In order to encourage businesses to provide child care for their employees, Congress has recently created a tax incentive for those employers who make certain qualified child care expenditures. The.....
In general, if you are a cash-basis taxpayer who prepays interest on a loan, you are not permitted to deduct all the interest in the year of payment. Under the Internal Revenue Code, you are requir.....
Generally, if you own a house or an apartment that you rent to others, you are entitled to deduct certain expenses such as repairs, maintenance, utilities, insurance, interest, taxes, and depreciat.....
Federally recognized tribes are sovereign legal entities, similar to state governments, with all the rights and attributes of a sovereign entity such as a state. They have a constitutionally guaran.....
Under certain circumstances, Congress permits income splitting among numerous family members to avoid higher tax brackets by the use of the "family partnership." If capital is a material income-pro.....
It took you a very long time to prepare your federal income tax return, but it is finally finished and in the mail. A few days later, as you are filing away all the copies, you notice a serious mis.....
A business bad debt is defined as a loss from an obligation that was either created or acquired in your trade or business or closely related to your trade or business when it became worthless. The .....
Prizes and Awards The fair market value of prizes and awards must be included as income for federal income tax purposes. Even if the prize or award was given in recognition.....