There are two federal tax credits available to help you offset the costs of higher education for yourself or your dependents. These are the American Opportunity Tax Credit (AOTC) and the Lifetime …

What can be better than lowering your taxes? With a 529 plan, you have no federal tax obligation once your money's invested in your account. But the best part is that your earnings grow …

The IRS keeps track of tax scams. But you, the taxpayer, should also be aware of these schemes, which, other than being illegal, can lead to massive problems, including the imposition of significant …

If you paid someone to care for your child, spouse or dependent (i.e., parent) this year, you may be able to claim the Child and Dependent Care Credit on your Federal income-tax return. Below are …

If you are in business for yourself or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed and you would file IRS …

To take the deduction, the IRS requires the home office to be your principal place of business and it must be used exclusively and on a regular basis. According to the U.S. Small Business …

Every taxpayer has a set of fundamental rights. You should be aware of these rights when you interact with the Internal Revenue Service. There are 10 broad categories: 1. The right to be informed . …

Formerly called the Retirement Savings Contributions Credit, the Saver’s Credit gives a special tax break to low-to-moderate income workers who are saving for retirement.  Contributions to a …

Charitable contributions made to qualified organizations may help reduce your taxable income and lower your tax bill. The IRS has put together the following guidelines to help ensure your …

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 …