To meet the qualifying child test, your child must be younger than you and either younger than 19 years old or be a “student” younger than 24 years old as...

Individuals who owe federal taxes will incur interest and penalties if they don’t file and pay on time. The penalty for not filing your taxes on time is 5...

If the home used by the family member qualifies for the mortgage interest deduction, you have to itemize your deductions to claim the tax break. The total...

In California, you are responsible to pay sales tax on the value of the car. A bill of sale may be sufficient evidence of that as long as it is reasonable...

Boys and girls are equally likely to get DNA from their grandmother as they are to get DNA from their grandfather. Take a look at a real example of the DN...

If one spouse has eligible compensation, that spouse can make IRA contributions for an IRA for the nonworking spouse. Traditional and Roth IRAs have the s...

For employers The ACA requires companies to offer MEC to their employees if they have at least 50 full-time employees; this is known as the “employer mand...

As the name implies, a single-member LLC is simply a limited liability company with one owner (member), instead of multiple owners. Under current IRS rule...

Can foreign tourists open a bank account in India during their short visit? Yes. Foreign tourists during their short visit to India can open a Non-Residen...

Learning About Negative Taxable Income If you have a negative taxable income, it is counted as a zero taxable income. The IRS does not provide an income t...