There are five basic filing statuses that you can choose to represent your situation at tax time. Which do you qualify for and which yields the highest tax savings? Find out!
Choosing Standard or Itemized Deductions
There is a very simple way to determine if you should itemize your deductions ? if the combined total of your itemized deductions is greater than the standard deduction for your filing status, then do it?...more
Those newly graduated from college and starting out into the wide wide world can take comfort in the fact that the tax code can help them out in the areas of paying off student loans as well as relocating to their new jobs?...more
Can you get away with filing the 1040EZ, or do you need to 1040 long form? This article can help...more
Saving Taxes with the Home Office
To claim deduction for business you run out of your home you must meet some requirements set by the IRS.
Tax Forms that Arrive in the Mail
Depending upon your individual situation, you may or may not receive a lot of tax-related forms in the mail this year. People who work for more than one employer can expect to receive a W-2 from each business by the end of January. If you have investments.
Calculating Personal and Dependent Exemptions
Just one exemption can reduce your taxable income by $2,750. Read on to learn more about this credit's criteria.
Tax Savings for People Who Rent
A renter can take a home office deduction if he uses a part of the house or apartment exclusively for seeing clients or patients or doing his paperwork...more
Claiming Deductions on Student Loan Payments
The taxpayer, his or her spouse, or dependent can use this relatively new student loan deduction to save up to $2000 on interest paid on a student loan for up to 60 months after the loan was acquired.
If you want to know whether you are at risk for paying tax penalities for filing at extension, or whether you need to file a return for a deceased relative, Filing Returns FAQs can help.
Tax Form FAQs will help you understand which forms to use to file. It will also explain which forms will be sent to you by employers, brokerage houses, etc.
This are contains FAQs on which records to keep for claim credit for childcare expenses, records to keep for claiming home improvement expenses and other key record-keeping issues.
>Strive to be accurate. You may face a $500 penalty if you end up having too little tax withheld. If you don't file this form with your employer, the employer will have to withhold taxes at the highest rate.
Watch out for These Common Mistakes come Tax Season
>Don't miss these tips! These common mistakes could cost you now and for tax seasons to come!