Taxes
General Tax Planning
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Accelerating Deductions/Postponing Income
If you'll be in a lower tax bracket next year, you may wish to accelerate your deductions into this year.
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Accelerating Income/Postponing Deductions
If you'll be in a higher tax bracket next year, you may wish to accelerate your income into this year.
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Am I having enough tax withheld from my paycheck?
It is important that you properly estimate your tax withholding.
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Am I having enough withheld?
If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways.
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Are scholarships and grants subject to federal income tax?
If you receive a qualified scholarship or fellowship you need not include the scholarship amount in your taxable income.
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Choosing an Income Tax Filing Status
Selecting a filing status is one of the first decisions you'll make when you fill out your federal income tax return.
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Do I have to file a federal income tax return?
You must file a tax return if you are a U.S. citizen or resident alien and your gross income equals or exceeds a specified figure.
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Do I have to pay U.S. taxes when I work abroad?
If you are a U.S. citizen working abroad, you may be able to minimize what you owe in U.S. income tax.
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Federal Individual Income Tax Fundamentals
Here are some basics to help you understand your taxable income.
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Help! I Can't Pay My Tax Bill
The IRS won't go away, and the amount you owe will only grow larger if you procrastinate.
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How did the Jobs and Growth Tax Relief Reconciliation Act of 2003 change capital gains tax rates?
If you sell or exchange a capital asset for more than your adjusted basis in the asset, the result is a capital gain.
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I don't have the cash to pay my taxes. What can I do?
If you don't have the cash to pay your taxes and are unable to borrow the money from a relative or friend, you still have a few options.
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I have investment property. What does basis mean, and how do I determine the basis of my property?
To determine your basis you need to understand two term — initial basis and adjusted basis.
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I received a state tax refund last year. Must I include that amount as income on my federal return this year?
It depends on several factors, the most important of which is whether you itemized deductions on your federal income tax return last year.
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Muni Bond Tax Equivalent Calculator
Use this calculator to estimate the tax-equivalent yield (TEY) for a municipal bond.
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Surviving an Audit
Even the most honest of taxpayers can be left trembling at the thought of an IRS audit.
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Tax Benefits of Home Ownership
Here's what you need to know to make owning a home really pay off at tax time.
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Tax Planning for Income
The goal of income tax planning is to minimize your federal income tax liability.
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Tax Planning for the Self-Employed
If you're self-employed, you'll need to pay your own FICA taxes and take charge of your own retirement plan, among other things.
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Taxation of Investments
It's nice to own stocks, bonds, and other investments. Nice, that is, until it's time to fill out your federal income tax return.
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What is my tax bracket?
Generally, a tax bracket is the income tax rate at which you are taxed for a certain range of income.
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What is the alternative minimum tax?
The alternative minimum tax (AMT) is a separate tax computation that affects only certain taxpayers.
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What is the basis of property received as a gift?
You must know the property's adjusted basis just before it was given to you, and the amount of any gift tax paid with respect to the gift.
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What is the kiddie tax?
In the past, parents found that they could lower their taxes by shifting unearned income into their children's names.
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What penalties and interest will I be charged for paying and filing my federal income taxes late?
If you fail to file your federal income tax return and pay your tax by the due date, you may have to pay one or more penalties, plus interest.
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What's the difference between an injured spouse and an innocent spouse?
From the viewpoint of the IRS, an injured spouse and an innocent spouse are quite different.
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Will I have to pay tax on my investment income?
The taxation of your investment income depends on several factors, including the type of investment income you have.
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Year-End Tax Planning
As the end of the year approaches, it's time to consider strategies that can help you reduce your tax bill.
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