Interest is an amount you pay for the use of borrowed money. To deduct interest you paid on a debt on your tax return you must be legally liable for the debt and you must be able to itemize your tax …

As school winds down if you're a student, you might be hitting the job market in search of summer employment. And among the first things you will learn on that first job is that not all the money you …

Along with the lazy, hazy days of summer come some extra expenses, including day camp, nursery school and preschool. The IRS has some good news for parents: those added expenses may help you qualify …

Congratulations if you recently updated your status from single to married, but you should be aware that marriage also brings about some changes with your income taxes. Here are several tips for …

The IRS receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the Internal Revenue Service. Many of these scams …

Many taxpayers fear an IRS audit. Although the IRS audit targets change with the times, below you’ll find some of the high-risk tax- audit areas that the IRS has examined in recent years: •Earned …

You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future returns. You’ll need them if you have to amend a prior year tax return. You often need …

Although the April tax-filing deadline has come and gone, it’s a question many clients ask throughout the year. Depending on which person you ask, you might get a range of responses from a few …

An amended tax return generally allows you to file again to correct a mistake in your filing status, your income or to add deductions or credits you may have missed. Here are some points the IRS …

Couldn’t make the April 18 tax-filing deadline and need more time to file your tax return? You can get an automatic six-month extension of time to file from the IRS. Here are important things you …

The tax-filing deadline is just around the corner. According to the Internal Revenue Service, 20 to 25 percent of all Americans wait until the last two weeks before Tax Day (this year extended to …

Are you expecting a refund this year? Here are important items the IRS wants you to know about your refund. ● Refund options. You have three options for receiving your federal income-tax refund: …

Mistakes on tax returns mean they take longer to process, which in turn, may cause your refund to arrive later. The IRS cautions against these common errors so your refund is timely: 1. Incorrect and …

Before you file your 2022 tax return, you should make sure you have all the needed documents including all your Form W-2s. You should receive a Form W-2, Wage and Tax Statement, from each of your …

Generally, you must decide whether to itemize or to use the standard deduction on your income tax return. You should itemize if your allowable itemized deductions are greater than your standard …

As most individuals and tax professionals know by now, the standard deduction almost doubled under the Tax Cuts and Jobs Act for the single, married filing jointly, married filing separately, head of …

The first step to filing your Federal income-tax return is to determine which filing status to use. In other words, two people making exactly the same amount of income could have different income-tax …

Electronic filing is the safest, fastest and easiest way for taxpayers to file their tax returns, according to the IRS. Furthermore, e-filing is good for the tax system, good for taxpayers and good …

If you pay someone to prepare your tax return, the IRS urges you to choose that preparer wisely. Taxpayers are legally responsible for what’s on their tax return even if it is prepared by someone …

The “Inflation Reduction Act” (IRA) has expanded and extended new energy credits which will save tax dollars for most Americans. Also, the $500 lifetime cap for energy will be replaced with a …

With the New Year come new tax laws. One new tax law, called the "Inflation Reduction Act" (IRA), makes the largest investment in combating climate change in U.S. history, lowers the cost of …

First and foremost, I want to wish all my readers a happy and peaceful New Year. Your emails and calls are appreciated. It’s that time of year again. The income-tax-filing season has begun and …

What is the best tax break available to John and Jane Taxpayer? It’s selling their home. When you sell your primary residence, you can make up to $250,000 in profits if you’re single, $500,000 if …

Buying a home is the single most-valuable investment most families make, and home ownership offers income-tax breaks that make it the foundation for overall tax planning. The tax law provides …

Taxes are complicated, so it’s no wonder that everyone makes mistakes from time to time. But some actions go beyond incorrect arithmetic or thinking something is deductible when it’s not. Some …