Individual tax tips archive template.


	Archive of tips on taxes

Buying or selling a home \| Capital gains \| Deductions and credits \| Divorce \| Home office \| Income \| IRA \| Inheritance \| Investments \| Miscellaneous \| Status \| Tax planning
Buying or selling a home
Relax at your (interest deductible) vacation home. More
Trying to anticipate what you'll owe the IRS when you sell your home? Computing your cost basis is the first step in calculating gain or loss from the sale of your personal residence. More
Did you buy a home? If so, you can fully deduct points paid on your home mortgage loan. More
Capital gains
Like-kind exchanges let you postpone paying taxes on a capital gain. More
If you're going to be a day trader, get ready to do a lot of paperwork for the IRS. More
The IRS draws a distinction between day traders and investors -- and treats them very differently on tax day. More
Have you gained from the sale of an investment? Tax law regarding capital gains is less onerous than it once was. But you must distinguish between short-term and long-term capital gains. More
Were you confused about the mid-term capital gain category created in 1997? It has been eliminated and you no longer have to hold property for more than 18 months to be eligible for the lowest capital gains rates. More
Deductions and credits
Tax deductions available for job-hunting high school graduates. More
Relax at your (interest deductible) vacation home. More
How to reclaim an overpayment of Social Security taxes. More
Got a 1996 refund coming? You're running out of time to claim it. More
A loophole lets students from high-income families claim middle-class education tax breaks. More
Educational tax credits offer benefits and limitations. More
How the earned income tax credit helps the working poor. More
A surprising number of donors don't take advantage of the tax benefits of charitable giving. Many Americans don't keep track of their giving, and those who do often overlook little-known deductions. More
Did you lose property in a disaster? Those losses may be deductible. Find out if your loss qualifies and check out the three hurdles taxpayers must meet to qualify for taking this deduction. More
Don't overlook these business and professional fees that can be added to your itemized deductions. More
To deduct medical expenses, you must itemize your deductions, and your total medical expenses must exceed 7.5 percent of your adjusted gross income. More
If you are working and contemplating a return to school, your work-related education expenses may be deductible as business expenses. More
If you moved to a new home because you started a new job or changed your job location, you may be able to deduct your moving expenses. More
Have you adopted a child? Use the adoption tax credit to decrease your income tax liability. More
If you are involved in charitable activities, you may not be aware of the "hidden" deductions that are associated with charitable travel, out-of-pocket expenses, life insurance and appreciated property. More
Recent changes in tax legislation have made the earned income tax credit more accessible to many taxpayers. Find out if you qualify. More
Don't sell your collectibles until you understand the impact on your capital gains taxes. More
Do you have a hobby? Losses from an activity that isn't conducted for-profit, known as hobby losses, aren't deductible against other income. More
Are your deductions and exemptions high? You may have to pay the alternative minimum tax. More
If you buy equipment for your small business, you will be required to spread the cost of the item across more than one tax year. More
Are you a divorced parent or is your spouse incapacitated? You may qualify for the child and dependent care credit. More
Are you claiming dependents? Be sure you understand the five tests that a taxpayer must pass to claim someone as a dependent. More
Divorce
"Innocent spouses" get protection from ex's tax liability. More
Are you a divorced parent or is your spouse incapacitated? You may qualify for the child and dependent care credit. More
Are you recently divorced? Divorce will change your filing status and may affect your eligibility for the child and dependent care credit. More
If you divorce, you may be liable for a capital gains tax. More
Home office expenses
If you have a home office that qualifies, you might want to take advantage of these three tax planning strategies. More
Home office deductions just got easier. More
Income
How to minimize taxes on income in respect of the decedent. More
Planning can ensure that most of your estate does not go to the government after you die. More
How to reclaim an overpayment of Social Security taxes. More
Got a 1996 refund coming? You're running out of time to claim it. More
How the earned income tax credit helps the working poor. More
Children's income can complicate their parents' tax situation. More
Kids making money have to file tax returns, too. More
To estimate your tax payments, you'll need to compute your expected adjusted gross income. More
You can benefit in two ways by shifting income to family members in lower income tax brackets. You can reduce both income tax liability and your adjusted gross income. More
Individual Retirement Accounts
Planning can ensure that most of your estate does not go to the government after you die. More
IRA steps to take before having a baby. More
How to deal with potential Roth IRA penalties if you earned too much. More
Find the best IRA for you. More
How to fix an improper Roth IRA. More
If you hold a traditional IRA, there are changes you may want to be aware of. They relate to adjusted gross income limitations and participation in employer-sponsored retirement plans. More
Considering a Roth IRA? Here are the basics. More
You can convert from regular IRAs to Roth IRAs. Should you? More
If you withdraw cash at the wrong time from an IRA, you will face penalties. But there are exceptions. More
You will need to designate beneficiaries for your IRAs. There are repercussions if you don't choose your spouse. More
Use these guidelines when designating IRA beneficiaries to prevent problems that may keep them from actually benefiting. More
Eventually, you are required to begin drawing on your IRAs. Here are some of the rules. More
The measure you use in computing life expectancy for your IRAs has serious implications. More
Inheritance
How to minimize taxes on income in respect of the decedent. More
Planning can ensure that most of your estate does not go to the government after you die. More
If you inherit property, you will need to consider capital gains implications when you sell it. More
Investments
If you're going to be a day trader, get ready to do a lot of paperwork for the IRS. More
The IRS draws a distinction between day traders and investors -- and treats them very differently on tax day. More
If you sell all of your shares in a mutual fund, the tax calculations are straightforward. However, the majority of mutual fund sales are partial sales, which require a little more math. More
If you automatically reinvest capital gains and dividends on mutual funds, you may encounter unexpected tax obligations. More
Miscellaneous
Tax deductions available for job-hunting high school graduates. More
How to prepare for an IRS audit. More
Got a 1996 refund coming? You're running out of time to claim it. More
Can't pay the IRS? You may be able to make a deal. More
What to do if you owe the IRS more than you can pay. More
Understanding the 'nanny' tax. More
The forms you need to file your return. More
This is a rundown on 1998 tax law changes and the four major changes. More
A kinder, gentler IRS? Laws were enacted in 1998 to make the agency more taxpayer friendly. More
If you employ household workers, you need to understand how to differentiate between household employees and self-employed household workers. More
If your tax bill is higher than expected, you can seek a tax extension from the IRS. More
The IRS warns taxpayers of the latest scam. More
If you have serious problems with the IRS, seek out an enrolled a agent. These are tax professionals licensed to represent taxpayers before the IRS. More
Soldiers called into a combat zone often can extend their tax deadlines. More
If you have omitted deductions or income on a return that has been filed, you can correct the error by filing an "amended" return. More
Status
There are five filing status options available to taxpayers. Be sure you pick the right one. More
Tax planning
How to minimize taxes on income in respect of the decedent. More
Planning can ensure that most of your estate does not go to the government after you die. More
IRA steps to take before having a baby. More
How to prepare for an IRS audit. More
Can't pay the IRS? You may be able to make a deal. More
What to do if you owe the IRS more than you can pay. More
A loophole lets students from high-income families claim middle-class education tax breaks. More
Educational tax credits offer benefits and limitations. More
Children's income can complicate their parents' tax situation. More
Kids making money have to file tax returns, too. More
The forms you need to file your return. More
Find the best IRA for you. More
To estimate your tax payments, you'll need to compute your expected adjusted gross income. More
Miscalculate your estimated taxes and you could end up paying a penalty. More
How to start and use an Education IRA. More
Tax moves to make now to boost retirement income. More
More moves to trim your April tax bill. More
The clock is ticking on 1999, but here in the fourth quarter there's still time for a few quick moves to save money on the taxes due next April. More
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