April 15th is fast approaching. If you¹re not ready to file and pay your taxes, Barbara Weltman can explain how to get an automatic extension for six months and how you can make those payments....

So your tax bill is large and seems more than you’ll ever be able to pay. You’ve seen the commercials: Pay only pennies on the dollars of your tax liability. Are they true? It depends on whether y...

Congress finally passed a deal saving us from the “fiscal cliff” at the beginning of the year. But what does that mean for you and your taxes? Let Contributing Editor Barbara Weltman explain what ...

You’ve completed your return and see you that you owe taxes. If you don’t have the money on hand to pay this amount, here’s what to do.File your return on time. Don’t let your inability to...

As a general rule, gambling winnings are subject to withholding at the rate of 25% (special withholding rules apply to winnings payable to a nonresident alien). Withholding applies to the entire amoun...

Distributions from qualified retirement plans are subject to a mandatory 20% withholding unless the funds are directly transferred to another retirement plan or IRA. However, other types of retirement...

If you are self-employed or have substantial investment income, you probably need to pay quarterly estimated taxes to cover your tax obligations for the year. You cannot simply wait until you file you...

You can opt for voluntary withholding on certain government benefits:Social Security and Railroad Retirement benefits Unemployment benefits Crop damage payments Commodity credit loansTh...

The federal income tax is essentially a pay-as-you-go system in which taxes are paid throughout the year by means of withholding on wages and other sources of income as well as quarterly estimated tax...

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...

Ads on television suggesting that you can settle your tax bill for only pennies on the dollar are greatly exaggerated. However, depending on your circumstances, you may be able to pay off what you owe...

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...

The answer to this important question matters because a real estate professional may be able to deduct losses from real estate activities, such as rental properties, while a non-real estate profession...

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...

The tax law lets you receive tax-free income when you sell your main home-capital gain up to $250,000 ($500,000 on a joint return) is not taxed. However, prices today are much higher than they were 10...

If you run a business from your home and use a portion of the space regularly and exclusively for this activity, you can write off expenses allocable to the space. Such expenses include not only real ...

Whether you're buying your first home, upgrading to a larger one or downsizing, here are some things to think about in the year of purchase: __What form of ownership? If you're buying a home with some...

You may be able to generate income by renting out your main home or a second home for part of the year. For instance, say you own a beachfront condo in Miami or a house on Cape Cod. If you're willing ...

If your home is too big for you and your family, you may decide to rent out a room or other living space for rental income. For instance, say you have a two-family home, so you rent out one unit. The ...

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...