Education Credits What are education credits, who is eligible, and why should we take them? Well, let's start with the first part of the question, and work our way to the end Education credits are tax credits available for qualified education expenses paid by the taxpayer in the furthering of their education Qualified education expenses are defined as an expense paid during the tax year for tuition and fees required by an eligible educational institution for student enrollment and attendance It really doesn't matter how you pay these ...

Hope And Lifetime Learning Credits What are the Hope and Lifetime Learning education credits, who is eligible, and why should we take them? Well, let's start with the first part of the question, and work our way to the end Education credits are tax credits available for qualified education expenses paid by the taxpayer in the furthering of their education Qualified education expenses are defined as an expense paid during the tax year for tuition and fees required by an eligible educational institution for student enrollment and attendance ...

Legal Entities And Tax Liabilities The definition of a corporation is an organized form of business in which the ownership of the business is held by stockholders, or shareholders-individuals who have purchased ownership shares in the business The corporation is organized with a board of directors and officers The board of directors is elected to make the business decisions that affect the overall business condition and financial health of the business Officers are elected to oversee the day-to-day operations of the business The corporation exists as a legal ...

Medical Deductions Thanks to the complexity of the United States tax codes, the system itself, and the variations of tax codes from state to state, completing your personal tax return and maximizing your deductions and exemptions to their fullest potential, is like trying to complete a mind-twisting maze The average individual required to file a personal tax return has no grasp of the US tax system, and must therefore rely on one of the many tax professionals to complete their return Quite often, deductions and exemptions are overlooked ...

Non-profits And Tax Liability Many of the Unites States' non-profit and charitable organizations are exempt from property taxes, income taxes, and many other forms of personal property taxes The original intent of these regulations was to allow the non-profits to operate without the worry of raising money to pay for tax expenditures But as time has passed, and many of the non-profit agencies have grown into political, economic and social giants there has been an ever-increasing demand for accountability Many of these non-profits are property owning, big businesses They ...

Personal Deductions Thanks to the complexity of the United States tax codes, the system itself, and the variations of tax codes from state to state, completing your personal tax return and maximizing your deductions and exemptions to their fullest potential, is like trying to complete a mind-twisting maze The average individual required to file a personal tax return has no grasp of the US tax system, and must therefore rely on one of the many tax professionals to complete their return Quite often, deductions and exemptions are overlooked ...

Personal Income Tax Returns Personal income tax, as we know it today, was originally enacted by Congressional law during the ratification of the sixteenth Amendment in 1913 Although we have experienced many changes to the system since that point in time, the importance of the individual income tax to the Federal Government's revenue as remained a constant Today, half of the government's revenue is generated from the assessment of personal income tax due, and mounts into the trillions of dollars each year Some of the more significant changes ...

Refund Anticipation Loans Those are the words that every taxpayer would love to hear, yes, you're receiving an income tax refund For many individual taxpayers those refunds can be obtained through Earned Income credit, a real refund of overpayment of tax, or through an overpayment from previous years Once you determine you're receiving a refund, there are several options for actually putting that money in the taxpayer's hands Although this sounds like the perfect end to a wonderful tax year, taxpayers are paying around $2 billion annually in ...

Sole Proprietorship There are several forms of organization for a business; the most common for small business is the sole proprietorship In this article we're going to define the sole proprietorship, and look at the advantages of operating a business in this manner In the formation of a sole proprietorship, there is essentially no separation of the business from the owner There is no legal separation of the business from the individual, and if you operate a sole proprietorship, you are personally responsible for the debts and liabilities ...

State And Local Taxes Small businesses owners are dependent upon each state for their liability when it comes to payroll taxes for due a state because of the business operation Each state varies, and there are some states that do not withhold tax and require no state income tax filing; Each state requires that an employer deduct and withhold unemployment tax, that is comparatively the same as at the federal level Generally, however tax rates for the state level on unemployment tax will vary slightly, depending upon the ...