According to the tax code, some loans are exempt from the imputed interest rules. These include loans "without significant tax effect" as described inPublication 550and gift loans of less than $10,000, as long as the money isn't used to buy income-producing assets. What kinds of loans ha...
IRS publications are helpful guides the IRS provides to educate taxpayers. There are IRS publications covering nearly every topic, from reporting tip income to filing taxes as a business owner and how extensions work. Looking for answers on key tax topics? Find the IRS publication you need from ...
IRS Rules of Engagement 1 (800) TAX-SITE (829-7483) Agents of the IRS deal with unhappy and often agitated people all day long, so be what they do not expect- calm. Begin the conversation with respect and small talk, show interest in them and respect for their job, as it is a tha...
supposedly saving them the cost of cashing the refund check -- but it's a service that's just begging to be abused by unscrupulous types. Unsurprisingly, it's completely against IRS rules for
The rich have a lot more assets than the rest of us, but they operate under the same rules. If I have an asset that increases in value, that doesn’t count as taxable income. And it isn’t income. It’s merely a change in net wealth. And the same is true if Bill Gates has ...
Get tips and more in the U.S. News Paying for College center. Tags: paying for college, paying for graduate school, paying for community college, colleges, graduate schools, education, students, student loans, debt, money, financial literacy, 401(k)s College Admissions: Get ...
It's important to note that the IRS has specific rules regarding what constitutes business mileage. Commuting from your home to your regular place of work is generally considered personal mileage and cannot be claimed as a business expense. However, trips to meet clients, attend business meetings...
A taxing issue. (Substance).(Supreme Court rules IRS can estimate when collecting taxes on tips)
IRS rules state that all tax documents must be made available to filers by January 31, or postmarked by this date. The most important of these is the W2—a wage and tax statement from your employers—but there’s also an alphabet soup of 1099 forms to watch out for. ...
When it comes to filing your taxes and maximizing your deductions, it’s essential to understand the rules and regulations surrounding qualifying relatives. By taking advantage of tax benefits offered by the Internal Revenue Service (IRS), you can potentially lower your taxable income and save money...