Federal Taxes

No one wants to owe Uncle Sam money. Underestimating your taxes or making errors in filing your returns can sometimes result in costly mistakes. While the IRS can put a lien on your assets for...

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...

When Congress approved a massive economic stimulus package in the form of an Internal Revenue Service (IRS) rebate, it created many logistical problems for the agency, which is much better at...

The Alternative Minimum Tax is a way the government has come up with to make sure you don't pay too little in taxes. It is essentially a floor on how low your taxes can go. The AMT is a separate...

Nearly all of the income taxes in the United States (97 percent) are paid by the top 50 percent of wage earners in the country, according to the IRS. With such a disparity between the people who...

The tax law is complicated and there are many acceptable deductions and write-offs that eligible taxpayers do not take. Sometimes taxpayers just overlook these deductions. Other times taxpayers do...

The words "IRS audit" strike fear in the hearts of many U.S. taxpayers. The process sounds intimidating, and sometimes is, but the IRS audits relatively few tax returns. According to some...

Thanks to an abundance of complicated rules and forms, tax time is a difficult, stressful period for many taxpayers. It doesn't help that the federal agency in charge of collecting tax payments,...

Although it is quite unlikely you will get audited by the IRS, it’s still very possible and happens to many taxpayers each year. Want to know how to avoid an IRS tax audit? Here are a few tips…

Taxpayers that think they may be eligible for the Earned Income Tax Credit should carefully review the eligibility requirements. The Earned Income Tax Credit (EITC) is a refundable credit for...

When tax time arrives, consumers look for tax forms, Internal Revenue Service (IRS) publications, or just a bit of last minute help to make filing easier and more accurate. The IRS is working hard...

Few situations are more terrifying than an Internal Revenue Service audit. Fears of destroyed credit, fraud allegations and a ruined reputation are bad enough--the possibility of owing the...

IRS stimulus rebate checks were distributed to most taxpayers around the country in the summer of 2008. The hope was that the taxpayers would spend the money thereby stimulating the economy. The...

Taxpayers can reduce their adjusted gross income (AGI) using a variety of credits. Credits, unlike deductions, are directly subtracted from a taxpayer's AGI, greatly reducing his or her taxes....