Individuals who go without qualifying health coverage for a full year and don’t file for an exemption may owe a tax penalty. The penalty amount is either ...

If you withdraw money from a traditional IRA before you turn 59 ½, you must pay a 10% tax penalty (with a few exceptions), in addition to regular income t...

Restricted stock is given by a corporation, while common stock can be bought and sold at any time. This makes the recipient of the stock liable for income...

Only one household can get Child Tax Credit for each child. You don’t need to be working to claim Child Tax Credit. Child Tax credit does not include any ...

From the viewpoint of the server or person being tipped, cash is generally preferred. Some restaurant owners deduct a portion of those fees from your serv...

The following should be considered and certain points may be included in the settlement agreement, which is to be made an order of the court on divorce: ▪...

According to the IRS, when you sell your primary home you can exclude $250,000 of your profit from the sale of your home if you are single, or $500,000 if...

Be sure to retain all documents that show the ownership percentages for your property throughout the duration of your ownership. As you and your spouse ar...

If an LLC has only one owner, or member, the IRS automatically disregards it for federal income tax purposes. This type of LLC is treated the same as a so...

Mandatory Filing of a Return To keep a track of your losses, the income tax department has laid out that losses for a year cannot be carried forward unles...