Four Things to Know about Net Investment Income Tax
Started in 2013, some taxpayers may be subject to the Net Investment Income Tax. You may owe this tax if you have income from investments and your income for the year is more than certain limits.
Energy-Efficient Home Improvements Can Lower Your Taxes
You may be able to reduce your taxes if you made certain energy-efficient home improvements last year. Here are some key facts that you should know about home energy tax credits.
Choosing the Right Filing Status
Using the correct filing status is very important when you file your tax return. You need to use the right status because it affects how much you pay in taxes. It may even affect whether you must file a tax return.
Plan Now to Get Full Benefit of Saver's Credit
Low and moderate-income workers can take steps now to save for retirement and earn a special tax credit, according to the Internal Revenue Service.
Fast Track Settlement Program Now Available Nationwide
The Internal Revenue Service has announced the nationwide rollout of a streamlined program designed to enable small businesses under audit to more quickly settle their differences with the IRS.
Special Tax Benefits for Armed Forces Personnel
If you’re a member of the U.S. Armed Forces, you should know about the many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones.
Tips for Employers Who Outsource Payroll Duties
Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers and reporting agents. Reputable third-party payers can help employers streamline...
Late spring and early summer are popular times for weddings. Whatever the season, a change in your marital status can affect your taxes. Here are several key tips for newlyweds to help you make a smooth transition...
Itemizing vs. Standard Deduction: Six Facts to Help You Choose
When you file a tax return, you usually have a choice to make - whether to itemize deductions or take the standard deduction. You should compare both methods and use the one that gives you the greater tax benefit.
Important Facts about Mortgage Debt Forgiveness
If your lender cancels or forgives your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had mortgage debt forgiven this year.
Ten Facts on Filing an Amended Tax Return
What should you do if you already filed your federal tax return and then discover a mistake? Don’t worry - you have a chance to fix errors by filing an amended tax return.
Seven Tips for Taxpayers with Foreign Income
U.S. citizens and residents who live or work abroad may need to file a federal income tax return. If you are living or working outside the United States, you generally must file and pay your tax...
Seven Tax Facts about Medical and Dental Expenses
If you pay for medical or dental expenses, you may be able to get a tax deduction for costs not covered by insurance. Listed below are seven tax facts about claiming the medical and dental expense deduction.
Tax Rules on Early Withdrawals from Retirement Plans
Taking money out early from your retirement plan can cost you an extra 10 percent in taxes. Here are five things that you should know about early withdrawals from retirement plans.
Simplified Option for Claiming Home Office Deduction
The Internal Revenue Service has announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes.
Individuals and businesses making contributions to charity should keep in mind some key tax provisions that have taken effect in recent years, especially those affecting donations of clothing and household items.
Five Important Tips on Gambling Income and Losses
Whether you roll the dice, bet on the ponies, play cards or enjoy slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must be reported on your income tax return.
Ten Tax Tips for Individuals Selling Their Home
The Internal Revenue Service offers some important tax benefits for those who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may be able to exclude all...
The Taxpayer Advocate Service: Helping You Resolve Tax Problems
The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that helps taxpayers who are experiencing unresolved federal tax problems. Here are 9 things every taxpayer should know...
Tips to Reduce Big Refunds and Prevent Tax Bills
The Internal Revenue Service reminds taxpayers that it's not too late to adjust their tax withholding to avoid big tax refunds or tax bills when they file their tax return next year.