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Joint or Separate Return

Every married couple has to make the yearly financial decision of whether to file a joint or separate federal income tax return. For most people, the answer is like a knee-jerk reaction - joint, of course. And for most people, this is the correct...

Below-Market Interest Loans

The Internal Revenue Service (IRS) looks very suspiciously at loans that carry little or no interest. These loans, called below-market interest loans, can either be demand loans with interest payable at less than the statutorily prescribed...

Replacement of Underground Storage Tanks at Retail Gasoline Stations

Under regulations issued by the Environmental Protection Agency, petroleum companies and independent marketers owning and operating gasoline stations are required to remove and replace leaking underground storage tanks and to clean up any related...

Adoption Tax Credit

A substantial tax credit is available for the qualifying costs of adopting an eligible child. The credit is phased out if the taxpayer's modified adjusted gross income exceeds an amount set by the Internal Revenue Code.

If the...

Stock Options

Some corporations give their employees options to buy or sell stock or other property as payment for services. The question of when you are required to report income resulting from the receipt of the option depends on whether they are...