Income Tax Law – Lawyers, Attorneys & Free Legal Information

FAQs

What is the difference between tax evasion and tax avoidance?

I received a notice that the IRS intends to seize assets if I don’t pay my taxes. I cannot afford to pay. What should I do?

Who should I call to report someone who is not filing tax returns?

I forgot to mail my W-2 Form, schedules or forms with my tax return. What should I do?

What can I do to make sure I will not owe the IRS on my 2007 income tax return?

I received a stock option from my company, is this taxable? I participated in an Incentive Stock Option (ISO) plan at work. How do I pay tax on this?

I am in a disaster area and heard the IRS could help me. What can the IRS do?

I know that the IRS audits a certain number of tax returns each year. What can I do to lessen my chances of every being audited?

What records do I need to keep and for how long?

What are the tax consequences when amounts are distributed from a Simple IRA Plan?

How are alimony and child support payments taxed?

What types of deductions are available?

What is the standard deduction?

What are deductions for personal exemptions?

What else can I deduct?

What are business expenses?

What interest payments are deductible?

What taxes are deductible?

Can I deduct losses?

What bad debts may I deduct?

Can I deduct charitable contributions?

Expenses for the production of income are deductible. What falls within this classification?

What medical expenses are deductible?

What are "miscellaneous itemized deductions"? Are they a "catch-all"?

Are there other deductions?

What are capital gains or losses?

How do you measure gain or loss?

How is gain from the sale of my personal residence taxed?

What if property is mortgaged?

How is the basis of property determined?

What are capital assets?

How are capital gains taxed?

Does that mean I have to pay 15% tax on all my long term capital gains?

I had capital losses. Can I deduct them from regular income?

Is there any way I can avoid tax? What are some non-recognition provisions?

What is installment reporting?

I have not filed income tax returns or paid income taxes in a number of years. Will I go to jail?

What is the alternative minimum tax?

I am unable to pay my delinquent taxes. I understand the IRS will let taxpayers submit an "offer in compromise." what is that program?

I'm expecting a refund, but I have not filed my return and the deadline has passed. Will a late penalty be charged?

I am on a payment plan with the IRS but find I cannot pay. What should I do?

Need tax forms?

What is the federal income tax?

What is a taxable year?

How is taxable income determined?

What is gross income?

What is excluded from gross income?

I am a stepparent. Do I have an obligation to support the children from my wife’s previous marriage?

I had $15,000 in an IRA in 2000 that was converted to a Roth when the market peaked. Now it is worth $9000. But I am liable for the income tax on the value of the IRA at the time of the rollover--$15,000. How can I reduce my liability?

I am supporting my aging parents. Can I claim them as dependents on my tax return?

I have a corporation who has a silent partner (financial) that has had sole control over the corporate bank account. Unfortunately, my silent partner has used the corporate monies and we are now in a tax mess. Am I responsible?

I used my frequent flyer mileage to attend a job interview on the East coast. Is the value of the ticket deductible?

I won a luxury vehicle from my employer. It was a sales contest that ended in a random drawing. Are there any taxes owed by me or my employer?

What are the tax consequences of transferring stocks to the estate of the deceased vs. directly to the heirs?

What are the tax consequences to me (or the recipient) of forgiving a loan to a family member 5 years after the loan was made?

My mother-in-law gifted some waterfront property to my wife . When we sell it, what would be the tax basis?

I recently made a few hundred thousand dollars from a chain letter. Is this taxable income?

Is it possible to reduce federal income taxes through gift-giving to family members?

I have lived in Mexico for several years with my husband and children. I have not filed for several years now nor have I worked for several years. Am I in trouble with the IRS?

How is the cost basis calculated for income tax purposes on worthless stock that is inherited?