Federal Taxes

Federal income taxes must be filed each year by April 15th. According to the Tax Policy Center, the personal income tax generates the most revenue for the federal government. In 2008, it accounted...

One of the little-used tax deductions allowed by the Internal Revenue Service (IRS) lets you deduct the cost of sales tax that you pay during the year. In order to claim the deduction, you will...

Free tax help is a need for many people on their federal income tax return especially since the tax system seems to become more and more complicated. Follow the advice in this article to find your...

A bimonthly payroll schedule is often used for salaried employees, although some employers use it for hourly workers as well. The IRS provides instructions (Publication 15, Circular E: Employer...

Everyone should review their federal income tax withholdings at the start of the year. Changes in marital status, number of dependents and employment status all affect the amount required to be...

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...

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...

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...

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...

As most people who are unemployed or have been unemployed know, unemployment compensation is only a percentage of what you earned as an employee. Therefore, it is often imperative that a person...

Knowing how to find a federal income tax bracket will help the taxpayer learn how much tax is due. Depending on the person's knowledge in preparing a tax return, it may be easy or complicated to...

The income you receive from your investments, such as dividends, interest, rents and royalties, and income you earn as an independent contractor is normally not subject to income tax withholding...

When you donate money or goods to charity, you can deduct the donation on your federal income taxes. Estimating how much the item is worth is your responsibility, not the charity's, and IRS rules...

An IRS levy is a seizure of a taxpayer's assets by the Internal Revenue Service. A levy is usually issued as a last resort for taxpayers who have ignored requests by the IRS to pay past-due taxes....

The 1099-R is an Internal Revenue Service distribution income reporting form. The IRS considers two types of distributions as income that you must include on your annual tax return: actual...

A government tax debt is nothing to take lightly. Penalties and interest charges accumulate the older your debt grows, and government tax authorities--such as the Internal Revenue Service...

To file your federal income taxes with a spouse who does not have and cannot obtain a Social Security Number (SSN), you must complete form W-7: Application for IRS Individual Tax Identification...

In recent years, the IRS has made an effort to make paying taxes more convenient and secure. The online payment option is a reflection of the agency's effort and is designed to modernize the tax...

Successful stock trading is the result of hard work and skill. It's important that you also learn how to report stock trades. For traders that trade stock positions for less than a year at a...

If you are self-employed or receive any income that does not have federal income taxes taken out for you, then you need to make quarterly federal estimated income tax payments. Making estimated...

Paying your own taxes is one of the hard things about being self-employed, but the task itself is not difficult. The difficulty is in being self-disciplined enough to save the money. Paying taxes...

Federal income taxes must be paid on an annual basis and are based roughly on how much income you have earned during the year. According to the Tax Policy Center, the federal government collected...

Whether you lost your tax bill or just need to get an updated copy for your records, requesting an IRS bill is a fairly straightforward process. Getting a copy of a bill usually only requires that...

The IRS requires that employers withhold part of your paycheck to pay for your taxes at the end of the year. All employees have to file a W-4 form that tells the employer how many exemptions you...

The Taxpayer Advocate Service (TAS) is designed to help taxpayers who are experiencing an economic hardship, a delay caused by the IRS or who were given incorrect information by an IRS...

The federal government brought in about 45 percent of its revenue from personal income taxes in 2008, according to the Tax Policy Center. To determine how much you owe, you need to know how much...

A tax lien allows the federal government to seize your property or assets to pay off an outstanding tax debt. If you receive a tax lien, your house, vehicles, investments, retirement accounts, or...

During the year, your employer withholds money from your paycheck based on what you are expected to earn for the year and how much tax you will owe. However, because of various deductions and...

IRS problems are extremely unsettling. While you are likely to feel panicked and overwhelmed, following the steps below will assist in solving your tax issues in a timely fashion. Do not let a...

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...

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...

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...

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...

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...

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...

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...

Ebay income is treated like any other self-employment income. Use Schedule C so that expenses like inventory, fees, utilities and rent can be deducted from that income to define a profit, which is...

If you owe money to the IRS, chances are they'll find you. There are several ways they can induce you to pay, the least pleasant of which is outright seizure of your property, what is technically...

An IRS levy can be a very unpleasant experience. Unlike a lien, which is a claim against your property, a levy is outright seizure. Often a bank account is the target of an IRS levy, with all...

The Form 1040EZ is the shortest of the three most common tax forms that are used to file individual federal income taxes. The other tax forms are the From 1040, which is the longest and the only...

The deadline to e-file your tax return is usually October 15, a few months after the original April 15 filing date. If the IRS e-file deadline has passed, there are still several online and...

Taxes come around every year, and every year many of us find someone else to do them for us. Well you don't have to pay someone else. Here's your guide to taking a step towards filing your own...

Corporate executives that are awarded incentives or statutory stock options have special tax issues to consider. The difference between the market price and the exercise price on these options is...