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Income Tax Law
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General Income Tax Law Questions

FAQs

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

Can I deduct charitable contributions?

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

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?

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?

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

What is the alternative minimum tax?

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

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

What medical expenses are deductible?

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

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?

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

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

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

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

Are there other deductions?

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

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

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

What are capital gains or losses?

Need tax forms?

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

How are alimony and child support payments taxed?

How do you measure gain or loss?

What is the federal income tax?

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?

What types of deductions are available?

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

What is a taxable year?

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

What is the standard deduction?

What if property is mortgaged?

How is taxable income determined?

What are deductions for personal exemptions?

How is the basis of property determined?

What is gross income?

What is the difference between tax evasion and tax avoidance?

What else can I deduct?

What are capital assets?

What is excluded from gross income?

Suppose I just don’t file tax returns?

What are business expenses?

How are capital gains taxed?

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

What about tax amnesties?

What interest payments are deductible?

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

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 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?

What taxes are deductible?

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

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

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

Can I deduct losses?

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

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

What bad debts may I deduct?

What is installment reporting?

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

Related Information
» General Income Tax Law Questions	» 2006 Federal Tax Articles
» Tax Articles	» Adoption
» Alimony (spousal support)	» Audits
» Calculation	» Capital assets
» Child support	» Child's dependency exemption
» Collection	» Decedent's final return
» Deductions	» Dependents
» Gains and losses	» IRA
» LLC members share	» Loans
» Marriage	» Mortgage payments
» Nursing home expenses of a dependent	» Pension and benefits
» Prizes and awards	» Refunds
» Social security benefits	» Tax amnesties
» Tax evasion	» Terms defined
» Worthless securities

Topics Related To Income Tax Law
» Tax Law	» Corporate Tax Law
» Estate Tax Law	» Gift Tax Law
» Income Tax Law	» Property Tax Law
» Tax Enforcement

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