Tax News

A tax credit is a valuable write-off. It reduces your tax bill dollar for dollar. Now, there is a growing number of federal tax credits that you can use that will pay you money even if the credit is m...

Treasury Secretary Geithner announced the administration’s steps to make it easier for individuals to save for retirement. These steps do not require congressional action. Instead, the IRS has i...

Roth IRAs offer the opportunity to build up tax-free income for your future. You can use this income in retirement at no tax cost or leave the money as a tax-free inheritance for your spouse, children...

According to the Summer 2009 Statistics of Income Bulletin, there were about 23.1 million individual income tax returns that reported nonfarm sole proprietorship activity for 2007. This represents a 4...

As you or family members return to the classroom, remember that federal income tax breaks may help you pay for tuition and other costs of education. As a result of the American Recovery and Reinvestme...

With tax rates almost certain to rise in coming years, now is a good time to focus in on tax-free income. The tax law has many situations in which you can receive income on a tax-free basis. Here is a...

The IRS has warned consumers to steer clear of any identity theft scams that use the IRS name, logo, or website to convince them that the communication comes from the government. The scammers want you...

Typically, an employer reimburses employees for company travel and entertainment expenses. When they do so under an accountable plan, the reimbursements are not taxable to employees (or even reported...

Despite the fact that the stock market may have depressed the value of your 401(k) account, you may still hold substantial wealth there. When you leave the company because you're changing jobs, being...

When you engage in an activity without having a profit motive, deductible losses from the activity each year cannot be greater than income from the activity. The IRS has now released an audit techniqu...

The value of vacation properties, like the value of principal residences, has fallen on average by 25% in this dismal housing market. The number of sales has plummeted as potential buyers are squeeze...

Homeowners at risk for defaulting on their mortgages may qualify for pay-for-performance payments under the Home Affordability Modification Plan (HAMP), a program that is part of the Homeowner Afforda...

The American Recovery and Reinvestment Act of 2009 created a new deduction for state and local sales and excise taxes paid on the purchase of a new motor vehicle. But what if you live in Alaska, Delaw...

When school is out, what do your children do? Parents may send children to summer camp or special school programs or make other child care arrangements. Some older children may go to work. There may ...

In today's real estate market, while prices and mortgage rates have come down, many potential buyers still cannot qualify for a mortgage. If you're selling a home, consider becoming the "banker" and h...

Changes in the tax law provide several breaks for purchasing a new vehicle. These changes, combined with dealer incentives, make it a great time to purchase a vehicle. As your car ages, decide whethe...

In February, the president announced his $3.6 trillion budget for the 2010 fiscal year for the federal government. Now, he has fleshed out some of the income tax changes that are key to his budget; bo...

While the first-time homebuyer credit is designed to encourage the purchase of a primary residence by those who haven’t owned a home within the past three 3 years, it can’t be claimed unti...

Now that tax filing season is over, millions of taxpayers are eagerly awaiting their tax refunds. The IRS says the average refund this year is about $2,700. Some measures you take now with your tax r...

The IRS has announced the dollar limits on depreciation that can be claimed for cars and light trucks purchased for business and placed in service in 2009. The limits for passenger cars are the same a...