Local taxes refer to any tax levied by a state, country or city government -- any government entity other than the federal government. The Constitution gives states the right to raise money to fund operations by taxing people and entities that reside or do business within their borders. Local taxes

Most Americans get a refund from the federal government at tax time. However, if you are among the few who owe taxes, paying the balance can be difficult. This is particularly true if you have back taxes owed from past years. Penalties and late fees accrue constantly and you may not be able to pay t

Section 165 of the Internal Revenue Code of 1954 provides for the deduction of losses arising from theft. The term Theft . . . converting any criminal appropriation of another's property to the use of

Charity donations 2006 rulings are more stringent than those that were able to be used for your prior tax return. Clothing and other appliances or home items that are donated after 8/17/06 will have to be in good used condition or even better condition to qualify as charitable donations. If the taxp

The Internal Revenue Service is much more concerned with high-income taxpayers claiming their incomes than with those on the lower end of the earning spectrum doing so. However, that doesn't mean you don't have to report what you earn above certain limits. If you're filing a joint return, the questi

The 2011-2012 Tax Period is here and the IRS is now accepting the Form 2290 for the new tax year!ExpressTruckTax.com can help you get the form as quickly as possible without all the headaches and stress of waiting in the IRS office or sending the form in the mail.Express Truck Tax has already helped

Organization is very important when getting ready to do your taxes, especially if your taxes are more complicated than most people's. While you can easily do taxes online using various reputable tax programs, you still have to deal with all of your paperwork to get your tax info online. The key is t

In British Columbia, we recently engaged in a heated debate: we could amalgamate our taxes (using a Harmonized Sales Tax, or HST); or, we could continue to separately pay both the Provincial Sales Tax (PST) with a separate billing for the federal Goods and Services Tax (GST). Yes, we Canadians are s

You can claim your child on the current year's tax return if your child was born in January. A tax year is Jan. 1 to Dec. 31. Even though most people file taxes in April of the following year, your return covers everything in the previous calendar year. For example, if your child was born in January

The US Congress passed the Emergency Economic Stabilization Act of 2008 (EESA) today.As part of the EESA, the R&D Tax Credit (Research Credit) was extended through 2009. This means it will apply to tax years 2008 and 2009.

The IRS allows you to take a tax deduction for the cost to purchase and install a qualified geothermal heat pump on your property. The government calculates your deduction as a residential energy efficient property credit. Geothermal heat pumps use the warmth in the ground to produce heat and are qu

As tax season rapidly approaches, learn the secrets that will have you paying less then ever on this years taxes. These are the secrets that the rich use to save millions in taxes each year and the same secrets can be put to use by absolutely any tax paying citizen.

In the 1700's, Americans were willing to go to war against an undefeated army over taxes.Currently, most countries are requiring its citizens to pay over twice as much in taxes and most people do not think much about it.Why do we let that happen?

You can claim up to $2,500 of student loan interest you paid as an above-the-line tax deduction on Form 1040.

The Schedule K-1, also known as Form 1041, is used to report a beneficiary's share of current-year income, credits, deductions and other items. Each item reported on the K-1 must be entered on the 1040 form when completing year-end personal tax returns. There are eight items on the K-1 form that ar

Newly married couplesmarriage image by Mykola Velychko from Fotolia.comNewly married couples deal with new life changes during their first year of marriage, one of them being the way the file their taxes. Newly married couples have the option to file their taxes jointly or separately....

The world of offshore banking is an unclear one for anyone who is inexperienced in this particular field, here we have set out a few facts and things to look out for if considering offshore company formation.

The Federal Housing Administration, an agency within the Department of Housing and Urban Development, helps low- and moderate-income borrowers acquire affordable home loans. It insures mortgages made by approved banks and other lending institutions, reimbursing the lender's losses whenever homeowner

Medicare is a comprehensive health insurance plan for the elderly that is partially funded by deductions from the worker's paycheck, and partly through premiums deducted from their Social Security check. The eligibility requirements are dependent on age, health status or as a result of taking Social

Millions of taxpayers defray the costs of college with the HOPE or Lifetime learning credit. Not all students qualify for these two credits and even if you did meet the requirements in years past, you may not be able to claim it this year. If you cannot claim the HOPE or lifetime credit, you probabl