2023 Alternative Minimum Tax - News & Advice on Taxes

Determining whether or not you have to pay taxes on your Social Security benefits really comes down to two factors: 1) your tax filing status, and 2) the amount of your "combined" income. Generally speaking though, you will not have to pay any taxes on your Social Security benefits at all, if that is your only source of income.

Being on the receiving line of an Internal Revenue Service agents phone call or mailing informing you that your tax returns are being audited is a nightmare that millions of Americans have undoubtedly had. A tax audit can turn an otherwise quiet life upside down and cause undue stress on an individual and their family.

Have you ever made contributions to an IRA account, then wondered if you can deduct that investment from your taxes? The simple answer yes, you can, but only in some cases.It all depends on what kind of IRA you contribute to, and in some cases your income level, and if you are covered by an employer-run retirement account or not.

Most people's goal every tax season is to figure out how to owe as little in taxes as possible. The purpose of this entry is to help you with that. The goal here is to show you a handful of ways that you can potentially lower your tax bracket through various personal deductions, thereby lowering the percentage you are taxed at, and save you money.

The Child Tax Credit is one of the most straight forward tax credits that are available for Americans of all tax brackets. First enacted in 1997 and expanded in 2001, this credit has helped offset the cost of raising an eligible child under the age of seventeen.

Ever wonder what would happen if you just skipped out on filing your taxes? You get your paperwork back from your employer, either in the mail or through e-mail, and just think too yourself, ugh, not again. I don't want to go through this hassle again. So you just let the task fade back to a darker corner of your mind, and forget about it.

While the federal tax rates are the same for all fifty states, the various states are left to determine what their state income tax rate should be and those numbers are all over the map.

If you receive a 1099-MISC tax form, these guide is for you. Independent contractors, small business owners, and otherwise self-employed folks, use these 5 straightforward steps to fully take care of your tax filing and payment obligations.

Unless you live in Delaware, Montana, Oregon, or New Hampshire, you are well aware of exactly what your state (and/or local) sales tax is. Makes sense; you've had to pay it on almost every single item you've ever purchased from a retailer.

Are you thinking of going to a tax professional to have them help you file your taxes? That is an option, and a good one for many people, but it doesn't have to be the only option for many others. The IRS offers free e-filing for basic returns and has partnered with e-file.com to offer two more low-cost services for individuals and businesses who need additional services.