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The IRS has extended the time that farmers and ranchers have to replace livestock if they were forced to sell it due to exceptional, extreme, or severe drought. If you're eligible, this may help you defer tax on any gains you received from the forced sales. The relief...

If you sell your home and make a profit, do you know that the gain may not be taxable? That's just one key tax rule that you should know. Here are ten facts to keep in mind if you sell your home this year. 1. If you have a capital gain on the sale of your home, you...

When you sell a 'capital asset,' the sale usually results in a capital gain or loss. A 'capital asset' includes most property you own and use for personal or investment purposes. Here are 10 facts you should know about capital gains and losses: 1. Capital assets...

When it comes to creating a budget, it's essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. Not Setting Goals. It's almost impossible to set...

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. If you're a taxpayer with foreign income, here's what you should know: 1. Report...

While the fate of several business-related tax extenders that expired at the end of 2013--including R & D credits, bonus depreciation, and Section 179--is uncertain, there are still a number of end of year tax strategies businesses can use to reduce their tax...

Once again, tax planning for the year ahead presents more challenges than usual, this time due to the numerous tax extenders that expired at the end of 2013. These tax extenders, which include nonbusiness energy credits and the sales tax deduction that allows...

If you are an independent contractor or run your own business, there are a few basic things to know when it comes to your federal tax return. Here are six tips you should know about income from self-employment: Self-employment income can include income you received...

Whether you play the lottery, roll the dice, play cards, or bet on the ponies, all of your gambling winnings are taxable and must be reported on your tax return. If you're a casual gambler, here's what you need to know about figuring gambling income and loss. 1....

Do you plan to donate your services to charity this this year? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are five tax tips you should know if you travel while giving your...