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Congress establishes tax rates that apply to different levels of taxable income. Current law provides rates from 10% to 35%. The higher your income, the higher your tax rate.The range…

Nontaxable income is income that is exempt from tax. Most nontaxable income is not reported. Some types of nontaxable income will be shown on the return, but will not be…

If you ever have to relocate these are states for consideration if state income tax is important to you: 1.Alaska 2.Florida 3.South Dakota 4.Texas 5.Washington 6.New Hampshire-tax dividends and interest…

1.Colorado-4.63% 2.Massachusetts-5.3% 3.Indiana-3.4% 4.Illinois- 3% 5.Utah-5% 6.Pennsylvania-3.07% 7.Michigan-4.35% NB- this is not the same as sales tax.

Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve: Qualified principal residence indebtedness: This is the exception created by the…

If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes,…

As tax season nears the end it is important to understand the math behind Refunds and balance due. Form W4 is the key difference maker to both Refund and balance…

The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence…

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit…

A Roth IRA is an Individual Retirement Account that provides tax-free growth. As a result, it’s the simplest – and potentially the most effective – sheltered account imaginable. The Roth…