Tax Planning: U.S. Sitemap - Page 1 2016-09-26

Medical Expense Tax Deduction
Individuals can potentially deduct the cost of medical, dental and other health care related expenses on their tax return. Medical expenses are taken as an itemized deduction on Schedule A, subject to limitations.

Married Filing Separately Status on Tax Returns
The Married Filing Separately filing status provides fewer tax benefits than filing joint returns, but it does protect each spouse from any tax mistakes the other spouse makes.

Health Savings Accounts: The Key Tax Benefits
Contributions to a Health Savings Account (HSA) can be double tax-free. Contributions tax-deductible going into the HSA, and distributions can be tax-free coming out the HSA. For 2017, individuals can contribute up to $3,400 to a health savings account. Taxpayers with family coverage can contribute up to $6,750 for the year.

Choosing the Right Tax Form: Tips for College Students
Parents may be able to help their college-bound students qualify for more financial aid by filing the shorter Form 1040-A rather than the longer Form 1040. Doing so could result in the student being eligible for the simplified needs test, resulting in a lower expected family contribution.

Tax Implications of Supreme Court's Same-Sex Marriage Ruling
The Obergefell v. Hodges case has implications for state-level income taxes in those states that did not recognize same-sex marriages.

7 States Without an Income Tax
Seven U.S. states have no income tax, and some don't tax retirees. Find out where you'll get to keep more of your paycheck or retirement benefits.

Reconciling Advanced Payments of the Premium Tax Credit
Received advanced payments of the premium assistance tax credit? We compare the amount of premium assistance received in advance to the actual amount of premium assistance you qualify for. If someone received

The Tax Consequences of a Foreclosed Home
Foreclosures are treated as the sale of property. Homeowners going through a foreclosure will need to calculate their gain or loss for tax purposes.

Definition of Adjusted Basis for Tax Purposes
Adjusted basis is the cost of an asset after adjusting for improvements and tax benefits. Read on to find out more.

Premium Assistance Tax Credit Calculation
Provides an 8-part method to calculate the premium assistance tax credit by hand. And how to calculate household income and the applicable percentage.

Individual Shared Responsibility Payment
Here are details on how the individual shared responsibility payment is calculated for those without health insurance.

Premium Assistance Tax Credit: an Overview
The Supreme Court today upheld a key provision in the Affordable Care Act relating to the eligibility for the premium assistance tax credits. Here's a quick synopsis of the decision, along with the bottom line impact for individual taxpayers. The rest of the article discusses the basics of the premium assistance tax credit, and what needs to be done throughout the year to manage this tax credit.

Definition: Archer Medical Savings Accounts
Provisions for new tax-deductible Archer medical savings accounts were discontinued by Congress in 2007. Learn the rules if you opened before that time.

Best Tax Software for the Self-Employed
After having reviewed all the top PC-based and Web-based software programs, here are the best tax software for the self-employed and other situations.

What's New in Federal Taxes for 2014
Here's a look at what's new in federal taxes for 2014 - changes in tax rates, deductions, personal exemptions, and a list of provision that expired in 2013.

Exemptions from the Shared Responsibility Payment
Individuals must have health insurance or else pay a tax penalty. However, there are 12 exceptions to the penalty.

Communicating Effectively with Your Tax Preparer: Tips for Clients
Make the most of your tax meeting with these four tips for communicating effectively with your tax preparer.

Unemployment Compensation Benefits and Income Taxes
The Internal Revenue Service treats unemployment benefits just like any other income, so unemployment is taxable.

Can the Cost of LASIK Be Deducted on My Taxes?
Can laser eye surgery be deducted as a medical expense for tax purposes? Yes, but find out how itemized deduction fit into your overall tax strategy.

Top Personal Income Tax Mistakes in California
The California Franchise Tax Board has ranked the most common errors found on personal income tax returns. Learn more about their findings.

Tips on Responding to State Tax Notices
Read these seven tips for responding to a tax notice from a state tax agency. Use these bits of advice to help you settle your state tax debt.

The Business and Legal Considerations of Incorporating
Business considerations play a crucial role in deciding upon a form of organization. Here are five things to consider when incorporating your business.

Overview of the Types of Business Entities
While there are a variety of designations at the state level, for federal tax purposes there are only six forms of business organizations. Learn more.

Partial Dispositions of Tangible Depreciable Property
What do you do with old property that is discarded during property repairs? This is a guide to a partial disposition of tangible depreciable property.

Reporting Casualty and Theft Losses on Federal Taxes
Property that is damaged due to sudden events (like hurricanes and earthquakes) can be written off as casualty and theft losses with some limitations.

What's the Non Dependent Child Tax Credit - Form 8332
In some cases, both parents may be able to claim child-associated tax breaks. Learn more about the non dependent child tax credit and Form 8332.

Choosing Your Filing Status on Federal Income Taxes
Choose only one filing status, depending on your situation. Generally, your filing status depends on your marital status as of the last day of the year.

Tax Treatment of Distributions from an IRA
This article discusses the general rules and notable exceptions for determining the tax treatment of IRA distributions.

Pensions and Annuities Income (IRS Publication 575)
Reporting the taxable portion of pension and annuity income can get tricky. Here are details on pension and annuity income from the IRS Pub 575.

Reporting Alimony on Your Tax Return
Alimony is income to the person receiving it and it's a tax-deductible expense for the person paying it. Learn the seven rules that apply.

Payroll Taxes: Basic Information for All Employers
Find out how employers report and figure payroll taxes.

How to Choose Which Tax Form to File
You should use the simplest tax form for your needs. Find out if you need to file Form 1040, or if you qualify to use the shorter Form 1040EZ or Form 1040A.

Issuing IRS Schedule K-1 to Shareholders
Schedule K-1 of Form 1120S is used to report each shareholder's pro-rated share of net income or loss from an S-Corporation.

What Is the Earned Income Tax Credit?
The earned income credit is a refundable federal tax credit designed for lower-income workers. For 2016, the maximum earned income credit is $6,269. The amount of the tax credit varies based on a person's income and family size.

Home Improvements and Residential Energy Tax Credits
Homeowners who install solar panels or make other energy-efficient improvements to their home may qualify for a federal tax credit.

IRS Tax Form 1095-A Reported Inaccuracies and Delays
The Centers for Medicare and Medicaid Services has issued incorrect 1095-A tax forms to 800,000 people in 37 states. Other states not serviced by are also experiencing delays or inaccuracies. People who already filed using an incorrect Form 1095-A don't need to refile by sending in an amended return, according to the latest word from the Treasury Dept.

Guide to Household Employment Taxes, Form 1040, and Schedule H
Individuals may need to pay employment taxes if they hire nannies, butlers, and similar professionals. Here's a guide to Form 1040 and Schedule H.

Daily Ledger: Tax News & Upcoming Events for April 2, 2015
Bartering is taxable, IRS changes rules for making corrections to automatic enrollment features in group retirement plans, New York reminds people there are appointments available for free tax prep, plus a roundup of interesting tidbits from around the social Web.

Tax Form 1120S: Corporate Returns
Tips and instructions to prepare the IRS Form 1120S, the U.S. Tax Return form for an S Corporation.

S Corporation - Definition and Eligibility Criteria
Definition of an S Corporation: a corporation that has between 1 and 100 shareholders and that passes-through net income or losses to shareholders.

Preparing Schedule E for Form 1040
Shareholders who receive a Schedule K-1 must report the amounts on page 2 of IRS Form 1040 Schedule E. Here's how to do it.

Form W-8BEN Canadian Independent Contractors
Learn more about Form W-8BEN for Canadian independent contractors in the US hoping to claim a reduced amount of income tax withholding.

All about the Capital Gains Tax on Home Sale
Learn more about the capital gains tax on your home sale along with tips for lowering your capital gains using the exclusion for selling a main home.

Pennsylvania Individual Income Tax
Information on Pennsylvania income tax, including what income is taxable, income that is exempt, tax deductions and credits, and how to file.

Pennsylvania State Taxes - Guide and Reference
Pennsylvania imposes usual income taxes, sales taxes, and real and personal property taxes, as well as an inheritance tax.

California Tax Credits for First-Time Homebuyers
California has offered first-time homebuyer tax credits since 2010. The Mortgage Credit Certificate program covers homes purchased in 2015 and later.

Directory of State Tax Websites
Each state and the District of Columbia provides a website for tax questions, complete with contact information if you can't find the answers you need.

Taxes in Texas -- A State Tax Profile
Learn about all taxes in Texas, including the property appraisal process, property tax exemptions, and tax rates for sales, gas and cigarettes.

An Overview of Taxes in Florida
Get the scoop on Florida state taxes, including details on Florida property taxes, sales tax rates, and even hotels, gasoline and cigarettes.

A Guide to State Taxes in Illinois
Details on all Illinois state taxes and Illinois tax rates including information on property taxes, income taxes, and sales taxes.

What Is a Flat Tax Income System?
Everyone pays the same income tax rate in a flat tax system, regardless of income. These systems occur around the world and in some state governments.

Best and Worst States for Property Taxes
There's no such thing as a state with no property tax, but tax rates are so low in some states, it's the next best thing.

What Is a Property Tax Assessment?
A property tax assessment is the market value of a piece of property. A tax or mill rate is applied to the value to calculate your tax bill.

States Tax iTunes and Other Digital Downloads
Many states tax iTunes and other digital downloads, but what purchases qualify for sales tax can depend on where you live and the company's location.

A Guide to Personal Income Tax in New York
Details on New York State personal income tax including New York income tax deductions and New York tax credits.

Best and Worst States for Sales Taxes
Learn which states have the lowest sales tax rates (or no sales tax at all), and which states have the highest sales taxes.

New York City Income Tax Rates and Credits
Find out New York City income tax rates, tax credits you can use to reduce your income taxes, and how to file and pay your income taxes.

Details on How Property Taxes Are Calculated
Property taxes are based on your property’s value multiplied by a tax or mill rate set by the local government or taxing authority.

Highest and Lowest Property Taxes by County
The highest county property taxes are almost $14,000 more annually than the lowest property taxes. Find out why.

5 U.S. States Without a Sales Tax
Only five states lack a sales tax. But many states exempt food, drugs, and even clothes from taxes. Learn how much states charge in sales tax.

What is IRC Conformity? - Definition
IRC conformity refers to the degree to which state tax codes conform to the federal Internal Revenue Code. Most states conform in some respects.

New York State Tax Guide and Profile
New York state consistently tops lists for having the highest rates for income, sales and property taxes in the nation. It also imposes an estate tax.

What Is a Property Tax Circuit Breaker?
A property tax circuit breaker program is property tax relief for low- and middle-income families, but, you have to apply to get the tax break.

State Income Tax Breaks for Retirees
Details on state income tax breaks for retirees, including states that exempt social security income, government pension income, and private pension income.

States That Exempt Social Security
Over half of the taxing states in the U.S. provide a full exemption for Social Security benefits. Find how different states tax Social Security benefits.

How to File a Part-Year Resident State Tax Return
Details on how to file a part-year state income tax return if you have permanently moved to a new state during the tax year.

Should I Charge My Customers Out-of-State Sales Tax?
Your obligation to charge out-of-state sales tax depends largely on whether you operate in an origin-based or a destination-based state.

Property Tax Myths and Misconceptions
Six common property tax myths and misunderstandings explained. These myths are applicable to property taxes everywhere in the United States.

2011 US Federal Income Tax Rates
The 2011 federal tax table remained the same as in 2010. Tax rates range from 10 percent to 35 percent for individuals.

Tax Deadlines in the U.S. for the Years 2016 and 2017
A list of tax deadlines occurring in the years 2016 and 2017.

How to File Multiple State Tax Returns
People may need to file more than one state tax return. Find out if you may need to file multiple state returns based on commonly-encountered scenarios.

Overview of Social Security Taxes (2015 Rates)
The Social Security Administration updated the maximum wage base for 2016. The Social Security tax of 12.4% applies to wages and self-employment income.

Can Two People Claim Head of Household at Same Address?
Can two people claim head of household at the same address? Whether each can qualify for the HOH filing status is a complicated question.

Overview of the IRS2Go Smartphone App
Taxpayers can check the status of the federal tax refund, subscribe to IRS tax tips, and follow the IRS's Twitter feed with the IRS2Go app.

Overview of the Lifetime Learning Tax Credit
Learn about the Lifetime Learning Credit, a federal tax credit for any person who takes college classes. Updated for 2015 and 2016 figures from the IRS.

Recapture Provisions for COBRA Assistance
If you received COBRA medical insurance benefits at a discount, you might have to pay back the COBRA premium assistance you received if your income for the year exceeds a threshold amount.

Indiana Earned Income Tax Credit
Taxpayers must claim the federal earned income credit to qualify for the Indiana earned income credit and some income requirements exist as well.

Kansas Earned Income Tax Credit - The Kansas Version of the Earned Income Credit
Kansas has its own version of the earned income tax credit. The rules and amounts have changed frequently over the years.

File Your Tax Return Online for Free in 4 States
A handful of states, including California, have created their own tax software programs, accessible on their websites, that allow taxpayers to complete their returns and file them for free.

Pros and Cons of Filing a Tax Extension
An extension is your way of asking the IRS for additional time to file your tax return. Learn more about what filing an extension can and cannot do for you.

Preventing and Removing Federal Tax Liens
Taxpayers who owe the IRS can protect themselves and their credit by taking steps to prevent a federal tax lien from being filed.

How to Use the Data Found on Form 3921
Form 3921 is issued by employers to report information related to the exercise of an incentive stock option. Employees can use this data to calculate their cost basis in the stock, to calculate income that may need to be reported for the alternative minimum tax, and to evaluate when their incentive stock options will be qualified or disqualified options. Page 3.

Reporting Incentive Stock Options on Your Tax Return
Incentive stocks options can be reported in several places on a tax return. Income from incentive stocks options can appear as wages, as capital gains, and in the alternative minimum tax calculations. Page 2.

How Incentive Stock Options are Taxed
Incentive stock options enjoy favorable tax treatment compared to other forms of employee compensation. Income from incentive stock options is taxable for federal income tax (including the alternative minimum tax), but are not taxable for Social Security and Medicare taxes. Upon meeting all the criteria for a qualifying sale, income from incentive stock options qualify for the preferred long-term capital gains tax rate.

Tax Software for U.S Workers Living Abroad
I am a US citizen living and working abroad. Which tax preparation software can I use to file my US income taxes, and are any free?

Can You Claim Back to School Moving Expenses?
Planning to move cross-country to go back to school? Find out whether you can claim school moving expenses as a deduction on your tax return.

Deciding to Withdraw Money From a Retirement Plan
There may be less expensive options to meet unexpected bills than withdrawing money from a retirement plan. These calculations can help you decide.

Supplemental Security Income Is Non-Taxable Income
Supplemental Security Income isn't taxable and you don't have to report it on your tax return, although you do have to report other income to the SSA.

How to Find an Accountant to Prepare Your Taxes
Tips on finding an accountant who will help you prepare your taxes include center on fulfilling three basic needs for choosing the right professional help.

Should You Use H&R Block or Another Tax Accountant?
Learn the difference between retail tax preparation services like H&R Block and using an independent accountant. Which is right for you?

Preparing IRS Form 656: Offer in Compromise Application
Information on the IRS Form 656, a proposed contract for an offer in compromise to settle a tax debt.

Can Your Offer in Compromise Be Processed? IRS Form 656 Checklist
A large number of Offer in Compromise applications are returned as being unable to process by IRS staff. An Offer cannot be processed if it is missing any of the required forms, is missing any required backup documentation, or if you have not enclosed payment or a request for a fee waiver. An Offer also cannot be processed if you are not current on your tax obligations. Page 2.

Paying for an Offer in Compromise: Form 656 Payment Terms
You must indicate the payment terms for your Offer in Compromise. The payment terms begin from the date that the IRS accepts and approves your Offer in Compromise. Payment terms available: Cash Payment, Short Term Deferred Payment, and Deferred Payment. Page 3.

Excel1040: Spreadsheet-based Tax Software
Excel spreadsheets have been available to prepare Form 1040 for 19 tax seasons. Excel1040 can take some of the headaches out of preparing your return.

How to Plan for and Minimize the Self-Employment Tax
Tips to help self-employed business owners and independent contractors plan and calculate your self-employment tax on Schedule SE.

Medicare Surtax on Wages and Self-Employment Income
The additional Medicare tax applies to wages and self-employment income above a threshold amount. Threshold amounts vary depending on filing status.

Federal Income Tax Rates for the 2014 Year
Federal income tax rates change periodically. Find out what they were in 2014 and how to use them to calculate your federal income tax for that year.

Tax Treatment of Canceled Mortgage Debt
Income from canceled mortgage debt or insolvency exclusion is usually taxable income, but can potentially be excluded from tax through 2016.

Tax Planning With SEP IRAs
Simplified Employee Pension (SEP) IRA tax deductions help small business owners and the self-employed to save pre-tax dollars for retirement.

Requirements for Installment Sales for the IRS
Selling a capital asset over time through an installment sale can help reduce taxes due to the IRS. This strategy works by spreading income over time.

How Bitcoins are Taxed
Everytime bitcoin is traded, there are tax consequences. Learn how bitcoins are taxed, and get tips from accountants who specialize in digital currency.

Tax Increase Prevention Act of 2014
A quick summary of the tax changes included in the Tax Increase Prevention Act of 2014.

Tips for Green Card Holders and Immigrants Who are Filing a US Tax Return
Here's an overview of the U.S. tax system for green card holders and immigrants, especially those filing their tax returns for the first time. Review for the Free File Edition
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Allocated Tips and Additional Taxes
Instructions for preparing Form 4137 and Form 1040 Line 59. Plus strategies for protecting yourself against erroneous allocated tips and taxes.

Strategies for Allocated Tips and IRS Audits
Having allocated tips on your W-2 is no walk in the park. Get smart about how your tips are reported, how your employer calculated your tips and more. Page 2.

Preparing Your 1040 Tax Credits
Tax credits are dollar-for-dollar reductions of your tax bill. Learn what's available and how these credits work to reduce your tax liability.

How to Pay Zero Taxes (Book Review)
Review of the book, How to Pay Zero Taxes by tax planning attorney Jeff Schnepper.

How to Take Depreciation Deduction on Your Tax Return
Both business assets and personal residences can be depreciated to save you money on taxes. Learn the rules and how to do it.

Fair Market Value (FMV): Tax Terms A-Z
Fair market value is the price at which property would sell for on the open market, between an informed and unpressured buyer and seller.

Who Is Exempt from Backup Withholding?
Backup withholding is a type of withholding for federal income taxes on certain types of income. Who is exempt from backup withholding? Learn more.

Tax Tips for Freelance Professionals
Tax planning for a freelancer begins with understanding how you are taxed in the first place, which is different to how a W-2 employee is taxed.

The Easy Way to Thwart the Hobby-Loss Rule
New businesses often have several years of losses before becoming profitable. The IRS may disallow your losses if you are filing on a Schedule C.

Converting Property into an S-Corporation
Converting property to the ownership of an S-corporation can be a complicated tax issue. Here's the breakdown of steps with some examples.

Understanding the Income Tax Laws
Tax forms can be pretty scary. Fortunately, there's some very basic ideas which can help you understand what taxes are all about.

Basic Strategies for Reducing Your Taxes
The goal of tax planning is to arrange your financial affairs so as to minimize your taxes. There are three basic ways to reduce your taxes.

TaxACT Tax Software Review
Review of the TaxACT tax preparation software program, including the free standard edition, the federal deluxe edition and the ultimate bundle.

1040NOW Free File Edition (Software Review)
A review of 1040NOW and their free file tax software edition. Find out the requirements for use and whether or not this program is user-friendly.

Quick Tax Facts: Important Tax Figures for 2008
Overview of key tax figures for 2008. Includes standard deduction, personal exemption, phaseout ranges for itemized deductions, and retirement plan contribution limits.

Time Limit for Reporting Social Security Credits
Need to file missing tax returns? If you're self-employed, pay attention to the time limit for reporting social security credits and earnings.

Tax Information Privacy and Confidential Tax Guidelines
You don't want your confidential tax information to get out. The IRS and accountants cannot disclose that information without your explicit consent.

What Business Expenses Are Tax-Deductible?
Business expenses are generally tax-deductible. Keeping track of all your business expenses will go a long way to reducing your tax liabilities.

Reporting Credit Card and Merchant Payments to the IRS
Income your business receives through credit and debit card payments must now be reported to the Internal Revenue Service. Learn why and how.

Alternative Motor Vehicle Federal Tax Credit - Overview
Qualifying vehicles purchased on or after January 1, 2006, will be eligible for a tax credit ranging from $400 to $4,000 based on fuel economy.

Alternative Motor Vehicle Tax Credit Limitations
The alternative motor vehicle tax credit is a non-refundable tax credit. The credit will reduce your regular income tax liability, but not below zero. Page 2.

Alternative Fuel Vehicles Certified for Tax Credit
Find a complete listing of all cars, trucks, and SUVs certified by the IRS for the Alternative Motor Vehicle Tax Credit. Page 3.

Alternative Motor Vehicle Tax Credit - Phaseouts
The alternative motor vehicle tax credit will begin to phase out once a manufacturer sells more than 60,000 qualifying vehicles. Phase dates and dollar amounts are listed. The alternative motor vehicle credit is available for various hybrid, electric, and diesel cars and trucks. Page 4.

Tax Deduction for Moving Expenses
If you relocated, you may be able to deduct the cost of moving. We discuss the three criteria for being eligible to write off relocation expenses such as movers, transportation, and lodging. And the exceptions to the rules. Plus there's a link library so you can dive deeper into the subject.

Qualifications for Adoption Tax Credit
Individuals who adopt a child may be eligible for a federal tax credit of up to $13,460 for the year 2016.

Other Taxes - Preparing Your 1040 Step 8
Lines 57 through 62 on your federal Form 1040 tax return relate to a number of other taxes you might owe on other income.

Social Security Tax Withheld - Preparing Your 1040
Learn how to report tax payments on IRS Form 1040 lines 64 through 71, which includes social security tax withholding and additional child tax credit.

Finishing Up Your Tax Return on Time
After you finish calculating taxes, use these easy-to-follow steps to finish up your return, including third party designees and mailing your return.

Filing Your Taxes: E-File or Paper File?
E-file is fast and safe, paper filing is low-key. Find out which is best for you, or if you are required to file on paper.

Claiming Personal Exemptions on Federal Income Taxes
Individuals are entitled to claim one personal exemption for themselves and each dependent.

Additional Extensions of Time to File a Tax Return
Requesting an additional extension of time to file your 1040 tax return using IRS Form 2688 is obsolete. Learn New and Old Extension Procedures.

Accounting for S-Corporation Capital, Income & Expenses
Learn how to account for income and expenses, measuring shareholder equity and the value of converted property, and calculating adjusted stock basis.

S-Corporation Accounting Overview
Learn how to account for shareholder equity, capital, and loans in an S corporation, including shareholder debt, negative basis in equity and debt and more. Page 2.

Forming an S-Corporation and Filing IRS Form 2553
Learn how to form a subchapter S corporation using IRS Form 2553, including deadlines for filing Form 2553 on time, with plenty of examples.

Making a Late Election for S-Corporation Status
How to form a subchapter S corporation when the corporation has missed the deadline for filing IRS Form 2553 and making a retroactive S Corp election. Page 2.

Directory of State Income Tax Extensions
Here's a directory of personal income tax extensions with links to forms and other information for each state with an income tax.

Directory of State Income Tax Extensions
Here's a directory of personal income tax extensions with links to forms and other information for each state with an income tax.

Directory of State Income Tax Extensions
Here's a directory of personal income tax extensions with links to forms and other information for each state with an income tax.

Directory of State Income Tax Extensions
Here's a directory of personal income tax extensions with links to forms and other information for each state with an income tax.

Directory of State Income Tax Extensions
Here's a directory of personal income tax extensions with links to forms and other information for each state with an income tax.

Taxes and Credit Card Rewards and Frequent Flyer Miles
Rewards and discounts issued by credit card companies and frequent flyer miles are not considered taxable income. However such rewards and discounts can reduce the cost of a tax-deductible expense.

Send Documents Securely to Your Accountant
Be sure to send documents securely to your tax professional. Here are tips for making sure your tax documents and your data stay in the right hands.

Top Free Tax Calculators Online
Find the best tax calculators and tax tools to help you prepare your tax return, understand your paycheck, or plan for next year.

Dependents, Head of Household, and Earned Income Credit
Differences between Dependents, Head of Household, and Earned Income Credit - are all designed to help minimized the tax burden for working families.

Wash Sale Rule for Deferring Capital Losses
A wash sale is selling an investment at a loss and repurchasing the same investment within a short period and may be deferred for tax purposes.

Where to Find and How to Read Tax Tables
Where to find federal income tax tables from the IRS and how to use the information to calculate your federal tax liability.

Ordinary Gains (Form 1040 Line 14)
IRS Form 4797 reports ordinary profits or losses in your trade or business. Gains and losses realized in the course of doing business are typically ordinary.

The Basics of the Medicare Tax
In the year 2015 Medicare taxes remain at 2.9% on all wages and self-employed income. The additional Medicare tax also remains in effect.

Is Child Support Tax Deductible?
Child support isn't tax deductible and it's not income to the parent or child receiving it. Find out why and the rules that apply.

Child and Dependent Care Tax Credit
The Child and Dependent Care Tax Credit reduces your taxes by providing a tax credit for money you spend on day care and child care services.

403b Plan Contribution Limits by the IRS
For the years 2015-2016, people can contribute up to $18,000 as an elective deferral to their employer's 403(b) retirement savings plan.

Seven Myths About State Income Taxes
State income taxes are complicated and there are many myths and misconceptions out there. Don't fall for these seven myths about state income taxes.

Where You'll Pay the Most in State and Local Taxes
See which state's residents pay the most in all state taxes including income tax, property tax, sales tax, and other state and local taxes.

Tax Reform Act of 2014, Part 4, Tax Credits
Proposed changes to tax credits in the Tax Reform Act.

New York Earned Income Tax Credit
Details on the New York earned income tax credit. New York has their own version of the earned income tax credit (EITC) that can reduce New York state income taxes for lower income individuals and families.

Cross Border Income Tax - Illinois and Bordering States
Illinois has a tax agreement with four bordering states. Residents only pay income taxes to their home state regardless of where they work.

More Questions about Claiming Dependents
Who can I claim as my dependent? Can I claim my girlfriend? It's a question asked frequently during tax season. Find out who qualifies.

Tips for Preparing Tax Form 1040EZ
Preparing a federal tax return using Form 1040EZ is fairly easy. Tips for preparing this form accurately, plus links to downloadable forms by year.

Calculate Capital Gain or Loss When Selling Fund Shares
Essential information about capital gains distributions, calculating mutual fund cost basis, and figuring capital gains or losses. Tax Preparation Service Review
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A Guide to the Illinois Individual State Income Tax
Learn everything you need to know about Illinois' state income tax, from the flat tax rate to deductions, credits and exemptions.

Forgot to File Form 8606 for Non-Deductible IRAs
File IRS Form 8606 to report non-deductible IRA contributions you overlooked in your returns in previous years.

Federal Income Tax Rates for the Year 2016
Find federal income tax rates for the year 2016. Explains how they work, and how to use them to calculate a tax liability.

2015 US Federal Income Tax Rates
See the 2015 federal tax rates on personal income. Explains how to use the chart to calculate a person's tax liability. Desktop-friendly format.

6 State Tax Amnesty Programs
Under a tax amnesty, the state provides a time period when people can file late tax returns and pay off any outstanding tax debts without penalty.

Back Taxes, Preparing and Filing Late Tax Returns
If you haven't filed your taxes in a few years, you may be wondering about back taxes. Learn how to prepare and file your taxes to protect yourself.

Your First Time Filing Taxes
Preparing for your first time filing taxes is empowering and rewarding. It just takes patience to make sure you've followed all the instructions.

Offer in Compromise: Settle Your IRS Debt
You might be eligible to settle your IRS debt for less than what you owe through the newly revised Offer-in-Compromise (OIC) program from the IRS.

Taxes for Dummies (Book Review)
Taxes for Dummies is a Wall Street Journal bestseller that talks taxes in plain English. It's easy-to-read, well-organized and thoroughly helpful.

Comprehensive Guide to Settling IRS Tax Debts
You have several options for resolving federal tax debts. Learn your options for settling in this interview with David A. Bauman of JK Harris.

How to Request a Partial Payment Installment Agreement
Taxpayers can set up a monthly payment plan with the IRS to pay less than the full amount of their tax debts, an easy way to get out of tax debt.

Reporting Farming Income on Schedule F
Farmers report their net profit or loss from farming on IRS Form 1040 Schedule F. This form reports income and expenses for self-employed farmers.

How to Prepare IRS Form 1040X for an Amended Return
You should file an amended tax return if you need to correct your filing status, total income, tax deductions, or tax credits. Page 2.

Filing an Amended Tax Return Using IRS Form 1040X
An amended tax return is used to make corrections to a previously filed tax return. Taxpayers can correct filing status, income, tax deductions, or tax credits. Tips for preparing Form 1040X, along with what to expect from the IRS.

What to Expect When Filing an Amended Return
Time to file an amended return if your need to correct your filing status, total income, tax deductions, or tax credits. Here's what to expect when you do so. Page 3.

Tax Tips for Ridesharing Drivers
If you are working (or thinking of working) through Uber, Lyft, Sidecar, or similar ride-sharing networks, there are several tax issues to take into consideration.

Tax Relief for Victims of Natural Disasters
Louisiana residents and businesses may be eligible for penalty waivers, extended deadlines, and a special deduction for damage to their property caused by the severe storms and floods.

IRS Status: Currently Not Collectible
People who owe the IRS, but don't have enough money left over after paying essential living expenses such as rent and groceries.

Maximum 401k Contribution Limits
Find out what's the maximum 401k contribution limit for 2014 and beyond and how to plan for your savings. Updated for the newly released 2016 amounts.

- By Category
An index of categories in the

What to Do With an Incorrect W-2
Learn what to do if your W-2 is wrong and reports inaccurate information - even if your employer has since gone bankrupt or out of business.

Forgot to Claim IRA Deduction
You have a couple of options if you forgot to claim your IRA deduction. All is not lost and you might even come out ahead.

Filing a Late Tax Return and Protecting Your Refunds
Filing a late tax return can be stressful. But if you can spare a couple of weekends, you can catch up with the IRS.

Can I Claim My Unborn Child on My Taxes?
You may ask,

Tax Exclusions When Selling a House
Find out what you can exclude in capital gains when selling your primary residence, a special tax treatment not everyone knows about.

Tax Planning - What to Do if You Owe
Owing taxes isn't the most fun part of the tax preparation process, but knowing the dollar amount in advance can help you plan ahead.

Claiming Spouses as Dependents
A person cannot claim his or her spouse as a dependent on their tax return. But people can claim their spouse's personal exemption in three specific circumstances.

Tax Professionals: How to Recognize and Deliver Value to Your Clients
Being open and curious towards the needs of your clients helps you deliver advice and services that your clients will appreciate. Rick Solomon shares his technique for stepping into the role of a trusted advisor.

Should I Pay Someone To Do My Taxes?
The answer is: it depends on how curious you are about preparing your own tax return. We discuss the relative costs, advantages, and disadvantages of preparing your own return versus hiring a tax professional. We even alert you to free options -- both software and volunteer tax services.

Reporting Your Net Profit and Paying Your Taxes
The majority of freelancers incur losses. A business profit increases your taxable income, and increases your regular income and Self-Employment Tax.

The Gift of Real Estate: Generosity Can Be Taxing
Gifted property, including real estate, does not share the same advantageous stepped-up basis as inherited property.

Can I Contribute to Both a 401(k) and a 457 Plan?
Can you contribute to both a 401k and 457 retirement plan? According to the IRS, each have separate limitations for contributions in a given year.

US Taxes on Sale of Foreign Property
Do you have to pay US taxes on the sale of foreign property? Yes, and that's because the United States taxes its citizens on their worldwide income.

What to Do if You Contributed Too Much to Your Roth IRA
Sometimes, people contribute too much to their Roth IRA. There are four ways to fix this problem.

How Long Should You Keep Tax Returns?
Tax returns and documents related items on the tax return are important to keep. From a tax perspective, such documents may be needed in the future.

Federal Income Tax Rates for the Year 2004
Find the federal income tax rates for the year 2004 and rates for other federal taxes.

Requesting Form W-9 From Independent Contractors
You'll need a completed Form W-9 from most of your vendors and independent contractors so you can fill out and issue a Form 1099-MISC at tax time.

How Soon Can We Begin Filing Tax Returns?
Generally, a person can file a tax return with the IRS anytime after the end of the tax year. The person may need to wait to receive tax documents.

What to Do if You Get a Call From the IRS
Be wary if you get a call from a person purporting to be an IRS agent asking for payment of taxes. Remember that the IRS will contact you via mail.

Qualified Charitable Distributions
Individuals can donate some or all of their individual retirement account to charity. Qualified charitable distributions can be used to meet required minimum distributions, and can help taxpayer manage their overall level of income for tax purposes. The Protecting Americans from Tax Hikes Act of 2015 revived qualified charitable distributions for tax year 2015 and extended this tax incentive indefinitely.

Low Income Earners and the New Health Insurance Penalty
I don't make too much money, does the new health insurance rule apply to me?

When You Haven't Filed Tax Returns in a Few Years
The IRS typically comes up with a guesstimate of your tax liability and sends you a letter. Here's what to do to protect yourself.

Minimum Income to File Taxes 2013
What's the minimum income to file taxes in 2013? To determine whether a person needs to file a tax return, we can turn to tables published by the IRS.

Need to File a Late 2011 Tax Teturn? Deadlines and Resources
If you, or someone you know, still needs to file a tax return for the year 2011, listen up. Year 2011 tax returns are due by April 15th, 2015. That's the last day to file a year 2011 tax return and still get a refund from the IRS. Here's resources and links to help you file a tax return.

IRS Tax Audits: One Person's Story & Tips from Experts
My friend Susan had a successful audit with the IRS. This is her story, plus tips from tax professionals for how you can succeed too.

Cross-check Your Tax Return to Prevent Unnecessary Scrutiny from the IRS
Did you know that the IRS cross-checks every tax return to the data they have on file? Yes, and they also use filters to screen for tax returns they don't quite understand. Holly Signorelli CPA shares her insights into this program and passes along tips for preventing unnecessary scrutiny from the IRS.

Net Investment Income Tax for Individuals
The net investment income tax is a tax on the lower of modified adjusted gross income over a threshold amount or net investment income for the year.

Protecting Americans from Tax Hikes Act of 2015
Key provisions impacting individuals and small businesses in the recently enacted Protecting Americans from Tax Hikes Act (PATH).

What the Recent Uber Worker Classification Ruling Means for Tax Professionals
Much has been written about the recent ruling that people who drive their cars for Uber are really employees instead of independent contractors. But what does this ruling really mean for tax professionals? How ought we to advise our clients? And is it time to re-think just how we treat workers from a tax perspective. I think this is an area where tax professionals can really shed some insight.

Tax Advice for Cannabis Entrepreneurs
Businesses in the medical marijuana and cannabis industry face unique tax problems. The first step to solving these problems is strengthening their bookkeeping and accounting practices.

Federal Income Tax Withholding on Wage Income
Employers are required to withhold federal income tax, Social Security tax, Medicare tax, and state and local taxes from the wages of their employees.

About Withholding on Retirement Plan Distributions
When funds are distributed to a person from a retirement plan, those funds are typically subject to withholding for the federal income tax. This article briefly discusses the withholding rules for different types of retirement plans such as pensions, annuities, 401(k) plans and individual retirement accounts.

Itemized Deductions for Form 1040 Schedule A
Making itemized deductions on Form 1040 Schedule A. Itemizing is optional, and usually advantageous for taxpayers who know what they're doing.

What to Do with RSUs on Form W-2
You see the word

Reducing Tax for Small Businesses by Changing Behaviors
Did you know that the tax code is filled with incentives that help you lower your income taxes? Start documenting deductions for your small business.

What Documents Do I Need to Bring to my Accountant?
Find out what documents to take with you when meeting with your tax professional. And find out what you can do if you are missing some documents.

What if You Don't Have All Your Tax Documents?
Missing some tax documents? Don't worry. Find out how to get copies of your missing information. Page 2.

How Much Does H&R Block Charge for Tax Returns?
Tax professionals use a variety of pricing methods when quoting a fee. How much does H&R Block charge for tax returns? Learn more about tax pricing.

Daily Ledger: Tax News & Events for March 31, 2015
In this evening's edition, we learn that Americans will spend more on federal and state taxes than they spend on food, clothing, and shelter combined.

Communicating Effectively with Your Client: 5 Tips for Tax Preparers
Five tips for how tax accountants can communicate with their clients more effectively.

Daily Ledger: Tax News & Upcoming Events for March 30, 2015
The day's tax tips and news from around the Web. Plus deadline reminders and upcoming free webinars, CPE, and other learning opportunities.

Slain Officer Family Support Act of 2015
Individuals can take a deduction now on their 2014 tax return if they donate cash by April 15, 2015, to charities providing assistance to the families of slain police officers Wenjian Liu or Rafael Ramos.

Tax-Related Identity Theft Statistics, based on TIGTA report
A well-timed report from the Treasury Inspector General for Tax Administration (TIGTA) reveals that the IRS is doing a better job at detecting fraudulent tax returns filed by identity thieves. I scoured this report looking for something very specific. I was curious, just how big is identity theft, and how much money is leaking out of the Treasury? I was able to piece together some interesting statistics, although it's far from a complete picture.

What Is the Alternative Minimum Tax?
Learn about the Alternative Minimum Tax. What is it? How do I use it? This is a tax based on a person's adjusted gross income who don't itemize.

Tips for Finding the Right Tax Accountant
Here's some simple steps you can take to protect yourself, to find the right tax accountant for your situation, and some questions to ask.

Understanding Form W-2, Wage and Tax Statement
An overview of common problems with Form W-2, Wage and Tax Statement, plus a description of various items, codes and amounts shown on Form W-2.

Understanding Form W-2 - Various Boxes and Tax Codes
A line-by-line guide to reading your Form W-2 to help you understand your salary and where various amounts may need to be reported on a tax return. Page 2.

Offer In Compromise: Preparing IRS Form 433-A
Preparing accurate and thorough IRS Form 433-A is a necessary and crucial step in submitting a successful Offer in Compromise application. Learn more.

Offer In Compromise: Preparing IRS Form 433-A Section 6 through 8
Helpful tips on preparing accurate and thorough IRS Form 433-A sections 6 through 8, which is crucial for completing a successful Offer in Compromise application. Page 2.

Offer In Compromise: Preparing IRS Form 433-A Section 9
Easy-to-follow instructions on completing Section 9: Monthly Income and Expenses of IRS Form 433-A for a successful Offer in Compromise application. See a list of allowable expenses. Page 3.

Collection Financial Standards & Allowable Expenses
Information on properly preparing IRS Form 433-A for submission of an Offer in Compromise application. Follow these expense guidelines, known as Collection Financial Standards. Page 4.

Basic Facts about Offers in Compromise
By filing an Offer in Compromise, you are offering to pay less than the full amount of your tax debts to the Internal Revenue Service. Here are some tips for helping you decide if an offer in compromise is a good fit for your needs.

Tips for Preparing a Form 1040-EZ for the Year 2006
Tips for preparing Form 1040-EZ for the year 2006.

Federal Income Tax Rates for 2006
Marginal income tax rates for the 2006 tax year.

Marginal Ordinary Income Tax Rates for 2007
Marginal income tax rates for the 2007 tax year.

How to Prepare for the Enrolled Agent Examination
The Internal Revenue Service offers the Special Enrollment Examination to people who want to became an enrolled agent. Learn about the Enrolled Agent program, how to sign up for the test, how to study for the test, and find top-notch IRS and tax resources.

Foreign Earned Income Exclusion
Americans working outside the United States can exclude up to $100,800 per year from their taxable income through the foreign earned income exclusion.

Bona Fide Residence and Physical Presence Tests
Find out how to qualify for the foreign earned income exclusion under the bona fide residence test or the physical presence test. Page 2.

Foreign Earned Income Exclusion Annual Limits
The amount of foreign wages and salary you can exclude per year is limited to your actual foreign wages or $101,300 (for the year 2016), whichever is less. Page 3.

Foreign Housing Earned Income Exclusion and Deduction
Americans working abroad can exclude from their taxable income amounts paid by employers for housing. Page 4.

Self-Employment and the Foreign Earned Income Exclusion
Independent contractors working abroad can claim the foreign earned income exclusion and the foreign housing deduction. This will reduce their US income taxes and self-employment taxes. Page 5.

Foreign Tax Credit Information
Americans who paid income tax to a foreign country can claim that foreign tax as a credit against their US federal taxes.

What Are Rental Income Tax Rates?
What are rental income tax rates? Mastering the IRS Form 1040 Schedule E is easy once you organize your income and expenses with these tax rules.

Resources to Help You Complete Form 1040A
An overview of the Form 1040A. Discusses which types of income, deductions, and tax credits can be reported on this tax form.

A Concise Index of Schedule C Reference Material
What goes where on Schedule C? This concise resource guide provides deep links to reference material on the IRS Web site, smartly organized so you can find what you need without having to dig through the IRS material. After discussing general issues, reference material is keyed to the line items found on Schedule C. So, basically, if you are working on a Schedule C, and you are wondering where to find more information on a specific topic, you can scan through this resource guide and click through to the relevant IRS reference material.

Recovery Rebate Credit: Federal tax credit if you did not receive the economic stimulus rebate
The recovery rebate credit is a special federal tax credit for 2008 only. The credit is available for individuals who did not apply for the economic stimulate rebate in 2007. The recovery rebate credit is also available for people who's rebate is higher when calculated using their 2008 financial information.

Penalties on Late Filing and Late Payments
If you owe taxes, the IRS will calculate penalties and interest on the amount owed. There's two types of penalties: one for filing late, and another for paying late. The IRS also adds interest to late payments.

IRS Statute of Limitations for Federal Taxes
What's the IRS statute of limitations? The tax code imposes time limits on getting a tax refund, getting audited, and asking for collections.

Discharging Tax Debts in Bankruptcy
Income tax debts may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code. Here are the 5 criteria debts must have for discharge.

Reporting Deductible Business Expenses on Federal Taxes
Many common business expenses are deductible against business income. Find out which business expenses are fully or partly deductible for tax purposes.

Calculating Estimated Taxes and Penalties to Pay
Paying estimated tax is one way for individuals to submit payments to the IRS for their federal tax. Find out how to calculate how much estimated tax to pay, and learn about the penalty for not paying enough estimates throughout the year. The fourth estimated tax payment for the year 2014 is due by January 15th, 2015.

Estimated Taxes: How to Remit and Due Dates
Learn how to pay estimated taxes by check, credit card, or direct debit from your bank account and what are the quarterly estimated taxes due dates. Page 2.

Example of an Estimated Tax Calculation
Here's an example of an estimated taxes projection for an independent contractor. All you need to know is your income and deductions for the year so far. Page 3.

How to Adjust Withholding to Avoid Estimated Taxes
You can adjust your withholding to cover any additional taxes. This may save time compared to sending in estimated payments. Page 4.

Adjusting Tax Withholding From Your Paycheck
It's always a good idea to double check your withholding at least once or twice during the year. By adjusting how much tax is withheld, you are in better control of how much your refund will be next year. Or, if you had a balance due this year, you may want to increase how much tax is taken out to prevent owing again next year. I share the simplified method of figuring out withholding allowances.

When Are S Corp Taxes Due?
When are S-Corporation taxes due? Learn more about S corporations, covering basic tax information, filing deadlines, and eligibility criteria.

S-Corporation Taxation: an Introduction
S Corporations are generally exempt from federal income taxes. Instead, the income of an S corporation is taxed on the tax returns of its shareholders.

Ways Freelancers Can Protect Business Losses
Business losses reduce income and income taxes. Here's some tips on handling business losses from tax planning and audit defense perspectives.

Tax Planning Principles for Divorcing Couples
One of the biggest parts of a divorce is how to split things up. We take a look at tax planning principles for property settlements, alimony and child support.

Incorporating Your Small Business
With so many choices available, which form of organization is best suited for your business depends on several factors from tax treatment to legal concerns.

Getting Organized to File Your Taxes as a Freelancer
The first step to a successful tax year for freelancers, in preparation and savings, is getting and keeping organized financially.

How to Calculate Home Office Expenses and Depreciation
Learn how to calculate your tax deduction for home office expenses, depreciation expenses, and the Section 179 deduction as a freelancer.

How to Save on Taxes Using Deductions and Tax Credits
You can substantially reduce your income tax by saving for retirement, owning a home, sending your kids to college. Here's how to save on taxes.

Tips for Estimated Tax Payments
Taxpayers can prepay their federal taxes by remitting estimated tax payments throughout the year. Read on to find out more.

Tax Treatment of Various Business Organizations
How the income and expenses of your business will be treated for tax purposes is one of the factors in deciding an appropriate organizational structure.

Tax Planning for Clergy
Ministers and clergy can avail themselves of several tax planning options: setting up a reimbursement plan, splitting their income between salary and housing allowance, and deciding whether to opt-out of the self-employment tax.

Claiming Qualifying Relatives as a Dependent
Taxpayers may claim a dependent for a person who meets the five criteria for a qualifying relative. Page 3.

Residency Requirements for Qualifying Relative on Taxes
To be claimed as a qualifying relative, the dependent must meet one of the relationship tests. Page 4.

Tax Planning Strategies for Retirees
Retirees and those planning to retire in the near future will want to plan ahead to keep their taxes as low as possible. Here are some basic information for understanding how retirement income is taxed and strategies for keeping your taxes at a minimum.

Sending Money to Prison Taxes and Deductions
Can you take a tax deduction for the money sent to someone in prison? Find out whether prison taxes and deductions could apply to your dependent.

Year End Tax Tips for Individuals
Here's a list of possible tax moves you can do before the end of the year 2015 to keep your income taxes as low as possible.

Split Tax Refunds Using Direct Deposit and Form 8888
You can have your federal tax refund directly deposited in up to three different bank accounts using IRS Form 8888. You can even have part of your refund deposited in an individual retirement account.

How to Request an Installment Agreement to Pay Tax Debt
Setting up an IRS payment plan is an easy way to pay taxes. Find out how to request an IRS installment agreement quickly and easily.

Sample Privacy Policy for Tax Clients
Every tax firm has its own privacy policy. You should ask your tax professional for a copy of his or her policy. Here's an example of one.

Tax Refunds via Direct Deposit
Individuals can receive their tax refund by direct deposit. With direct deposit, the tax agency electronically transfers the refund directly to a bank account. Exercise caution and make sure your bank information is correctly shown on your tax return before filing. Also, we discuss how to resolve problems caused by incorrect bank information.

How to Claim Dependents on Your Tax Return
Rules on claiming a person as a dependent on your tax return.

What Qualifies a Child to Be a Dependent?
Learn more about the relationship, age, residency, and support tests for qualifying children, and the tie-breaker rules used to determine which taxpayer is eligible to claim a dependent on their tax return. Page 2.

Intuit TurboTax Reviews
Read TurboTax reviews about the tax preparation software program, a popular tax program that's fairly easy to use and has various versions and prices.

H&R Block TaxCut Free File Software Review
H&R Block TaxCut (Free File version) provides free access to the TaxCut Premium software, which is a top-rated tax prep software package.

How the IRS Audits Tax Returns Claiming Same Dependent
Here's what to do to protect your tax return when the IRS questions whether you are entitled to a dependent someone else has attempted to claim.

H&R Block Reviews of Home Tax Preparation Software
A guide to several H&R Block reviews of home tax preparation software, which offers quick and easy tax preparation, with just a few drawbacks.

FreeTaxUSA Free File Edition (Software Review)
Review of the free tax preparation software program from FreeTaxUSA. Individuals may be eligible to prepare their federal tax return at no cost.

OnLine Taxes ( Free File Edition Review
OnLine Taxes ( provides access to their tax preparation software at no cost through the IRS's Free File Alliance. Find out more about OLT.

The Most Tax-Friendly States for Retirees
Find out which states retirees will pay the least amount in taxes and which states win overall as the best states to retire in regarding finances.

How to File a Virginia Income Tax Return
Virginia offers multiple electronic tax return filing options, and in some cases they're free.

California Personal Income Tax Guide
A guide to California income tax including tax deductions, tax credits, California tax rates, and income exclusions as well as additional resources.

Top State Tax Deductions for 529 Plans
Find out which states have the best tax deductions and tax credits for college savers investing in 529 plans.

California State Taxes Are Some of the Highest
Find out how much you'll pay in California state taxes, from income tax to property and sales taxes and even capital gains.

Small Business Health Care Tax Credit
The Small Business Health Care Tax Credit provides a federal tax credit of up to 50% of employer-paid health insurance premiums. Updated for the 2016 limitations.

Filing Status Options for Gay Couples
What options do gay and lesbian married couples have when it comes to choosing a filing status for tax purposes?

New Hires Retention Tax Credit
Businesses that hired new employees in 2010 may have been eligible to claim a tax credit on their year 2011 tax returns. General information about this now-expired business tax credit with links to relevant information on the IRS Web site.

Reporting Income Payments Using Form 1099-MISC
Businesses are required to report payments made for services related to a trade or business, such as payments made to independent contractors. Such payments are reported to the contractor and to the IRS using Form 1099-MISC. Find out what types of income are reported, and when these forms need to be filed.

Year End Tax Planning Ideas for Investors
Investors have a number of tax planning tactics available to them throughout the year. At any point in time, investors can decide to sell off an investment, or to make a new investment, or some combination of the two. These decisions are particularly relevant near the end of the year as investors start to determine their overall investment gains and losses for the year and make any final investment decisions that will have an impact on their tax return.

Year End Tax Planning Ideas for Self Employed Persons
Freelancers and other self-employed entrepreneurs have several tax planning strategies available to them before the year 2015 is over.

The Best and Worst States for Business
This article summarizes the findings of a study that ranked the best and worst states for business, based on state taxes and pay requirements.

A Guide to Individual Income Taxes in Massachusetts
A comprehensive guide to Massachusetts income taxes including tax rates, exemptions, deductions, and credits as well as helpful resources.

List of Income Tax Rates for Each State
Wondering how your state income tax rates compare to other states? Here you will find each state's highest income tax rate and when the top rates kick in.

State Tax Breaks for Renewables and Energy Efficiency
An overview of state tax breaks and incentives for renewables and energy efficiency including home improvements and green construction projects.

Statute of Limitations for Tax Debts by State
An explanation of how long you should keep your state tax records and how long the state has to audit your tax return.

Main Street Fairness Act - Sales Taxes and Online Purchases
The Main Street Fairness Act is the latest bill to be presented to congress that attempts to require online retailers to collect sales taxes on all online purchases, which means that stuff you buy online could get a little more expensive. If passed this would require online retailers to collect and pay sales taxes in at least 23 states, regardless of whether the retailer has a physical presence there or not.

List of U.S. Cities that Levy Income Taxes
A list of cities and localities in the U.S. that have an income tax, including details on city income tax rates and other municipal income tax rates.

How to File a Nonresident State Tax Return
Details on how to file a nonresident state tax return, including what income to include details on deductions and credits for nonresidents.

Payroll Tax Form 944: Simplified Method for Reporting Payroll Taxes
Small businesses may qualify to file payroll taxes annually instead of quarterly under a new IRS procedure. Find out if your business might qualify to file IRS Form 944 to report your annual payroll taxes.

States That Allow You to Deduct Federal Income Taxes
Most states allow you to deduct taxes paid to other states. But only six states allow you to deduct their federal income taxes.

Which States Have a Flat Income Tax Rate?
Eight states have implemented the flat tax. Find out if you live in one of them and how it can affect what you owe your state in taxes.

How To Prepare Your State Income Tax Return
General instructions on how to file a state income tax return. Get details on how to begin your state tax return, common adjustments on your state income tax return, calculating your state tax, and filing options for your state tax return.

A Guide to Property Taxes in New York
An overview of New York state property taxes. Get the scoop iincluding assessments, exemptions and property tax rates in New York.

List of States With Reciprocal Agreements
Reciprocal agreements allow residents of one state to work in a neighboring state while only paying income taxes to their state of residency.

What Is Reciprocity for State Income Tax?
Many neighboring states have reciprocal agreements with each other to prevent double state income taxation, such as if you live in Virginia but work in D.C.

Myths and Misconceptions About Sales Taxes
Don't buy into these seven common myths and misconceptions about sales taxes including sales tax on used items.

Do I Need to File a Nonresident State Tax Return?
Need help deciding if you should file a nonresident state tax return? Here are the basics to help you decide if you need to file a nonresident return.

Claiming a Tax Deduction for Educator Expenses
If you are a teacher and you paid for classroom supplies and other materials out of your own pocket, you can claim those expenses as a tax deduction.

Qualified Performing Artists Expenses: Tax Deduction
Qualified performing artists, members of the Reserve or National Guard, and fee-based government officials can claim job expenses as a tax deduction.

Overview of the American Opportunity Tax Credit
The American Opportunity Tax Credit provides up to $2,500 for people pursuing undergraduate education. Updated for 2015 and 2016 figures from the IRS. Updated for recent change made by the Protecting Americans from Tax Hikes Act of 2015.

How to Deduct Car and Truck Expenses for Taxes
Learn what car-related expenses are tax-deductible, what records to keep, and how to report this on your tax return. Includes standard mileage rates for 2015 and 2016.

Child Tax Credit Basics and Tips
If you have children, you may qualify for the Child Tax Credit on your federal income tax return. In 2016, the maximum is $1,000 per qualifying child.

Claiming Head of Household Filing Status
Taxpayers claiming the Head of Household filing status benefit from a higher standard deduction and lower tax rates than single taxpayers.

Filing a Joint Return With Your Spouse
The Married Filing Jointly filing status provides more tax benefits than filing separate returns, but taxpayers will need to weigh the pros and cons.

Tips for Using Medical Expenses to Reduce Taxes
Medical expenses represents a category of expenses for which an individual may be eligible to receive various tax breaks.

Charity Donations are Tax Deductible
Donations of cash and property to qualified non-profits are tax deductible. To be deductible, taxpayers must keep records of their contributions, especially of any gifts over $250. For non-cash contributions, taxpayers must keep records indicating the value and condition of the property given to charity.

Overview of Domestic Production Activities Deduction
Starting with tax year 2005, certain companies can take a 3% deduction for business activities with the Domestic Production Activities Deduction.

Federal Tax Deduction for Sales Taxes
Sales tax may be a deductible against your federal income taxes. This is an itemized deduction and is claimed on Schedule A.

Deducting the Penalty on Early Withdrawal of Savings
If you paid a penalty for early withdrawal of savings, you can deduct this penalty on Form 1040.

Federal Tax Incentives for Higher Education
Here's an overview of the various tax credits, tax deductions and savings incentives for college and other post-secondary educational expenses.

Schedule R Tax Credit for the Elderly or Disabled
If you're elderly or disabled, you may be able to reduce your federal taxes by completing Schedule R to claim a special tax credit.

Self-Employment Health Insurance Tax Deduction
Self-employed persons can deduct the cost of health insurance as an adjustment to income on page one of their Form 1040. This is one of the few business-related expenses we deduct on the 1040 instead of on the Schedule C. The result? This deduction reduces the federal income tax only, and does not reduce the self-employment tax. New for 2014, persons who received any premium assistance credits have an alternate worksheet to fill out (it's located in Pub. 974) instead of using the regular worksheet found in the 1040 general instructions.