Income Taxes

The Latest

  • January 16, 2012

    For numerous Americans, the thought of paying income taxes makes their spine tingle. While everyone knows that individual income taxes are paid to the IRS (Internal Revenue Service) each year, the process of taxation itself can be confusing to...

  • January 16, 2012

    First and foremost in determining how to reduce your taxable income is understanding what is considered taxable income and being well versed in what allowable tax deductions are available to you. [See related article “...

  • August 14, 2010

    State income taxes are levied in addition to federal income tax, although they generally have lower rates. The state income tax may be a progressive tax (the more you earn, the higher your tax rate) or a flat tax (all filers are taxed at the same...

  • August 12, 2010

    How does losing your job affect your income tax?  The first and most obvious answer is that, unless you obtain a new job or source of income shortly thereafter, your gross income and taxable income will be less.  Additionally, you may now qualify...

  • August 12, 2010

    Every year, American taxpayers are required to file and pay both federal and state income taxes. However, some taxpayers get so caught up with the federal tax system that they overlook their state income taxes. Your state government (just like...

  • August 12, 2010

    You are considered to be self-employed if you engage in a trade or business as a sole-proprietor or an independent contractor.  Some examples would be a photographer operating out of their home, a building contractor, an electrician, or a plumber...

  • August 12, 2010

    The Alternative Minimum Tax (AMT) was originally established to target the wealthiest of taxpayers and was called the “Millionaire’s Tax.”  Established in 1969 (as the Tax Reform Act) and put into operation in 1970, it was initially created to...

  • August 12, 2010

    Every year, the federal individual income tax rates adjust. While the adjustments are sometimes subtle, it is important that you understand any rate changes and how they will affect you.

    Listed below are the 2010 individual income tax...

  • August 9, 2010

    We all know people who have lost a job or seen their business suffer during this protracted economic downturn. Job losses from the recession are estimated at nearly 8 million, resulting in an average nationwide unemployment rate at nearly 9.5%....