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What Is a 6252 Tax Form and What Is It Used For?
When a property is sold for a gain, the investor may end up with a sizable tax bill. There are several ways to handle a large tax bill:
What Is Form 1098: Mortgage Interest Statement?
Tax time typically brings a horde of paperwork in the mail. In addition to the common W2 and many iterations of Form 1099, there are other tax documents you might receive as well.
Where Do I Report Mortgage Interest On a 1040 Form?
Home mortgage interest can be a valuable tax deduction for taxpayers who file returns with itemized deductions.
What Is Inheritance Tax and How Much Is It?
Back in the early 18th century, Christopher Bullock published his one-act play, “The Cobbler of Preston.” Based somewhat loosely on another, famed playwright’s “Taming of the Shrew,” Bullock introduced a somewhat innocuous phrase for its time: “’Tis impossible to be sure of any thing but Death and Taxes.”
What Is Federal Income Tax Liability?
Federal income tax is the largest source of revenue for the U.S. government, totaling $2 trillion in 2021, and is paid on a yearly or quarterly basis by individual taxpayers and organizations. Federal income tax applies to all forms of earnings that make up your taxable income, including wages, salaries, commissions, bonuses, tips, investment income, and types of unearned income.
Can You Deduct Property Taxes with a Standard Deduction?
Rental property ownership provides many tax advantages since there are a number of deductions that property owners can claim. The standard deduction is a simple, flat deduction that can be used in place of the itemized deduction. But if you use the standard deduction, can you still deduct property taxes?
How to Calculate Net Income Investment Tax (NIIT)
The NIIT, or Net Income Investment Tax, is levied on passive income and is intended to help support the Affordable Care Act (although the revenue it produces is not earmarked for that purpose). The tax applies to income earned by individuals, estates, and trusts above specified amounts.
What Happens to Your Tax Liability with Proper Financial Planning?
Proper financial planning can help reduce your tax liability. But what exactly is proper financial planning? It looks at the buying and selling of assets with an eye towards tax liability reduction. This involves the timing of selling and buying, and the types of accounts assets may be held in. Let's dig into the details.
How Does Depreciation Affect Tax Shields?
Tax shields are named so because they help to shield income from taxes. By taking various forms of tax deductions, income can be offset (i.e., reduced), resulting in a lower tax bill. The type of tax shield depends on the individual, business, and country they are living in.
Are Charitable Donations Tax Deductible?
The short answer is yes; charitable donations to qualified organizations can be tax deductible. However, there are some stipulations and reporting requirements.
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