What does acquisition or abandonment of secured property mean on my income taxes?

Answer Acquisition and abandonment of secured property refers to reportable income that results from forgiven debt. It is important to note, however, that forgiven and canceled debt is not always reportab... Read More »

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Can property taxes be claimed on income tax?

According to the Internal Revenue Service (IRS), both real estate and personal property taxes are deductible. To take advantage of this, you must itemize deductions, using Form 1040 and Schedule A,... Read More »

What does the average American pay in income taxes?

According to the Tax Foundation, the average American paid 28.2 percent of their wages to income taxes in 2009. This took 103 days to pay off--or until April 13 of the tax year. However, this varie... Read More »

What income bracket pays federal income taxes?

All income brackets have people who have federal tax obligations, however, the amount of people who owe any taxes drops precipitously as income levels falls. According to the Tax Policy Center, onl... Read More »

What rate of income taxes does a Detroit resident pay?

As of 2010, Detroit's income tax rate for city residents is 2.50 percent; non-residents pay 1.25 percent, and corporations pay 1.40 percent. This is in addition to Michigan's flat income tax rate o... Read More »