arts
What happens when you finish paying escrow?
Mortgage Escrow Accounts Periodically, your mortgage lender will pull money from your escrow account to pay your property taxes and mortgage insurance. Ge...
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culture
What does the IRS do to encourage compliance with tax laws?
The Automated Substitute for Return program (ASFR) enforces tax compliance for individual taxpayers who have not filed tax returns, but whose available in...
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science
At what point are you considered self-employed?
Self-employed people are those who own their own businesses and work for themselves. According to the IRS, you are self-employed if you act as a sole prop...
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technology insights
Can a child claim themselves on taxes?
No, he can not claim himself. The question that he has to answer on his tax return is can he be claimed on someone elses return, and the true answer is ye...
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arts
How much money can I contribute to a traditional IRA?
While anyone can contribute up to $6,000 (or $7,000 for individuals age 50 and older) to a traditional IRA, not everyone can deduct that full amount on th...
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education
What is the qualifying child test?
To be a qualifying child, the child must not file a joint return unless he or she is only filing to claim a refund of withheld taxes. Also, there would be...
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technology insights
Do I have to pay alimony if my wife cheated?
Do You Have To Pay Alimony If Your Spouse Cheats? Cheating does not affect spousal support awards in California. In this state, a dependent spouse can hav...
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local updates
What type of tax generates the most revenue for states?
property taxes State and local governments collect tax revenues from three primary sources: income, sales, and property taxes. Income and sales taxes make...
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business
When do divorced parents alternate claiming dependents on tax?
The cycle continues until the child leaves the nest and is no longer dependent on his parents for support. If you have an even number of children, such as...
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global news
How do I remove failure to file penalty?
Relief from IRS penalties Taxpayers can request relief from penalties. For the failure to file or pay penalty, taxpayers can request that the IRS “abate” ...
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