Income tax is a personal tax levied on all income and wages. Different amounts and types of income are subject to difference kinds of regulations from the IRS. Learn more here about different situations involving income tax from the articles, blog posts, radio shows and videos.
Understanding LLCs For Rental Properties
An LLC is a distinct type of entity that is neither a partnership nor a corporation. Instead, and LLC is a company structure that allows owners to have limited liability in case the company has difficulties. Unlike a corporation, an LLC does not have shareholders, but rather it has members.
Real Estate Minute: Tax Filing Extension
Real Estate Minute with Ilyce Glink Can’t get it all done? Everyone is entitled to get an extension on their taxes. Original Air Date: April 13, 2007
Real Estate Minute: Avoid Making Basic Tax Mistakes
Real Estate Minute with Ilyce Glink Avoid Making Basic Tax Mistakes Original Air Date: April 10, 2007
Tax Tips for Homeowners: J.K. Lasser’s Your Income Tax 2007
Ilyce reviews J.K. Lasser's Your Income Tax 2007. Although nothing much changed for homeowners and home sellers this year, it's worth going over the tax basics for those who made a move in 2006. If you're not sure what applies to you, talk to your accountant or tax preparer.
Mortgage Interest Tax Deduction Depends On Whether You Itemize
When you're getting ready to buy a home you need to take your income into account and also whether you itemize your tax deductions. The majority of Americans do not itemize on their taxes and so they don't benefit from the mortgage interest tax deduction. Learn how the mortgage interest tax deduction works and who benefits most from this tax break.
Paying Off Mortgage Brings Peace Of Mind
Should a homeowner take the proceeds from selling a business and pay off her mortgage? Paying off a mortgage is a good way to reduce your out-of-pocket cash expenditures each month. However, you have to make sure that you make enough by saving on interest, than you would if you invested the money. You also need to look at how much you will have to pay in taxes on the money.
How To Receive Your Income Tax Refund
When you file your income taxes and are eligible for a tax refund you can receive the money in a number of ways. One way to get your income tax refund is to have the money direct deposited into a bank account. Another way to receive your tax refund is to get a stored value card from a tax preparer such as H&R Block. Is a stored value card a good way to get your income tax refund?
IRS Tax Deductions: Small Business Owners Can Save Money On Taxes
In this column, Ilyce itemizes several IRS tax deductions small business owners can use to save money before filing taxes. One of the IRS tax deductions small business owners can use to save on taxes is the Section 179 Deduction. Another IRS tax deduction small business owners can use to save money on taxes is a retirement plan deduction.
Frequently Asked Tax Questions and Answers
Ilyce Glink interviews Chet Burgess, Enrolled Agent. They discuss the biggest mistakes individuals and small business owners make on their tax returns.
New Tax Rules For Individual Taxpayers
There are plenty of important new tax rules for individuuals that you need to know about. Chet Burgess, an enrolled agent who owns Brookwood Tax Service in Atlanta, Georgia, explains some of the new rules. The tax breaks are related to Hurricane Katrina, dependent children and investment property,