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Many retailers and online businesses now accept virtual currency for sales transactions, but the federal tax implications were relatively unknown until recently when the IRS issued a set of FAQs on virtual currency such as bitcoins. The FAQs provide basic information...

This year's tax deadline may have come and gone, but it's never too early to start planning for next year or to think about setting up a smart record-keeping system. With that in mind, here are seven things you can do now to make next April 15 easier. 1. Adjust your...

Between mortgages, car loans, credit cards, and student loans, most people are in debt. While being debt-free is a worthwhile goal, most people need to focus on managing their debt first since it's likely to be there for most of their life. Handled wisely, that debt...

More than 52 percent of businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements and attics are being transformed into the corporate headquarters of...

Summer is wedding season. After you say, "I do" you'll have two filing status options to choose from when filing your 2014 tax returns: married filing jointly, or married filing separately. Married Filing Jointly You can choose married filing jointly as your filing...

Tax law allows you to deduct two types of travel expenses related to your business, local and what the IRS calls "away from home." First, local travel expenses. You can deduct local transportation expenses incurred for business purposes such as the cost of getting...

Starting in June 2014, the Internal Revenue Service is beginning a one-year pilot program to help small businesses with retirement plans that owe penalties for not filing reporting documents. By filing current and prior year forms during this pilot program, they can...

The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be easily dealt with without having to call or visit an IRS office. Here are nine things you should know about if you receive a notice or letter...

If you don't have taxes withheld from your pay, or you don't have enough tax withheld, then you may need to make estimated tax payments. If you're self-employed you normally have to pay your taxes this way. Here are six tips you should know about estimated taxes: 1....

U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2013, may have a U.S. tax liability and a filing requirement in 2014. The filing deadline is Monday, June 16, 2014, for U.S. citizens and...