general
Do IRS settlements work?
In general, the IRS cannot accept a settlement offer if the taxpayer can afford to pay what they owe. When applying for a settlement offer, taxpayers may ...
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What is a non-resident alien for tax purposes in the Philippines?
An non-resident alien/expatriate in the Philippines is one who is not a citizen of the Philippines and who is not a resident of the Philippines but derivi...
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Can illegal businesses deduct expenses?
illegal expenses in section 162(c)(2) prevents the deduction of the legal expenses of a business that was illegal to operate. The Tax Court held that the ...
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Does property get a step-up in basis?
When an asset is passed on to a beneficiary, its value is typically more than what it was when the original owner acquired it. The asset receives a step-u...
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Do you have to pay income tax if you live abroad?
Yes, if you are a U.S. citizen or a resident alien living outside the United States, your worldwide income is subject to U.S. income tax, regardless of wh...
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Can you use a 529 in a different state?
Questions about Moving to a Different State You can use a 529 plan from any state to pay for an eligible college in any state. You might, however, wish to...
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What can you write off as a renter?
Here are the top ten tax deductions for owners of small residential rental property. Interest. Interest is often a landlord’s single biggest deductible ex...
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Is Tax Withholding the same as income tax?
The Tax Cuts and Jobs Act changed the way tax is calculated. For employees, withholding is the amount of federal income tax withheld from your paycheck. T...
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Does it look bad to amend taxes?
It could make you look bad and give the IRS more reason to closely examine your tax history. The IRS will fix math errors for you and if you forgot to att...
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What is a 402b retirement plan?
A 403(b) plan, also known as a tax-sheltered annuity plan, is a retirement plan for certain employees of public schools, employees of certain Code Section...
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