General Tax Information

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Tax Implications of a Promissory Note

People frequently use promissory notes when providing loans either for investment purposes or just to help out friends and family members who cannot obtain traditional financing. It is important to realize that there are income tax consequences for both lenders and borrowers any ...

What Items Are Deducted From Gross Income on a W-2?

Your W-2 is the end-of-year earnings statement your employer gives to you for tax purposes. It details your gross income and all the tax withheld for the year. These taxes include income tax and Social Security and Medicare taxes. Your W-2 typically also includes other voluntary ...

Does the IRS Pay Interest?

Any time a taxpayer makes a late payment to the Internal Revenue Service, the agency charges interest in addition to any late-filing fees. The situation does not reverse itself if you file early -- you don't get interest on refunds owed just because you sent your return well ...

Is Interest on a Promissory Note Reported to the IRS?

If you have lent money that the borrower has agreed through a promissory note to repay, and you are charging interest on that loan, you will earn interest income that, by law, you must report to the Internal Revenue Service. There are exceptions and conditions attached to this ...

Do You Have to Pay State & Federal Taxes on a Civil Lawsuit Settlement?

If you settle a lawsuit in your favor, you will probably have to deduct attorney's fees from any amount you receive. In addition, you may have to pay state and federal taxes. Whether you have to pay taxes on all or part of your settlement depends on what the money compensates ...

Does Taxable Income Include Pretax Health Insurance?

Health insurance isn't cheap, even if you're paying for coverage under an employer plan. However, using pretax dollars to pay for the plan helps you when it comes time to pay your taxes, because the money taken out of your paycheck to cover your premiums isn't counted as taxable ...

I Owe a City Government Money: Could They Withhold My Income Taxes?

Your local government collects money for many purposes. Whether it’s parking tickets, licensing fees or property taxes, you must pay the bill or face debt collection. While it makes sense that a city government could ask the Internal Revenue Service to offset your taxes, ...

Tax Questions for a Second Home

Whether you have a second home so you can vacation in comfort, have a second place to live or for investment purposes, it can make your tax situation more complicated. Some of the benefits that the Internal Revenue Service extends to your primary residence do not apply to your ...

Definition of HSH Income

The Internal Revenue Service defines HSH income as income earned by some household employees. According to IRS rules, the HSH designation applies if the employee didn't earn enough to require you to issue a W-2; that amount was less than $1,800 in 2013. The agency also has ...

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