The National Taxpayer Advocate reported recently (www.taxpayeradvocate.irs.gov/2012-Annual-Report/Report-Infographics) that in the government’s fiscal year 2012 (ending September 30, 2012), there wa...

The IRS began to process personal income tax returns for most filers on January 30. If you were not in the initial onslaught of filers, here are some differences to note from last year: Tax forms Th...

With the fall term just around the corner, students and their families are getting ready for school. They are buying clothing, books, and computers. Payments are being made for tuition and fees. Can U...

It’s no surprise to learn that the IRS is a big bureaucracy and things happen. Your refund may not arrive as expected. You may get a letter from the IRS asking you to pay more taxes than you believe...

What can you do with a tax refund? Here are some suggestions that can help you generate future tax rewards:Make an IRA or Roth contribution (if eligible) Contribute to a health savings account ...

Missed the Tax Filing Deadline? If you didn’t file your 2011 income tax return by April 17, it’s too late to ask for a filing extension. However, you can minimize late-filing penalties by getting...

Whether you do your return yourself or use a paid professional, you surely want to take advantage of every tax break you’re entitled to. Here are 5 things you can do to see that this happens:Ch...

Form 1040 is the federal income tax return that lets you claim the widest range of deductions and credits. Here are 5 facts about this form:Number of forms filed. Form 1040 accounts for 68% of al...

The government may owe you money, but it does not send it to you automatically; you have to file for a tax refund. If no return has been filed for the year to which the refund relates, file Form 1040 ...

Apply it to next year's taxes...

If you're owed a tax refund, you can put it to good use, increasing your wealth and even saving you future taxes. Here are some ways to consider:Add to an IRA or 401(k) plan. You can have your ta...

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...

Interest on personal credit card debt is not deductible. However, homeowners are in a unique position to reduce their monthly payments and at the same time transform this debt into a tax deduction. He...

If you or someone in your household has a condition that requires certain capital improvements, you may gain an immediate tax break. Normally, home improvements, other than certain energy upgrades tha...

Being a homeowner entitles you to deduct many of the costs you pay each year, including property taxes and mortgage interest. Here are some tips to help you get the most from your deduction opportunit...

After you've filed your tax return, you know whether your income tax withholding came close to what your taxes turned out to be. If you owed taxes, you were "underwithheld" (not enough taxes were with...

Tax terms can be confusing, especially when they appear only as acronyms. In order to benefit from tax articles designed to help you in tax planning where acronyms are included, it is important to und...

Things can change after you've filed your return. You discover that you failed to report certain income or claim a particular deduction or credit. You see a math error or didn't attach a W-2 form. You...

Tax brackets, the standard deduction, and other tax rules depend on your filing status. The vast majority of couples who are married as of the last day of the year file joint income tax returns. Howev...

Don't let the government hold onto your money; make sure you receive any refund you are owed by:Using direct deposit for refunds so you won't get them by mail...