Federal Taxes

If you find yourself every year, late night, April 15th on your computer or standing in line amongst taxpayers for the glorious 'April 15' postmark date- then form 4868 (Application for Automatic...

The federal government taxes wages as part of your earned income. Wages are subject to both income and payroll taxes.

The Social Security Administration (SSA) annually updates the rates for Social Security and Medicare taxes. These updates allow the program to stay current according to increases in prices and...

Tax crunch time may still be months away, but there are some great things you can do before the end of the year to increase your tax return. These recommended actions can save you lots of money...

Every year between Jan. 12 and April 15, millions of people flock to either a franchised tax office or a smaller independent office to file their taxes. And many times, those people lose the copy...

Tax time is often dreaded, especially by those who are struggling to get their small business off the ground. You may think that you will have to pay someone to do your taxes, but it is really...

The Internal Revenue Service (IRS) allows a standard mileage deduction for travel relating to business or employment, charitable contributions, and medical and moving expenses. You have two...

IRS form 1099S is the form the federal government requires you to file when claiming proceeds from real estate transactions. If you sold any real property during the course of the year, you must...

The Internal Revenue Service regards taxi drivers as self-employed and are classified as a sole proprietor of a business. If a taxi driver leases his cab from a fleet owner, he must file two...

Every year the Internal Revenue Service (IRS) issues millions of tax refund checks, some of which are returned as undeliverable. Unclaimed checks total in the millions of dollars, dollars that are...

Itemized deductions are expenses that you may subtract from your income for the purpose of calculating your federal taxes. The Internal Revenue Service (IRS) allows you to itemize or to take a...

Federal payroll taxes, also known as FICA taxes, are charged on earned income. The amount you pay depends on whether you are self-employed or an employee.

You need your past year adjusted gross income (AGI) to file taxes in the current tax year. This is because your prior year AGI is used by the Internal Revenue Service to verify your identity. For...

Taxpayers are required to use either a Social Security number, ITIN (Individual Taxpayer Identification Number) or an EIN (Employer Identification Number) to complete their returns. U.S. citizens...

Personal exemptions are claimed on a tax return to reduce the amount of income that is taxed.

If the Internal Revenue Service (IRS) has won a judgment against you, you must settle this claim to resolve your obligation. You can negotiate with the IRS directly or use the services of a...

The IRS recommends keeping your tax returns for at least three or four years after the filing deadline. The reason is that if your return comes up for an audit, you will have all of the...

Hi everyone...I thought I would share some tips for tax season. I am a professional tax preparer so any information I share on tax returns will be accurate. One thing is certain, everyone wants...

According to the Internal Revenue Service, hobbies are "those activities that are not pursued for profit." If you engage in an activity, such as scrapbooking, for fun and do not expect to profit...

The federal tax rate on wages has multiple components: there is the federal income tax, which is a progressive tax, and the social security and medicare taxes, which make up the FICA taxes and are...

A doctor owed the IRS more than $200,000.00. His first instinct was to acquire a team of lawyers to represent him and negotiate with the IRS. After more than a year, he was having no luck getting...

FICA, or Federal Insurance Contributions Act, taxes were first collected in 1937 at a rate of 1 percent. Today, the total tax rate is 15.3 percent.

The Social Security tax is part of the federal payroll taxes that are paid on earned income in the United States.

A lien is one of several methods used by the IRS to collect back taxes. After the IRS has made unsuccessful attempts to contact the taxpayer and collect the debt voluntarily, they will issue a...

Tax season is just araound the corner and for most of us, we are scrambling around trying to find all the receipts from last year. Most Americans dread this time of year, because for some it means...

The U.S. government imposes both a federal income tax and a payroll tax, also known as FICA, on earnings paid to workers. The FICA tax goes toward the Social Security program and Medicare. Federal...

All employees are required to pay taxes to the government. Your payroll taxes include federal, state (if applicable) and FICA--Social Security and Medicare. Generally, your employer is required to...

A W-4 form is required of all employees to help employers determine how much money to withhold from their paychecks. All employers are required to withhold money from paychecks to cover federal...

You will want to become knowledgeable about tax deductions so that you can claim them on your tax return. There are a number of deductions you can take if you qualify. Some of the expenses that...

There are times when you want to know how to compute federal tax withholding. For example, you may have two jobs and want to be sure enough tax is withheld so you don't owe Uncle Sam a big check...

U.S. citizens, even those living abroad, and resident aliens must pay U.S. income tax on foreign income. This includes passive income, such as interest and dividends, as well as earned income like...

There are several ways to e file taxes. You can use tax preparation software, go to a tax preparer, or use the "Free File" through the IRS website, if you are eligible. The "Free...

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...

You get your paycheck each pay period. You see the deductions taken from your check, but do you know what "FICA" stands for?

There are a number of life circumstances, such as illness, incarceration, and unemployment, which could put a taxpayer in a position to be unable to pay his or her taxes. For these reasons, the...

Unbeknown to most people, Social Security benefits are taxable and must be included as income on your income tax return. For most people, the tax on social security is nominal and does not add to...

Tax forms are due on April 15 each year. If you have submitted your tax forms to the IRS on time but discover later that you had made a mistake or missed a deduction, do not worry. You can make an...

Employees in the United States fill out a W-4 form to help their employers determine how much money to withhold from their taxes. A "0" or "1" are two exemption totals that are possible.

The Internal Revenue Service (IRS) offers taxpayers several methods of tax filing, but not all filing methods provide taxpayers with verification that their tax return was received. Tax returns...

The income tax system includes unearned income, like earnings from interest-bearing notes, as part of your taxable income. However, the interest is reported separately on your tax return from your...

In the U.S., tax rates are determined by your adjusted gross income, or AGI. Your AGI is your gross income minus any applicable deductions. You are only assessed a certain rate for the income in...

The Treasury Regulations, often called the Federal Tax Regulations, are the Treasury Department's interpretations of the Internal Revenue Code (IRC). The public has free access to the Treasury...

Because federal income tax is a "pay-as-you-go" tax, anyone who works for wages must complete Form W-4 to authorize tax withholding. Your employer determines how much to withhold based on the...

Citizens or residents of the United States and Puerto Rico must file a federal income tax return for all years of earned and unearned income from all sources anywhere in the world. Ignorance of...

There is no better time like the present to address your IRS tax issues. Settling with the IRS will only save you money and headaches down the road. The IRS offers alternatives to resolving your...

If you purchase a home before April 30, 2010, you may be eligible to claim a tax credit for up to $8,000, depending on the price of the home.