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Tax Foundation Special Report No. 194 Key Findings· While the corporate tax code—like the individual tax code—is complicated by too many credits and deductions that benefit a narrow set of…

The nation’s first federal cigarette tax was enacted in 1864 as a Civil War revenue measure. In 2005 the federal cigarette tax stood at 37 cents per pack. The nation’s first state-level…

State and local income taxes withheld from your wages during the year are deductible in the year they were withheld. State and local income tax estimates or prior year payments…

Personal property taxes are deductible if the tax is imposed on a yearly basis and is based on the assessed value of the property. Taxes not based on the value…

A health savings account (HSA) is a tax-exempt trust or custodial account. You establish an HSA with a qualified HSA trustee to pay or reimburse the medical expenses you incur.…

If you itemize deductions, you may deduct the amounts you paid for medical and dental expenses that exceeded 7.5% of your adjusted gross income (AGI). The deduction is allowed for…

f you make your living at least partly by tips, be aware of these tips about tip income: Tips are taxable. Tips are subject to federal income, Social Security and…

Debt forgiveness usually is considered taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven…

The federal income tax is a pay-as-you-go tax. You must pay taxes as you earn or receive income throughout the year. There are two methods for paying taxes: WithholdingIf you…

When dealing with taxes – as with everything else in life – people make mistakes. So, the IRS has made it possible to correct your mistakes if they’re made on…