Tax Information

As an independent contractor, you are responsible for filing your own local, state and federal taxes. Your independent contractor status means you exist as a business entity, with your own gross...

Calculating your taxes and filing status is not hard to do, but there are numerous steps to go through and many rules and regulations to follow. Always refer to the IRS instructions for...

The Worker, Homeownership, and Business Assistance Act of 2009 extends the tax credit for first time homebuyers. To claim the credit, you need to file your taxes using the Internal Revenue service...

E-filing is a popular way to file individual taxes and avoid the complicated paperwork and long lines at the post office. In 2009, the Internal Revenue Service introduced the Self-Select PIN...

Now that the holidays are fast approaching, tax time will be here before you know it. If you own a small business, such as freelance writing, and you make $400.00 or more, then you will have to...

The image of IRS agents clad in jet black suits, knocking on your front door does not appeal to many Americans during these economic times. However, based on your current financial status, you...

The Hope Credit is a tax credit you can claim on your federal income tax return for the costs of higher education. According to Internal Revenue Service rules, the Hope Credit is 40 percent...

A Schedule C is an IRS form filed with a 1040 tax return that reports profit or loss from a sole-proprietorship business. It is made up of five sections. A filer who has diligently kept records...

Salaried employees must pay federal, state, social security and Medicare taxes on their gross earning every pay period. When you start a job, you are given a W-4 to fill out that your employer...

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...

Are you the parent of two children in college? Is your adjusted gross income for 2009 or 2010 above or near $160,000? If so this article is written just for you. Assuming you have two dependent...

You'll learn how to calculate your net paycheck if you live in the state of Tennessee and have no special deductions (such as insurance, retirement, child support, or levies)

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...

Tax laws vary from state to state. Some states, including Florida, require no state income tax. Others set up state statutes that provide the guidelines for who pays and how much they pay. In New...

Property owned by a U.S. citizen at the time of his death is subject to a federal estate tax until 2010, when the tax is scheduled to be repealed. However, it is scheduled be reinstated in 2011....

The federal government allows you to take several tax credits and tax deductions related to education expenses. Whether a benefit is credit or deduction is determined by federal tax law. Tax...

Every year, you sit down to fill out your taxes and see if you will have a refund coming or if you will owe money to the government. You will need all 1099 forms, W-2 forms and any other documents...

Most gifts are not tax deductible. That is, gifts you make generally come from after tax dollars. Some gifts--those that exceed the annual exclusion amount--can actually increase your tax...

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...

Many people fail to use the tax deductions available to them. Finding even one or two deductions can substantially reduce a taxpayer's liability. There are also adjustments to income that reduce...

You can calculate your payroll tax deduction by using both IRS tax tables and/or charts and stipulated percentage-based tax rates. You need to prepare yourself by knowing your tax filing status...

The Internal Revenue Service allows you to deduct your charitable donations from your taxable income. The deduction for donations is an itemized deduction, which means in order to claim it you...

Traditional IRAs are retirement accounts that you set up and contribute to on your own apart from your employer. These contributions may be tax deductible. The contributions, deductible or not,...

When you start a job, you are required to fill out and return a W-4 to your employer. This will have your filing status and allowances recorded for the payroll process. The employer uses this form...

Many tax benefits are available to individuals who are not married or do not have children. Strategies to minimize tax obligations might stem from medical, employment and household expenses. If...

April 15th creates annual dread for many U.S. citizens as it's the IRS deadline for filing income taxes. However, not everyone is required to file. Having an awareness of the filing requirements...

Oh no, it's tax time again! That statement runs through the mind of every U.S. Citizen just before April 15 of each year. The next thought for many is, do I really have to file or is there some...

Employers deduct federal, state, Social Security and Medicare taxes from your gross income before issuing you a check for the net amount. The employer sends the money subtracted from your gross...

IRAs (individual retirement accounts) are special tax-advantaged accounts that were implemented to give individuals an incentive to save for retirement. You are eligible to contribute to an...

Traditional IRAs are retirement savings accounts that grant specific tax benefits to those who contribute to them. For most people, contributions to a traditional IRA are tax deductible when they...

Just because you are a full-time student does not mean that you do not have to file and pay your taxes. However, there are a number deductions and credits that are available to students or their...

You can successfully calculate your next paycheck so that you know exactly how much money you will have on payday. Before you calculate your net pay, you must know what your gross pay is and how...

The federal estate tax is a tax on the transfer of property from a deceased person. A very small percent of all families ever have to pay the estate tax, but, for those who do, the filing is due...

Adjusted Gross Income (AGI) is the basis for your income tax liability. It determines both your tax bracket and qualification credits. If looking for your AGI from a previous year, it can be found...

The federal income tax originated in 1913 with the ratification of the Sixteenth Amendment to the Constitution. The United States government imposes income tax on individuals as well as...

When you receive a paycheck from your employer, you may be surprised that the check's amount---called the net pay---is less than what you calculated. With a calculator and that net pay number,...

How to understand payroll tax is important for both an employer and an employee. When the employer is figuring your net pay, he must calculate how much tax is deducted from your gross wages plus...

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....

If you need to know how much monthly income tax you will have taken from your paychecks, you can learn how to calculate monthly income tax and see what your net pay will be after your federal,...

You need to file your taxes every year as long as you have made over $400. Even if you do not receive a W-2 and you know that you are due one, you should file taxes. Some employers mistakenly mail...

It can be helpful to know what your paycheck amount will be each week when trying to budget for upcoming bills or expenses, but how do you figure out this amount if your work hours fluctuate each...

If you have pretax deductions, these amounts are deducted before any taxes are calculated for your gross income. If you know how to calculate income taxes after pretax deductions, you can figure...

Gross income is any form of income, including rents and royalties received in any format, including checks, cash and credit cards. Calculate gross income for tax purposes, such as the subtraction...

Every personal exemption listed on your federal tax return reduces your taxable income by $3,500 in 2008, and rises to $3,650 for 2009. In general, taxpayers are allowed one exemption for you and...

Tax write-offs work by allowing individuals to claim an expense and reduce the total adjusted gross income that can be taxed by the federal or state government. Find tax write-offs and tax credits...

People generally want to know how much their checks will be after taxes. Knowing how to figure out net income after taxes helps people decide what bills to pay and gives them a better idea about...

It may surprise you to learn that the income tax has been unfairly judged throughout much of U.S. history. The original purpose of the U.S. tax system was not to take away your hard-earned money....

Depending on the state you live and work in, you may or may not be liable for all of the following tax withholdings. Suffice it to say that all of us are responsible to remit to Uncle Sam federal...

Want to do your taxes yourself? Not sure what direction to go in? You're in luck because right now, the Federal government wants to assist you in this process. All you need are your W-2's and any...

Did you know that you can deduct many different types of medical expenses from at tax time this year? If you had a lot of medical expenses, this can really add up. According to the IRS you can...