Tax Laws

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New Version of Internet Tax Proposed

If passed, all online retailers will have to collect sales tax

Written by Amy King
MoneyTips Contributor

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Sales Taxes Taxes Tax Laws

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Internal Revenue Service Hiring Private Debt Collectors For Outstanding Taxes

What Taxpayers Need to Know About Tax Debt Collection

True or false: only Internal Revenue Service employees can collect tax debts? Granted, the headline is a bit of a giveaway. A proposal to al...

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Debt Collection Borrowing Taxes Tax Laws

Q&A

Asked by Kelvin

Is it better to defer my consulting fee to next year. I have unusually high income this year and my spouse plans to retire in January.

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Answers 1

Answered by Dave Bradley
Investment Manager (Financial Advisor) in North Charleston, SC

Hi Kelvin, By deferring until next year, will this lower your tax liability or raise it? Ask your Accountant (preferably a competent CPA) and tax advisor. Also, wi...

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Asked by Nettrickr

Can you explain a 1031 exchange using two existing rental properties buying one property and what income tax there would be?

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Answered by Dave Bradley
Investment Manager (Financial Advisor) in North Charleston, SC

Hi Nettrickr A 1031 exchange is designed to defer taxes. Check with your property attorney for specifics in your situation. The exchange can include like-kind p...

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Your Top 10 Rights As A Taxpayer

Taxpayer Bill of Rights

Nightmare: you've been called to a meeting with an IRS agent to discuss your tax return, and you can't afford professional help. Did you kno...

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New 2017 Tax Laws

How New Tax Legislation Affects Your Pocketbook

For the latest tax laws affecting you, including changes based on the Tax Cuts and Jobs Act, please visit New 2019 Tax Laws. Change is th...

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Taxes Tax Laws

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Asked by an anonymous user

Will my passive losses from a rental property be realized at the time of sale when we are selling above the purchase price?

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Answers 2

Answered by Dave Bradley
Investment Manager (Financial Advisor) in North Charleston, SC

Hi Anonymously, Are you a real estate professional? Also discuss this with your tax advisor. You may deduct your suspended passive losses from the profit you ea...

Taxes Tax Laws

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Asked by Tstepsr67

Can we claim my mother-in-law as a dependent on our taxes if she lived with us this year?

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Answered by Jeffrey Schneider
Tax Professional

An in-law can be a dependent like any other relative. They would be called a qualified relative. The main criteria is that you provide more than half their support and...

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