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William Perez

Updated Articles and Resources

By William Perez

    Updated Articles and Resources
    • Single Filing Status Created: Tuesday, January 23, 2007 Updated: Thursday, April 17, 2014
      You can claim the single filing status on your tax return if you are unmarried or "considered unmarried" on the last day of the year, and you don't qualify for a different filing status.
    • Business Expenses Created: Saturday, June 09, 2007 Updated: Thursday, April 17, 2014
      Generally speaking, a business expense has a legitimate business purpose. That's good news, because most business expenses will be fully tax-deductible, and will lower your taxes. Some expenses, however, are only partially deductible, and some expenses are never deductible.
    • Moving Expenses Tax Deduction Created: Tuesday, January 03, 2006 Updated: Thursday, April 17, 2014
      If you moved to start a new job, or to seek work in a new city, you may be able to deduct the cost of your moving expenses from your income. Moving expenses are subject to a time and distance test. Find out if you qualify to deduct your moving expenses.
    • California Personal Income Tax Created: Tuesday, April 20, 2010 Updated: Thursday, April 17, 2014
      A guide to California income tax including tax deductions, tax credits, California tax rates, and income exclusions." itemprop="description">> Thursday, December 23, 2004 Updated: Thursday, April 17, 2014
      If you haven't filed your taxes in a few years, you may be wondering what options you have. You may be surprised to learn that filing your tax returns can be the quickest way out of tax trouble. Bu...
    • Bankruptcy and Tax Debts Created: Monday, October 17, 2005 Updated: Thursday, April 17, 2014
      Income tax debts may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code. Not all tax debts are capable of being discharged in bankruptcy. The bankruptcy petitioner must ...
    • Car and Truck Expenses Created: Tuesday, June 24, 2008 Updated: Wednesday, April 16, 2014
      Car and truck expenses can be tax-deductible if you drive your car for business, medical, moving, or charitable purposes. Learn more about what expenses are deductible, and what records to keep, and how to report this on your tax return.
    • Reviews of Free Tax Preparation Programs Created: Friday, June 15, 2007 Updated: Wednesday, April 16, 2014
      Individuals may be eligible to prepare a federal tax return at no cost using Web-based tax software made available through the IRS Free File Alliance. We tested all fourteen Free File tax preparati...
    • Social Security Taxes Created: Thursday, January 20, 2011 Updated: Wednesday, April 16, 2014
      The Social Security tax of 12.4% applies to wages and self-employment income. The Social Security tax has an upper limit or maximum. For 2014, the tax applies to wages and self-employment income up to $117,000. This upper limit is called the annual Social Security wage base. Employees pay half of this tax (6.2%) through withholding, and employers pay the other half (6.2%). Self-employed persons pay both halves of the Social Security tax.
    • Self-Employment Health Insurance Deduction Created: Tuesday, February 07, 2006 Updated: Wednesday, April 16, 2014
      You can deduct the full cost of health insurance you purchase for yourself, your spouse, and/or your dependents. You must be self-employed, and you must not be eligible to participate in a subsidiz...
    • States Without a Sales Tax Created: Monday, September 27, 2010 Updated: Wednesday, April 16, 2014
      Every state in the nation has a sales tax, with the exception of only five states that do not have a sales tax. See where you can shop sales tax free in these states without a sales tax."
    • Medicare Tax Created: Tuesday, June 29, 2010 Updated: Wednesday, April 16, 2014
      The United States federal government imposes a Medicare tax of 2.9% on wages received by an employee and on business or farming income earned by self-employed individuals. Starting in the year 2013, Medicare taxes will be increased by 0.9% for higher-income individuals.
    • Interest Income Created: Wednesday, December 21, 2005 Updated: Wednesday, April 16, 2014
      bank interest, money market funds, and tax-exempt bonds are reported on your tax return. Find out how to report your interest income on Form 1040.
    • Is Head of Household Status Possible for Two People at the Same Address Created: Monday, January 24, 2011 Updated: Wednesday, April 16, 2014
      Can two people, who both live at the same address, each qualify for the head of household filing status when they prepare their tax returns? The answer is not clear-cut. The IRS looks at a variety ...
    • Alternative Minimum Tax Created: Sunday, January 09, 2005 Updated: Wednesday, April 16, 2014
      The alternative minimum tax (AMT) is a separate method for calculating your income taxes. You are responsible for paying the higher of the AMT or the regular tax. If your AMT tax is higher, you add...
    • How To Setup an IRS Payment Plan Created: Saturday, September 10, 2005 Updated: Wednesday, April 16, 2014
      Setting up an IRS payment plan is an easy way to pay taxes. Find out how to request an IRS installment agreement quickly and easily.
    • Backup Withholding Created: Wednesday, September 17, 2008 Updated: Wednesday, April 16, 2014
      Backup withholding is a type of withholding for federal income taxes on certain types of income. Backup withholding may be mandatory in certain circumstances. Most taxpayers, however, are exempt fr...
    • What Documents Do I Need to Bring to My Accountant? Created: Friday, October 22, 2004 Updated: Wednesday, April 16, 2014
      Find out what documents to take with you when meeting with your tax professional. And find out what you can do if you are missing some documents.
    • Sales Tax Deduction Created: Thursday, July 09, 2009 Updated: Wednesday, April 16, 2014
      Sales tax may be a deductible against your federal income taxes. This is an itemized deduction and is claimed on Schedule A. The sales tax deduction is available only for the years 2005 through 2013.
    • Tax Deduction for Traditional Individual Retirement Accounts Created: Tuesday, February 07, 2006 Updated: Wednesday, April 16, 2014
      If you contributed to a traditional individual retirement account (IRA), you can take an above-the-line tax deduction for your contribution on Form 1040. Your deduction reduces your taxable income. Be aware there are limitations in how much can be taken as a deduction. Up to $5,500 can be contributed to an IRA for 2014.
    • Can Two Taxpayers Claim the Same Dependent? Created: Monday, July 13, 2009 Updated: Wednesday, April 16, 2014
      The way the tax laws are written, only one person can claim a dependent on their tax return. Two parents may be able to both claim tax breaks associated with a child, provided the custodial parent ...
    • Tax Treatement of Credit Card Rewards and Frequent Flyer Miles Created: Monday, July 06, 2009 Updated: Wednesday, April 16, 2014
      Rewards and discounts issued by credit card companies and frequent flyer miles are not considered taxable income. However such rewards and discounts can reduce the cost of a tax-deductible expense.
    • Canceled Mortgage Debt and Taxes Created: Tuesday, May 06, 2008 Updated: Wednesday, April 16, 2014
      Normally, debt that is forgiven or canceled by a lender is considered taxable income to the debtor. But there are exceptions in the case of mortgages under the Mortgage Forgiveness Debt Relief Act....
    • Texas State Tax Profile Created: Monday, May 17, 2010 Updated: Wednesday, April 16, 2014
      A guide to all Texas state taxes. Including the appraisal process and property tax exemptions as well as tax rates for sales, gas and cigarettes." itemprop="description" itemprop="description"...
    • Estimated Taxes and the Estimated Tax Penalty Created: Friday, June 13, 2008 Updated: Wednesday, April 16, 2014
      Paying estimated taxes is one way for individuals to submit payments for their taxes to the federal government. Find out how to calculate how much estimated tax to pay to avoid any IRS penalties."<...
    • Is child support tax deductible? Created: Saturday, June 13, 2009 Updated: Tuesday, April 15, 2014
      Child support is not a tax-deductible expense, and is not considered taxable income for the recipient.
    • Do I Need to File a Nonresident State Tax Return? Created: Friday, December 31, 2010 Updated: Tuesday, April 15, 2014
      Need help deciding if you should file a nonresident state tax return? Get the details on the types of working arrangements and types of income that are typically taxable to nonresidents."
    • Highest and Lowest Property Taxes by County Created: Monday, September 20, 2010 Updated: Tuesday, April 15, 2014
      Where will you pay the most property taxes? Find out which counties have the highest property taxes and which counties have the lowest property taxes in the nation." itempf expr="$zTP='t3'" --> it...
    • City Income Taxes - U.S. Cities That Levy Income Taxes Created: Monday, September 20, 2010 Updated: Tuesday, April 15, 2014
      A listing of cities and localities in the U.S. that have an income tax, including details on city income tax rates and other municipal income tax rates." itemprop="descript't3'" --> itemprop="descr...
    • Pensions and Annuities Income Created: Friday, December 30, 2005 Updated: Tuesday, April 15, 2014
      Reporting the taxable portion of pension and annuity income can get a little tricky. Covers when to use the Simplied Method, and when you must use the General Rule. Links to essential tax informati...
    • American Opportunity Tax Credit Created: Monday, July 13, 2009 Updated: Tuesday, April 15, 2014
      The American Opportunity Tax Credit provides up to $2,500 for people pursuing undergraduate education. Replacing and expanding on former the Hope credit, the American Opportunity credit is schedule...
    • Rental Income and Expenses Created: Monday, September 12, 2005 Updated: Tuesday, April 15, 2014
      Mastering the IRS Form 1040 Schedule E is easy once you organize your income and expenses. Benefit from the generous tax rules regarding rental income with handy tax tips from the About.com Guide t...

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