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When you file your tax return, you usually have a choice about whether to itemize deductions or take the standard deduction. Before you choose, it's a good idea to figure your deductions using both methods and choose the one that gives you the most benefit. Typically,...

The Internal Revenue Service is warning consumers about a sophisticated phone scam targeting taxpayers throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim...

Given current economic conditions, you may be faced with tax questions surrounding a job loss and unemployment issues. Here are some answers: Q: What if I received unemployment compensation in 2013? A: Unemployment compensation you received under the unemployment...

Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there's more to it than that. Taxable...

Are you one of the millions of Americans who haven't filed (or even started) your taxes yet? With the April 15 tax filing deadline less than a week away, here's some last minute tax advice for you. 1. Stop Procrastinating. Resist the temptation to put off your taxes...

If you haven't contributed funds to an Individual Retirement Arrangement for tax year 2013, or if you've put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15 due date for filing...

If you, your spouse or dependents had significant medical or dental costs in 2013, you may be able to deduct those expenses when you file your tax return. Here are eight things you should know about medical and dental expenses and other benefits. 1. You must...

For nearly 40 years, the Earned Income Tax Credit has been helping low-to moderate-income workers by giving them a boost to their income. Here are some things you should know about this important credit: Review your eligibility. If you worked and earned under $51,567,...

The amount of your income, filing status, age and other factors determine whether you must file a federal tax return. Even if you don't have to file a tax return, there are times when you should. Here are five good reasons why you should file a return, even if you're...

Whether you're self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking,...