Income Tax Law

General Income Tax Law Questions

FAQs

What is the difference between tax evasion and tax avoidance?

Suppose I just don’t file tax returns?

What about tax amnesties?

I received a notice that the IRS intends to seize assets if I don’t pay my taxes. I cannot afford to pay. What should I do?

Who should I call to report someone who is not filing tax returns?

I forgot to mail my W-2 Form, schedules or forms with my tax return. What should I do?

What can I do to make sure I will not owe the IRS on my 2007 income tax return?

I received a stock option from my company, is this taxable? I participated in an Incentive Stock Option (ISO) plan at work. How do I pay tax on this?

I am in a disaster area and heard the IRS could help me. What can the IRS do?

I know that the IRS audits a certain number of tax returns each year. What can I do to lessen my chances of every being audited?

What records do I need to keep and for how long?

What are the tax consequences when amounts are distributed from a Simple IRA Plan?

How are alimony and child support payments taxed?

What types of deductions are available?

What is the standard deduction?

What are deductions for personal exemptions?

What else can I deduct?

What are business expenses?

What interest payments are deductible?

What taxes are deductible?

Can I deduct losses?

What bad debts may I deduct?

Can I deduct charitable contributions?

Expenses for the production of income are deductible. What falls within this classification?

What medical expenses are deductible?

What are "miscellaneous itemized deductions"? Are they a "catch-all"?

Are there other deductions?

What are capital gains or losses?

How do you measure gain or loss?

How is gain from the sale of my personal residence taxed?

What if property is mortgaged?

How is the basis of property determined?

What are capital assets?

How are capital gains taxed?

Does that mean I have to pay 15% tax on all my long term capital gains?

I had capital losses. Can I deduct them from regular income?

Is there any way I can avoid tax? What are some non-recognition provisions?

What is installment reporting?

I have not filed income tax returns or paid income taxes in a number of years. Will I go to jail?

What is the alternative minimum tax?

I am unable to pay my delinquent taxes. I understand the IRS will let taxpayers submit an "offer in compromise." what is that program?

I'm expecting a refund, but I have not filed my return and the deadline has passed. Will a late penalty be charged?

I am on a payment plan with the IRS but find I cannot pay. What should I do?

Need tax forms?

What is the federal income tax?

What is a taxable year?

How is taxable income determined?

What is gross income?

What is excluded from gross income?

I am a stepparent. Do I have an obligation to support the children from my wife’s previous marriage?

I had $15,000 in an IRA in 2000 that was converted to a Roth when the market peaked. Now it is worth $9000. But I am liable for the income tax on the value of the IRA at the time of the rollover--$15,000. How can I reduce my liability?

I am supporting my aging parents. Can I claim them as dependents on my tax return?

I have a corporation who has a silent partner (financial) that has had sole control over the corporate bank account. Unfortunately, my silent partner has used the corporate monies and we are now in a tax mess. Am I responsible?

I used my frequent flyer mileage to attend a job interview on the East coast. Is the value of the ticket deductible?

I won a luxury vehicle from my employer. It was a sales contest that ended in a random drawing. Are there any taxes owed by me or my employer?

What are the tax consequences of transferring stocks to the estate of the deceased vs. directly to the heirs?

What are the tax consequences to me (or the recipient) of forgiving a loan to a family member 5 years after the loan was made?

My mother-in-law gifted some waterfront property to my wife . When we sell it, what would be the tax basis?

I recently made a few hundred thousand dollars from a chain letter. Is this taxable income?

Is it possible to reduce federal income taxes through gift-giving to family members?

I have lived in Mexico for several years with my husband and children. I have not filed for several years now nor have I worked for several years. Am I in trouble with the IRS?

How is the cost basis calculated for income tax purposes on worthless stock that is inherited?


2006 Federal Tax Articles

Articles

Do I Have to File if I Live Outside the U.S.?

Tax Refund Loans: Beware of the Numbers

When You Need to Pay Your Income Tax Late

How to Get Help Decoding and Preparing Your Tax Return

Filing Your 2008 Tax Return: Bring on the Paperwork!

The Free Advice Guide for Filing Your 2008 Tax Return

When You Have to File Your 2008 Tax Return Late


Tax Articles

FAQs

Tax Liens Are Claims on Your Property

Federal Tax Levies

What Are Your Options When You Are Late Paying the IRS?

Time to Partner with a Tax Attorney

You Can Avoid Taxes, Just Don’t Evade or Outright Dodge Them

Private Collection Agencies Hired by IRS to Find Delinquent Taxpayers


Adoption

FAQs

What about federal tax benefits for adoption?


Alimony (spousal Support)

FAQs

What effect does marital status have on federal taxes?

How are alimony and child support payments taxed?

How can I obtain a tax deduction for a support payment?

What difference does it make which label is used?

I am a stepparent. Do I have an obligation to support the children from my wife’s previous marriage?

How are support payments treated under federal income tax rules?


Audits

FAQs

I know that the IRS audits a certain number of tax returns each year. What can I do to lessen my chances of every being audited?

Are you more likely to be audited today then yesterday?

Who is most likely to be audited?

I just received a notice of audit. What am I supposed to do?

How do I prove/substantiate positions I took on my return?

The irs official I am working with is uncooperative, arbitrary, and unprofessional - impossible to work with. What can I do to avoid this dour-faced tax man?

I just finished an audit with the IRS for one year and now they are starting on another. Is there any limit to the amount of time or duration between audits? Can the IRS audit your business and decide to audit you personally?


Calculation

FAQs

I received a stock option from my company, is this taxable? I participated in an Incentive Stock Option (ISO) plan at work. How do I pay tax on this?

What types of deductions are available?

What is the standard deduction?

What are deductions for personal exemptions?

What else can I deduct?

How is the basis of property determined?

How is taxable income determined?

What is excluded from gross income?


Capital Assets

FAQs

What are capital assets?

How are capital gains taxed?

Does that mean I have to pay 15% tax on all my long term capital gains?

I had capital losses. Can I deduct them from regular income?

What is installment reporting?


Child Support

FAQs

What effect does marital status have on federal taxes?

How are alimony and child support payments taxed?

How are support payments treated under federal income tax rules?


Child's Dependency Exemption

FAQs

I have custody of our children. Can I claim the child as a dependent?

What are the tax consequences of child support?


Collection

FAQs

I am unable to pay my delinquent taxes. I understand the IRS will let taxpayers submit an "offer in compromise." what is that program?

I am on a payment plan with the IRS but find I cannot pay. What should I do?


Decedent's Final Return

FAQs

How are taxes handled in probate?


Deductions

FAQs

What tax advantage do I get by owning real property?

What types of deductions are available?

What is the standard deduction?

What are deductions for personal exemptions?

What else can I deduct?

What are business expenses?

What interest payments are deductible?

What taxes are deductible?

Can I deduct losses?

What bad debts may I deduct?

Can I deduct charitable contributions?

Expenses for the production of income are deductible. What falls within this classification?

What medical expenses are deductible?

What are "miscellaneous itemized deductions"? Are they a "catch-all"?

Are there other deductions?

I used my frequent flyer mileage to attend a job interview on the East coast. Is the value of the ticket deductible?

Are the points I pay on refinancing tax deductible?


Dependents

FAQs

I have custody of our children. Can I claim the child as a dependent?

What are deductions for personal exemptions?

I am supporting my aging parents. Can I claim them as dependents on my tax return?


Gains And Losses

FAQs

What are capital gains or losses?

How do you measure gain or loss?

How is gain from the sale of my personal residence taxed?

What if property is mortgaged?

How is the basis of property determined?

What are capital assets?

How are capital gains taxed?

My mother-in-law gifted some waterfront property to my wife . When we sell it, what would be the tax basis?

How is the cost basis calculated for income tax purposes on worthless stock that is inherited?


IRA

FAQs

My mother and I were beneficiaries of my father's two traditional IRAs. Each was funded with "pre-tax" dollars. What are the tax implications for us, the survivors?


LLC Members Share

FAQs

How is an LLC taxed?


Loans

FAQs

What are the tax consequences to me (or the recipient) of forgiving a loan to a family member 5 years after the loan was made?


Marriage

FAQs

What effect does marital status have on federal taxes?


Mortgage Payments

FAQs

What tax advantage do I get by owning real property?

What about second mortgages?

Any information on the mortgage interest tax credit?

Will refinancing my home impact my income taxes?


Nursing Home Expenses Of A Dependent

FAQs

My father is in a nursing home and I pay for the entire cost. Can I deduct this on my tax return?


Pension And Benefits

FAQs

Are pension benefits taxable?

I received a stock option from my company, is this taxable? I participated in an Incentive Stock Option (ISO) plan at work. How do I pay tax on this?

What are the tax consequences when amounts are distributed from a Simple IRA Plan?


Prizes And Awards

FAQs

I won a luxury vehicle from my employer. It was a sales contest that ended in a random drawing. Are there any taxes owed by me or my employer?

I recently made a few hundred thousand dollars from a chain letter. Is this taxable income?


Refunds

FAQs

Who owns my tax refund?


Social Security Benefits

FAQs

Are social security benefits taxable?


Tax Amnesties

FAQs

What about tax amnesties?


Tax Evasion

FAQs

What is the difference between tax evasion and tax avoidance?

Suppose I just don’t file tax returns?


Terms Defined

FAQs

What is the standard deduction?

What are "miscellaneous itemized deductions"? Are they a "catch-all"?

What are capital gains or losses?

What are capital assets?

What is the alternative minimum tax?

What is a taxable year?

What is gross income?


Worthless Securities

FAQs

Well can I at least get a tax deduction for worthless securities?



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