Giving to charitable organizations is an American tradition. This was even more evident in the aftermath of the September 11, 2001 terrorist attacks. It's great to be generous but you need to know i ...
If you moved during the year, and the move was related to your work, don’t forget to gather up the receipts and keep records of your moving expenses. You may be able to take a deduction without hav ...
If you sell your main home, you may be able to exclude up to $250,000 of the gain on the sale ($500,000 if you are married filing jointly). Any gain that is more than those amounts would be taxable a ...
If you have been filing your federal income tax returns on paper, you may want to consider trying the online e-filing option available on the IRS website. It’s an efficient way to file, it’s free ...
Your W-2 Form is an important document that summarizes the annual compensation you received as an employee and the income taxes that were withheld from your pay. The W-2 also provides information on ...
Once you have finished preparing and filing your income tax return, what do you do with your supporting documentation? Which records do you need to keep, how should you file them, and how long do you ...
Personal exemptions and exemptions for dependents form a basic part of the U.S. individual income tax law. Knowing the criteria and requirements for claiming these exemptions will facilitate the prep ...
You may have had federal income tax withheld from your pay all year, and wonder if you really need to file a return. Or you may think you didn’t make enough money to have to file a return. But it ...
Medical expenses, in order to be claimed as an itemized deduction on a U.S. federal individual income tax return, need to meet the criteria that the Internal Revenue Service (IRS) has established. Pr ...
Home mortgage interest, for U.S. federal income tax purposes, is interest on any loan secured by your main home or a second home. The loan can be a first loan to buy or build your home, a second mort ...
Deductible charitable contributions for U.S. federal income tax purposes are voluntary donations or gifts made to organizations that are religious, charitable, educational, scientific, or literary in ...
If you are self-employed, or have other sources of income in addition to a salary or wages, such as dividends, interest, capital gains, rents and royalties, you may have to make estimated federal inco ...
A Roth IRA is a special type of individual retirement plan. It is subject to many of the same rules that apply to traditional individual retirement arrangements (IRAs). But there are some difference ...
If you use your own vehicle for business purposes, you may be able to take a tax deduction. If you are an employee, you can deduct the expenses as an itemized deduction. If you are self-employed, yo ...