Free Taxes Articles

What are the qualifying characteristics of a dependent for tax purposes? Following is a general explanation on how to determine dependents, and how it relates to your tax status, liability and the credits you can claim on your tax return. There are a few assessments that a person must pass in order to qualify as a dependent on a U.S. tax return. For starters, individual must be the taxpayer?s child, stepchild, foster child, sibling or stepsibling, or a relative of one of t...

IRS Debt Help: Do you owe the IRS? Are you struggling with IRS debts and cannot figure out what to do? Don?t despair, you are not alone. Many Americans owe back taxes, or cannot afford to pay their IRS debts. If you want to get IRS debt help, it?s important to understand the different IRS tax debt strategies. There are five strategies for getting out of IRS tax debt. 1.Offer in Compromise: a program where you can settle your tax debts for less than what you owe. Req...

According to business analysts, the home-based business trend is on the rise and a lot of people are jumping onto self-employment. The news is not surprising since there are many advantages in being self-employed and owning your own business. Aside from the fact that you can actually call something your own, there is also the sense of achievement brought by personal success. On the practical side, you get to be your own boss, which means that you decide your hours and how muc...

2007 is just around the corner, and there are several issues to consider if you currently have an Health Savings Account (HSA), or are planning on getting one in the near future. 100% of the deposit you place in your HSA is deductible on your federal income taxes. All but four states also make HSA contributions tax-deductible on state income taxes. If you are looking to reduce your 2006 tax burden and put away more money for retirement, your HSA is the first place you shou...

We are all familiar with taxes, but up until this very moment you probably were unaware that such a thing as a tax invoice existed. A tax invoice is a legal document that lists the goods and services tax (GST) in any given transaction. If you are a business owner, it is important to know that you have obligations when it comes to the many different tax invoices in existence. In order to claim a GST credit for supplies totaling more than $50, you must have a tax invoice....

Having kept pace with property prices in New York and London, Monaco property prices could be set to go even higher in 2007. The latest surveys are all showing positive signs for Europe's favourite tax haven.

"In America there are two tax systems, one for the informed and one for the uninformed. Both systems are legal." One of America's most famous jurists, Justice Learned Hand made this statement over forty years ago. When used today, one would certainly have to include the little understood world of Individual Retirement Accounts (IRA?s). The point I am making here is that we all need to keep ourselves informed about what IRA alternatives are available to us. Being uniformed ...

It is unfortunate but true, that many people do not even consider consulting a tax attorney until they open their mailboxes one day and there is that dreaded letter from the IRS. A tax attorney is a lawyer that specializes in all areas of taxes. The tax attorney is required to attend law school for one to three more years, after regular law school, to receive their Masters in taxation. The IRS has its own group of experienced tax attorneys, so if there is ever a time when ...

There is an adage that claims that the only things certain in life are taxes and deaths. One could presume that tax laws are as easily determined and understood as one identifies death. When a person stops breathing and his brain stops functioning, he's dead. However, this is not the case with taxes. There is nothing easily understood, clear, and simple when it comes to tax laws. Thus, more tax troubles ensue not because of disregard for the tax laws but because of misinterpr...

When it comes to tax shelters, there?s no better or safer place than our own homes. There are a vast number of companies out there spending a lot of money on advertising trying to convince us that we should be sending our hard earned dollars to some island in the sun, where (for a nice fat fee of course) they will keep our money safe and out of the hands of the IRS. Most of these programs, for lack of a better word, are illegal or at the very best not as tax efficient as the ...

With ever-increasing property prices, more and more people?s assets are now worth more than the inheritance tax threshold of £285,000, which has never been increased in proportion to the recent property boom. With a rate of 40% inheritance tax on any assets above the £285,000 threshold in the estate, this can really put a dent in what your heirs receive from your estate. Inheritance tax is levied upon a person?s death. Once all of their assets have been totalled up, anythi...