While the tax law requires you to have certain records and substantiation for income reported and deductions and credits claimed on your personal tax return, you don’t necessarily have to attach the...

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...

Health insurance premiums and other medical costs are on the rise. If medical insurance does not cover all of your out-of-pocket costs, tax rules can help you minimize your financial exposure. However...

If you have a health savings account (HSA), it is up to you to retain proof that withdrawals from the account were for qualified medical expenses. Keep the following records along with the copy of you...

With summer approaching, taxes may be the farthest thing from your mind. However, there could be some savings in what you do this summer. Here are some points to help you make summertime plans. Short...

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...

If you work for an educational institution or a nonprofit organization, you may be able to save for retirement through a 403(b) plan. This tax-deferred retirement savings plan is similar to a 401(k) p...

Employees (essentially public-sector employees) who work for state or local governments or non-church-controlled tax-exempt organizations may be eligible to participate in a special retirement savings...

When it comes to personal finance, reducing your goals into numbers, such as how much to save each month, and writing down these goals are the first step to achieving your objectives. Here are some gu...

How much money will you need to sustain you throughout your retirement years? It's impossible to arrive at a fixed number because there are so many variables-how long you'll live, where you'll live, a...

Today, more than 47 million Americans participate in 401(k) plans, with total assets exceeding $2.4 trillion (see AARP's Enhancing 401(k) Value and Participation), but as many as 30% of those eligible...

If you think you're too young to be planning for retirement, think again. The earlier you start to stash money aside for retirement, the less you'll have to save-the magic of compounding over the long...

You may be halfway through your career, with as many years behind you as you have to go. It's time to become aggressive in saving for retirement if you haven't already begun to do so. How much to set ...

Did you know that you can earn a lot of money before you owe any federal income tax? The tax law encourages teens to make money by allowing certain tax breaks. Tax-free earnings Teens can earn up to a...

It's no longer your grandfather's taxes. Last year almost 70% of the more than 141 million returns were filed electronically through home computers or paid preparers. This year, the percentage could b...

For many people, reaching retirement means leisure time and collecting a pension. However, for others it means continuing to work part time, embarking on a second career, or starting a business. How d...

Maybe you've had a paper route, baby-sat, or worked at a fast-food restaurant while you were growing up and pursuing your education. Now you've landed a full-time job or are in the market for one. Wha...

Adding a new little person to your family is a thrilling and life-changing event. Taxwise, it also presents many opportunities and benefits you did not have before. Here is a listing of tax breaks tha...