Legal articles focusing on Taxation Law |
| Income Taxation of Your Bankruptcy Estate |
| When you file for bankruptcy, your assets form what's called your bankruptcy estate. The bankruptcy estate is treated as a separate entity for federal income tax purposes. You should be familiar with how your bankruptcy estate will be taxed, and what this could mean for your individual taxes. |
| Are Attorney's Fees Tax Deductible? |
| Sometimes you have a legal problem or question and you need an attorney. Of course, you have to pay for the legal services, and so you may ask: Are attorneys fees tax deductible? If you need help preparing your taxes or getting money owed to you, then the fees may be deductible. |
| Employment Taxes for Small Businesses |
| As with most "big" businesses, there are employment taxes to pay and collect for small businesses like yours. This is true whether you have employees or not. So, before you take that first job as a subcontractor or hire employees, it's critical you understand your obligations for employment taxes. |
| Deducting Expenses on Taxes under the Accrual Method |
| The general rule for taking tax deductions is that they're to be taken in the year when they're used to determine your taxable income, according to the accounting method you use. In the accrual method of accounting, deductions are taken when liabilities or expenses come up. |
| Changing Your Accounting Method |
| Once a business sets up its accounting method, it must get approval from the IRS before it can change to another method. The a business doesn't regularly use an accounting method that clearly reflects its income, the IRS will refigure the business's tax under another method. |