Tax Planning: U.S.

Recent Answers

2009-11-23 Nonprofit Law - Tax ID for Sports team:

In order to have donations deductible by the donors according to Internal Revenue (IRS) Service regulations and not to be treated by the IRS as a normal, for- profit business, you would want to first

2009-11-23 Tax Law (Questions About Taxes) - Capital gains tax on land sale:

Hi, The sale will be taxed as a long term capital gain at a maximum rate of 15% (at least until Congress changes the capital gains tax rates). To calculate your gain you deduct your purchase price

2009-11-23 Tax Law (Questions About Taxes) - VA - Part Resident - Notice for tax return filing:

Jay, Thanks for your question. Because you were a resident of VA for part of the year and had earnings while living there, you are liable for VA income tax on those earnings. MD will give you a

2009-11-23 Tax Law (Questions About Taxes) - Education Credit/Deduction:

Mike, Thanks for your question. You did not incur any qualified education expenses and cannot take the credit or the deduction. Both of these require that you have qualified education expenses -

2009-11-23 Nonprofit Law - Church owners of mobile home park:

It depends if he was trying to evade federal income taxes. In itself, though, there is nothing illegal in giving funds to a church. He would have still needed to account for as rental income on his return