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A tax deduction reduces the amount of income that is subject to taxation by federal and state governments. View the current standard deduction amounts and other tax deduction information.
Here’s what to know about records to hang on to and how long you should keep them.
Taxpayers can follow their refund online, by phone or with a smartphone app.
Personal credit card use is almost never eligible for a deduction come tax season, but if you’re using a business credit card you can likely deduct your fees.
A new IRS form helps you figure tax withholding from your paycheck. But it’s not easy.
Check out these changes to the Income Tax Act that could save you money.
Lawmakers were busy in 2006, so be sure to check out these tax code changes. They might save you some money.
If some of your year-end donations are items instead of cash, you’ll have to follow some different deduction rules.
Just before convening, Congress slipped in a provision making mortgage insurance tax deductible on mortgages taken out in 2007.
The rules apply to foreign homes even if you were not a resident of this country during the period of ownership and use, says CPA George Saenz.
Rental real estate losses are not allowed to married or single taxpayers whose AGI exceeds $150,000 a year, says CPA George Saenz.
A complete look at the options available for consolidating debts, identifying which plan works best based on individual needs and the pros and cons of the various options.
You can’t escape the tax pain of transferring a traditional IRA to a Roth account. You can, however, control it via systematic partial conversions.
Taxes are all about numbers. This table provide basic information about 2007 exemption amounts.
Check out the standard deductions and see under which category you and your family should file.