Rent as a Business Expense

Many businesses pay rent for the use of property. In general, a taxpayer can deduct rent paid as an expense only if the property rented is used in the business and the taxpayer does not have nor will he receive equity in or title to the property.

Self-Employment Taxes

If you work for yourself, you are usually required to pay a self-employment tax, which is a combination of Social Security and Medicare taxes. It is very much like the Social Security and Medicare taxes withheld from the wages of most employees.

Non-deductible Business Interest

Not all interest is deductible by a business. In general, you are not permitted to deduct interest that must be capitalized under the Internal Revenue Code, that is not really interest, that is personal interest, or that is prohibited under other sections of the tax law.

How to Get a Copy of Your Federal Income Tax Return

You are applying for a mortgage, and the bank requires copies of your income tax returns for the past two years. You search and search, but to no avail. The good news is that your future life as a homeowner is not doomed. But the bad news is that it might take some time and cost some money.

Below-Market Interest Loans

The Internal Revenue Service 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 applicable federal rate, or term loans where the amount of the loan exceeds the present value of all payments due under the loans.