A document published by the Internal Revenue Service (IRS) that provides information on tax benefits available to students and families saving for college. It explains the tax treatment for the most common forms of college funding types, such as scholarships, fellowships and grants. The document outlines three tax credits that can be taken advantage of: the American Opportunity Tax Credit, the Hope Credit and the Lifetime Learning Credit. In addition, IRS Publication 970 covers additional tax benefits, including student loan interest deductions and Coverdell education savings accounts (ESAs). The IRS typically restricts claiming more than one tax benefit for a single qualifying expense. This means, for example, that a taxpayer taking classes generally cannot take a deduction for a work-related class while also deducting tuition and fees because those are two separate benefits related to the same expense.
A document published by the Internal Revenue Service (IRS) that provides information on deducting home mortgage interest. Mortgage interest deductions are considered itemized deductions. IRS Publication 936 explains what can be deducted as mortgage interest, how to claim the deduction and limitations on the total amount that can be deducted. Types of mortgage interest that can be considered for the deduction include second mortgages, home equity loans and lines of credit. In order to qualify for the deduction, the taxpayer must fill out Schedule A of Form 1040 and be legally liable for the mortgage. If the taxpayer is not legally liable for paying the mortgage, the mortgage interest cannot be deducted. The debt must also be secured debt.
A document published by the Internal Revenue Service (IRS) that helps employers determine when they are to deposit Social Security, Medicare and income taxes for their employees. Employers must use one of the two authorized employment tax deposit schedules: semi-weekly or monthly. The deposit schedule used is based on the amount of tax liability reported during a lookback period, which is the calendar year preceding the previous year (e.g. the lookback period for 2011 begins in 2009). Employers use the monthly deposit schedule if the total tax liability in the lookback year was $50,000 or less, and use the semi-monthly schedule if the total tax liability was over $50,000. For a new employer, the income for the lookback year is considered $0. Employers use Forms 941, 943, 944 or 945 when depositing funds. The deposit instructions in IRS Publication 931 do not cover federal unemployment tax.
A tax return filed on behalf of both the husband and wife, resulting in a combined tax liability. In most cases, filing a joint return results in a lower tax liability than filing separately would.
One of the tests administered by the IRS that potential dependents must pass in order to be claimed as such by another taxpayer. The joint return test stipulates that no dependent can file a joint return with a spouse and still be claimed as a dependent on someone else's return, such as that of a parent or guardian. There are, however, exceptions to this rule. A taxpayer filing a joint return can be claimed as a dependent under two separate exceptions. One is when neither the dependent nor his or her spouse is required to file a tax return, except to claim a refund. The other is when neither the dependent nor his or her spouse would owe any tax if he or she were to file separately instead of jointly. In these cases, another taxpayer may claim this person as a dependent.
Deductible expenses incurred while searching for a job in the same or similar line of work. These expenses are deductible regardless of whether you find a new job. The expenses are not deductible if it is your first job after completing school.
A U.S. tax law, passed by Congress on May 23, 2003, that lowered the maximum individual income tax rate on corporate dividends to 15%. The act also reduced the long-term individual income tax rate on capital gains to 15%. The act was signed by President George W. Bush on May 28, 2003, and was intended to amplify the effects of the Economic Growth and Tax Relief Reconciliation Act of 2001. The JGTRRA was put forward as part of an effort to jump-start the U.S. economy. The law significantly reduced the amount of tax paid by investors on dividends and capital gains. This development made it much more attractive for public companies to pay cash dividends to shareholders (instead of holding onto their cash and reinvesting it into expanded operations). Thus, after the enactment of the JGTRRA, the number of U.S. companies paying regular dividends increased substantially.
A deduction from a taxpayer's taxable adjusted gross income that is made up of deductions for money spent on certain goods and services throughout the year. The specific deductions that are allowed are outlined by the Internal Revenue Service and include such expenses as mortgage interest, state and local taxes, gifts, and medical expenses. Usually, an itemized deduction is limited to a certain percentage of adjusted gross income. As an alternative to standard deduction, an itemized deduction requires taxpayers to keep track of each possible tax-reducing expense throughout the year. Individuals who frequently spend large amounts on medical care, state and local taxes, donations or other deductible expenses may be better off itemizing. However, tax law may set thresholds in spending that must be exceeded before the deductions can be made. For example, in the medical category, perhaps only expenses that exceed 7.5% of your adjusted gross income may be deducted. If you didn't spend at least that much, then none of your medical expenses will be deductible.
登录
工商服务
危机公关
金融律师
app开发
财税服务
金融牌照
网站建设
知识产权
企业征信
审计评估