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Henry Daniel Lively

Henry Lively’s Legal Guides

321 total


  • Items Not Considered Alimony

    In a couple of recent Tax court cases the court ruled on a few items that cannot be considered alimony. Attorney Fees The court held in Nicholas v. Comm, TCS 2011-91, that attorney fees incident to a divorce were not alimony.These were attorney fees and costs paid on behalf o...

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  • Residential Energy Efficient Property Credit

    IRC Section 25D. The Internal Revenue Service provides for a 30 percent credit for the installation of qualified solar water heating property, qualified solar electric property, geothermal heat pumps, and small wind energy property.This credit will apply for property placed in ...

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  • Mortgage Forgiveness Debt Relief Act of 2007 Running Out

    The Federal government gave taxpayers a break in 2007when the Mortgage Forgiveness Debt Relief Act of 2007 was signed into law. It allows taxpayers the ability to exclude from income up to $2 million of cancelled debt on qualified residence indebtedness. This is important in the ...

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  • FICA and Self Employment Tax Rates for 2012

    The FICA and Self employment tax rates are in for 2012. The only unknown at this time is whether the employee share of FICA (Social Security) will be reduced for 2012 as it was for 2011. The Maximum FICA (OASDI) wage base for 2012 is $110,100. Up from $106,800 for both 2010 and 2...

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  • Charitable Donations - Condition of Property

    The IRS is more aggressive than ever when it comes to proving up deductions that you claim on your income tax return. A particularly sensitive area in recent years is Charitable Donations. Especially, donations of items rather than cash. The Service knows that many of these chari...

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  • Check Your Withholding Status to Boost Cash Flow!

    Do you get a refund every year? If you do receive refunds you are giving an interest free loan to the government, because when you file your tax return and eventually get your refund back the government does not pay you interest. Your goal when you file your withholding certifica...

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  • Changing your entity name with the IRS

    If you decide to change the name of your company, what do you need to do as far as notification with the IRS. If you made a legal name change for your company there are a couple of things that you need to do to ensure the IRS knows and recognizes your change of name. First, there...

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  • SB 458 Brings Relief to Californian in Default on Mortgages

    Governor Brown signed SB 458 into law. per California Association of Realtors: "Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also ...

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  • Are Workers Compensation Benefits Taxable?

    If you are receiving workers compendation benefits you do not pay tax on the benefits received by you or your survivors for job related sickness or injuries paid under a workers compensation act or workers compensation statute in the nature of a workers compensation act. However,...

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  • When Can You Deduct Taxes on Your Income Tax Return?

    When can you deduct taxes on your income tax return? The first hurdle you will face is that you will need to itemize to be able to deduct taxes. Tests To Deduct Any Tax The following two tests must be met for you to deduct any tax. The tax must be imposed on you. You must p...

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