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Tax Law : Law & Legal & Attorney

Tax Write-Offs for Paying for Elderly Parents Who Have Little Money

If your parents outlive their retirement nest egg, they make become increasingly dependent on you for financial support. The tax code does not offer as many deductions for dependent parents as it does for dependent children. However, if you are providing the majority of your parents' support, you ma

Can an HOA Ruin Your Credit?

Residents of many neighborhoods are required to pay fees to homeowners associations that are tasked with maintaining communal areas and enforcing rules pertaining to the maintenance of homes in the community. Failing to pay your HOA fees on time could have a negative effect on your credit score, ev

How to Find the Status on Your Federal Return

Each year, working Americans must report their yearly earnings to the Internal Revenue Service (IRS), allowing the federal government to tax them based on their wages and filing status. The filing status -- not the refund status -- on your federal return will differ from form to form; however, each

The Implications of VAT

Valued added tax (VAT), is a tax charged by a government entity each time a business sells a product to another business or to a non-business consumer, according to HM Revenue and Customs. Certain implications exist when a VAT scheme is used.

Tax Write-offs for Filmmakers

Every profession has related tax write-offs and filmmaking is no exception. Whether working for yourself or a company, you can deduct a number of things related to your profession. While you should take any legally allowable deduction, always keep a receipt and never make a deduction you wouldn't be

How to Calculate What Percent of My Check Goes to Taxes

You are already aware (perhaps painfully so) that a sizable portion of your paycheck goes to paying federal and state taxes. Depending on where you live, you may have deductions for city or county taxes as well. With some straightforward arithmetic, you can calculate the total percentage of your pay

What Is VAT Added to?

The value-added tax or VAT is a national sales tax that is levied at each stage of the process for producing and delivering goods or services. VAT is levied on the difference between what a business paid to make something and what the business received from its sale. That difference is the "value ad

The Transfer Tax Act in Michigan

The Transfer Tax Act states that any real estate in Michigan valued over $100 is subject to a state and county tax whenever ownership of the property changes hands. A tax of $3.75 for each $500 of the transaction must be paid to the state, with an additional $.55 per $500 paid to the county. The Tra

Filing Requirements for Small American Companies

Businesses file taxes each year.A young woman holding a pen, doing her taxes image by Christopher Meder from Fotolia.comThe filing requirements for small businesses will depend on the type of entity the business is. The possible tax entities are a sole proprietorship, partnership,...

How Are Red Cross Donations Handled for Tax Purposes?

The Red Cross is a disaster-relief agency that provides food, shelter, medical care and life-saving services in emergency situations, all free of charge to those in need. Because of its charity status, the agency is exempt from paying taxes under Internal Revenue Service rules. And because the organ

Tax Levy Laws

A tax levy can make your financial life time image by Gale Distler from Fotolia.comAccording to the Internal Revenue Service website, a levy is the seizure of property or money to satisfy a debt. The IRS usually takes this action after they've sent you a demand for payment...

LLM Taxation

The LLM is an advanced law degree that some people with a traditional law degree sometimes hold. Most universities have a small number of LLM programs and one of the most popular LLM programs in the United States is taxation law. An LLM degree would especially be useful if you're interested in worki

LLC Tax Law

Limited liability companies (LLCs) offer their owners limited liability protection, which shields them from the legal and financial obligations of the business. The IRS does not recognize LLCs as a taxable entity. Instead, the owners of an LLC must classify their company as either a sole proprietor,

What is the Board of Equalization?

The Board of Equalization is a department of a state government responsible for regulating property and sales taxes in the state. Taxes are typically levied at the state and county level, so the state board is in place to ensure that there is an equitable system in place from county to county.

What to Look for in Fake Cigarettes

The manufacture and distribution of counterfeit cigarettes has become a huge business, and they are flooding the market worldwide. Fake cigarettes are often difficult to spot, but it's important to do so, as they are more damaging and dangerous to your health than the genuine ones.

What Is the Inheritance Tax Threshold in Oklahoma?

The inheritance tax is also known as the estate tax. Estates must file both federally and on a state level if they have tax liability. Each state sets a level at which an estate must pay taxes. This is also known as the tax threshold.

Major Components of Tax Law

The US Tax Code is a complex, convoluted compilation of dense rules and exceptions. However, if you have a basic understanding of gross income, income exclusions, deductions, and tax credits, then you will understand the basic components of the federal income tax.

Why Do I Need a Federal Tax ID Number?

A taxpayer identification number is used by the Internal Revenue Service (IRS) to process income tax returns and administer tax laws. Different types of taxpayer identification numbers are issued by the Social Security Administration (SSA) and the IRS.

What Is a Silent Auction Foreclosure?

A silent auction foreclosure refers to a style of auction used occasionally for the sale of a property that has gone into foreclosure, leading to the transition of the ownership of the property.