Federal Taxes

How to Prepare and File Your Own Tax Returns Using TurboTax. Many people consistently pay accountants to file their tax returns for them without realizing how simple it is to do on your own with...

The federal estate tax is levied on the assets of individuals after their death. The tax is controversial and subject to frequent change by the U.S. Congress. The tax is based on what is called...

According to the Federal Citizen Information Center, an Internal Revenue Service tax audit is an impartial review of your tax return to determine its accuracy. Your chances of being audited are...

Taxpayers are often quite anxious to get their income tax refund once they have filed the return. Many people plan on this money for a purchase or maybe to help with cash flow issues they could be...

Social Security, the federal income-support program for retirees, the disabled and the survivors of deceased workers, is financed with payroll taxes on every American worker and employer. However,...

If you are able to claim one or more children on your tax return it will make a big difference in how much income tax you owe. Besides providing an additional exemption for each child, dependent...

The federal tax system is a pay as you go system, meaning that as you earn income, money is set aside by your employer to pay your estimated tax bill at the end of the year. Many times, because of...

In 1990, FICA tax was split into separate wage bases for social security and Medicare taxes. Many people still refer to the two taxes collectively as FICA. There is no limit to the wages Medicare...

The Federal Insurance Contributions Act (FICA) tax paid by employees and employers funds the Social Security retirement, survivor's and disability insurance programs, as well as the Medicare...

Throughout the year, most people have money withheld during the year to pay their anticipated tax bill. However, this amount is only an approximation of what you are expected to owe, not an exact...

According to the Internal Revenue Service, penalties for federal tax fraud range from multiple years in prison to minor fines. The penalty for tax fraud depends on the extent of the crime and the...

Finding out about IRS debt can be extremely stressful and a little frightening. If you are someone who has recently discovered that you owe the IRS money, the important thing is to not panic. ...

The federal tax system is a pay-as-you go system which means that as you earn income you must make estimated tax payments. For most people who work as employees, the money is automatically...

If you think the Internal Revenue Service owes you a refund, first do the necessary preparation work involved in making an accurate claim, before you fill out any online forms or make phone calls....

Taxes can be a confusing maze of forms, papers, and policies. Finding the specific policy for a given tax is often a test in endurance, even if you're following the IRS forms step-by-step. It's no...

The federal Earned Income Tax Credit is a refundable tax credit designed to ease the financial stress that low-income workers face at tax time. For the 2008 tax year, a low-income worker earned a...

Do you need to stop wage garnishments for IRS back taxes? Instead of having a huge portion of your paycheck taken, opt to make arrangements for a much smaller monthly payment. The process is very...

Finding out that back taxes are owed to the Internal Revenue Service (IRS) can be a stressful, shocking experience. If you owe money to the IRS, it is important to remember that you do not always...

An audit is the dental equivalent of a root canal; there's really very little good to say about one and if you live long enough, you'll probably have one. The key is to always be prepared and to...

People working as independent contractors receive a gross wage and have to pay their own federal, state and local taxes. The federal tax due includes income and FICA tax. States also tax wages, as...

As of November 6, 2009, new legislation has passed which expands the homebuyer credit to include a credit of up to $6,500 for long-time homebuyers. The following steps outline what is currently...

You just sold a property for a considerable profit, and you want to avoid paying taxes on the sale if you can. Fortunately, if you've bought another property with money you made on the first sale,...

If owed federal taxes are not paid when the return is submitted to the IRS, the agency will first send a bill requesting payment in full. If the total amount is not paid over the phone with a...

Federal liens on a credit report are a negative mark on your creditworthiness. They can hamper your ability to secure financing for cars, personal loans, and mortgages, and can even affect your...

Your federal adjusted gross income is your gross income from all income sources minus specifically stated IRS deductions. These deductions are not the standardized or itemized deductions. Your...

Free printable tax forms are widely available now from a variety of sources, this article will help you figure out where you can find the free printable tax forms you need when you need them.

One easy way to reduce your income taxes is to receive income that the IRS legally allows you NOT to pay taxes on. There are many kinds of income and some is taxable, some is non-taxable according...

Many individuals owe taxes at the end of the year do to the fact that they don’t take the time to write off their business expenses. For those that have a side business, child care business, or...

Each and every year more unclaimed money is put into a system just waiting to be claimed by it’s rightful owners. Individuals often don’t realize that they are owed any type of money. There are...

Although nobody wants them, student loads are often a necessary evil to help pay for higher education. Depending on where you go to school and for how long, your student loads might vary from just...

If you are needing a copy of your Oklahoma Unemployment Tax information below is a step by step guide on how to request and obtain the necessary information to file your taxes.

All adults who are either U.S. citizens, permanent residents living in the United States or U.S. income earners are required to file federal income-tax returns if their income meets certain...

Tax shelters are investment strategies designed to legally lessen the taxes that have to be paid. Of the numerous legal tax shelters available, many are created to transfer losses of one...

I was newly married, expecting and excited about a new home. Little did I know, my husband had a 20k tax lien on his credit. Because of this we were not able to purchase our first home until we...

In addition to computing your federal income taxes using the regular method, federal tax laws requires you to compute taxes using a formula called the alternative minimum tax (AMT) to determine if...

If you are anticipating a refund on your federal taxes, the earliest date to file is anytime after January 1 when you have obtained your W-2s or 1099s from the prior year. Employers are required...

IRS quarterly payments have to be made by people whose withholding will not cover their tax bill at the end of the year. According to Bankrate.com, the IRS requires tax withholding to make sure...

The first thing you need to do if you find yourself in trouble with the IRS is to hire a professional tax attorney. While this might be costly, it can potentially save you thousands of dollars and...

Many people pay others to prepare their taxes simply so they do not have to deal with the hassle of learning tax laws and doing math. If you have a complicated tax situation as a tax professional...

Gifting assets to children can reduce both income and estate taxes. However, failure to do so correctly can result in unnecessary gift or estate taxes. Fortunately, this mistake can be easily...

Owing money to the United States through its collection agency, the Internal Revenue Service (IRS), can be daunting. Rumors, innuendo, news stories about property seizures and myths abound, making...

Obtaining a federal tax ID number, also known as an employer ID number (EIN) is a very simple process. With the help of the internet, the IRS has created an easy way to apply for and instantly...

Because your military retirement pay is deposited electronically each month, it may be "out of sight--out of mind." But not having enough federal tax withheld can leave you owing money in April...

A tax levy is a tool the IRS uses to collect on owed and back taxes. The most uncommon form of tax levy is the property seizure; however, it is still used as an effort of last resort. The IRS will...

Every year citizens have to settle up their tax bill with Uncle Sam by April 15. Individuals can calculate their tax liability by hand or buy software or pay a professional preparer to process...

IRS Form 1023 is used by nonprofit organizations to apply for tax-exempt status under Section 501(c)(3) of the federal tax code. Normally, religious organizations do not need to make an...

Dividends are income. If you misrepresent your income on a tax return, there could be consequences. Luckily, you can amend returns from previous years to include dividends you hadn't originally...

In an effort to jump start the economy, Congress issued millions of economic stimulus payment as part of the Economic Stimulus Act of 2008. Americans who qualified received their stimulus...

Death and taxes are both supposed to be unavoidable. Death may be, but you can delay, minimize, and otherwise reduce your income tax burden. Here is how.

Are you ready to join a Tea Party? Frustrated sending money year after year to the IRS? Fed up with the taxman? Well, I’ve got some relief for you right here. Read on, and you’ll learn how to...