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…

Back when it was the Education IRA, not too much (despite the lure of tax-free income). In 2002, however, the re-named Coverdell education savings account became a very attractive college…

Joseph Andrew Stack, 53, seem to have a big grudge with the Internal Revenue Service (IRS), enough to crash his plane, Piper Cherokee PA-28, into a building housing an IRS…

You may be able to contribute to a Coverdell Education Savings Account (ESA) to finance a beneficiary’s qualified education expenses if your modified adjusted gross income is below the established…

The American Recovery and Reinvestment Act permits taxpayers to take a deduction for state and local sales and excise taxes paid on the purchase of new cars, light trucks, motor homes and…

Check Your WithholdingHow will the Making Work Pay tax credit affect you?Most wage earners will benefit from larger paychecks in 2009 and 2010 as a result of the changes made…

A tax deductions (also called a tax write off) lets you subtract an amount of money from what is called your taxable income(the amount on which you must pay tax).…

Tax Deduction A tax deduction, such as contributions to a Traditional IRA or 401(k), reduces your adjusted gross income How much that deduction is worth to you depends on your…

What is Cancellation of Debt?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…