As a U.S. citizen or resident, you are subject to U.S. federal income tax on your worldwide income. But if you had earned income in a foreign country, you may be able to exclude that income for U.S. ...
Pensions, annuities, qualified plans, unqualified plans, periodic payments, lump sum distributions, rollovers – all have their own special treatment for tax purposes. Find out which rules apply in ...
Choosing whether to take the standard deduction or to itemize deductions on your U.S. federal income tax return will have an effect on your total tax liability for the year. Certain taxpayers may not ...
The tuition and fees deduction is one of the U.S. federal income tax benefits available for education. If you have qualified higher education expenses for yourself, your spouse or a dependent, you ma ...
A Coverdell Education Savings Account (ESA) is a type of savings account set up to pay the education expenses of a beneficiary. This type of savings account qualifies for certain tax benefits. Contr ...
Schedule D is used to report capital gains and losses on assets held for personal or investment purposes. You may need to use Form 4797 to report gains or losses on sales, exchanges or other disposal ...
For U.S. federal income tax purposes, there are exchanges of property that are not taxable, and the gain or loss on the exchange does not have to be recognized. The tax effect is postponed until the ...
A hobby may be a profitable activity, without profit being the principal reason for engaging in the hobby. And a business may start out as a hobby and turn into a profitable activity. For U.S. feder ...
Keeping your books and doing your taxes based on the same method of accounting will facilitate your financial reporting and preparation of tax returns. But differences in the treatment of some items ...
For most U.S. citizens and residents, your taxpayer identification number is your social security number. If you are an alien who is not eligible for a social security number, you may need to apply f ...
A gain from the condemnation of your main home may be eligible for exclusion from taxable income, just as a gain from a sale. Gains from the condemnation of business or investment property may be pos ...
This article goes over the basics of employee benefit plans. It outlines what benefits are legally mandated, what benefits are desired by employees, and what benefits businesses can offer that have l ...
Contributions to a traditional IRA may be tax-deductible up to a certain amount. Generally, you cannot receive distributions until you are 59 ½, but there are exceptions, such as for first-time home ...
This article goes over the basics of contracts. It provides tips on how to successfully negotiate a contract, and how to draft a contract. After reading this article you will know what steps to take ...
Can you still exclude the gain on the sale of your home for federal income tax purposes when you have used your home partly for business or rent? The answer is generally yes, provided you have owned ...
If you itemize deductions on your federal income tax return instead of taking the standard deduction, don’t overlook the miscellaneous deductions available. There are various types of expenses you ...