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William Perez

Updated Articles and Resources

By William Perez

    Updated Articles and Resources
    • At-Risk Rules Created: Saturday, December 04, 2004 Updated: Tuesday, April 22, 2014
      Definition of At-Risk Rules: Losses from a business operation are limited to the amount of money you can actually lose in the business.
    • Split Refunds using Form 8888 Created: Wednesday, January 31, 2007 Updated: Tuesday, April 22, 2014
      You can have your federal tax refund directly deposited in up to three different bank accounts using IRS Form 8888. You can even have part of your refund deposited in an individual retirement account.
    • Educator Expenses Tax Deduction Created: Saturday, December 31, 2005 Updated: Monday, April 21, 2014
      If you are a teacher and you paid for classroom supplies and other materials out of your own pocket, you can claim those expenses as a tax deduction.
    • How To Setup an IRS Payment Plan Created: Saturday, September 10, 2005 Updated: Monday, April 21, 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.
    • States That Exempt Social Security Created: Monday, November 15, 2010 Updated: Monday, April 21, 2014
      A listing of states that fully exempt Social Security benefits from income taxes. Find out which states do not tax Social Security." itemprop="description"> Tuesday, June 27, 2006 Updated: Monday, April 21, 2014
      There are five ways to get out of tax debt. Learn what your options are for reducing and paying off your tax debts, and how to protect yourself when hiring a tax professional."
    • Home Mortgage Interest Tax Deduction Created: Saturday, February 03, 2007 Updated: Sunday, April 20, 2014
      Mortgage interest is a tax-deductible expense. Mortgage interest is reported on Form 1040, Schedule A along with other itemized deductions. Taxpayers paying mortgage interest should fill out Schedu...
    • Self-Employment Tax Created: Friday, May 01, 2009 Updated: Sunday, April 20, 2014
      The self-employment tax is an extra tax that self-employed business owners, independent contractors and other freelancer professionals pay in addition to the income tax. The self-employment tax covers the Social Security and Medicare taxes and is similar to the FICA tax paid by employees. Tips to help you plan and calculate your self-employment tax on Schedule SE.
    • Statute of Limitations for Tax Refunds, IRS Audits, and Collections Created: Tuesday, November 15, 2005 Updated: Sunday, April 20, 2014
      The tax code imposes time limits on various actions that taxpayers and the IRS can take. There are time limits for getting a tax refund, for the IRS auditing your tax return, and for the IRS collecting any unpaid taxes.
    • New York City Income Tax Created: Monday, September 13, 2010 Updated: Sunday, April 20, 2014
      New York City is one of the few cities in the U.S. that have a separate personal income tax. Find out New York City income tax rates, tax credits you can use to reduce your New York City income ta...
    • State Income Taxes in Retirement Created: Monday, November 01, 2010 Updated: Sunday, April 20, 2014
      Details on state income tax breaks for retirees, including states that exempt social security income, government pension income, and private pension income. Get the details on states that allow re...
    • Reciprocal Agreements: States That Do Not Tax Certain Out of State Workers Created: Tuesday, November 30, 2010 Updated: Saturday, April 19, 2014
      A list of states that have reciprocal agreements. These states allow residents of certain other states to work tax-free. The states on this list have specific exemptions for out of state workers ...
    • Health Savings Account Deduction Created: Saturday, December 31, 2005 Updated: Saturday, April 19, 2014
      Contributions to a health savings account (HSA) are tax deductible. Tax deductions are limited to $2,900 for individual insurance coverage and $5,800 for family insurance coverage for tax year 2008...
    • Alternative Minimum Tax Created: Saturday, December 22, 2007 Updated: Saturday, April 19, 2014
      The alternative minimum tax, or AMT, is a second tax system parallel to the regular income tax. The alternative minimum tax adjusts or eliminates certain tax deductions or credits. Your tax may be higher under the alternative minimum tax rules if your income is over the AMT exemption amount.
    • Community Property States Created: Sunday, December 05, 2004 Updated: Friday, April 18, 2014
      Definition of Community Property States: Married persons are considered to own their property, assets, and income jointly.
    • Deductible Business Expenses Created: Monday, July 02, 2007 Updated: Friday, April 18, 2014
      Self-employed entrepreneurs incur many common business expenses that are fully deductible against their business income. Find out which business expenses are deductible, and which are partly deduct...
    • Alimony and Taxes Created: Saturday, December 24, 2005 Updated: Friday, April 18, 2014
      Alimony is income to the person receiving alimony, and is a tax-deductible expense for the person paying alimony. Learn what the criteria that makes alimony tax-deductible.
    • Tax Breaks for Higher Education Created: Tuesday, March 14, 2006 Updated: Friday, April 18, 2014
      The federal government provides several tax incentives for people who pursue higher education. Here's an overview of the various tax credits, tax deductions and savings incentives for college and o...
    • Taxable Refunds Created: Wednesday, December 21, 2005 Updated: Friday, April 18, 2014
      Learn how to report last year's state tax refund on this year's tax return. Instructions for Form 1040 Line 10.
    • Adoption Tax Credit Created: Monday, March 20, 2006 Updated: Friday, April 18, 2014
      Individuals who adopt a child may be eligible for a federal tax credit.
    • 7 State Income Tax Myths Created: Tuesday, December 14, 2010 Updated: Friday, April 18, 2014
      State income taxes are complicated and there are many myths and misconceptions out there. Don't fall for these seven myths about state income taxes." itemprop="description'" --> itemprop="descript...
    • Depreciation Recapture Created: Sunday, July 20, 2008 Updated: Friday, April 18, 2014
      When taxpayers sell an asset that has been depreciated for tax purposes, that sale may trigger a type of capital gain called depreciation recapture. The depreciation recapture tax mostly impacts la...
    • Adjustments to Income Created: Tuesday, February 15, 2011 Updated: Friday, April 18, 2014
      Various tax deductions known as "above-the-line" deductions or adjustments to income can be taken directly on your tax return. These deductions reduce your income before federal tax is calculated, ...
    • Filing an Amended Tax Return Created: Wednesday, February 09, 2005 Updated: Thursday, April 17, 2014
      An amended tax return is used to make corrections to a previously filed tax return. Taxpayers can correct filing status, income, tax deductions, or tax credits. Tips for revising and correcting federal tax returns using Form 1040X.
    • Lifetime Learning Tax Credit Created: Tuesday, February 08, 2011 Updated: Thursday, April 17, 2014
      The Lifetime Learning Credit is a tax credit for any person who takes college classes. It provides a tax credit of 20% of tuition expenses, with a maximum of $2,000 in tax credits on the first $10,000 of tuition.
    • Which Tax Form to File? Created: Wednesday, July 18, 2007 Updated: Thursday, April 17, 2014
      You should use the simplest tax form for your needs. This will save you time in preparing your return, and the IRS will be able to process your tax return more quickly. Find out if you need to file Form 1040, or if you qualify to use the shorter Form 1040EZ or Form 1040A.
    • Audits for Determining Who is Eligible to Claim a Dependent Created: Tuesday, January 26, 2010 Updated: Thursday, April 17, 2014
      The IRS automatically audits tax returns where different people have attempted to claim the same dependent. Here's what to do to protect your tax return when the IRS questions whether you are entit...
    • 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...

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