| Federal Payment Levy Program |
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| If you have not paid all of your federal income taxes, beware. The Internal Revenue Service has partnered up with the Department of the Treasury, Financial Management Service (FMS), to create a program that is authorized to collect overdue taxes through a continuous levy on certain federal payments owed to you. More... |
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| Rent as a Business Expense |
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| Many businesses pay rent for the use of property. In general, a taxpayer can deduct rent paid as an expense only if the property rented is used in the business and the taxpayer does not have nor will he receive equity in or title to the property. More... |
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| Disabled Access Credit |
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| If you operate a small business, you may be entitled to take a nonrefundable income tax credit for expenditures incurred to make your business accessible to disabled individuals. The amount of the credit is limited to 50 percent of the amount of eligible access expenditures for a year that exceed $250 but that do not exceed $10,250. More... |
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| Taxation of the Donor of a Gift |
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| A gift is the transfer of property, including money, or the transfer of the use of or income from property, without expecting to receive something of at least equal value in return. In addition, the Internal Revenue Service may conclude that you have given a gift if you sell something for less than its full value or if you make an interest-free or reduced-interest loan. In general, the giving of a gift is a taxable event to the donor. However, there are many exceptions to this rule of taxability.
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| Collection Financial Standards |
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| In deciding whether or not an individual has the ability to pay his or her delinquent federal income tax liability for the purpose of either an offer in compromise or an installment payment plan, the Internal Revenue Service looks at certain collection financial standards. These standards include both national and local allowances for the necessities of life. More... |
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