Take time this summer to examine your investment portfolio for potential tax savings, such as selling stocks that are worth less than you paid to offset your capital gains. You might also donate appreciated stock that you have held for
Read moreTax identity theft once again topped the IRS list of tax scams for 2015. Here's what you need to know if it happens to you. The Warning Signs: Have you received a tax bill you weren't expecting based on income
Read moreGetting a letter or notice from the IRS can be upsetting, confusing, and unnecessary. The IRS sends taxpayers notices to request payment for taxes, to notify them of a change to their account, or to request additional information. Attention to
Read moreWorking parents should be aware that the child and dependent care tax credit is available to offset some of the expenses for child care. Six facts the IRS wants taxpayers to know about the credit are: Children must be under
Read moreEach year when you file your federal income tax return, you have a choice to make: claiming the standard deduction or using an itemized list of qualified deductions to calculate your taxable income. Sometimes the decision is easy. For instance,
Read moreThe advantage of filing a joint tax return is well known - you generally save money compared to filing separately. However, there is at least one potential disadvantage. Both spouses are jointly and severally liable for the entire income tax
Read moreTake a deep breath before responding to any communication about your tax return - and verify that the query is actually from the IRS. Why the need for caution? The contact may be from a bogus IRS agent who intends
Read moreDuring the tax year you must prepay a substantial amount of the taxes you will owe for that year, or you risk being hit with an underpayment penalty. If you are an employee, that is usually not a problem. Your
Read moreIf you choose to itemize on your federal income tax return instead of using the standard deduction, every eligible expense you find can save money. Here is a list of easily overlooked deductions. Points paid by you on a new
Read moreAs you are probably well aware, the requirement under the Affordable Care Act (ACA) for individuals to obtain at least minimal health insurance coverage went into effect in January 2014. If you didn't purchase a health insurance policy, you may
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