Tax Planning

Are you the parent of two children in college? Is your adjusted gross income for 2009 or 2010 above or near $160,000? If so this article is written just for you. Assuming you have two dependent...

Annuities are great investment vehicles to help you defer taxes during your lifetime and pass assets on to beneficiaries upon your death. Remember that you get tax deferral on money not removed...

Selecting the proper certified public accountant is as critical as selecting the right financial planner. Often, the two professionals will work hand in hand to help develop and achieve wealth...

Year end tax planning is an important step for all individuals. It does not matter how much money you make or do not make. It does not matter whether you are single or married. Year end tax...

If you are trying to figure out on how you can keep your tax rebate after you get it, there are some steps you can take. Using the time and effort to implement the steps will help ease the process...

Congress encourages Americans to save for retirement by investing in tax-deferred accounts such as 401(k)s, IRAs and 403(b)s. The contributions grow tax free, but at age 70 1/2, the IRS wants...

Taxpayers are expected either to have federal tax withheld from their paychecks or make estimated tax payments to the Internal Revenue Service. If you underpay your taxes, the IRS may assess you a...

Your Social Security Statement is a personal record of the earnings in which you paid Social Security taxes for the years that you worked. This statement also includes a summary of the benefits...

If your employer provides a company vehicle for you to use when conducting company business, you may be wondering what tax consequences the arrangement will have. The right time to ask this...

The loss of a loved one is a horrible and sad time for anyone who is going through it. Not only is there the loss of a person close to you, there is also all of the things you have to do to get...

When you work independently throughout the year and expect to owe money to the IRS for Social Security, Medicare and federal tax, you must file estimated taxes quarterly. Using the online...

Every year working American’s are required by law to pay income taxes. These taxes are typically deducted by your employer from each of your paychecks throughout the year. Depending upon the...

January 1 may be the magical date for kicking bad habits---but if adopting good financial ones is on your New Year to-do list---consider April 15 as Fiscal New Year's Day. Here are some ways to...

The Internal Revenue Service (IRS) processes millions of individual tax forms each year, using a combination of electronic methods and manual processing. IRS computers flag tax returns with...

Everyone wants to walk away at the end of the year not owing the IRS any more money than required. Tax tips for individuals are meant to help people lower their tax bill in a legal and ethical way.

Taxes can be a burden both on your pocketbook and on your mind. You may not know what you can deduct or what you even owe. After you file your taxes with the Internal Revenue Service or your state...

How you feel about filing your taxes probably has a great deal to do with whether you will be writing a check or getting a refund check. Those who can claim a big refund often can't wait to file...

Paying taxes may not be pleasant, but taxes are essential to the way our country functions. Income taxes are a fact of life in the United States, and it is important to prepare for them carefully....

Working as a waitress can be difficult, and so can figuring out the taxes you owe on your tips. Reporting tips accurately is important, and the IRS recently has been taking a harder look at tipped...

Getting a divorce disrupts all aspects of your life including finances. In an already stressful situation, throwing taxes in the mix can seem like a nightmare. The following is just a small...

Business use of a vehicle is one of the more complex tax deductions associated with employee business expenses or a Schedule C business. Since it can also be one of the most productive deductions...

By now, you're probably aware that a special 2009 tax credit is available for first-time home buyers. What you may not know about this credit could prove costly, whether you're planning a home...

Whether you are a self-employed or an employed hairdresser, you have a variety of expenses that are associated with your craft. Taking advantage of all the tax write-offs the law allows will help...

The federal government's estate tax has been a controversial topic in the past and is likely to be again, thanks to upcoming changes in the tax system. While the Internal Revenue Service (IRS)...

It has often been said that nothing is certain except death and taxes. Paying taxes may not be pleasant, but it is mandatory. Taxes are simply too important to leave until the last minute, so...

If you run a small home business like an in home day care or even if you are a freelance writer you can get a tax credit for the things you purchase for that business. You can even get a credit...

Federal tax withholding was started in 1943 to help taxpayers better plan for the tax bill they would have to pay when they filed their taxes. It was also used to lessen the blow of taxes because...

Even on a military pension, taxes can be a complicated ordeal. In most cases, your military pension may be fully taxable. The amount owed back to the government depends upon the number of...

Most people rarely give taxes another thought once the April 15th deadline has passed. In fact, it is probably safe to say that they wait until they are right up against the deadline before even...

While working on your taxes may not be your favorite thing to do, it is important. Whether you have just joined the workforce or have been toiling away for decades, taxes are a fact of life. The...

The alternative minimum tax (AMT) was instituted by Congress in 1969 to ensure that the most affluent taxpayers pay at least a minimum amount of tax. The AMT increases the amount of tax owed by...

IRS audits are the dental equivalent of a root canal. If you live long enough, you will likely have one. The trick is to know what you can do to minimize the likelihood of an audit from year to...

If you're paying too much or too little in federal taxes, it might be time to adjust your tax withholding. Events such as the birth of a child, a new job, retirement or a new home purchase can...

Both high school and college bring new opportunities for students and their parents. Many of those opportunities introduce new financial concerns to the student's family. Knowing the tax...

Divorce is usually a tumultuous time for both spouses, but keeping a clear head about tax consequences of different financial arrangements can save thousands of dollars as time goes on. This is...

Knowing which types of disability income are taxable and how the taxable amount is computed can spare the recipient some unpleasant surprises at tax time.

For most small farmers, income and expenses are reported on Schedule F of the 1040. Get a copy of IRS Publication 225 to help you understand, record and organize the information you need to...

Tax-free income, tax deductions and tax credits are all tax incentives given for education. Tax deductions directly reduce taxable income. Refundable tax credits are paid to taxpayers with no...

If you are self-employed, taxes play a big part of your annual financial planning. Keeping track of all your records and actually knowing what to do at the end of the year can be complicated and...

Typically, if you earn an income, you are required to pay taxes on it. How much tax you must pay is determined by your income, your deductions, your credits and your exemptions. By calculating...

Gifting money can be a good way to give assets to those you love while lowering your overall estate, thus lowering the estate transfer taxes passed on to your beneficiaries. You're allotted...

Savings for your children's college education should be started sooner rather than later. Tuition costs grow rapidly, and parents have only 18 years to save up for this milestone expense. To help...

The United States government offers tax deductions and credits designed to encourage certain behaviors. One such credit is the child-care credit, which gives money back to parents who pay for...

The 401(k) plan is a popular retirement savings tool for many Americans. They are taxed just like traditional IRAs -- all dollars going into the plans are pretax dollars and the growth within the...

The government recognizes that health care is expensive and offers different tax breaks to ease the burden. Some tax breaks for health insurance lower taxable income automatically. Some...

A nondeductible IRA is a retirement account that is similar to a traditional IRA. Both traditional and non-deductible IRAs provide tax-deferred growth. The difference between the two is that...

Teachers are often underpaid and underappreciated. There is one group that understands what teachers go through and wants to give them a little break--the IRS. The IRS offers many deductions and...

Federal withholding is an amount of money that is held from a paycheck, pension disbursement or other source of income. This amount is then applied toward the income tax of the payee. Withholding...

Some people love tax season. Others dread it. What is the difference? Usually, people who are expecting a refund love tax time, while people who know that they will owe the government money hate...

It is important to sit down at the beginning of the tax year and make an estimate of how much you will pay in Federal taxes at the end of that year. This amount does not have to be exact and does...