Category Taxes

A tax credit reduces the amount of tax you must pay. A refundable tax credit not only reduces the federal tax you owe, but also could result in a refund.…

The IRS alerted taxpayers and the tax community it is experiencing high traffic on “Where’s My Refund?” as more tax returns come in. The heavy volume of refund inquiries means…

To report identity theft, fraud, or misuse of your Social Security number, the Federal Trade Commission (FTC), the nation’s consumer protection agency, recommends that you take the following steps: Step…

The IRS has seen a significant increase in refund fraud that involves identity thieves who file false claims for refunds by stealing and using someone’s Social Security number. The investigative…

WASHINGTON — The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms Feb 14,2013 covering education credits and depreciation. Starting Sunday, Feb.…

Your identity may have been stolen if you receive a letter from the IRS stating or learn from a tax professional that … … you filed more than one tax…

Given the current economic climate, a greater number of participants may be requesting hardship distributions from their retirement plans. To avoid jeopardizing the qualified status of the plan, employers and…

The following rules apply to casual gamblers. Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of…

Unemployment compensation is includible in gross income. You must report unemployment compensation on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. Unemployment…

A Roth Individual Retirement Arrangement (IRA) is an account or annuity set up in the United States solely for the benefit of you or your beneficiaries. You can contribute to…