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Category: Tax Law (page 1 of 5)

What are Lottery, Gambling, or Other Prize Winning Taxes?

Home » Tax Law » Reporting Income » Lottery, Gambling, or Other Prize Winning Taxes

You must treat lottery, gambling, or other prize winnings as “other income” and pay taxes

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What is the Adoption Credit?

Home » Tax Law » Tax Deductions & Credits » Adoption Credit

You may be able to receive an adoption credit of up to $10,160for the costs of adopting a

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What is the Work Opportunity Tax Credit?

Home » Tax Law » Tax Deductions & Credits » Work Opportunity Tax Credit

The Work Opportunity Tax Credit (WOTC) is a federal tax credit that encourages employers to hire

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What are 401(k) Taxes?

Home » Tax Law » Reporting Income » 401(k) Taxes

A section 401(k) plan is a type of deferred compensation plan in which an employee can elect to have the

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What are Alimony and Child Support Deductions?

Home » Tax Law » Tax Deductions & Credits » Alimony and Child Support Deductions

Tax arrangements are generally made in a divorce settlement. In general, the spouse paying the

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What is Tax Law? An Overview

Home » Tax Law » Tax Law Overview

Tax law involves the taxation of income and property acquired through personal and professional efforts. In addition to income tax, there is

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What are IRA Deductions?

Home » Tax Law » Reporting Income » IRA Deductions

An individual retirement arrangement, or IRA, is a personal savings plan which allows you to set aside money for retirement,

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Are Moving Expenses Deductible?

Home » Tax Law » Tax Deductions & Credits » Are Moving Expenses Deductible?

If you moved because of a change in your job location or because you started a

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What Filing Status Should You Use?

Home » Tax Law » What Filing Status Should You Use?

As a general rule of thumb, married people should file jointly, because it is generally advantageous, as married filing

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What are Partnership or S Corporation Taxes?

Home » Tax Law » Reporting Income » Partnership or S Corporation Taxes

With a partnership or an S corporation the entity itself does not actually pay taxes. As a

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