To help taxpayers adopt children, U.S. tax laws provide an adoption credit, up to an inflation-adjusted maximum, for adopting a child under 18 or a person of any age with a physical...
After you retire from the military, filing taxes may seem less complicated than when you were still in service, but veterans can still benefit significantly from the tax code. To...
First, the similarities: 529 custody plans and accounts, such as the UGMA (Uniform Gifts to Minors Act) or UTMA (Uniform Transfers to Minors Act), offer parents other ways to help...
In 1969, it came to the federal government's attention and the public that there were 155 taxpayers with an income of $ 200,000, or an annual income of over $ 1.3 million in today's...
Posted by Thomas G Kinsella, ATP on 02/28/2021
Yes, if you are a U.S. citizen living abroad or a resident alien, you must file income, estate, and gift tax returns. You are expected to pay taxes regardless of where you may be (the...
There are bond authorities that are state-chartered in every state. These are housing agencies, healthcare facilities, authorities for the financing of industrial development, etc....
The Basis of Asset (551) is the Publication 551 from the IRS, which is a document released by the IRS outlining how to ascertain "cost basis" for a range of financial instruments...
Barter transaction happens when a business and another one exchange services with one another. While there are no funds exchanged with barter transactions, Uncle Sam believes you need...
Companies can reward their financial investors by paying dividends to shareholders. Certain dividend income may benefit from special tax treatment per the applicable tax code. This...