and fewer American homeowners are taking advantage of the home mortgage interest deduction. Click through to learn […]
This is one of the most misunderstood taxes. Many people think that any gift means they or the recipient must pay a tax. But that’s not the case. Click through to see what a gift tax really means, so you don’t pay when you don’t have to. In brief, the IRS is not imposing a […]
Citizens who come up with the-dog-ate-my-homework excuses for not paying their fair share of taxes really annoy the U.S. government. Click through to see the IRS response to reasons you create for failing to file or pay taxes. The internet is full of odd — and incorrect — tax advice, including urban legends on how […]