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If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of paying stiff tax penalties down the road....

There are a few tax rules that affect everyone who files a federal income tax return. This includes the rules for dependents and exemptions. These seven facts about dependents and exemptions will help you when you file your taxes this year. 1. Exemptions lower your...

If you're one of the more than 3.4 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction), don't forget about the new simplified option available for taxpayers starting with 2013 tax returns being filed now....

Question: How do I know if I have to file quarterly individual estimated tax payments? Answer: If you owed additional tax for the prior tax year, you may have to make estimated tax payments for the current tax year. If you are filing as a sole proprietor, partner, S...

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...