Capital Loss Carryover

Every year, companies calculate their annual profits and losses by preparing a set of statements that are collectively termed as the final accounts of...

Flat Tax Vs. Fair Tax

As the powerhouses in the US pit their wits against two startlingly different tax reforms to ever be implemented, the debate of flat tax...

Are Property Taxes Deductible?

There are a considerable number of deductions that can be used while one files the income tax return. The income tax in the United...

How to Get a Federal Tax ID Number

A federal tax identification number is also known as the Employer Identification Number (EIN). All the employers need to have it in order to...

Evolution of Tax Structure in the US

Federal, state, and local taxes in the United States have evolved in response to the changes that have occurred in the country. Over the...

Check Out This Notable Information to Know How Bonuses are Taxed

Bonus amounts granted to employees are taxed, as the IRS considers it to be a part of the income. Facts About Bonus Payments Bonus payments are...

Is Disability Income Taxable?

Publication 907 by the Internal Revenue Service (IRS) explicitly states that income from any benefit received in the form of disability insurance compensation becomes...

Information about Claiming a Child on Tax Return

Having kids can reduce some amount of tax one pays to the government. Such a tax is known as 'Child Tax Credit'. It is...

What are Withholding Allowances?

A withholding allowance is basically a tax compliance that is imposed by the Internal Revenue Service (IRS) of the United States, and is adhered...

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