February 22, 2015
Roughly one in three Americans files their own taxes online, rather than using a professional tax preparer. If you're going to file electronically, there are a few ways you can do it.
January 20, 2015
A tax credit is a dollar-for-dollar reduction in the amount of tax that you owe. For example, a $500 tax credit will save you $500 in taxes.
On the other hand, a tax deduction merely reduces your...
January 13, 2015
For the majority of Americans, the most commonly used document for filing a tax return is IRS Tax Form 1040. This form is due by April 15 each year.
While there are many...
December 30, 2014
The Federal income tax is a “pay-as-you-go” tax. This means that you are expected to make tax payments throughout the year, instead of all at once at the end of the year. For most people, this requirement is satisfied by having tax withheld from...
December 10, 2014
The American Opportunity Tax Credit (AOTC) was originally introduced for tax years 2009 and 2010 under the American Recovery and Reinvestment Act (ARRA).
The AOTC was designed as a stimulus to assist individual taxpayers into a new career...
October 16, 2014
When you’re getting married, taxes are probably the last thing you want to think about. However, it is still important to understand the tax consequences of marriage. This article explains some basic tax considerations for newlyweds.
October 9, 2014
One thing that many new retirees forget is that they may need to pay taxes on a portion of their Social Security benefits. These benefits include monthly retirement, disability, and survivor payments — but not supplemental security income (SSI)...
October 7, 2014
Have you given or received a large gift? Do you know what the tax consequences are? You may be subject to the 40% Federal Gift Tax.
According to the IRS, a gift is "Any transfer to an individual, either directly or indirectly, where full...
September 16, 2014
Members of the U.S. Armed Forces, particularly those deployed in combat zones, are faced with unique tax situations and are eligible for special tax benefits.
For Federal tax purposes, the U.S. Armed Forces includes the following:...