Taxes

Taxation (Business Tax Measures) Act

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The Taxation (Business Tax Measures) Act is legislation passed by the New Zealand government in 2009. The purpose of the act is to make consolidated amendments to a number of earlier acts concerned with taxation. These previous acts include the Income Tax Act of 2007, the Tax Administration Act of 1

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Deduction Limitations for Rental Property

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If you are an owner of a residential rental property, you may enjoy the numerous tax deductions of being a landlord, although there are a few deduction limitations for rental property. IRS tax codes allow the majority of rental property owners to offset income by deducting a number of rental propert

Laws on Tax Relief

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Property damaged by Hurricane Katrina qualified for IRS tax relief.after katrina image by Elly from Fotolia.comIn the United States, the Internal Revenue Service is responsible for collecting taxes for the government. While the IRS may be willing to negotiate payment plans for delinquent...

How to Deduct Jury Pay From Taxes

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If you serve on a jury you can deduct your pay from your taxes. However, you must first meet several standards to qualify for the deduction. You will also need the appropriate form.

How to Deduct IRA Losses

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The Internal Revenue Service permits people to deduct losses from their individual retirement accounts (IRAs), but only in limited circumstances and only against their tax basis in the account, not losses during a particular year. Your tax basis in the account equals the amount of nondeductible cont

How to Claim a Child's School on Taxes

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The Internal Revenue Service (IRS) offers many deductions for taxpayers who are subsidizing the education of college students or a minor child. Most of the credits available do require you to complete additional forms or schedules but the tax relief they provide is well worth the extra effort. Fortu

Choosing the Right Free Online Tax Program

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Online tax filing programs makes people think twice when doing their yearly income tax returns. Most taxpayers still does not have much confidence of online tax preparation software and would rather do it themselves or seek expert help when preparing their income tax. More and more people are using

FATCA - Foreign Financial Institutions Tax Withholding

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Under the new law with respect to each U.S. account (any financial account held by one or more specified U.S. Persons or U.S. owned foreign entities (IRC 1471(d)(1)(A)), the foreign financial institution must provide information about account gross receipts and withdrawals. U.S.-Source investment in

How to Contest an IRS Lien

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If you have received a tax lien from the Internal Revenue Service, you must respond quickly to protect your home and assets. In some cases, you may have only 10 days before your property can be seized for back taxes. You can contest an IRS tax lien on several grounds, the most common being: you beli

Tax Credits for Master's Students

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Since most graduate programs that lead to a master's degree require you to complete a four-year undergraduate program first, you are no longer eligible to claim the American opportunity tax credit for your school expenses. You can, however, claim the lifetime learning credit that can reduce your tax

Can Both Spouses Claim Kids on Their Taxes?

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The IRS allows parents to claim many tax breaks for expenses they incur on behalf of their children.These include a dependency exemption for the financial support of dependent children, a Child Tax Credit and education credits. These credits are normally available only to custodial parents, although

How Does Tithing Work on Your Income Tax?

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Tithing BasicsTithing is the term for donating a percentage of income to a religious organization, such as a church. These are generally donations that receive no tangible benefits in return. As long as they are made to a qualifying organization -- almost all religious organizations...

Alternatives to a 401(k) That Are Not Stocks

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Choose your 401k options carefully.stock market analysis screenshot image by .shock from Fotolia.comYou do not need to give up investing in your 401k plan just because you are nervous about the stock market. Even if you feel that stocks are poised for a huge drop, you can still keep...

Top Cities for Cheap Retirement

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Retiring comes with a whole host of challenging questions. Everything from when to where needs to be carefully decided. Given a tough economic climate, a major concern for newly retired people is choosing a location to spend their post-work days. To find a cheap place to retire a person...

Stay Tax Compliant With Different State Laws

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Payroll is regarded as the most essential administrative task that can keep employees' interest intact with the goals of the company. It is often stated that a company can only grow if it is backed by a team of dedicated professionals.

How Is EIC Calculated?

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You can qualify for the Earned Income Credit (EIC) based on your family size and annual household income. You can be single with no dependents or married with one or more dependents. The Earned Income Credit Tax Table calculates the amount of EIC based on qualifying income and number of children.

How to File for an Illinois Tax ID Number

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Businesses are required to request a tax identification number from the Illinois Department of Revenue if they conduct business in the state or have Illinois customers. Additionally, sole proprietorships, tax-exempt organizations and government agencies must register with the Department. Any busines