Tax

Category: P

  • Payroll Taxes

    The Payroll Taxes are. amounts collected from the salary or wages of employees, including federal withholding taxes, state withholding taxes, FICA, Medicare, and FUTA. Tax charged on an employer's payroll (i.e. gross salaries, wages and other remunerations) paid to his employee without regard to the…

  • Prepaid Interest

    Prepaid Interest means (see more about entries related to interest in the U.S. here) interest paid in advance of the time it is earned. Prepaid interest is not tax deductible. An exception is made for customary points paid by a borrower on the initial mortg…

  • Points Paid by Seller

    Points Paid by Seller Under Rev. Proc. 94-27, individual taxpayers may claim a tax deduction for points paid by the seller in connection with the purchase of a principal residence if certain requirements are met. Under this rule, the seller is treated as having paid the amount of the points to the buyer who, in…

  • 529 Plans

    529 Plans Paying for Education as Part of an Estate Plan: 529 Plans By Elizabeth Carrott Minnigh, Esq., Buchanan Ingersoll & Rooney PC, Washington, DC One of the most important concerns for high net worth clients is how to best pay for the costs of higher education (i.e., college or graduate school) for children and…