Federal Taxes

The tax treatment of financial aid you receive in college depends on how you earn it, what expenses the money is designated for and how you use it. The tax treatment will also depend on whether or...

The Internal Revenue Service allows you to deduct certain expenses from your income. The result is net income, which is taxed at one of several rates, depending on the income amount. Certain kinds...

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...

When looking for a tax write-off, your vehicle is an excellent place to start. Driving your car for health-related reasons, business use or for a charity can result in a deduction on your tax...

All you have to do to reduce your tax liability is reduce your taxable income. The Internal Revenue Service allows taxpayers to deduct a variety of expenses from their gross income, which helps...

A 1099 is an informational form sent to a taxpayer for a variety of reasons ... 16 reasons, to be exact. From earning interest in a bank to withdrawing money from a retirement, any time you earn...

Medical tax tips involve understanding what the IRS allows and disallows on your federal tax return. In addition to deducting medical care expenses for yourself, you can deduct them for your...

With the rising cost of education, many families are wondering how they can afford it. The Internal Revenue Service wants to help, and offers various credits and deductions that can be used to...

As part of the Taxpayer Relief Act of 1997, if you or your child is attending college, you may be eligible to claim one of two education tax credits. The Hope credit and the Lifetime Learning...

The U.S. government encourages education by allowing many deductions and credits for education. In most cases, you can reduce your tax burden by deducting money spent on your own education as well...

The amount of income tax a person pays is based on the amount of income earned. However, there are many expenses that the IRS allows you to deduct from that income before the tax is calculated....

Because so many tax-related benefits and obligations are based on the income of individuals and corporations, it is important to understand how the federal government defines the word "income."...

If you have a home business in the U.S., you are required to pay taxes on the income you earn. But you are allowed to subtract expenses necessary to produce that income through deductions. To...

Adopting a child can bring joy to any household. As an added bonus for adoption, you may be able to take an adoption credit against your taxes as well as exclude any employer-provided adoption...

One of the great things about being a freelance writer is that as an independent contractor there are many business expenses that can be deducted from your taxes. In addition to doing what you...

As with many major life events, adoption can also have tax consequences. The IRS offers an adoption tax credit for people who have adopted or are in the process of adopting a child. Because tax...

Do you itemize? Are you getting all the deductions you can for health care? You need to consult your tax adviser but some general guidelines are below as well as some things you might not have...

Do you have a HUGE tax bill every year? IF so there are ways to lower that tax - are you: Self employed? A Writer? Passive? Active? Hobby? Using Turbotax or a tax preparer that is experienced...

Learn some basic information for keeping records and reporting the activity from your in home child care business

Taxpayers who moved the previous tax year because of their jobs should fill out IRS Form 3903, "Moving Expenses." In some cases, you can itemize moving expenses along with other deductions when...