This article goes over the basics of writing a will. It explains what people need to be identified, what clauses need to be included, and what happens in probate. After reading this article the read ...
If you are the owner of a small business, you can set up a retirement plan for your employees and for yourself. By doing so, your business can make contributions to set aside money for your own retir ...
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 ...
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 ...
Among the many decisions you have to make when you start up a small business, one of them is the legal structure under which you want to operate. Each type of structure has its relative advantages, a ...
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 ...
When you suffer a loss caused by theft, vandalism, fire, storm, or similar causes, or a car, boat, or other type of accident, you may be able to take an itemized deduction on your U.S. federal income ...
When you start up a business and set up your accounting, what values do you assign to your assets? Or, when you acquire property by purchase, exchange, conversion, or other means, what value should b ...
If you have investments in stocks or mutual funds, you may receive ordinary dividends, qualified dividends, capital gain distributions, stock dividends, or distributions that are a return of capital. ...
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 ...
The taxability of scholarships and fellowships generally depends on the type of expenses that are paid with the benefits, and whether the person receiving the benefits is a candidate for a degree. If ...
The tuition and fees deduction is one of the U.S. federal income tax benefits available for education. If you have qualified higher education expenses for yourself, your spouse or a dependent, you ma ...
A Coverdell Education Savings Account (ESA) is a type of savings account set up to pay the education expenses of a beneficiary. This type of savings account qualifies for certain tax benefits. Contr ...
If you have a high deductible health coverage plan and are not on Medicare, a Health Savings Account (HSA) may be an option to help you pay medical expenses. You can claim a tax deduction for contrib ...
Schedule D is used to report capital gains and losses on assets held for personal or investment purposes. You may need to use Form 4797 to report gains or losses on sales, exchanges or other disposal ...