Paying Taxes

The Latest

  • February 21, 2013

    We all love to hear the news that we will receive a tax refund. Unfortunately, there are times when we end up owing taxes rather than receiving refunds. However, there are specific reasons as to why people end up owing taxes on any particular...

  • February 21, 2013

    You do. That is, if hope to take a child-care credit on your income tax return without running into problems with the IRS.

    The child-...

  • February 20, 2013

    There are two types of tax deductions. “Above the line” deductions are claimed on Page 1 of Form 1040 and reduce Adjusted Gross Income. “Below the line” deductions are claimed on Page 2 of the 1040 and reduce Taxable Income. The “line” is your...

  • February 19, 2013

    The IRS has been stepping up its efforts to ensure that Americans are accurately reporting the taxes they owe. This means that the IRS is auditing a growing number of taxpayers, especially those with high incomes and complex financial...

  • February 14, 2013

    Maybe, if she wasn’t working last year, or didn’t earn very much. A qualifying partner gives you an extra personal exemption, worth $3,800. This works for same-sex couples, too.

    You can claim a live-in friend as a tax dependent if he or...

  • February 12, 2013

    NEW YORK (MainStreet) — Pew Research calls it the “Lost Decade Of the Middle Class.”

    “Since 2000, the middle class has shrunk in size, fallen backward in income and wealth and shed...

  • February 12, 2013

    When you’re hunting for tax savings on your 2012 returns, comb through the way you paid your taxes in the past. You might have missed an easy write-off that’s waving its hand and shouting, “look at me!” For example:

    ...

  • February 10, 2013

    NEW YORK (MainStreet) — Did you forget to say happy birthday to income taxes? Feb. 3 was the 100th anniversary of the ratification of the 16th Amendment...

  • February 8, 2013

    Withholding tax (also known as “payroll withholding”) is essentially income tax that is withheld from your wages and sent directly to the IRS by your employer. The employer then sends the withheld amount to the appropriate taxing authority....