An Insight into Personal Use propertyUncle Sam defines personal use property as an asset or property used solely for private purposes and does not serve as an investment or business...
IRC Code, Section 501(c) sheds light explicitly on the critical requirement for a tax-exempt organization. In applying for tax exemptions, firms need first to apply to be recognized...
An IRS relief procedure for certain former citizens was introduced in September 2019 to allow certain Americans to renounce their U.S. citizenship without paying taxes and fines.The...
Barter transaction happens when a business and another one exchange services with one another. While there are no funds exchanged with barter transactions, Uncle Sam believes you need...
One of the things business owners like hearing when it comes to taxes is "tax credit," as it signifies something good. Even though some business owners might confuse tax...
The average Americans do find it challenging to know which of the tax credit they can utilize. Yet, tax credits are essential as they provide an easy way of reducing the overall tax...
The FICA tax is the federal law on insurance contributions. The Federal Insurance Contribution Act is a federal payroll of the United States regulating social security and health insurance...
What are foreign tax credits?Foreign tax credits are non-refundable income tax credits paid to a foreign government because of income tax. The foreign tax credit is available for those...
If you or someone you love is thinking about a viatical settlement, you might be wondering if you have to pay taxes for your payout.Most people seem to believe that all income from...