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 ...
Many potential home buyers leave the decision about mortgage options until the last minute. In reality, mortgage options should be discussed and studied throughout the purchase process. Because ther ...
Many people think that buying stocks or having investments requires a lot of money. In reality, investing for the future can be done if on the budget of someone who is living paycheck to paycheck. T ...
Dispositions of property include sales and exchanges, but also include abandonment, foreclosures and repossessions. For U.S. federal income tax purposes, you can have a gain or loss on these types of ...
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 ...
There are a variety of resources available to help students fund higher education. These resources include federal financial aid, scholarships, and tax credits and deductions. ...
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 ...
Gains or losses from sales, exchanges, involuntary conversions and other dispositions of business property, other than merchandise or products sold in the normal course of business, are generally repo ...
A cash flow forecast can provide you with a clear picture of when you can expect to receive cash and from where it will come, and when you will need to spend cash and what you will spend it on. Using ...
Generally, transfers of property to a spouse, or former spouse in a divorce settlement, do not result in gains or losses for income tax purposes. The basis of property to the receiving spouse is gene ...
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 ...
There is a series of tax credits available to small businesses, that can directly reduce federal income taxes. These credits, grouped together under the General Business Credit, provide incentives to ...
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 ...
A surviving spouse who inherits an IRA may be able to treat the IRA as his or her own by changing the name on the account or by rolling over the IRA assets, or may choose to be treated as a beneficiar ...
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 ...