Many people are familiar with tax credits for individual taxpayers, such as the credits for higher education expenses or the child tax credit. But businesses and business owners also may be eligible for some valuable [...]
Roughly 15 million individual taxpayers filed for an automatic six-month extension for the 2018 tax year, according to the IRS, compared with about 10 million people in previous years. Why did [...]
If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you [...]
Tax season is well under way. Have you filed (or extended) your individual federal tax return for 2019 yet? You may still have time to make some moves between now and [...]
Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual [...]
Information from irs.gov Should you file using the standard deduction, or should you itemize your deductions? Deductions reduce the amount of taxable income when filing a federal income tax return. [...]
Under current tax law, medical expenses can be deducted as an itemized deduction on your federal income tax return only to the extent that they exceed 7.5% of adjusted gross income [...]
Here are ten important tax choices that individuals and small business owners can make this tax season. Tax Filing Status Tax filing status has numerous ramifications, so it's important to [...]
If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you [...]
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The [...]
The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 [...]
As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump [...]
Although the IRS often finds and corrects errors during processing, there are certain situations in which a taxpayer may need to file an amended return to make a correction. Here [...]