If you employ someone in your home, such as a housekeeper, nanny, or health care aide, your obligations do not end with paying wages. There are some important payroll tax responsibilities you are requ...

The IRS has been encouraging taxpayers to file their income tax returns electronically. This benefits both the government (it's cheaper than processing paper returns) and individuals (refunds are sent...

Certain payors are required to issue information returns to help you prepare your tax return. Here is a handy schedule of when to expect the information. If you fail to receive information you're expe...

Do you have to file a 2011 return? It depends on your income, your filing status, your age, and other factors. Even though you may be required to file a return, you may wind up not paying any taxes. Y...

If you discover you failed to report certain income, you'll want to file an tax return as soon as possible to minimize interest and penalties, if applicable, on tax underpayments. Similarly, if you fa...

Sign and date your return. On a joint return, both spouses must file. If you file electronically, you don't need a written signature. Attach W-2 forms (don't attach 1099's unless it shows you mad...

There were numerous tax laws enacted in 2008, creating a slew of new breaks. Here are three new tax credits to note:First-time homebuyer credit. Those who purchased a principal residence in 2008 ...

Getting ready to file your complete your return yourself or visit a paid preparer first requires you to assemble necessary information. This includes:Information returns...

First-time homebuyer credit for homes purchased after April 8, 2008, by those who have not owned one within the past three years. New Form 5405 is used for claiming this tax credit. Zero tax rate...

In order to complete your 2009 return, you'll need to gather certain information. Here is what you'll want to do:Collect W-2s, 1098's and 1099's. Most of these are furnished to you by the end of ...

Making Work Pay credit of $400 ($800 for joint filers). First-time homebuyer credit up to $8,000 for homes purchased on or after January 1, 2009, and before December 1, 2010. American Opportuni...

The IRS sends letters to taxpayers for a variety of reasons. Usually, the letter is a notice stating that you owe additional taxes because you failed to report income or for some other reason. However...

You may have heard the term credit shelter trusts but have no idea what this means. Simply put, it's a way for married couples to transfer their assets without wasting the estate tax exemption to whic...

When the real estate market is hot, savvy investors may look to real estate as a way to make fast cash. They buy a home, do some cosmetic fix up, and then resell the property. In very hot markets, hom...

Do you own rental property? Anything from a strip mall, multifamily home, office building, or factory can be a potential profit center for you. If you want to cash in on appreciation you've experience...

If you don't already submit your tax return electronically, maybe now is the time to start. Those on a filing extension for their 2010 return can e-file through October 17, 2011. Those who have alread...

You may be able to use your home to benefit charity while generating a deduction for you now-even if you never leave your home. Here are a couple of options. Conservation easements If you have propert...

Proof of any cash contributions to charity. Medical expenses not automatically covered by insurance. Home improvements that could add to the basis of your residence (to lower you tax gain when ...

If you are a victim of a disaster, the last thing on your mind is taxes. But tax obligations don't disappear. Fortunately, you may be entitled to tax relief if you suffered property loss or destructio...

Affluent couples may own more than one home. If they split up, one spouse may wind up with the couple's main home while the other gets the vacation property. What are the tax results of this or other ...