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What Is an Asset Buyout?

Business dispositions may be structured as a stock sale or an asset sale. In a stock sale, a buyer purchases the ownership rights for a business from the seller directly and takes possession of both...

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What Can You Gift in Illinois Without Tax?

In Illinois, the Internal Revenue Service, or IRS, taxes the transfer of money or property when people give gifts. The IRS considers gifts anything that one person gives to another without receiving...

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Taxes on a Court Settlement

If you receive a payment as the result of a lawsuit, you might owe taxes on the settlement amount. Whether or not you owe depends on the type of settlement and how the payment is classified. You may...

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What Can You Use as a Receipt for the IRS?

The thought of the Internal Revenue Service summoning your records is enough to strike fear into the hearts of many law-abiding Americans. However, if you understand what the IRS expects of your...

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What Is Pension Income Exempt From?

Pension is a general term for a retirement benefit offered to an employee from a government or from a private business or individual. Pensions are considered defined benefit retirement plans, as...

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How to Make an Itemized Deductible List for a Personal Business on Excel

Running a small business can be very lucrative, but business owners also face significant tax burdens. Owners of small businesses may be subject to the self-employment tax on much of their earnings and...

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If My Job Did Not Take Out Federal Income Taxes, Does That Mean I Pay?

When you work as an employee, your employer is responsible for withholding the proper amount of taxes from each paycheck and sending that money to the IRS. If you find that your boss is not withholding...

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Does Adult Education Count as a Tax Deduction?

Adult education comes in many forms, from graduate school to English as a Second Language classes. No matter what level of education you are seeking or why you need it, there are a number of tax...

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What Is the Difference Between Receiving Income as a Gift vs. Receiving...

The Internal Revenue Service defines unearned income as investment-type income that doesn't qualify as earned income. In contrast, gifts aren't considered to be income at all by the IRS. Recipients...

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Does the IRS Need Original Invoices?

You don't need to submit original invoices when you file your taxes. The Internal Revenue Service may need to see your invoices and other records if any discrepancies or issues arise, but the originals...

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Increase Your Tax Refund by $100+: 10 Tax Deductions Not to Miss

The biggest mistake on your tax return might not be incorrectly entering your Social Security number or forgetting to sign the return -- two of the repeat top offenders the IRS sees. Rather, it may be...

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New Year's (Tax) Resolutions You Should Make Now

The hassles of tax day often inspire people to make fervent pledges to do better next year. But, like other New Year’s plans, the best strategy on tax resolutions is to start early and never let up....

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Tax Return Tips for a Hair Stylist

Most hair stylists are considered freelance or self-employed workers. They are not generally hired by a salon, but rent chair space in which they service their clientele. While tax time can be...

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How to Adjust Social Security Withholding

The Internal Revenue Service does not require that the Social Security Administration (SSA) withhold taxes from the benefits you receive. You can ask the administration to withhold taxes to offset...

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How to Determine Allowances for W-4

In order to accurately determine how much money to withhold from your paycheck, your employer relies on your Form W-4. When completing your W-4, you have to specify how many allowances you want to...

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Can You Change Your W2 Withholdings Anytime?

The Form W-2 that your employer sends you after the year ends shows you how much you made and how much money your employer held for income taxes. The amount withheld depends on the information you...

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Gross Wages vs. Taxable Wages

Whether you are getting ready to file your taxes or just trying to understand your pay stub, knowing the different between gross wages and taxable wages is important. Once you understand the...

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What Is the Ideal Tax Exemption on a W-4 Form for a Married Couple with No...

When you start a new job, your employer usually asks you to complete a Form W-4. This form requires you to choose the number of exemptions, also known as allowances, that you want withheld from your...

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How Long Can You Claim a Business Loss on Your Taxes?

Many business owners report a net loss each fiscal year. To encourage taxpayers to start new businesses, the Internal Revenue Service allows entrepreneurs to deduct a portion of their business losses...

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The Average Value Method for Economics

The average value method, sometimes called the average cost method in accounting, provides an easy way to make a variety of determinations useful in finance and economics. One related calculation...

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What Is a Step-Up in Taxes?

A step-up in taxes refers to the step-up basis rules for estate tax. If you inherit a piece of property from a relative or friend and step-up rules apply, then when you sell that property, its value is...

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If My Parents Give Me a Down Payment for a Home Is it Taxable Income?

If your parents offer to help you buy your dream home by giving you money for the down payment, chances are they don't want to get slapped with a stiff tax penalty for their generosity. By staying...

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What Percent of Income Should I Save for Income Taxes?

The percentage of income you should save for taxes includes several variables, such as your federal and state tax income tax rates, current year's anticipated income and current year's anticipated tax...

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Do You Pay Kansas Taxes on KPERS Retirement Checks?

KPERS is the acronym for the Kansas Public Employees Retirement System, which provides defined-benefit plans for Kansas public employees, police, firefighters and judges. It has 260,000 members --...

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How to Pay Tax on Cashed Out Stocks

You invest money in the stock market with the hope of making a profit. When that profit is realized, cashing out of the stock locks in your profit and protects you from a decline in the share price....

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The Tax Liability of Living in Pennsylvania and Working in New Jersey

The Pennsylvania Department of Revenue is responsible for collecting income taxes from residents and nonresidents who earn income within the commonwealth. Pennsylvania has special reciprocal agreements...

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How Much Should I Save From Each Paycheck for Taxes When Working for a 1099?

When you work for someone else, you can rely on that employer to withhold the appropriate amount of taxes from each paycheck. You have no such luxury when you work for yourself. If you derive your...

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When Are the Pennsylvania State Quarterly Taxes Due?

When you earn income that does not have taxes withheld by an employer, you still have to pay taxes on it -- in Pennsylvania, you may have to make as many as four payments per year. These are called...

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Do I Need a Tax Receipt for Clothes Donations?

In the U.S., the Internal Revenue Code allows individual income taxpayers to claim as a deduction from gross taxable income the fair market value of items donated to a qualified charitable organization...

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Income Tax on Inherited Money

While losing a loved one can be emotionally painful, finding out that a loved one cared enough about you to leave you money can be heartwarming. And in financially strapped times, it can even be a...

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The Definition of a Modified Adjusted Gross Income

Anyone who has ever filed a tax return has likely heard the term "adjusted gross income." Your AGI is the starting point for figuring out your MAGI, or modified adjusted gross income. Your MAGI is an...

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Is a Return of Principal Taxable?

The return of principle is not taxable. It is considered a return of the “cost” on an investment and therefore not recognized as income. When you sell property on an installment sale, the buyer...

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What Does an IRS Offset Mean?

Advances in technology have enhanced the ability of government agencies to share information. Gone are the days of one hand not knowing what the other hand was doing. In 21st century governments,...

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Can You Temporarily File Exempt on W-4?

The federal income tax system is operated on a pay-as-you-go basis. Individuals who are employed typically have taxes withheld from their regular paychecks. Individuals who are self-employed typically...

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Are Education Trust Fund Disbursements Taxable?

Education trust funds help parents and other relatives save for a child's education and provide some possible tax benefits. As long as the contributors stay in the gift tax exemption range of under...

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When Do I Need a 1099-R Substitute?

The Internal Revenue Service (IRS) requires an employer or profit-sharing administrator to issue documentation showing wages, additional income and tax withholdings, so a taxpayer can use the document...

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Maximum Amount of Income Tax That Can Be Owed Without IRS Penalty

IRS tax rules require that a taxpayer pays taxes throughout the year. Failing to do this can result in a tax liability as well as a penalty for underpayment of taxes. Though owing a specific amount of...

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What Disbursements From the Irrevocable Trust Fund Are Considered Tax-Exempt?

Trusts come in a variety of forms, and all have different tax ramifications. Trusts can be revocable or irrevocable --- irrevocable trusts usually enjoy more tax benefits. Credit shelter trusts,...

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What Is a Single & Zero Withholding Allowance?

Newly hired employees often find themselves faced with completing a W-4 form from the IRS. The main function of the form is to discover what amount the employee is willing to have withheld from her...

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How to Report Wages Being Paid Under the Table in Michigan

When you work for cash or are paid under the table, it is your responsibility to report your income to the Internal Revenue Service and your state's Department of Revenue at the end of each year....

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Income Tax Treatments for Restricted Stock & Deferred Stock

When companies award employees stock, the gift comes with certain restrictions. Deffered stock and restricted stock are interchangeable terms; employees defer selling the shares during the restriction...

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Capitalizing vs. Expensing Effect on ROI

Capitalizing and expensing are two different accounting methods companies use to record an expense. With the capitalization method, the expense of the asset is spread over a period of time. In...

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Differences in Claiming Single or Married on a W-4

When you receive your paycheck, a big chunk is missing from the amount you actually earned because of what your employer takes out for income tax withholding. The employer uses information on your Form...

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Is New Jersey Unemployment Taxable?

The New Jersey Department of the Treasury is responsible for collecting state income taxes. The department offers several tax credit and rebate programs to help residents reduce their state income tax...

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What Happens if I Choose More Allowances on a Form W-4?

The federal government forces employers to take a piece of your paycheck out and set it aside for the federal income taxes you expect to owe at the end of the year. When you file your income taxes, you...

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Taxes on Selling Primary Residence

Taxpayers who sell their principal residences may be exempt from paying federal income taxes on the proceeds. The Internal Revenue Service (IRS) allows taxpayers to claim an exclusion from declaring...

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How to Fill Out a W-4 Personal Allowances Worksheet

When you work for an employer, that company is responsible for withholding the appropriate amount of taxes from your paycheck and sending the money to the IRS. When you are hired, the company should...

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How Many Deductions Can I Claim on My W-4 Form?

If you’re starting a new job or want to lower the amount of federal income taxes your employer is withholding from your paycheck, including deduction allowances when filling out a W-4 form enables you...

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Do Qualified Dividends Affect AGI?

Adding dividend-paying investments to your portfolio can be a great way to generate current income while still maintaining the potential for future growth. But not all dividends are treated equally...

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Taxes for Self-employed House Cleaner

Working for yourself cleaning houses can be very rewarding, both personally and financially. But when you are self employed, you can face a significantly higher tax burden than your traditionally...

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